There are many options to choose from when it comes to banking. Whether you are looking for an online, local, regional or national option, you’ll inevitably find an institution that meets your needs.
If you’re looking for a regional bank that provides personalized service while offering a variety of products, Fifth Third Bank is worth considering. You’ll get the individualized service you would receive at a local bank but more features and account options.
Our Fifth Third Bank review can help you determine if it’s the right solution for your financial goals.
Fifth Third Bank is a regional bank with more than a century in business. It offers checking accounts, savings accounts and certificates of deposit to customers in 11 different states. Perks include a variety of account options and personalized service.
Savings APY rates
- Many accounts to choose from
- Fee-free / Ability to waive fees
- Variety of CD terms
- Early direct deposit available
- Online and in-person savings
- No minimum deposits
- Low savings and CD rates
- Fees required on certain accounts
- Only available in certain states
- CDs high min deposits
Table of Contents
- What is Fifth Third Bank?
- How Does Fifth Third Bank Work?
- How Do I Open an Account With Fifth Third Bank?
- How Much Does Fifth Third Bank Cost?
- Is Fifth Third Bank Worth It?
- Fifth Third Bank Features
- Fifth Third Bank Reviews
- How Does Fifth Third Bank Compare?
- FAQs About Fifth Third Bank
What is Fifth Third Bank?
Fifth Third Bank is a regional bank that was founded in Cincinnati, Ohio. The company was originally named The Bank of Ohio Valley. Its current name is the result of a merger between Third National Bank and Fifth National Bank.
Today, the bank serves customers in 11 states, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.
This financial institution offers a variety of services to its customers, including personal, business and commercial services. It even offers wealth management.
How Does Fifth Third Bank Work?
This bank offers many services to help you with your finances. For its personal banking customers, it offers checking or savings account options and certificates of deposit (CDs).
This financial institution has several different checking accounts from which to choose from. Its traditional checking account, which most customers use, is called Fifth Third Momentum® Checking.
This account is completely free to use. There is no minimum deposit to open the account and no minimum balance to keep it open. Plus, you may be able to avoid overdraft fees.
Features of this account include:
- Unlimited check writing
- 24/7 mobile and online banking
- Early Pay Get your direct deposit up to two days early
- MyAdvance® Get a cash advance on qualified deposits
- Extra Time, which allows you to avoid overdraft fees
*Please visit 53.com/momentum for details and restrictions.
In addition to Fifth Third Bank’s Momentum Checking, the bank also offers several specialized accounts designed for certain customers.
These specialized accounts include:
- Fifth Third Preferred Checking®: For high-net-worth customers
- Fifth Third Student Banking: For students ages 13 and up
- Fifth Third Military Checking: For current and former military families
- Fifth Third Express Banking®: A simplified checking account
- Fifth Third ABLE Checking: For individuals with disabilities to save money
With many different options available and no minimum deposit requirements on many account types, you’ll undoubtedly find one that meets your banking needs.
The Fifth Third Momentum Savings Account is Fifth Third Bank’s primary savings account. This Fifth Third Momentum Savings account doesn’t require a minimum deposit or monthly service fee if you meet certain requirements.
To avoid the maintenance fee, you must do one of the following:
- Have one of Fifth Third Bank’s checking accounts
- Maintain an average monthly balance of $500 or more
- Have someone on the account who is 18 or younger
- Enroll in Fifth Third Military Banking
If you don’t meet one of these requirements, you’ll pay $5 per month for the savings account.
Other benefits of this account include automatic checking-to-savings transfers and combined savings and checking statements. The savings account currently pays 0.01% annual percentage yield (APY) on your balance.
You can also consider the Fifth Third Relationship Money Market account. The money market option pays the same interest rate as the checking account.
The only difference between this savings account and the other is that the money market account also comes with checks.
Furthermore, the bank offers a Minor Savings account, which is available for students and minors. In addition, this account has no monthly fee if the owner is 18 or younger. Otherwise, this savings account has a monthly fee of $5.
This bank also offers a certificate of deposit (CD). It is similar to a checking account, but you receive a higher interest rate in exchange for keeping your money in the account for a certain period of time.
These CDs have flexible terms ranging from just seven days to 84 months. The minimum deposits are either $500 or $5,000, depending on the type of CD you choose.
Keep in mind that because CDs require that you leave your money in the account, you’ll be subject to a penalty for withdrawing it early.
Based on your CD length, you’ll incur the following early-withdrawal penalties:
- Seven days to 364 days: 1% of principal withdrawn
- 365 days to 36 months: 2% of principal withdrawn
- 36 months or longer: 3% of principal withdrawn
How Do I Open an Account With Fifth Third Bank?
This bank has an easy online registration process. If you’re a new customer, you can set up your account in as little as five minutes.
To do so, you’ll need your:
- Social Security number
- Driver’s license or state ID
- Mobile phone with a camera to scan your ID
- Bank information to transfer money into your new account
Additionally, you’ll have to provide the bank with personal information such as your name, address and other contact information.
If you’d prefer not to sign up for your account online or aren’t able to, you can also sign up in person. To do that, Fifth Third Bank requests that you set up an appointment with someone at a branch near you.
Keep in mind that this bank only offers its services in 11 states. To sign up, you’ll have to live in one of the states where the bank does business.
How Much Does Fifth Third Bank Cost?
The amount you’ll pay for an account depends on which one you open.
Most of the checking and savings account options don’t have monthly maintenance fees if you meet certain criteria.
The only accounts you might pay a fee to use are:
- Fifth Third Preferred Checking: $25 monthly maintenance fee
- Fifth Third ABLE Checking: $2 monthly maintenance fee
- Fifth Third Momentum Savings: $5 monthly maintenance fee
- Fifth Third Relationship Money Market: $5 monthly maintenance fee
However, whether it’s a money market account, savings account or checking account, the fees may be waived if you meet certain account balance requirements or fulfill other qualifying criteria.
In addition, CDs are free to set up with Fifth Third Bank. The only cost you might incur is a penalty if you withdraw your money before the end of the CD term.
There are no minimum deposit requirements for any checking account or savings account product.
Is Fifth Third Bank Worth It?
Whether or not this bank is worth it for you depends on your situation.
The bank only has branches in 11 states. If you don’t live in one of those states, you won’t be able to open an account.
If you do live in one of the 11 states where Fifth Third Bank does business, then you’ll have to decide if it fits your banking needs.
The checking accounts could be attractive thanks to their lack of fees and the ability to get early direct deposits of your paychecks.
But for the savings products, Fifth Third Bank may not be worth it. The bank pays considerably lower interest rates on these accounts than many other popular online banks.
Fifth Third Bank Features
Fifth Third Bank has several key features that make it an appealing option for prospective customers.
With MyAdvance®, you can get a paycheck advance on your next qualifying direct deposit. It’s possible to get anywhere from $50 to $1,000 with this feature, and there’s no credit check required to use it.
However, this feature is only available to customers with an eligible checking account.
Identity Theft Protection
Fifth Third Bank offers identity theft protection to keep your information and money secure.
All customers have access to certain protections, including two-factor identification and account alerts. This way, you know your data and money are secure.
For additional protection, you can upgrade to one of the identity alert plans, which offer daily monitoring, identity theft insurance, email and text alerts and more. You’ll pay either $10.95 per month or $15.95 per month based on the plan you choose.
In addition to the different account types to help you manage your money, Fifth Third Bank also offers a variety of financial calculators to help you define, refine and reach your financial goals.
Calculators are available for:
- Auto loans
- Debt payment
- Personal loans
- Student loans
These calculators can help you work towards any money goals you’ve set for yourself.
The bank offers financial insights in the form of educational articles. You can learn about everything from retirement to home buying to managing your business finances and much more.
In addition to reading the articles on the website, you can also subscribe to have new articles delivered right to your inbox.
You can use Fifth Third’s mobile app to perform any of your banking needs online or with mobile banking. This mobile app is available for both Android and iOS devices; you can find it in the Apple App Store and Google Play.
Fifth Third Bank Reviews
Before signing up for Fifth Third Bank, it might be helpful to know what customers have to say about the company.
Here’s how it ranks on various rating websites:
|Website||Rating||Number of Reviews|
|Apple App Store||4.7 out of 5||253.5K|
|Google Play Store||4.7 out of 5||96.7K|
|Trustpilot||2.2 out of 5||45|
|Better Business Bureau||1.1 out of 5||296|
Here are some Fifth Third Bank customer reviews:
“I love this bank for staying open during this season (pandemic)…I recommend this bank to all my friends and family. Thank you for your contribution in maintaining somewhat of a normal society.” – Tanyatla
“The worst customer service, asked about opening a business account and felt like I was bothering her.” – John
“I have been banking with Fifth Third Bank for over 20 years...They handle my business whether in person or over the phone with ease and professionalism.” – Carolyn
“I have been with this bank for 25 years. Recently I learned that they will not stand behind their promises saying they miscommunicated. Their miscommunication cost me money.” – Bob
How Does Fifth Third Bank Compare?
If you’re in the market for a new bank, Fifth Third Bank isn’t your only option. Here are some Fifth Third Bank alternatives that are worth considering.
|Trustpilot score||Monthly fees||Minimum Deposit||ATM Access||FDIC Insured|
|Fifth Third Bank||2.2 out of 5||Checking: $0 – $25|
|Axos||1.6 out of 5||None||Checking: $0 – $50|
|Chase||1.4 out of 5||Checking: $4.95 – $35|
Savings: $5 – $25
Axos is a popular online bank that offers services nationwide. This bank offers a variety of checking and savings accounts. Additionally, most of its checking accounts have no minimum deposit and no monthly fees.
Axos’s savings account also has a considerably higher annual percentage yield (APY) than Fifth Third Bank’s. You’ll earn a 0.61% annual percentage yield on your savings as opposed to the 0.01% you could earn with Fifth Third Bank.
Learn More: Axos Review
Chase is a national bank that has branches all across the country. It is a brick-and-mortar bank, meaning customers can visit physical branches in addition to managing their accounts online.
Chase has a variety of bank accounts from which to choose, including three everyday checking accounts, two savings account options, three minor and student accounts, and two premium accounts.
FAQs About Fifth Third Bank
Are you still wondering whether Fifth Third Bank is right for you? We’ve answered some of the most frequently asked questions about this bank.
Is Fifth Third Bank Legit?
Yes, Fifth Third Bank is a legitimate bank. It’s registered to do business in 11 different states.
Additionally, like other reputable banks, offers FDIC insurance on deposit accounts.
How do I contact Fifth Third Bank?
To contact Fifth Third Bank, you can log into your account and message a customer service representative.
You can also call the bank or visit a local branch to speak with a representative in person.
Is Fifth Third Bank Safe?
Yes, Fifth Third Bank is safe to use. It is FDIC-insured which means that even if it goes out of business, your money is protected regardless of if you have a checking account, a savings account or a CD.
Additionally, it uses standard bank-level security to keep your private information and accounts safe.
Fifth Third Bank has many advantages, including a variety of different accounts, so that each customer can find the one that best fits their needs.
Plus, because it’s a brick-and-mortar institution, you’ll have personalized service when you visit physical branches. However, First Third Bank is only available in 11 states, so it’s not an option for many people.
Nevertheless, if you live in one of the states this bank serves, it could be a great option to consider.