Fifth Third Bank Review 2024: Many Account Options, But Low Rates Overall (2024)

Fifth Third Bank Overview

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Expert Take

Fifth Third serves customers in 11 states. While it offers a range of financial products, monthly service fees apply for several of its deposit accounts. It’s also not the best choice if you want the highest possible APY on your balances.

Pros

• Offers a broad range of products and services
• No minimum initial deposit for certain accounts
• Promotional CDs offer competitive rates

Cons

• The bank offers low rates overall
• Certain accounts can only be opened in person
• Monthly service fees may apply

Vault’s Viewpoint on Fifth Third Bank

Fifth Third Bank has a large footprint in the Midwest and Southeast U.S. We like that the bank offers hundreds of physical branches and free access to over 40,000 ATMs. There are also lots of account options and no minimum initial deposit or minimum balance requirements for certain accounts. But overall, its rates aren’t great, and certain accounts can only be opened by scheduling an appointment with a local branch.

For these reasons, Fifth Third is best for those seeking in-person banking and multiple banking products and services from one institution. It’s not a great choice if you want a generous annual percentage yield (APY) on your checking or savings balance or if you want to avoid fees altogether.

Fifth Third Bank Certificates of Deposit

CDs Overview

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APY

Up to 5%

See Also

Mr. Cooper Mortgage Review 2024: Online Mortgage Options With Opportunities To SaveFifth Third Bank Review 2024 | Bankrate

Term Length

7 days to 12 years

Minimum Deposit

$500 to $5,000

Expert Take

Open a new CD with a term as short as 7 days or as long as 144 months. APYs as high as 5.00% are available, but rates vary based on your deposit amount, term and location.

Pros

• Flexible terms
• Promotional and 529 CDs may have fairly high rates
• Standard and 529 CDs have relatively low opening deposits

Cons

• Standard CDs have very low rates
• Promotional CDs require a deposit of at least $5,000
• Early withdrawal penalties apply

Fifth Third offers Standard, Promotional and 529 CDs. Its Standard CDs offer meager rates of just 0.01%, no matter your balance, while its Promotional CDs and 529 CDs have rates up to 5.00% APY, depending on your location.

Fifth Third Bank Savings Account

Savings Overview

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APY

0.01%

Min. Balance

$0

Monthly Maintenance Fee

$5 (Can be waived)

Expert Take

Open standard or specialty savings accounts. Standard accounts offer fairly low rates compared with competitor offerings.

Pros

• Relatively low, waivable monthly service fees of $5
• No minimum opening deposit for savings accounts
• Can create savings goals through the Fifth Third mobile app

Cons

• Standard and money market savings accounts have very low rates
• No high-yield savings account option
• Doesn’t disclose rates for specialty savings accounts

You can choose from one standard savings account, one money market account and several specialty savings accounts from Fifth Third. But it only discloses rates for its standard savings and money market accounts—and unfortunately, those rates are sub-par at 0.01%. There’s no high-yield savings account option available apart from its CDs.

Fifth Third Bank Checking Accounts

Checking Account Overview

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APY

0.01% for Preferred Checking

Min. Balance to Avoid Fee

Varies

Min. Opening Deposit

Varies

Monthly Maintenance Fee

$0 – $25

Expert Take

You can Choose from several checking account options, some of which have no monthly fees or minimum balance requirements.

Pros

• Free access to over 40,000 ATMs
• No minimum opening deposits for certain accounts
• No minimum balance requirements for certain accounts

Cons

• Some accounts can only be opened in person
• Monthly service fees apply with certain accounts
• Fifth Third Express Checking doesn’t offer check-writing capabilities

Fifth Third offers one traditional checking account and several specialty checking accounts suitable for different people. There are specialty accounts for students, military members, individuals with disabilities and more. The best checking account for you will depend on your situation.

Its traditional account features no monthly fees, no minimum balance requirements and no minimum initial deposits. But its top-tier specialty account, the Preferred Checking Account, has a hefty monthly service fee of $25 if you don’t maintain a $100,000 minimum balance. A $200 Fifth Third Bank promotion is currently available to new customers who open a qualifying checking account.

About Fifth Third Bank

Headquartered in Cincinnati, Ohio, Fifth Third Bank’s heritage dates back to 1858. It was established as Bank of the Ohio Valley and has grown to become the 17th-largest bank in the United States. Today, Fifth Third offers an array of banking products and services, investment options, insurance products and loans.

This lender has an A+ Better Business Bureau (BBB) rating from the organization itself, but over 500 reviewers on the site give it an average of 1.1 out of 5 stars. Dissatisfied reviewers cite issues with unexpected fees and poor customer service. In 2020, the Consumer Financial Protection Bureau (CFPB) brought suit against Fifth Third Bank for allegedly opening unauthorized customer accounts. The legal matter is still pending.

Fifth Third offers a mobile app for Android and Apple devices. Users can pay bills, deposit checks, track their balances, set savings goals and more.

Fifth Third Bank Fees

Monthly fees are a mixed bag with Fifth Third Bank. Certain accounts come with waivable monthly service fees, while others don’t. For instance, you can get the $25 monthly fee for its Preferred Checking Account waived by maintaining a $100,000 balance across all Fifth Third accounts, but its basic Express Banking checking account comes with a $5 monthly fee.

Other fees also apply, including hefty overdraft fees if you don’t enroll in Fifth Third’s overdraft protection. You’ll pay a $37 per item fee up to three times per business day for overdraws over $5. So, if you’re running errands and overdraw your account by more than $5 at the grocery store, gas station or local breakfast place, you could end up paying $111 in overdraft fees.

Who Is Fifth Third Bank Best For?

Fifth Third Bank is a good option if you prefer in-person banking and live in one of the 11 states it serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. If you decide it’s the right bank for you, ensure you read the fine print before opening an account and opt for one with waivable fees, if possible.

This bank could also be a good choice for those who want to manage all their financial tasks in one place. Fifth Third offers many banking products, loans, insurance and investment solutions under one umbrella.

Who Should Consider an Alternative to Fifth Third Bank?

If you don’t live in a location Fifth Third Bank serves or prefer to bank online, it’s worth looking at alternatives. Many online banks offer higher savings rates than Fifth Third, and some have a similar range of products and services. The best savings accounts currently have rates of 4% and above.

Likewise, you may want to look elsewhere if your goal is to avoid monthly maintenance and overdraft fees. As mentioned, monthly fees may or may not apply when you open an account with Fifth Third. Though some are waivable, others aren’t.

How Does Fifth Third Bank Stack Up to Its Competitors?

Fifth Third may be a good choice for some, but it’s not right for everyone. If you’re looking at alternatives, consider these competitors instead.

Fifth Third Bank vs. Chase

Chase Bank has a much larger footprint than Fifth Third Bank, making it a better choice if you live outside the area Fifth Third serves. With over 4,700 branches in 48 U.S. states, excluding Alaska and Hawaii, Chase is widely accessible for in-person banking.

Chase offers everything from deposit accounts and credit cards to an array of loans and investment solutions. This bank also has a sophisticated digital platform that gives you access to Zelle and other convenient tools and features. That said, Chase savings account rates are also low, so you’ll need to look elsewhere for a high-yield option. Chase regularly features bank promotions and bonus offers valued at a few hundred dollars for new account holders.

Fifth Third Bank vs. U.S. Bank

U.S. Bank is another decent option for in-person banking, serving as a viable alternative to Fifth Third for people on the West Coast and in the Midwest. Like Fifth Third, U.S. Bank offers several products and services that make it easy to manage your money all in one place.

Its Standard Savings account has a comparable rate to Fifth Third’s traditional savings account. But U.S. Bank also offers a money market savings account with generous rates above 4% if your balance exceeds $25,000. Its monthly maintenance fees, most of which are waivable, trend lower than Fifth Third’s. U.S. Bank is currently offering a $700 bonus to new customers who open Bank Smartly Checking and Standard Savings accounts.

Fifth Third Bank vs. SoFi

If you’re highly fee-conscious and prefer high rates over banking in person, SoFi may be an ideal alternative to Fifth Third. This financial technology company offers banking and lending products, insurance and a cash back credit card.

SoFi offers a combined checking and savings account product, and both accounts earn interest. With SoFi’s Checking and Savings, you’ll get a 0.50% APY on your checking balance and a 4.60% APY on your savings balance. There’s no monthly maintenance fees or minimum balance requirements, and SoFi account promotions and bonus offers typically range from $50 to $300 for new customers.