October 17, 2018

Fifth Third Bank Review: Account Good for You?

Read more about Fifth Third Bank
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When you look for a checking or savings account, you want a bank that charges minimal fees and has low minimum deposit requirements. Fifth Third Bank has somewhat higher balance requirements and charges fees if you don't meet those requirements. Keep reading to see if Fifth Third Bank may be a good fit for you.

Primarily located in the Midwest and Southwest, Fifth Third Bank can be found in 10 states with 1,300 branches. They also have 100 Bank Mart locations, which you can find inside grocery stores that operate 7 days a week. Where Fifth Third thrives is in the relationship rates they offer consumers who hold more than one deposit account at Fifth Third Bank. Is this enough to convince you to open an account at Fifth Third?

Keep reading to find out.

Services Offered

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Checking

The smallest amount you can have on deposit in order to avoid the fees on a Fifth Third Checking account is $1,500. That's not chunk change. Fifth Third does offer five checking accounts to choose from depending on your needs. Each checking account comes with a debit card and access to online/mobile banking.

  • Fifth Third Essential Checking: This interest-bearing checking account offers several ways to waive the monthly service fee. You'll need a minimum $1,500 balance across your deposit accounts at Fifth Third, spend a minimum of $500 monthly on a Fifth Third Credit Card, or have a Fifth Third loan (mortgage, auto loan, or personal loan). You'll get unlimited check writing privileges and access to a secondary checking account.

  • Fifth Third Enhanced Checking: If you have a combined balance of $20,000 on deposit at Fifth Third Bank, you'll have access to special privileges. First, you'll earn interest on your checking account balances, but you'll also have access to higher CD rates and lower loan interest rates. You'll also have access to unlimited check writing and a secondary checking account.

  • Fifth Third Preferred Checking: If you have a combined balance of $100,000 on deposit at Fifth Third Bank, you'll get even more benefits. In addition to the interest you earn on your checking account, you'll have access to higher CD rates and lower loan interest rates. You'll have access to unlimited check writing, a secondary checking account, and free access to Fifth Third Identity Alert (see more below). You may also conduct 10 non-Fifth Third ATM transactions free of charge each month.

  • Fifth Third Student Banking: High school and college students ages 16 and up have access to a checking account that is similar to the Essential Checking account, but there's no monthly fee. You don't have to keep a minimum balance and you'll receive up to five free non-Fifth Third ATM transactions per month.

  • Fifth Third Military Banking: This account is reserved for current and former military members. You can waive the monthly service fee with monthly direct deposits of at least $500, a combined deposit balance of at least $1,500, charge at least $500 a month on a Fifth Third credit card, or have an existing Fifth Third loan or mortgage. Members of the military also get 10 free non-Fifth Third ATM transactions per month and special VA home loan rates.

Fifth Third Bank Routing Number: Your Fifth Third Bank routing number can be found on your checks in the lower left corner. Each Fifth Third Bank's routing number depends on the state the bank resides. Look for a nine-digit number on the bottom of your checks to ensure that your deposits or any other banking transactions are conducted successfully.

Savings

You won't find a large selection of savings accounts at Fifth Third, but the accounts they do offer have unique rewards.

  • Fifth Third Goal Setter Savings: If you have a savings goal, Fifth Third may reward you for reaching that goal with this account. You can only access your funds at a Fifth Third Branch, which can make saving money easier. You can have the monthly fee waived if you (and all other owners on the savings account) have a Fifth Third checking account, you keep an average balance of $500, you have a Fifth Third Military Banking account, or you or another owner is under the age of 18.

  • Fifth Third Relationship Savings: If you have a Fifth Third Checking account, you may be eligible for relationship interest rates (higher interest rates) with this account. In order to waive the service fee, you'll need to have a Fifth Third checking account, an average daily balance of $500, a Fifth Third Military Banking account, or someone under the age of 18 is an owner on the account.

  • Fifth Third Relationship Money Market: If you have a significant amount of money to deposit in a savings account, consider the Money Market account at Fifth Third. You'll earn tiered interest rates on this account, which means the more you have on deposit, the higher the interest rates you earn. If you have a Fifth Third checking account, you may also earn Relationship interest rates. You can get the monthly service fee waived if you have a Fifth Third checking account, an average daily balance of $500, a Fifth Third Military Banking account, or one owner on the account is under the age of 18.

  • Minor Savings: You can open a savings account for a minor (someone under the age of 18) free of charge. If you also have a Fifth Third checking account, you'll earn Relationship interest rates.

Fifth Third Bank Phone Number: You can reach Fifth Third Bank customer service at 1-800-972-3030 Monday through Friday, 7 AM to 8 PM ET, and Saturday, 8:30 AM to 5 PM ET. Fifth Third's customer service is closed on Sundays.

CDs

Fifth Third offers a variety of CDs, each of which has the option to be automatically rolled into another CD at maturity. You also have the option to have your interest rolled into the CD investment or disbursed into your Fifth Third Checking or savings account.

  • Promotional CD: With $5,000, you can open a promotional CD, which often has more attractive rates than other CD options. You'll have a variety of terms to choose from depending on the promotion at the time of opening the account.

  • Standard CD (Short-Term): You'll need $5,000 to open a Standard CD, and you'll choose from maturity dates ranging from 7 days to 89 days.

  • Standard CD (Long-Term): You'll need just $500 to open a Standard CD with terms ranging from 3 months to 84 months. The longer the term that you choose for your CD, the higher the interest rate that Fifth Third pays.

Reasons We Like Fifth Third Bank

  • The Fifth Third Momentum app helps you pay your student loans down faster. Every purchase you make with your Fifth Third debit card will be automatically rounded up to the nearest dollar. That spare change is then put towards your student loan. Even though the payments are low, the impact can be large if you stay consistent with your efforts.

  • The Fifth Third Express Banking program gives you immediate access to your funds without having to wait. You don't have to meet a minimum balance and there's no monthly service charge. You do have to pay for the service (a percentage of your check amount), but you can earn loyalty pricing to get lower rates the more you use the service. This service is often good for those who need a "second chance checking account" because they can't qualify for a standard account.

  • You can set up automatic transfers from your checking account to your savings account. You decide the frequency and the amount of the transfers and Fifth Third does the rest for you. This takes the thinking out of savings, and eliminates the risk of you forgetting or overspending, making it impossible to save.

  • Fifth Third offers a 529 Savings and CD program, making it easier to save for your child's college education. These tax-advantaged programs have no monthly service charges. You can open an account with as little as $25 and you'll have the guarantee of FDIC insurance.

  • Fifth Third offers a Health Savings Account. If you have a High Deductible Healthcare Plan, you can open a tax advantaged HSA. This account allows you to save money pre-tax for your healthcare needs. If you use the funds for qualified medical expenses, you won't pay taxes on withdrawals either. The service charge is only waived if you have a balance of $4,000, though.

  • Fifth Third offers a Fifth Third Identity Alert program that monitors one credit bureau daily, all three credit bureaus monthly, and offers Social Security monitoring. You also receive up to $25,000 in identity theft insurance. This program is free for Preferred Checking customers. All other checking account customers may receive a discount on the monthly cost of this service.

  • The Fifth Third mobile app allows you to check balances quickly. All you have to do is swipe left on the login screen and you'll see your balances. You don't have to log in, but you won't be able to conduct any banking transactions without logging into your account, for safety.

  • You can deposit your checks via the mobile app. Once you take a picture of the check through the app, you just have to walk through the remaining steps to get your check deposited right from your own home.

  • You can view up to 24 months of your account statements online or in the mobile app. If you need access to your statements for taxes, budgeting, or any other reason, they are right at your fingertips.

  • You can choose to enroll in Overdraft Protection. You can then link your Fifth Third savings account, credit card, or line of credit to your checking account. If you spend more than your balance in your checking account, Fifth Third will transfer the necessary funds from your linked account. You will pay a fee for each transfer, but it's usually less than the cost of an overdraft.

Reasons You May Want to Look Elsewhere

  • Fifth Third Bank is only certain states. If you don't live in one of them, you can't bank there. Fifth Third currently operates in Ohio, Indiana, Florida, Georgia, Illinois, Kentucky, Michigan, North Carolina, and Tennessee.

  • In order to get the best interest rates on their CDs, you need at least $5,000 to open a Promotional CD. The rates on their standard CDs are minimal. You can get much better rates at online-only banks that don't have the overhead of branches in 10 different states.

  • The requirements to waive the monthly service fee on any Fifth Third Checking account are hefty. At the very least, you need $1,500 in your checking account, and that's for the most basic checking account. If you want higher interest rates or more benefits, you may need as much as $100,000 on deposit at Fifth Third Bank.

How It Compares

Huntington Bank:
Huntington Bank is a Midwest bank with 1,000 branches. Huntington Bank offers a unique, 24-hour grace period to avoid overdraft charges. They also offer 24/7 customer service. In order to earn interest on your accounts, though, you'll have to meet some hefty minimum balance requirements.

 Fifth Third BankHuntington Bank
 Learn MoreLearn More
 

Fifth Third Bank

Huntington Bank

SPECIAL OFFER
Fifth Third Enhanced Checking Account - $200 Bonus - Learn More

SPECIAL OFFER
Huntington 25 Checking Account - $200 Bonus - Learn More

 

Benefits and Features

Savings0.01% APY. No minimum deposit. $5 per month unless 1) you have a Fifth Third Checking Account, or 2) You maintain an average monthly balance of $500 or more, or 3) You or someone under age 18 is an owner of the account, 4) You are enrolled in Fifth Third Military Banking.0.02% APY. $4 monthly fee, unless you have 1) daily average balance of $300, or 2) linked to a Huntington Asterisk-Free Checking Account. Minimum deposit of $50.
CD0.05% - 0.60% APY. Terms ranging from 7 days to 84 months. Minimum deposit of $500 or $5,000, depending on CD account type.Two types of promotional CD accounts, 14-month and 19-month term. 14-month term; 1.75% APY. 19-month term 2.50% APY. Minimum deposit $1000. Otherwise, regular CD APY range from 0.01% - 0.55% for amounts ranging from $1000 - $100,000.
Money Market0.01% - 0.30% APY. No minimum deposit. Monthly service charge of $5, unless 1) you have a Fifth Third Checking Account or 2) you maintain an average monthly balance of $500 or more, or 3) you or someone under age 18 is an owner of the account, or 4) you are enrolled in Fifth Third Military Banking.1.50% interest rate for amounts of $25,000 to $2,000,000. $25 monthly maintenance fee unless there is 1) average daily balance of $25,000, or 2) linked to a Huntington 5 or Huntington 25 Checking account.
Customer ServiceMon-Fri 7:00 am - 8:00 pm (EST)
Sat 8:30 am - 5 pm (EST)
Mon–Fri 7:30 am - 7:00 pm (ET)
Sat, 8:00 am - 5:00 pm (ET)
ATMsAllpoint® and 7-Eleven® network of ATMs. More than 50,000 fee-free ATMs nationwide.Over 1,800 ATMs across eight Midwestern States
Locations1,300 branches, including 100 Bank Mart® locations across the countryNearly 1,000 branches across eight Midwestern states

Fifth Third Bank: Pricing information from published website as of 9/24/18

Huntington Bank: Pricing information from published website as of 9/16/2019

Wells Fargo:
Wells Fargo has almost 6,000 branches in the US. Wells Fargo is well known for their "second chance checking" and a large variety of accounts. Their interest rates are comparable to what Fifth Third offers and they have steep minimum balance requirements in order to earn interest.

Bottom Line

If you normally keep at least $1,500 in your checking account and you live in one of the 10 states Fifth Third is located, it may serve your needs for a checking account. If you open multiple accounts, you'll get the relationship rates, which means even higher interest rates for you.

When you look for a checking or savings account, take into consideration all fees charged. Don't focus on the interest rate alone, but on what the account will cost you overall, should you incur any fees not necessarily advertised on their website but instead are hidden in the fine print.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on October 17, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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