Fifth Third Bank offers a variety of banking products. Whether you’re looking to open a checking, savings, CD or money market account, the bank has options for you.
Checking
Fifth Third Bank offers three types of checking accounts: Fifth Third Momentum® Checking, Fifth Third Preferred Checking® and Fifth Third Express® Checking.
Fifth Third Momentum Checking is Fifth Third Bank’s most popular checking account. It has no monthly service charge and requires no minimum deposit to open. However, accounts must be funded within 90 days of opening, or they may be closed. And if you let your account sit for over 12 months without any deposits or withdrawals, you may be charged a dormant account fee of $5 per month.
Here are some benefits of Fifth Third Momentum Checking:
- Unlimited check writing
- Gives you extra time to make a deposit and avoid overdraft fees
- 24/7 mobile and online banking
- No minimum balance required
- Access to direct deposits up to two days early
Preferred Checking is a specialized account that allows you to earn higher interest on your checking account and enjoy discounts. The monthly service charge for Preferred Checking is $25, but it can be waived if you maintain a combined balance of at least $100,000 across your accounts. Preferred checking members enjoy exclusive perks such as:
- Personalized checks
- Secondary checking account
- More affordable loan rates
- Identity alert protection
- Dedicated banker
- No ATM fees in the U.S. (limit 10 transactions per month)
Express Checking is a low-cost and low-fee account that has no monthly service fee, no balance requirement and no overdraft fees. However, check writing and check deposits at ATMs are not available with this account. If you open an Express Checking account, you’ll have access to these benefits:
- Mobile check deposits and direct deposits
- 24/7 banking support
- No-cost money orders
Savings
The Fifth Third Momentum® Savings account is an introductory savings vehicle that could help you reach your financial goals. It includes a Smart Savings feature, which automatically transfers an amount you determine from your checking account to your savings account twice a week. The account also gives you access to a savings calculator, which lets you determine the time and funding it will take to reach your target savings goals. Fifth Third Momentum Savings requires a $5 monthly service fee, but you could avoid the charge if you meet any of the following requirements:
- Have a Fifth Third checking account (excluding Fifth Third Express Checking)
- Maintain an average monthly balance of $500 or more
- Be an account holder under the age of 18
- Enroll in Fifth Third Military Banking
However, if you’re looking to maximize your savings, the Fifth Third Momentum Savings Account may not be the best option. The annual yield on this account is low—only 0.01% APY for all balances. Compared to high-yield savings accounts on the market that offer up to 5.00% APY or more, stashing your money away in this account provides much lower returns on your investment.
Besides these traditional savings accounts, Fifth Third also offers specialty savings accounts like Kids Savings and Health Savings, as well as a tax-advantaged 529 Savings and CD account.
Money Market Account
The Fifth Third Money Market Account, which allows limited check writing and offers a low annual yield of 0.01% APY for all account balances. If you want to earn higher rates, consider other money market accounts; some offer APYs north of 5.00%. Like Fifth Third’s traditional savings account, the bank’s money market account comes with a $5 monthly fee, but it can be waived if you meet any of the four requirements mentioned above.
CDs
Fifth Third Bank offers various CD options, with minimum deposits as low as $500 for the standard Fifth Third Bank Certificates of Deposit. Terms range from seven days to seven years, and rates vary by ZIP code. Also, you can only open a CD account by visiting a Fifth Third branch or calling the bank. Some CDs provide higher interest rates but require higher minimum deposits of $5,000. For example, the bank’s standard CD APY for term lengths three months and longer is 0.01%, with a minimum deposit of $500. But for Fifth Third’s 7- to 89-day CDs and the Fifth Third Bank Promo Certificates of Deposit, you’ll need to deposit at least $5,000, but you’ll typically get a higher APY.
