Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
2024-04-01T16:36:09Z
- Overall bank rating
- Pros and cons
- Savings
- Checking
- CD
- Money market account
- How Fifth Third Bank works
- Is Fifth Third Bank trustworthy?
- How Fifth Third Bank compares
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Overall bank rating
| Feature | Personal Finance Insider rating (out of 5) |
| Checking | 3.25 |
| Savings | 4 |
| CD | 3.75 |
| Money market | 3.5 |
| Trustworthiness | 4 |
| Total | 3.75 |
Pros and cons
| Pros | Cons |
|
|
Fifth Third Momentum® Savings Account
Fifth Third Momentum® Savings Account
On Fifth Third Bank's website
Insider’s Rating
3.25/5
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- Possible to waive monthly service fee
Cons
- Low APY
- $5 monthly service fee
Product Details
- Over 1,087 branches in 11 states in the Southeast and Midwest
- Avoid the $5 monthly service fee by having a Fifth Third checking account (excluding Fifth Third Express Banking), OR maintaining at least $500 in your account monthly, OR enrolling in Fifth Third Military Banking
- Interest compounded daily, deposited monthly
- Member FDIC
The Fifth Third Momentum® Savings Account may be worthwhile if you're able to waive the monthly service fee. You'll need to have a Fifth Third checking account (excluding Fifth Third Express Banking), an account balance of at least $500, or be enrolled in Fifth Third Military Banking.
Otherwise, our best high-yield savings accounts guide has suitable fee-free options.
Fifth Third Momentum® Checking
Fifth Third Momentum® Checking
Fifth Third Bank, FDIC Insured.
Insider’s Rating
4/5
Perks
Earn $200 cash bonus when you make a direct deposit of $500 or more within 90 days of account opening (offer expires 06/30/2024)
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Bonus
Earn $200 cash bonus when you make a direct deposit of $500 or more within 90 days of account opening (offer expires 06/30/2024)
$200
Pros
- No monthly service charge
- Early direct deposit
- Unlimited check writing
- Free overdraft protection
- Fifth Third Extra Time waives some overdraft fees
Cons
- $2.75 out-of-network ATM fee
- $37 overdraft fee
Insider’s Take
You may want to consider Fifth Third Bank if you live in the Southeast or Midwest. It has a strong free checking account with several overdraft protection options and a good range of CDs. You'll earn the best CD rates at online banks, though.
Product Details
- Earn $200 cash bonus when you make a direct deposit of $500 or more within 90 days of account opening (offer expires 06/30/2024)
- Over 1,087 branches in 11 states in the Southeast and Midwest
- Over 40,000 free ATMs through the Allpoint, Presto!, and 7-Eleven ATM networks
- Get free overdraft protection if you link your checking account to a savings account or get a line of credit
- If you don't have overdraft protection, Fifth Third Extra Time waives overdraft fees if you restore your account balance before midnight the following business day
- Member FDIC
The Fifth Third Momentum® Checking is a great choice if you don't want to deal with monthly bank maintenance fees.
The bank also offers several ways to avoid overdraft fees. You can get free overdraft protection if you link your checking account to a savings account or get a line credit.
If you don't have overdraft protection, Fifth Third Extra Time is still available. Fifth Third Extra Time is a special feature in the Fifth Third Momentum® Checking, where the bank waives overdraft fees if you restore your account balance before midnight ET the next business day.
Fifth Third Bank Standard CD
Fifth Third Bank Standard CD
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Opening Deposit
$500 to $5,000
Pros
- Variety of CD terms
- Low minimum opening deposit on terms longer than 3 months
- Low early withdrawal penalites
Cons
- Low interest rate
- High minimum opening deposit on terms shorter than 3 months
Product Details
- Over 1,087 branches in 11 states in the Southeast and Midwest
- Terms range from 7 days to years
- $5,000 minimum opening deposit for terms ranging from 7 days to 89 days
- $500 minimum opening deposit for terms ranging from 3 months to 7 years
- Promotional CD term: Earn 0.05% APY on a 12-month CD if you deposit at least $5,000
- Earn 0.01% APY on all other CD terms
- For terms shorter than 1 year, the early withdrawal penalty is 1% of the amount withdrawn
- For terms between 1 year and 3 years, the early withdrawal penalty is 2% of the amount withdrawn
- For terms between longer than 3 years, the early withdrawal penalty is 3% of the amount withdrawn
- Interest compounded daily, deposited monthly
- Member FDIC
You'll find Fifth Third Bank's CDs appealing if you're looking for a variety of terms. The minimum opening deposit is also low for terms between three months and seven years.
The one downside is rates are pretty low overall, with the exception of a three promotional terms.
Fifth Third Bank Relationship Money Market Account
Fifth Third Bank Relationship Money Market Account
Insider’s Rating
3.5/5
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- Check writing included
- Possible to waive monthly service fee
Cons
- Low interest rate
- No debit or ATM card included
- $5 monthly service fee
Product Details
- Over 1,087 branches in 11 states in the Southeast and Midwest
- Avoid the $5 monthly service fee by having a Fifth Third checking account (excluding Fifth Third Express Banking), OR maintaining at least $500 in your account monthly, OR enrolling in Fifth Third Military Banking
- Interest compounded daily, deposited monthly
- Member FDIC
The Fifth Third Bank Relationship Money Market Account is a decent money market account if you don't want a high minimum opening deposit and qualify to waive the $5 monthly service fee. It doesn't come with a debit card and pays a low interest rate, though.
How Fifth Third Bank works
Fifth Third Bank has over 1,087 branches in 11 states in the Southeast and Midwest. You'll find a nearby branch if you live in the following states:
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Michigan
- North Carolina
- Ohio
- South Carolina
- Tennessee
- West Virginia
Customer service is available over the phone or through live chat Monday through Friday from 8:00 a.m. to 6:00 p.m. ET and Saturdays from 10:00 a.m. to 4:00 p.m. ET.
The bank's mobile app has 4.4 out of 5 stars in the Apple Store and 4.1 out of 5 stars in the Google Play Store.
Fifth Third Bank is FDIC insured. Individual bank accounts are secure up to $250,000.
Fifth Third Bank trustworthiness and BBB rating
Fifth Third Bank as an A+ rating from the Better Business Bureau. The BBB determines ratings by looking at how a business responds to customer issues, advertises, and handles transparency.
Fifth Third Bank has been involved in one recent public controversy. In 2020, the Consumer Financial Protection Bureau filed a lawsuit that said the bank opened products for customers without their authorization. The CFPB filed an amended complaint in June 2021 that stated by opening these accounts and misleading customers, Fifth Third Bank had violated several federal regulations. The case is still ongoing.
How Fifth Third Bank compares
Fifth Third Bank vs. Regions Bank
If you'd like to have a robust branch network, Regions Bank may be more appealing than Fifth Third Bank. Fifth Third Bank has 1,087 branches in 10 states, while Regions Bank has over 1,300 branches in 15 states.
Fifth Third Bank may stand out to you if you want to open bank accounts with $0. Fifth Third Momentum® Checking and the Fifth Third Momentum® Savings Account do not require a minimum opening deposit.
You might also like Fifth Third Bank if you want a free checking Account. The Regions Bank LifeGreen® Checking Account has a $8 or $11 monthly service fee and you'll need to meet certain requirements to waive the fee.
Fifth Third Bank vs. PNC Bank
Fifth Third Bank might be a stronger contender than PNC Bank if you want to open a checking account without monthly service fees. Its savings account isn't as strong, though. It pays a low rate and has a $5 monthly service fee However, if you already have a Fifth Third Bank checking account, it may be worth exploring.
If you live in the Midwest or Northeast, you likely won't be eligible for the PNC Bank High-Yield Savings Account, the most appealing account. PNC's other savings accounts have monthly maintenance fees if you don't have a certain amount in your account. Ultimately, you might prefer one of the best high-yield savings accounts if you're priority is obtaining a high savings rate and avoiding monthly service fees.
Sophia Acevedo, CEPF
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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