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Fifth Third Bank Review
Fifth Third Bank at a glance
|Min Savings Deposit||Max Savings APY||1-Year CD Rate||J.D. Power Survey Score||Key Benefit|
|Fifth Third Bank||$0||0.02%||0.04%||815||Decent interest rates and discounts|
What we like about Fifth Third Bank
Bank accounts from Fifth Third are straightforward and offer unique benefits to customers, such as military checking accounts for active and retired members, CDs for college savings and express checking for check cashing and direct deposits.
The bank’s tagline — “We put 166.7% into everything we do” — is a nod to its name and indicative of its account model. The more products and services you combine from Fifth Third, the more benefits you enjoy.
Things to consider
Fifth Third Bank has mid-to-low interest rates compared to similar banks and stand-alone accounts that aren’t anything special. If you’re looking for a high-yield savings account or great rates on a long-term CD, you may have better luck with online banks or special offers from traditional financial firms.
Fifth Third Bank checking accounts
Fifth Third offers six different types of checking accounts, including checking accounts that earn interest and military-specific accounts:
- Essential Checking — This account offers unlimited check writing and the bank’s “relationship interest rate” on your savings account. The service fee of $11 is waived if you maintain a monthly average balance of $1,500 across your accounts, spend at least $500 on a Fifth Third credit card or link a Fifth Third mortgage, line of credit or auto loan.
- Enhanced Checking – The enhanced checking account earns interest and also gives you better CD and loan rates. To avoid the $20 fee, you need a $20,000 combined total balance or monthly deposits of $5,000 or more.
- Preferred Checking – Preferred checking accounts come with even higher interest rates and complimentary identity alert notifications. The caveat? To have the $25-per-month fee waived, you need a combined total balance of $100,000 or more.
- Student Banking — This account is for students age 13 or older, requires no monthly balance minimum, has no monthly fee and includes five free out-of-network ATM transactions per month. If students are 18 or older, they can open this account online.
- Military Checking — This account is for active military families, veterans, retired members and reserve/guard personnel. Along with 10 free out-of-network ATM transactions and special VA home loan rates, this account requires just $500 worth of direct deposits per month or a combined average balance of $1,500 to waive service fees.
- Express Banking — This account provides immediate access to money with check cashing and direct deposit, along with 50% discounts on select service fees. This account does not include check writing or check deposits at ATMs.
Fifth Third Bank savings accounts
Fifth Third bank offers two basic savings accounts:
- Goal Setter Savings — Designed to help you save money, this account requires you to make withdrawals in person at a branch or via phone. Money saved up to $50,000 earns interest, and you enjoy a one-time “interest bonus” on your account after reaching a pre-set savings goal — any amount between $500 and $2,500 after your account has been open for at least 185 days.
- Relationship Savings — If you have a Fifth Third checking account, you enjoy higher interest rates on this savings account, which also features automatic checking-to-savings transfers to help save money faster. You can avoid the $5 fee if you have an average balance of $500 or more, are enrolled in Fifth Third Military banking or have a Fifth Third checking account.
Fifth Third Bank money market accounts
Fifth Third money market accounts earn tiered interest rates to help grow your investment, and its higher tiers are above average for the industry. Rates are increased if you have a Fifth Third checking account, which additionally waves your monthly fees. This account also includes check writing privileges.
Fifth Third Bank CDs
Fifth Third offers both standard and featured CD interest rates. Featured rates are higher than average, but only apply to terms of 5 months, 9 months or 15 months. Standard rate CDs include terms ranging from a week to 84 months.
Fifth Third Bank IRA accounts
Fifth Third bank offers three IRA options:
- Roth IRAs — Earnings may grow tax-free in these accounts, but it requires a $500 starting deposit.
- Traditional IRAs — Contributions to these accounts may be tax-deductible, and earnings aren’t taxed until funds are withdrawn. This account requires a $500 minimum deposit.
- IRA Rollover — With this account, you can roll over funds from a previous employer plan and have the option to roll in with new IRA plans.
Fifth Third Bank credit cards
Fifth Third Bank offers three Mastercard options:
- TRIO — This card offers 3% cash back at restaurants, 2% back on gas, grocery and drugstore purchases and 1% back on everything else. After the promotional 0% intro APR for the first 12 billing cycles, this card offers average interest rates with no annual fee.
- Truly Simple — With 15 billing cycles of 0% intro APR followed by a slightly lower-than-average interest rate and no APR penalty for a missed payment, this card lives up to the name.
- Secured — Designed to help you build good credit, purchasing behavior on this card is automatically reported to all three major credit bureaus. Opening an account requires a $300 refundable deposit and the card has a $24 annual fee.
Fifth Third Bank investing
Fifth Third bank has a variety of investment options to help clients meet their financial goals, including:
- Stocks and bonds
- Mutual funds
- Exchange-traded funds (ETFs)
The bank also offers investment support via its Life360 advisor program.