Fifth Third Bank Review 2024
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Fifth Third Bank may be a good choice for those who live within its branch footprint and prefer in-person banking. Customers also have 24/7 access to accounts through the highly rated mobile app. The bank offers accounts with low minimum deposit requirements, along with a large network of fee-free ATMs, but those seeking competitive rates will need to look elsewhere.
Highlights
- Low Min Deposit
- Highly Rated App
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Fifth Third Bank is a regional financial institution with customers in 12 states and nearly 1,100 branches. It offers multiple checking and savings accounts, a money market account and a wide range of CD terms.
Pros
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The bank offers access to more than 40,000 fee-free ATMs nationwide.
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There are low minimum deposit requirements for CDs.
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There is no minimum deposit required to open a checking or savings account.
Cons
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Branches are limited to 12 states.
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Other banks pay savers much higher yields.
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Overdraft fees are higher than average.
We want to know what you think about Fifth Third Bank
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Fifth Third Bank banking products
Fifth Third Bank savings overview
The Fifth Third Momentum savings account allows you to set up savings goals and allocate portions of your funds to them. Savings accounts require no minimum deposit but they must be funded within 45 days or the account may be closed. They pay a very low rate, and a $5 monthly fee is charged unless account holder also has a Fifth Third checking account, is enrolled in Fifth Third Military Banking, or is under 18 years of age.
Pros
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There is no minimum deposit required to open an account.
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Savers will get the ability to set a personal savings goal and track their progress.
Cons
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Other banks offer much higher APYs.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Fifth Third BankAPYAPY last updated between 5/7 and 5/13.APYAPY last updated between 5/7 and 5/13.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $37 |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | $0-$5 |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | None |
Customer experience
Customer support
Physical presence. Customers also have access to nearly 1,100 branches to conduct in-person banking. The bank’s call center is closed Sundays, but 24/7 support is available via a chat function on its website. Fifth Third Bank provides access to tens of thousands of ATMs and a highly rated mobile app.
Mixed customer satisfaction. Fifth Third Bank received mixed customer satisfaction scores in J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study, depending on the region. For example, while it scored second in satisfaction in Florida, it scored nearly last in Illinois.
Digital experience
Highly rated mobile app. The Fifth Third mobile app has a high rating on the Apple App and Google Play stores. Across both platforms, more than 500,000 users have rated the app. Moreover, Fifth Third debit and credit cards work with Apple Pay, Samsung Pay, Google Pay and other mobile wallets. Zelle, for peer-to-peer payments, is also available.
Early pay. Fifth Third offers a feature called early pay, which allows customers to get their paycheck via direct deposit up to two days sooner, albeit this feature is not unique to Fifth Third Bank.
Bankrate staff insights
“When I signed up with Fifth Third, there was a bonus worth a few hundred dollars for setting up direct deposit, which helped me get over the inertia of moving to a new account,” said a Bankrate staff member with an account. “The only downside is that Fifth Third doesn’t offer a high yield on their savings account, so I keep my savings in a separate online bank — but their mobile app makes it really easy to transfer money in and out."
About Fifth Third Bank
Fifth Third Bank is the main subsidiary of the Cincinnati-based financial services company Fifth Third Bancorp. In addition to Ohio, Fifth Third Bank also has customers in 11 other Midwestern and Southern states.
The bank has deep ties to the communities it serves. In 1948, it was the first financial institution in America to set up a charitable foundation.
How does Fifth Third Bank compare to other banks?
Fifth Third Bank vs. M&T Bank
Both Fifth Third Bank and M&T Bank offer a wide array of banking products for consumers and businesses. Either bank can help consolidate your banking under one roof, but savers will generally find better yields at M&T Bank, which offers highly competitive APYs for its CDs.
Moreover, while both banks have roughly the same amount of branches, M&T’s geographical footprint extends to three more states over Fifth Third Bank, mainly concentrated in the New England and East Coast area of the U.S.
That noted, Fifth Third Bank has better access to fee-free ATMs, offering thousands more than M&T. Moreover, Fifth Third Bank generally has higher ratings for its Android app.
Fifth Third Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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