Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Overall bank rating
Feature
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
Free checking account with Fifth Third Extra Time
Free overdraft protection
Possible to waive monthly service fees
Variety of CD terms
Early direct deposit
Only available in select states in the Midwest and Southeast
On Fifth Third Bank’s site. Fifth Third Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$0
Editor’s Rating
3.25/5
3.25 out of
5 Stars
Pros & Cons
Pros
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Possible to waive monthly service fee
Cons
Low APY
$5 monthly service fee
Highlights
More Information
Over 1,200 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 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 savings account guide has suitable fee-free options.
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service charge
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Early direct deposit
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Unlimited check writing
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Free overdraft protection
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Fifth Third Extra Time waives some overdraft fees
Cons
$2.75 out-of-network ATM fee
$37 overdraft fee
Highlights
More Information
Over 1,200 branches in 11 states in the Southeast and Midwest
Over 50,000 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
Additional Reading
Read our review
The Fifth Third Bank Momentum Checking Account is a great choice if you don’t want to deal with monthly service 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 Bank Momentum Checking Account, where the bank waives overdraft fees if you restore your account balance before midnight ET the next business day.
On Fifth Third Bank’s site. Fifth Third Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
0.01% to 0.05% APY
Minimum Deposit Amount
$500 to $5,000
Editor’s Rating
3.75/5
3.75 out of
5 Stars
Pros & Cons
Pros
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Variety of CD terms
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Low minimum opening deposit on terms longer than 3 months
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Low early withdrawal penalites
Cons
Low interest rate
High minimum opening deposit on terms shorter than 3 months
Highlights
More Information
Over 1,200 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
Additional Reading
Read our review
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 regardless of the term.
Fifth Third Bank Relationship Money Market Account
On Fifth Third Bank’s site. Fifth Third Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
0.01% APY
Minimum Deposit Amount
$0
Editor’s Rating
3.5/5
3.5 out of
5 Stars
Pros & Cons
Pros
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Check writing included
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Possible to waive monthly service fee
Cons
Low interest rate
No debit or ATM card included
$5 monthly service fee
Highlights
More Information
Over 1,200 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 1,200 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
The bank is also a part of the Allpoint, Presto!, and 7-Eleven ATM networks, which means you’ll have access to over 50,000 fee-free ATMs across the US.
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.
We also look at ratings 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 received an A+ rating from the BBB.
A good BBB rating won’t necessarily guarantee your relationship with the business will be perfect. To get a better understanding of whether Fifth Third Bank is right for you, read online customer reviews or talk to current customers too.
How Fifth Third Bank compares
We compared Fifth Third Bank to two other national banks in similar regions: Regions Bank and PNC Bank.
Branches
Over 1,200 branches in 10 states
Branches
Over 1,300 branches in 15 states
Branches
Over 2,310 branches in 21 states
Standout feature
Free checking account with no minimum opening deposit
Your decision between these three institutions will likely depend on which accounts you open or whether you’re able to waive monthly fees.
Regions Bank has a free savings account with an annual savings bonus. However, the bank’s checking account may require an $8 monthly service fee depending on your account balance or monthly direct deposits.
PNC has a free checking account with budgeting tools and features. If you are concerned about overdraft fees and out-of-network bank fees, PNC might be a good option.
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.
Fifth Third Bank has a free checking account with free overdraft protection and refunds on some overdraft fees. It’ll be the strongest contender of the three banks if you want to open a bank account without an initial deposit.
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.
See Insider’s list of the best savings accounts »
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.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:
Are banks open today? Here’s a list of US bank holidays for 2023
Best CD rates
Best High-yield savings accounts
These banks and credit unions allow you to exchange foreign currency at a branch, over the phone, or online
Four reasons why your debit card might be denied even when you have money
Earn 5.05% APY for 3 months after making a successful referral, then 4.55%.
Up to $5M in FDIC insurance through partner banks.
Invest in the market in minutes.