Fifth Third Bank review: Free checking account and a variety of CD terms

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Overall bank rating

Pros and cons

Fifth Third Bank Momentum Savings Account

Fifth Third Bank Momentum Savings Account

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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

A check mark. It indicates a confirmation of your intended interaction.

No minimum opening deposit

A 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.

Fifth Third Bank Momentum Checking Account

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.

Fifth Third Bank Standard Certificate of Deposit

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

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. 

Fifth Third Bank trustworthiness and BBB rating

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. 

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. 

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 »