Fifth Third Bank Money Market Account: Everything You Need To Know
Written by
Sarah Sharkey
Edited by
Emily Gadd
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Fifth Third Bank offers a range of deposit accounts, including money market accounts. Before you stash your funds in Fifth Third Bank’s money market account, it’s important to understand the details and compare how the account stacks up against the competition. Here’s what you need to know.
Does Fifth Third Bank Offer Money Market Accounts?
Yes, Fifth Third Bank does offer a money market account. As of writing, the account offers a APY across all balance tiers. Interest is compounded daily and paid monthly.
The account comes with a $5 monthly fee. But the fee will be waived if you:
- Maintain an average monthly balance of at least $500
- Are under 18 years old
- Have a Fifth Third checking account
- Are enrolled in Fifth Third Military Banking
Does Fifth Third Bank Have a High-Yield Savings Account?
Fifth Third Bank doesn’t offer a high-yield savings account. But it does offer the Fifth Third Momentum Savings account, which offers a relatively lackluster rate of APY.
The main feature of the Fifth Third Momentum Savings account is that the account offers Smart Savings, which automatically transfer small amounts of money from your checking account to your savings account. The tool is designed to boost your savings over time without putting too much of a pinch on your spending.
What is the Best CD Rate at Fifth Third Bank?
The promotional CDs at Fifth Third Bank offer the best rates. These top rates include:
- APY on a 4-month promotional CD
- APY on an 8-month promotional CD
- APY on a 12-month promotional CD
- APY on a 24-month promotional CD
Fifth Third Bank’s standard CDs offer a APY on CD terms ranging from seven days to 84 months.
Which Financial Institutions Have Top Money Market Rates?
Many financial institution offers money market accounts. And many of those accounts offer higher rates than Fifth Third Bank’s money market account. We explore some of the top-tier money market accounts below.
Ally Bank Money Market Account
Ally Bank’s money market account currently offers a APY. Without any monthly maintenance fees or minimum balance requirements to keep up with, Ally Bank’s money market account is a great option for many.
Sallie Mae Bank Money Market Account
Sallie Mae Bank’s money market account currently offers a APY. Interest is compounded daily and paid out monthly. Savers with Sallie Mae Bank won’t encounter any minimum balance requirements or monthly maintenance fees. If you want to use the funds, you can make an electronic transfer or write a check.
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Vio Bank Cornerstone Money Market Savings Account
Vio Bank’s Cornerstone money market savings account offers a whopping APY across all balances. You’ll need to make a minimum deposit of $100 to open the account. But you won’t encounter a monthly fee.
UFB Direct Portfolio Money Market Account
UFB Direct’s Portfolio money market account currently offers a APY on all balance tiers. If you maintain a minimum balance of $5,000, you’ll avoid the $10 monthly fee.
Like other FDIC-insured institutions, your funds are safe up to $250,000 per individual. But if you need more coverage, you can tap into up to $250 million of expanded protection with UFB Direct InsureGuard+ Savings through IntraFi Network Deposits.
EverBank Performance Money Market Account
EverBank’s Performance money market account currently offers a APY. Savers with this account won’t face any monthly maintenance fees. To access the funds, you can use a debt card, personal checks, or electronic transfers.
Considerations When Choosing a Money Market Account
Before selecting the right money market account for your situation, it’s important to weigh the different options to find the right fit. Below is a look at some of the factors to consider:
- APY: Of course, the amount you can earn through a money market account matters. For most savers, opting for a higher APY is the right move.
- Minimum deposit requirements. Some money market accounts have a relatively high minimum deposit requirement. Move forward with a money market account that suits your savings goals.
- Fees. Seek out a money market account with minimal fees. If possible, opt for a money market account with no monthly fees attached.
- Access. How you can spend your money market account varies based on the financial institution. For example, you might be able to spend the funds with a debit card, physical check, or electronic transfer. Find an option that suits your needs.
- Insurance. In order to keep your funds safe, choose to work with an FDIC-insured or NCUA-insured institution. With this insurance, your funds are protected for up to $250,000.
Takeaway
Although Fifth Third Bank offers money market account and savings account options, the rates available for savers are relatively lackluster. If you want to work with Fifth Third Bank, be prepared to give up on the possibility of competitive interest rates for these accounts.
Savers who want to get the most bang for their saved dollar should shop around to find a competitive APY with an account that won’t leech away your savings with fees.
FAQ
- What is the current money market rate at Fifth Third Bank?
- As of writing, Fifth Third Bank's money market account offers a 0.01% APY.
- What are the CD rates for Fifth Third Bank?
- Fifth Third Bank offers promotional CD rates ranging from 0.00% APY to 3.00% APY for terms of four to 24 months. Fifth Third Bank's standard CDs of all term lengths offer 0.01% APY.
- What is the best money market rate right now?
- Some of the banks with the highest money market rates right now include Brilliant Bank, Vio Bank, and UFB Direct.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 16, 2024.
