Fifth Third Bank, National Association Review: Premier Banking Services in the Midwest Regional Area
Written by
Karen Doyle
Edited by
Melanie Grafil
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GOBankingRates Score
Fifth Third Bank
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Checking Accounts
4.6
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Savings Accounts
4.5
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CD Accounts
4.5
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Banking Experience
4.8
Pros
- A wide variety of products, including investments and insurance
- Specialized checking accounts
- Access to over 40,000 fee-free ATMs
Cons
- Regional bank with limited locations
- Low interest rates, except on promotional CDs
Fifth Third Overview
Fifth Third Bank is a regional bank headquartered in Ohio. The bank has over 1,000 locations across Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.
Fifth Third Bank is a GOBankingRates Best Midwest Regional Banks finalist for 2024 for its extensive range of banking products, including checking and savings accounts, CDs, loans, investment accounts and insurance. GOBankingRates has also selected Fifth Third as a top finalist for Best Premium Checking Accounts for 2024.
Fifth Third Bank Review
Fifth Third Bank offers checking and savings products for every stage of your financial life. From a basic checking account to CDs to saving for retirement, you can find just what you need.
Checking Accounts
Fifth Third Bank offers several checking accounts to choose from. Momentum Checking is a free checking account with no minimum balance required to open or maintain the account. Plus, direct deposits come in up to two days earlier, and you can avoid overdraft fees with Fifth Third Bank’s Extra Time feature.
Consumers seeking a top-tier premium checking account will find it in Fifth Third’s Preferred Checking account. Clients with a Fifth Third Preferred Checking Account receive a annual percentage yield, regardless of their balance, and superior loan rates. The Preferred Checking account provides fee-free access to all ATMs in the U.S., with a limit of 10 transactions monthly, plus access to a dedicated customer service line anytime.
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Fifth Third also offers specialized checking accounts for students, military members and those with disabilities. Monthly maintenance fees can be waived with deposit or balance qualifications.
Eligible Fifth Third checking account customers can set up MyAdvance, which provides a cash advance on your future direct deposit for a small fee. Once you enroll and are approved, you can take an advance online, by phone or at a branch. Funds are available immediately. The credit line ranges from $50 to $1,000, based on your direct deposit history.
The numerous features available in Fifth Third’s Preferred Checking account make it GOBankingRates’ choice as a winner for the Best Premium Checking Accounts of 2024.
Savings Accounts
The Fifth Third Bank Momentum Savings account is built for most savings needs. Momentum Savings is free if you link a Fifth Third checking account, maintain a balance of at least $500, are under 18 or are enrolled in military banking. Otherwise, the service fee is $5 per month. The interest rate is low at APY, so those looking for higher rates will want to look elsewhere.
The Fifth Third Relationship Money Market account combines features of a checking and savings account, including check writing and earning interest. However, interest rates for the account are a low APY, so consider shopping around for better options.
Fifth Third also has several specialty savings accounts, including Kids Savings, Health Savings, 529 Savings and various CD accounts. Health Savings and 529 Savings accounts offer special tax advantages to clients.
While the features of Fifth Third’s savings accounts are in line with competitors, the interest rates are lower. You can easily earn more interest through a high-yield savings account from another bank.
CD Accounts
Fifth Third Bank offers a wide variety of certificates of deposit. These include promotional 5-, 7- and 12-month CDs that pay higher APYs — with a minimum deposit of $5,000 — and standard CDs with terms that vary from 7 days to 84 months — one of the broadest term ranges available from a bank.
Unless you plan on locking in the promotional rates, Fifth Third’s current offers for all terms only pay out APY. Shop around for better CD rates before committing funds to a CD account.
Banking Experience
Banking with Fifth Third has several benefits that contribute to a positive banking experience.
Online Options
Fifth Third Bank has online banking and a mobile app that lets you manage your accounts on your computer or on the go. Pay bills, view statements, deposit checks, transfer money and more — anytime, anywhere. The mobile app has 4.7 out of 5 stars on the Google Play and Apple App stores.
Customers of Fifth Third Bank can send and receive money electronically with Zelle through the mobile app, even if the other party uses a different bank.
Customer Service
If you need to reach Fifth Third Bank, you can phone for help by dialing 1-800-972-3030. Customer service hours are Monday through Friday from 8 a.m. to 6 p.m. EST and Saturday from 10 a.m. to 4 p.m. EST. You can also log in to your account online to chat with a digital assistant 24/7.
If you prefer to speak with someone face to face, you can schedule an appointment on the bank’s website.
Comparable Regional Bank Options
Fifth Third Bank stacks up well with the competition, especially if you’re looking for a bank where you can have all your accounts in one place.
Fifth Third Bank vs. Huntington
Huntington Bank offers a wide variety of banking products and features, including checking accounts with a 24-hour grace period for overdrafts. It also provides a variety of money market accounts for clients seeking interest-bearing options.
However, Fifth Third Bank stands out for clients seeking a premium checking account with a dedicated banker and on-demand customer service team.
Fifth Third Bank vs. Chase
Chase has over 4,700 branches and 15,000 ATMs nationwide, so you can almost always find one nearby.
If you’re located in Fifth Third Bank’s service area — Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia — however, you’ll find more of a hometown bank feel.
Final Take
Fifth Third Bank’s specialty products make it easy for those with specific banking needs to get what they want. It has products specifically for minors, students, military members, college and retirement savers, and those with disabilities who wish to save without jeopardizing their eligibility for government assistance.
Fifth Third Bank is a good choice if you want to have all your accounts at one bank and live in the bank’s coverage area — or don’t mind banking online or on the mobile app. However, you’ll find higher interest rate options for savings accounts at other banks.
Fifth Third Bank FAQ
Here are some of the most commonly asked questions about Fifth Third Bank:- Is Fifth Third a good bank?
- Yes. Fifth Third is a GOBankingRates Best Midwest Regional Banks of 2024 finalist due to its full range of banking products, including checking and savings accounts, CDs, loans, investment accounts and insurance.
- Why is it called Fifth Third?
- During the 1920s, Third National Bank and Fifth National Bank merged, creating The Fifth Third Union Trust Company and Fifth Third Bank.
- Is Fifth Third a stable bank?
- Standard & Poor's, Fitch and DBRS all rate Fifth Third Bank as stable. However, Moody's has a negative outlook for the financial institution. Fifth Third is FDIC-insured.
- What are the pros and cons of Fifth Third?
- Pros include a good selection of products and services, a highly rated mobile app and a positive banking experience. The primary con is that Fifth Third's interest rates are low except on promotional CD accounts.
Compare to Other Banks
- Chase Bank Review
- Wells Fargo Bank Review
- Capital One Bank Review
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Daria Uhlig, Cynthia Bowman and Virginia Anderson contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 11, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (excluding online banks and neobanks) located in under 25 states. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighted 0.5 times; factor (5) was weighted 2.5 times; and factor (7) was weighted 1.5 times.
For regional breakdowns, the same methodology as above was used. The regions were broken down into the following: West (AK, CA, CO, HI, ID, MT, NV, OR, UT, WA, WY); Southwest (AZ, NM, OK, TX); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI); Southeast (AL, AR, DC, FL, GA, LA, KY, MS, NC, SC, TN, VA, WV); and Northeast (CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VT). To be considered for a region, a bank had to have a branch in one of the states listed and be headquartered in that state/region.
To determine rankings for the Best Premium Checking Accounts, GOBankingRates looked at the following factors from the most premier/costly checking product from the top 25 banks (in terms of total assets): (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) APY on the checking account; and (5) associated and advertised benefits/perks from these premium products. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (5) was weighted 3 times.
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