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Financial Rates:
3.0
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
3.0
Pros:
- Student checking account
- No required amount to open accounts
- Interest bonus when savings goals met
- Business accounts available
Cons:
- Accounts have a monthly fee
- Hard to waive checking account fees
- Accounts not offered everywhere
- Low-interest rates
What You Need to Know
The Fifth Third Student Banking account does not have a monthly fee if the student is 16 years or older. There is no amount required to keep in the account. Five ATM transactions at non-Fifth Third ATMs are free each month.
There is not a set amount required to open a Fifth Third checking account or savings account.
The Fifth Third Goal Setter Savings account offers a one-time interest bonus when you reach your savings goal. The amount you receive is equal to the amount of interest you have earned while the account is open. The account must be open for at least 185 days. The savings goals can range from $500 to $25,000. Interest is only paid on balances under $50,000.
Fifth Third offers a variety of accounts for small or commercial businesses. Various checking accounts are available. These accounts vary to fit how much money your business deals with monthly. Savings accounts, CDs, loans, and credit cards are also available.
Most all Fifth Third accounts have a monthly maintenance fee. The savings accounts have a fee of $5 per month. The checking account fees range from $8 to $25 each month depending on the account. There are ways to have the fees waived, but those vary by account.
Not only do Fifth Third checking accounts have fees, but the requirements to waive the fee are tough. Having a direct deposit into the account lowers the fee but does not waive it. You must have at least $1,500 to $100,000 in Fifth Third accounts depending on the account. Spending $500 on a Fifth Third credit card waives the fees. Having a mortgage, loan, or line of credit with a balance also waives the fee.
Accounts are not offered everywhere. Fifth Third currently offers accounts in ten states. If you do not live in one of those ten states, you are not eligible to open a deposit account with Fifth Third.
The interest rates on accounts are low. Fifth Third rates are typical of other banks. They are not competitive with online-only bank accounts. The more money you invest, the better interest rates you will earn.
Cool Things
Fifth Third Early Access
This is a line of credit to help customers with short-term financial emergencies. This option provides an advance that is directly deposited into your account. This line of credit is expensive. It may help in a critical situation or when you do not qualify for a different form of credit.
Fifth Third Momentum
Fifth Third debit card purchases are rounded up to the nearest dollar. The difference is then applied to your student loan balance. Your Fifth Third debit card connects to the Fifth Third Momentum app. The rounded up money is automatically withdrawn from your checking account. The money is applied to your student loan every Friday, as long as the amount is over $5.
History
In 1882 the Fifth National Bank was organized in Cincinnati. In 1908 Third National Bank and Fifth National Bank merged. They became the Fifth-Third National Bank of Cincinnati. During the Great Depression, Fifth Third was one of the strongest banks in the market.
By 1956 Fifth Third had over 27 offices, including some in shopping centers. After considering several name changes, the bank settled on Fifth Third Bank in 1969. It was 1977 when Fifth Third introduced their ATM, JEANIE. This was the first shared ATM network in the United States. By 1980 their branch locations had reached 198.
Over the years Fifth Third has continued to acquire different banks. Each acquisition has expanded the areas Fifth Third serves. The bank headquarters are currently in Cincinnati, Ohio. They offer products for personal and commercial banking. They offer investment advising, title insurance, and different lending options.
Today Fifth Third bank has over $142 billion in assets with over 18,000 employees. They have over 1,200 branch locations in 10 states.
Awards and Recognition
- Received "Outstanding" rating from the Federal Reserve Bank of Cleveland for CRA performance
- "2016 Best Places to Work" from Human Right Campaign's Corporate Equality Index
- "Best Brand in Small Business Banking" by Greenwich Associates
- "Disability Matters Honoree" by Springboard Consulting LLC
Giving Back
Fifth Third supports past and present service members. They offer military and veteran products and services. Some of these services include events, educational opportunities, and job assistance.
Fifth Third offers a financial education outreach program. L.I.F.E stands for Lives Improved through Financial Empowerment. These courses provide free financial education to any individual at any age.
Fifth Third Bank and their employees donated more than $7.8 million to United Way. Their employees volunteered and helped at a variety of different local events.
Fifth Third Community Development Corporation and the Fifth Third Foundation committed over $27 billion to help improve communities. This money helps to create economically healthy and sustainable communities. Money is given through grants, investments, scholarships, and sponsors.
Frequently Asked Questions
Yes. Fifth Third is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
By visiting a branch, writing checks, debit cards, ATMs, or through online transfers.
Yes. You can make deposits, view account balances, make transfers, and pay bills.
No. Most all Fifth Third accounts have a monthly fee. Each account offers ways to have the fee waived each month.
Most accounts have fees. The interest rates are not competitive with other online-only accounts. There are a variety of different accounts offered. There are ways to waive the fees each month.
Yes. Fifth Third encrypts transactions for your safety. They use technology to protect your information online. You can also sign up for Identity Theft Protection for a monthly fee.
The interest rates of Fifth Third are competitive with other typical banks. The rates are not competitive with online-only banks.
Yes. Fifth Third has various checking and savings accounts. Credit cards and loans are also available.
It is not different. Everything you can do online with your bank you can do online with Fifth Third bank accounts.
Two Fifth Third checking accounts pay interest. To open these accounts and have the monthly fee waived you must keep $20,000 or $100,000 in Fifth Third accounts.
Through email, phone, or by visiting a local branch.
Yes. Bill pay is available online or through the mobile app.
Yes, at a local branch.
Transactions typically take 1-3 business days. Transfers between Fifth Third accounts are instant.
Yes. Direct deposit can be set up to Fifth Third accounts.
Bank Information
Find A Branch1-800-972-3030
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.