Fifth Third Bank Review 2024

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At a glance

3.9

Rating: 3.9 stars out of 5

Bankrate Score

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.8 stars out of 5

MMA

Rating: 2.8 stars out of 5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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Overview

Fifth Third Bank may be a good choice for those who live within its branch footprint and prefer in-person banking. Customers also have 24/7 access to accounts through the highly rated mobile app. The bank offers accounts with low minimum deposit requirements, along with a large network of fee-free ATMs, but those seeking competitive rates will need to look elsewhere.

Highlights

Low Min Deposit
Highly Rated App

Overall

Fifth Third Bank is a regional financial institution with customers in 12 states and nearly 1,100 branches. It offers multiple checking and savings accounts, a money market account and a wide range of CD terms.

Pros

The bank offers access to more than 40,000 fee-free ATMs nationwide.
There are low minimum deposit requirements for CDs.
There is no minimum deposit required to open a checking or savings account.

Cons

Branches are limited to 12 states.
Other banks pay savers much higher yields.
Overdraft fees are higher than average.

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Fifth Third Bank banking products

2.8

Rating: 2.8 stars out of 5

Bankrate Score

Compare top savings rates

Fifth Third Bank savings overview

Fifth Third Bank offers several savings accounts, including one for minors and a health savings account.

The Fifth Third Momentum savings account allows you to set up savings goals and allocate portions of your funds to them. Savings accounts require no minimum deposit but they must be funded within 45 days or the account may be closed. They pay a very low rate, and a $5 monthly fee is charged unless account holder also has a Fifth Third checking account, is enrolled in Fifth Third Military Banking, or is under 18 years of age.

Pros

There is no minimum deposit required to open an account.
Savers will get the ability to set a personal savings goal and track their progress.

Cons

Other banks offer much higher APYs.

Fifth Third Bank

APY

APY last updated between 5/28 and 6/3.

APY

APY last updated between 5/28 and 6/3.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Fifth Third Bank CD overview

Fifth Third Bank offers several types of CDs. The rate offered on the standard one-year CD is very low, though the the bank is also offering promotional CDs with much higher yields. The standard one-year CD requires only $500 to open.

In addition to the standard certificates of deposit, there are promotional CDs with rates that vary depending on location. Savers also have the option of opening a 529 CD, for setting aside money for a child’s college education.

Pros

The minimum deposit for standard CDs is low.
The bank offers a variety of CD terms.

Cons

Yields are low compared with what online banks offer.

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Fifth Third Bank money market overview

The Fifth Third Relationship Money Market Savings Account currently pays a very low APY for all account balances. Balances of less than $500 are subject to a $5 monthly fee. The fee can be avoided if the account owner is under age 18, has a Fifth Third checking account, or is enrolled in Fifth Third Military Banking.

The Fifth Third Relationship Money Market Savings account has check-writing privileges, a feature that's not always offered on money market accounts. But checks must be purchased.

Pros

The Fifth Third Relationship Money Market Savings Account offers check-writing privileges.

Cons

Online banks offer much higher APYs on money market accounts.
Accounts with balances below $500 are subject to a monthly fee for some customers.

4.5

Rating: 4.5 stars out of 5

Bankrate Score

Compare top checking rates

Fifth Third Bank checking overview

Fifth Third Bank offers several checking accounts. The Momentum Checking account doesn’t require a minimum deposit to open nor does it charge a monthly fee, but it also doesn't pay any interest. Customers who set up direct deposit may receive their paycheck up to two days early.

Regardless of which account is chosen, customers have access to nearly 40,000 fee-free ATMs. Checking accounts also can be accessed through a well-rated mobile banking app that comes with a variety of features, such as instant alerts on account activity, mobile deposit capture and the ability to update account information.

Pros

Access to more than 40,000 fee-free ATMs.
Highly rated mobile banking app.
Direct deposit customers may receive their paycheck up to two days early.

Cons

The Momentum Checking account doesn’t pay any interest.
Overdraft fees are higher than what some other banks charge.

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Bank fees

Fee	Charged?
Overdraft fee	$37
Non-sufficient funds fee	None
Monthly maintenance fee	$0-$5
Out-of-network ATM fee	$3
Excessive transaction fee	None

Find out:Tips to avoid common bank fees

Customer experience

Customer support

Physical presence. Customers also have access to nearly 1,100 branches to conduct in-person banking. The bank’s call center is closed Sundays, but 24/7 support is available via a chat function on its website. Fifth Third Bank provides access to tens of thousands of ATMs and a highly rated mobile app.

Mixed customer satisfaction. Fifth Third Bank received mixed customer satisfaction scores in J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study, depending on the region. For example, while it scored second in satisfaction in Florida, it scored nearly last in Illinois.

Digital experience

Highly rated mobile app. The Fifth Third mobile app has a high rating on the Apple App and Google Play stores. Across both platforms, more than 500,000 users have rated the app. Moreover, Fifth Third debit and credit cards work with Apple Pay, Samsung Pay, Google Pay and other mobile wallets. Zelle, for peer-to-peer payments, is also available.

Early pay. Fifth Third offers a feature called early pay, which allows customers to get their paycheck via direct deposit up to two days sooner, albeit this feature is not unique to Fifth Third Bank.

Bankrate staff insights

“When I signed up with Fifth Third, there was a bonus worth a few hundred dollars for setting up direct deposit, which helped me get over the inertia of moving to a new account,” said a Bankrate staff member with an account. “The only downside is that Fifth Third doesn’t offer a high yield on their savings account, so I keep my savings in a separate online bank — but their mobile app makes it really easy to transfer money in and out."

About Fifth Third Bank

Fifth Third Bank is the main subsidiary of the Cincinnati-based financial services company Fifth Third Bancorp. In addition to Ohio, Fifth Third Bank also has customers in 11 other Midwestern and Southern states.

The bank has deep ties to the communities it serves. In 1948, it was the first financial institution in America to set up a charitable foundation.

How does Fifth Third Bank compare to other banks?

Fifth Third Bank vs. M&T Bank

Both Fifth Third Bank and M&T Bank offer a wide array of banking products for consumers and businesses. Either bank can help consolidate your banking under one roof, but savers will generally find better yields at M&T Bank, which offers highly competitive APYs for its CDs.

Moreover, while both banks have roughly the same amount of branches, M&T’s geographical footprint extends to three more states over Fifth Third Bank, mainly concentrated in the New England and East Coast area of the U.S.

That noted, Fifth Third Bank has better access to fee-free ATMs, offering thousands more than M&T. Moreover, Fifth Third Bank generally has higher ratings for its Android app.

Learn more:The best banks of 2024

Fifth Third Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

FAQs

Fifth Third Bank Review 2024 | Bankrate? ›

Fifth Third Bank

The name "Fifth Third" is derived from the names of the bank's two predecessor companies, Third National Bank and Fifth National Bank, which merged in 1909. The company is ranked 411th on the Fortune 500. Fifth Third Bank is one of the largest banks in the United States.

https://en.wikipedia.org › wiki › Fifth_Third_Bank

Fifth Third Bank - Wikipedia

may be a good choice for those who live within its branch footprint and prefer in-person banking. Customers also have 24/7 access to accounts through the highly rated mobile app.

	Moody's	Fitch
Short-Term Deposit	P-1	F1
Long-Term Deposit	A1	A
Senior Debt	A3	A-
Outlook/Trend	Negative	Stable

Rank	Bank name	Market capitalization (billions of US$ as of 12/31/2023)
19	Fifth Third Bank	$23.49
20	First Citizens BancShares	$20.47
21	USAA	N/A
22	M&T Bank	$22.75

Is there a lawsuit against Fifth Third Bank? ›

A group of customers sued Fifth Circuit in Ohio federal court, claiming it imposed a blanket policy of assessing Return Deposit Item Fees. The Deposit Agreement allegedly confirms Fifth Third had a blanket policy of charging a Return Deposit Item Fee on attempted deposits that were returned unpaid.

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Why choose Fifth Third Bank? ›

Fifth Third Bank is part of a nationwide network of more than 40,000 fee-free ATMs. Customers of Fifth Third Bank can use their Fifth Third debit, ATM or prepaid card to conduct transactions fee-free from ATMs listed on our ATM locator on 53.com or our Mobile Banking app.

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Is Fifth Third backed by FDIC? ›

Fifth Third's deposit base for the consumer franchise is 88% FDIC insured with greater than 80% of those relationships spanning five years or longer.

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How stable is 5th 3rd bank? ›

The trends for all ratings remain Stable. The Intrinsic Assessment (IA) for the Bank is A (high), while its Support Assessment remains SA1. The Company's Support Assessment is SA3 and its Long-Term Issuer Rating is positioned one notch below the Bank's IA.

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Is Fifth Third Bank prestigious? ›

In 2023, Fifth Third was named "Bank of the Year U.S." by The Banker and included on the following lists: TIME's World's Best Companies, Forbes' Best Employers for Diversity and Fortune's America's Most Innovative Companies.

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Who owns 5th Third bank? ›

Fifth Third Financial Corporation

Fifth Third Bank / Parent organization

How financially sound is Fifth Third Bank? ›

Fitch Ratings - New York - 10 Oct 2023: Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Rating (IDRs) of Fifth Third Bancorp's (FITB) and its operating subsidiary, Fifth Third Bank, at 'A-' and 'F1', respectively. The Rating Outlook remains Stable.

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Is Fifth Third Bank solid? ›

Adjusted expenses declined, highlighting management's focus on increasing efficiency.

Which Bank is the most financially stable? ›

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

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Fifth Third Bank Review 2024 | Bankrate (2024)

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Review methodology

FAQs

Fifth Third Bank Review 2024 | Bankrate? ›

Fifth Third Bank - Wikipedia

Is there a lawsuit against Fifth Third Bank? ›

References