Fifth Third Bank Review 2024 | Bankrate (2024)

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Fifth Third Bank Review 2024 | Bankrate (1)

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.

About Bankrate Score

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

  • Highly Rated App
  • Low Min Deposit

Sponsored offers

Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Fifth Third Bank Review 2024 | Bankrate (2)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 8/20/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

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

$1

Min. balance for APY

View offerArrow Right

Promoted offer:

Fifth Third Bank Review 2024 | Bankrate (4)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 8/20/2024

Rating: 4.9 stars out of 5

Bankrate Checking rating = 4.9/5

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

$0

Min. balance for APY

View offerArrow Right

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.

Fifth Third Bank Review 2024 | Bankrate (10)

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Fifth Third Bank banking products

2.8

Rating: 2.8 stars out of 5

Bankrate Score

Compare top savings rates

FEATURES

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 8/13 and 8/19.

    APY

    APY last updated between 8/13 and 8/19.

    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.

Compare Offer

Sponsored Offer

Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Fifth Third Bank Review 2024 | Bankrate (11)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 8/20/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

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

$1

Min balance for APY

View offerArrow Right

Promoted offer:

4.3

Rating: 4.3 stars out of 5

Bankrate Score

Compare top CD rates

FEATURES

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.

2.8

Rating: 2.8 stars out of 5

Bankrate Score

Compare top money market rates

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.

Compare Offer

Sponsored Offer

Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Fifth Third Bank Review 2024 | Bankrate (13)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 8/20/2024

Rating: 4.9 stars out of 5

Bankrate Checking rating = 4.9/5

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

$0

To open

$0

To avoid fees

View offerArrow Right

Compare more:Bankrate's best CD rates

Bank fees

FeeCharged?
Overdraft fee$37
Non-sufficient funds feeNone
Monthly maintenance fee$0-$5
Out-of-network ATM fee$3
Excessive transaction feeNone

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."

The above images were last updated on July 12, 2024.

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.

Fifth Third Bank Review 2024 | Bankrate (2024)

FAQs

What is the rating of Fifth Third Bank in 2024? ›

Overall bank rating
FeaturePersonal Finance Insider rating (out of 5)
Checking3.25
Savings4
CD3.75
Money market3.5
2 more rows
Jul 23, 2024

Is the Fifth Third Bank financially stable? ›

From Tim Spence, Fifth Third Chairman, CEO and President:

Fifth Third's financial results once again demonstrated our resilient profitability, well-managed liquidity, and diversified revenue streams. Our core deposit funded balance sheet generated improved net interest income and margin.

Is 5'3" a reliable bank? ›

Fifth Third Bank seems to be financially stable. Credit rating agencies like Standard & Poor's, Fitch and DBRS Morningstar all have a “stable” outlook on the financial institution.

What are the disadvantages of the Fifth Third Bank? ›

Finally, the Fifth Third Express account costs $5 a month. There are no overdraft fees, and you have the option to get paid two days early with Early Pay. One downside is that you can't write checks with this account or use it for online bill pay. It's best if you want a debit account for everyday spending.

How safe is Fifth Third Bank? ›

Feel secure knowing the FDIC insures each depositor at Fifth Third to $250,000 (and possibly more). “Member FDIC” may sound like it's a gym or club membership, but, actually, it means that your deposits at Fifth Third Bank are covered by the government's Federal Deposit Insurance Corporation, or FDIC for short.

Is Fifth Third Bank being bought out? ›

We are very pleased to announce that MB Financial, Inc. and Fifth Third Bancorp have signed a definitive merger agreement*.

Is Fifth Third a Tier 1 bank? ›

Fifth Third's Common Equity Tier 1 ("CET1") ratio at March 31, 2024 of 10.5% significantly exceeds the regulatory minimum of 4.5% plus the stress capital buffer, reflecting strong capital levels.

Where does Fifth Third Bank rank? ›

List of largest banks in the United States
RankBank nameCET1 capital requirement (2022)
22Fifth Third Bank7.0
23Barclays8.8
24UBS9.3
25Huntington Bancshares7.8
69 more rows

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.

What is the financial condition of the Fifth Third Bank? ›

We will continue to follow our guiding principles of stability, profitability, and growth – in that order. Fifth Third Bancorp (NASDAQ®: FITB) today reported fourth quarter 2023 net income of $530 million compared to net income of $660 million in the prior quarter and $737 million in the year-ago quarter.

Why should I bank with Fifth Third? ›

Try Fifth Third's Momentum® Banking: Banking Made Simple

NO minimum balance requirements. NO fees at over 40,000 partner ATMs nationwide. Extra Time® to help avoid overdraft fees. Access to money when you need it.

Which banks are riskiest? ›

These Banks Are the Most Vulnerable
  • First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
  • Huntington Bancshares (HBAN) . Above average capital risk.
  • KeyCorp (KEY) . Above average capital risk.
  • Comerica (CMA) . ...
  • Truist Financial (TFC) . ...
  • Cullen/Frost Bankers (CFR) . ...
  • Zions Bancorporation (ZION) .
Mar 16, 2023

What is the financial status of Fifth Third Bank? ›

We will continue to follow our guiding principles of stability, profitability, and growth – in that order. Fifth Third Bancorp (NASDAQ®: FITB) today reported fourth quarter 2023 net income of $530 million compared to net income of $660 million in the prior quarter and $737 million in the year-ago quarter.

What rank is Fifth Third Bank? ›

List of largest banks in the United States
RankBank nameCET1 capital requirement (2022)
22Fifth Third Bank7.0
23Barclays8.8
24UBS9.3
25Huntington Bancshares7.8
69 more rows

What is the credit rating of Fifth Third Bank? ›

Deposit and Debt Ratings
Moody'sStandard & Poor's
Short-TermP-2A-2
Short-Term DepositP-1No rating
Long-Term DepositA1A-#
Senior DebtA3A-
5 more rows

Is Fifth Third Bank a second chance bank? ›

Second-chance checking accounts allow those who have been denied a traditional account to open a specialized one to help them build a strong financial foundation. Financial institutions offering second-change checking accounts include Capital One, Chime, GO2bank, GTE Financial, Fifth Third, Varo and Wells Fargo.

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