What Fifth Third Bank offers and how it stacks against competitors
Fifth Third Bank is a regional bank headquartered in Cincinnati, Ohio, with branches across the Midwest and Southeast. It offers standard checking and savings accounts, money market accounts, certificates of deposit (CDs), and retirement accounts like IRAs. The bank also provides credit cards, loans, and investment services through its wealth management division.
Fifth Third's account features and fees differ from national banks like Chase or Bank of America, and from online-only banks like Ally or Marcus. Whether Fifth Third makes sense for you depends on whether you value in-person branch access, what you're willing to pay in monthly fees, and how much interest you want to earn on deposits.
This guide compares Fifth Third's main account types to what you'll find elsewhere, so you can see where it costs more, where it costs less, and what you actually get for your money.
Key Takeaways
- Fifth Third charges monthly maintenance fees on most checking and savings accounts unless you meet balance or deposit requirements that vary by account type.
- The bank's interest rates on savings accounts and CDs are typically lower than online banks offer, but higher than many traditional brick-and-mortar banks.
- Fifth Third has physical branches in 11 states, which matters if you deposit cash frequently or need in-person help, but costs you in fees if you don't use the account heavily.
- Fifth Third's retirement accounts (Traditional and Roth IRAs) have the same contribution limits as any other bank, but the bank's investment options and fees depend on which account tier you choose.
Checking accounts: Monthly fees and balance requirements
Fifth Third's checking accounts come in several tiers. The Fifth Third Checking account charges a $10 monthly maintenance fee unless you maintain a minimum daily balance (usually $500 to $1,500, depending on your region) or set up direct deposit. Some versions waive the fee if you keep a linked savings account open.
The Fifth Third Premier Checking account has a higher monthly fee ($25 or more) but includes benefits like higher interest rates, waived overdraft fees, and priority customer service. You typically need a higher minimum balance to avoid the fee.
By comparison, many online banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fees and no minimum balance. Traditional banks like Bank of America and Wells Fargo also charge monthly fees ($12 to $15) but waive them more easily through direct deposit or balance thresholds. If you rarely visit a branch, an online bank's zero-fee checking often costs less over time.
Savings accounts: Interest rates and withdrawal limits
Fifth Third's savings accounts earn interest, but the rate varies based on your balance and account type. The bank typically offers rates between 0.01% and 0.05% on standard savings accounts, though rates change frequently and depend on the Federal Reserve's current rate environment. Premier or premium savings accounts may offer slightly higher rates.
Online banks like Marcus, Ally, and American Express currently offer savings rates between 4% and 5%, though these rates also fluctuate. Even regional competitors like PNC and U.S. Bank often pay more than Fifth Third on savings balances.
Fifth Third savings accounts have no withdrawal limit under federal law, but the bank may charge a fee ($5 to $10) if you exceed a certain number of withdrawals per month. Online banks typically don't charge withdrawal fees. If you're saving money and want it to earn interest, the difference between 0.05% and 4.5% on a $10,000 balance is roughly $450 per year.
Certificates of Deposit (CDs): Terms and rates
Fifth Third offers CDs with terms ranging from 3 months to 5 years. The interest rate you receive depends on the term length and the current rate environment. Shorter terms (3 to 6 months) typically pay less; longer terms (3 to 5 years) pay more. Fifth Third's CD rates are usually competitive with other regional banks but lower than online banks' rates for the same term.
If you withdraw money from a Fifth Third CD before the maturity date, you pay an early withdrawal penalty. The penalty amount varies by term: shorter CDs have smaller penalties, longer CDs have larger ones. You can find the exact penalty for each term on Fifth Third's website or by calling a branch.
Online banks like Ally, Marcus, and Discover often pay higher CD rates than Fifth Third for the same term, with no branch visit required. If you're locking money away for a year or more, comparing rates across banks can mean hundreds of dollars in additional interest.
Retirement accounts: IRAs and contribution limits
Fifth Third offers Traditional IRAs and Roth IRAs through its bank and brokerage divisions. The contribution limits are the same regardless of where you open the account: $7,000 per year for people under 50, and $8,000 per year for people 50 and older (as of 2024; these limits change annually). You can contribute to a Traditional IRA and a Roth IRA in the same year, but your combined contributions cannot exceed the annual limit.
Fifth Third's IRAs can hold CDs, savings accounts, or investments like stocks and mutual funds, depending on which account type you choose. If you open an IRA CD, your money earns a fixed rate for a set term. If you open an IRA brokerage account, you can buy and sell investments, but you'll pay trading fees or advisory fees depending on the account.
The tax treatment is the same at Fifth Third as anywhere else: Traditional IRA contributions may be tax-deductible, and withdrawals in retirement are taxed as income. Roth IRA contributions are made with after-tax money, but may have access to withdrawals are tax-free. Withdrawals before age 59½ typically trigger a 10% penalty plus income tax, with limited exceptions.
Monthly fees across account types
| Account Type | Monthly Fee | Fee Waiver Conditions |
|---|---|---|
| Fifth Third Checking | $10 | Minimum daily balance ($500–$1,500) or direct deposit |
| Fifth Third Premier Checking | $25+ | Higher minimum balance or linked accounts |
| Standard Savings | $5–$10 | Minimum balance (typically $300–$500) |
| Money Market Account | $10–$25 | Higher minimum balance required |
These fees explore only if you don't meet the waiver conditions. If you maintain the required balance or set up direct deposit, you pay nothing. However, online banks typically charge no monthly fees at all, which saves money if you can't consistently meet Fifth Third's thresholds.
Branch access and online banking
Fifth Third has approximately 1,100 branches across 11 states, primarily in Ohio, Indiana, Illinois, Kentucky, Michigan, and the Southeast. If you live in one of these states and deposit cash regularly, in-person access may be worth the monthly fees. If you live outside Fifth Third's footprint, you'll need to use ATMs and online banking anyway, which makes the branch network irrelevant to you.
Fifth Third's online and mobile banking platform lets you check balances, transfer money, pay bills, and deposit checks by phone camera. The platform is functional but not notably different from competitors. If you rarely visit a branch, an online bank's app works just as well and costs less.
How Fifth Third compares on total cost
A concrete example: suppose you keep $1,000 in a Fifth Third checking account and $5,000 in a Fifth Third savings account, with no direct deposit. You'd pay $10 per month for checking (if you don't meet the balance requirement) and possibly $5 per month for savings, totaling $180 per year in fees. Your savings account would earn roughly $2.50 per year in interest at Fifth Third's typical rate.
With an online bank, you'd pay $0 in monthly fees and earn roughly $200 per year in interest on the same $5,000 savings balance. Over a year, the online bank costs you $180 less and pays you $197.50 more — a $377.50 difference.
Fifth Third makes sense if you use branches frequently, need a local relationship manager, or value the convenience of walking into a physical location. It costs more if you're comfortable with online banking and want to maximize interest earned on deposits.
Frequently Asked Questions
Does Fifth Third charge overdraft fees?
Yes. Fifth Third charges an overdraft fee (typically $35 per transaction) if you spend more than your account balance. Some account tiers waive a limited number of overdraft fees per month. You can also opt out of overdraft coverage, which means transactions will be declined instead of charged a fee.
Can I open a Fifth Third account online?
You can open checking and savings accounts online through Fifth Third's website. Some account types or services may require a branch visit or phone call to complete. Check the specific account's requirements before starting the online process.
What's the difference between Fifth Third's Traditional and Roth IRA?
Traditional IRA contributions may reduce your taxable income in the year you contribute, but withdrawals in retirement are taxed as income. Roth IRA contributions are made with after-tax money, but withdrawals in retirement are tax-free. Both have the same annual contribution limits and early withdrawal penalties.
Does Fifth Third offer joint accounts?
Yes. Fifth Third allows you to open joint checking and savings accounts with another person. Both account holders can access the account and make withdrawals. Confirm the bank's rules on liability and account closure if one owner dies or the relationship ends.
How does Fifth Third's interest rate compare to online banks?
Fifth Third's savings and CD rates are typically lower than online banks' rates. Online banks like Marcus and Ally often pay 10 to 100 times more interest on the same balance because they have lower overhead costs. If earning interest on deposits is your priority, online banks usually offer better rates.