Fifth Third Bank runs in 11 Southern and Central states with more than 1,000 branches. The bank has also established itself as a reliable national bank with attractive savings rates.
Moreover, Fifth Third Bank has many financial products that help you with your money-related problems. Yet, those lines may not be enough to encourage you to apply for an account here.
This complete Fifth Third Bank review is what you need. We will cover everything you want to know about the bank’s products, accounts, and customer service. Let’s check so that you can make an informed decision!
What Is Fifth Third Bank?
Fifth Third Bank (or 5/3 Bank) is an American bank holding corporation headquartered in Cincinnati, Ohio.
The bank’s client base includes retail, investment, small business, and corporate customers. Now, it’s operating more than 1,000 branches and 50,000 ATMs in 11 states, which include:
- Ohio
- North Carolina
- South Carolina
- West Virginia
- Florida
- Georgia
- Tennessee
- Illinois
- Indiana
- Kentucky
- Michigan
The bank has its name because it’s the merger of two companies, Fifth National Bank and Third National Bank. The merger came out in 1909.
Fifth Third Bank Core Features
Here is a list of Fifth Third Bank’s core features. It will show you which services the bank offers and some other benefits you can get.
| Account Types | Checking
Savings CDs Money market Credit cards Loans Mortgages |
| Minimum Deposit | $0 |
| Remote Deposit | Yes |
| Bill Pay | Yes |
| Mobile Check Deposits | Yes |
| Checkbook Support | Yes |
| Cash Deposits | Yes |
| APY | Varies by ZIP |
| Maintenance Fees | Checking: $0
Savings: $5 |
| Overdraft Fees | $37 |
| Foreign Transaction Fee | 3% |
| Number of Branches | 1,400+ |
| ATM Availability | 54,000+ Nationwide |
| FDIC Certificate | 6672 |
Complete Fifth Third Bank Review
To fulfill customer demands, Fifth Third Bank provides a wide range of deposit products and services. Here are your options and how they benefit you.
Savings
The Fifth Third Bank savings account makes it simple to monitor your growth toward a specific goal. Here is what you need to know before opening the account:
- Minimum deposit: $0
- Balance: Less than $500
- Monthly fee: $5
Should you register for a Fifth Third Bank savings account? You need to consider both pros and cons of the service before making your decision:
- Pros: No minimum deposit, ability to set your savings goal, and tools for tracking the progress.
- Cons: Higher APYs and the need for a $500 balance to avoid the maintenance fee.
CD
The Fifth Third Bank provides different types of CDs and different of Fifth Third Bank CD rates. You can choose the one-year CD at a relatively low rate, yet just $500 is necessary to open one.
Promotional and regular CDs are your options. Besides, to save money for your kid’s college education, you can also create a 529 CD.
The pros and cons of Fifth Third Bank CDs are:
- Pros: Low minimum deposit and multiple choices.
- Cons: Low yields compared to other banks.
Money Market
Even though the Money Market Savings Account has tiers of rates depending on account balance, they are still lower than online banks.
If the balances are lower than $500, you have to pay a $10 fee every month unless you also use a checking account.
Fifth Third Bank offers check-writing privileges, which are not always available in money market accounts. However, you have to buy checks to get that feature.
Here are what you need to consider about the Fifth Third Bank money market:
- Pros: Check-writing privileges.
- Cons: Lower APYs than other money market accounts, and you will be subject to a monthly fee of $10.
Checking
Fifth Third Bank has numerous checking accounts. Each account comes with the following:
- No deposit to open
- No monthly fee
- No interest
Customers enjoy easy access to more than 50,000 ATMs, regardless of the checking account they choose.
Moreover, you can use a mobile banking app with tons of functions, including fast alerts on recent transactions, mobile deposit confirmation, and the ability to change account information.
Here are the benefits and drawbacks that a Fifth Third Bank checking account gives you:
- Pros: Over 50,000 fee-free ATMs and the mobile banking app.
- Cons: No interest on any balance.
Credit Cards
The bank offers four types of Fifth Third Bank Credit Cards to meet its customers’ needs. Your options are:
- Cash/Back card: 1.67% cashback without annual fees
- Preferred Cash/Back: 2% cashback without annual fees
- Truly Simple card: 0% APR for balances and purchases. There isn’t an APR penalty for late and missed payments.
- Secured card: $300 deposit, but it’s refundable. The annual fee is $24.
Other Financial Products
For people looking for lending or investing services, Fifth Third Bank is a fantastic choice. It also provides these products:
- Car loans
- IRAs
- Fifth Third Bank mortgage
- HELOCs (Home Equity Lines Of Credit)
- Fifth Third Bank auto loan
- Financial advisors
- Business loans
- Fifth Third Bank Business Account
Pros And Cons Of Fifth Third Bank
Each bank has pros and cons, although they all try to improve. Fifth Third Bank is no exception. Let’s see the benefits and drawbacks of working with this bank.
Pros:
- More than 50,00 ATMs: Fifth Third Bank positions its ATMs nationwide are fee-free. It means that you won’t pay traction fees for using your debit card at those ATMs.
- No minimum deposit: The bank allows for accounts of all sizes. Thus, there isn’t a minimum deposit to make your savings or checking account. However, you must fund your account 45 days after opening it.
- No minimum balance: Even if there is one penny left in your account, interest-bearing accounts still pay the yearly percentage yield.
Cons:
- High maintenance fee: Monthly maintenance costs are almost standard for Fifth Third bank accounts, and they are a little higher than average consumer accounts.
- Low APY: Although the APY offered differs based on your area, most accounts give an APY of 0.01%, which is less than what other banks pay.
- Limited bank branch access: The bank only has branches in 11 states.
Fifth Third Bank Customer Service
- Customer service options: Email, Phone, and Appointment
- Customer service hours: Monday to Friday: 7 AM to 8 PM; Saturday: 8.30 AM to 5 PM
In a survey comparing banks in the Southeast of the United States, Fifth Third Bank came in ninth for total customer satisfaction.
Aside from the three forms of services, Fifth Third Bank provides customers with a mobile banking app. Hence, you can contact the bank’s representatives easier.
Are There Any Fees For Opening Fifth Third Bank Accounts?
Fifth Third Bank offers three primary types of accounts. The policies for each differ, hence the fees.
| Fee | Checking | Savings | CD |
| Minimum Deposit | $0 | $500 | $500 to $5,000 |
| Yield | N/A | Varying | 0.05% or less |
| Maintenance fees (monthly) | $0 | $5 | $0 |
Is Fifth Third Bank Secure And Safe?
The Fifth Third Bank has FDIC insurance. This policy can protect your bank accounts’ money up to $250,000 in total.
To be more specific, the FDIC guards depositors of American-based insured financial institutions against losing their money in the event that an insured bank defaults.
In addition to this assurance, the bank provides frequent fraud monitoring to aid in detecting and avoiding identity theft.
How To Contact Fifth Third Bank?
There are several ways to contact the customer service and get help:
- In-person: You can visit the bank branches in your area.
- Live agents: Consider sending a message to the customer support team. But please note that they are only active from 6 AM to 9 PM on weekdays. On Saturday, they work from 8.30 AM to 5 PM.
- Phone call: Call the bank representatives at 1-800-972-3030 from 8 AM to 6 PM on weekdays. They are accessible from 10 AM to 4 PM on Saturday.
Who Is Fifth Third Bank Best For?
In its 11-state service area, Fifth Third Bank targets well-off customers who wish to bank with a big, reputable brick-and-mortar organization. You’ll suit it best if you:
- Live in one of the states where it operates
- Intend to have different accounts within the same system
- Like to earn extra money, such as cashback with your debit card or bonuses
- Appreciate the convenience and simplicity of contactless debit cards
Conclusion
With more than 1,000 branches in 11 states, Fifth Third Bank has built a strong and reliable image in the banking industry. The bank can assist you in handling particular savings objectives and avoiding overdraft costs.
However, it has disadvantages too. You need to consider both sides before choosing it as a destination for your money.
Thank you for reading!
