Fifth Third Bank
The bottom line
- Fifth Third is a regional bank that serves 10 states in the Midwest, South and Southeast.
- Fees on checking accounts and overdrafts are expensive, and can add up quickly.
- Savings, checking and certificate accounts have low interest rates when compared with other banks.
|Basic savings and money market accounts|
Read on for more information about Fifth Third Bank’s checking and savings products, CDs, customer experience and fees.
Fifth Third’s Essential checking account has its pros and cons. Being a part of the Allpoint ATM network means access to a machine is never difficult no matter where you are in the U.S. But the account offers no interest, and the monthly fee may end up applying only to those who can least afford it.
With its bare-bones interest rate, the basic Fifth Third savings account won’t earn much. A bonus may motivate you to save, but it’s not likely to be a big reward. Add the conditional monthly fee into the mix, and you get an account that’s tough to recommend.
Certificates of deposit
Although Fifth Third offers certificates with a fair minimum-opening deposit, low rates mean low returns for customers.
Fifth Third has more than 1,200 branches across 10 states in the Midwest, South and Southeast, a lot for a regional bank. It can be reached by phone during working hours. Twitter support also is available. A little more clarity on its website, however, is necessary: Interest rates are not immediately clear and hard to find.
If you have an account with Fifth Third, be careful not to overdraw; the fees can be steep. Your first overdraft will cost $25, followed by $37 for every time your account is overdrawn after that, up to 10 times a day. Even if you’re enrolled in the bank’s overdraft protection service, transferring funds from another account or a Fifth Third credit card will cost you an additional $12 each time.
High minimums, high overdraft fees
If you tend to not have at least $1,500 in your bank accounts at all times, the fees can add up quickly, so Fifth Third probably won’t be the bank for you. High overdraft fees and low interest rates on all accounts mean that you probably won’t see your money grow in any significant way. That said, a strong regional branch system and extensive ATM network means that people who prefer to bank in person will be able to access services more easily.
Amber Murakami-Fester is a staff writer at NerdWallet, a personal finance website. Email: email@example.com.
NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid