Fifth Third Bank
Fifth Third Bank, based in Ohio, has a strong branch network across 10 states in the Midwest, South and Southeast. But beware of fees that kick in if you don’t have an average monthly balance of $1,500 across your accounts or meet other requirements. Harsh overdraft policies and low interest rates might also dampen your enthusiasm for the bank.
The bottom line
- 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
» Want to see what your other options are? Check out NerdWallet’s best banks and credit unions
Fifth Third’s Essential checking account comes with access to the nationwide Allpoint ATM network. But the account offers no interest, and the monthly fee may end up applying only to those who can least afford it.
» Take a look at NerdWallet’s best checking accounts
With its bare-bones interest rate, the basic Fifth Third savings account won’t earn much. Add the conditional monthly fee into the mix, and you get an account that’s tough to recommend.
» See interest rates upwards of 1% at NerdWallet’s best savings accounts
Certificates of deposit
Although Fifth Third offers CDs with a fair minimum-opening deposit, low rates mean low returns for customers. Compare its CDs to other banks’ with our tool.
» Want the best CD rate? Find out what banks are offering this month
Fifth Third has 1,300 branches across 10 states in the Midwest, South and Southeast, a lot for a regional bank. The bank has locations in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee and West Virginia.
The bank can be reached by phone from 7 a.m. to 8 p.m. Eastern time on weekdays and 8:30 a.m. to 5 p.m. Eastern time on Saturdays. Twitter support also is available. Though rates are buried on its website, fees are generally easy to find, and the bank earns favorable ratings for its mobile app on both iOS and Android platforms.
If you have an account with Fifth Third, be careful not to overdraw; the fees can be steep. You’ll be charged $37 each time you overdraw your account, up to 5 times a day.
Even if you’re enrolled in the bank’s overdraft protection service, transferring funds from another account, a Fifth Third credit card, or a line of credit will cost you an additional $12 each time.
» Compare this to other banks at Overdraft fees: what banks charge
High minimums, high overdraft fees
If you tend to not have at least $1,500 in your bank accounts, 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.
Updated January 9, 2018.
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, 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 technology, customer service and innovation.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.