Fifth Third Bank Review: Checking, Savings and CDs
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- CD rates
- Banking experience
- Overdraft fees
Overall institution rating
Fifth Third Bank is based in Ohio and has a strong branch network across 11 states in the Midwest, South and Southeast. But fees on overdrafts are expensive and can add up quickly.
Best for: Those who want to have access to a large ATM network and avoid monthly fees, and aren’t likely to overdraft or need high interest rates.
- Access to a large network of more than 50,000 ATMs across the country.
- No monthly fee for checking, and easy requirements to have monthly savings fee waived.
- No opening deposit requirement for checking or savings account.
- Savings account and CDs have low interest rates compared with other banks.
- Overdraft fee is $37 and can be charged up to five times a day.
3.5/5 NerdWallet rating
With its bare-bones savings rate, the basic Fifth Third Momentum Savings account won’t earn much, but there’s no required minimum deposit to open an account.
There is a $5 monthly fee, though it can be waived if you have an average monthly balance of at least $500, have a Fifth Third checking or Military Banking account or are under age 18.
Other banks pay higher interest rates and have fewer restrictions.
» Looking for an account with higher interest rates? Check out our roundup of the best savings accounts
4.5/5 NerdWallet rating
Fifth Third’s Momentum Checking account comes with access to more than 50,000 ATMs across the country. There’s no minimum deposit required to open an account. Direct deposits are available up to two days early. Momentum Checking does not earn interest.
» Want to compare? Take a look at NerdWallet’s best checking accounts
1.5/5 NerdWallet rating
Fifth Third offers CDs with a fair minimum opening deposit requirement, but its low rates mean low returns for customers. If you deposit at least $5,000, you can qualify for promotional CDs with higher interest rates. But online competitors offer higher returns with no minimum opening deposit.
» Looking for the best rates? Compare with other banks’ offerings using our CD tool
The bank has more branches (over 1,200 branches in 11 states) than other regional banks, which is good news if access options are important to you. It does not have 24/7 customer service, but representatives are available from 8 a.m. to 6 p.m. Eastern on weekdays and from 10 a.m. to 4 p.m. on Saturdays. Support is also available via chat message when you’re logged in to your account, and via Twitter, and the bank’s mobile app gets favorable ratings.
It’s not unusual for brick-and-mortar banks to charge hefty overdraft fees, but Fifth Third is higher than most: $37 per transaction, up to five times a day. Overdraft protection from a linked account is available, and Fifth Third doesn’t charge for the transfer for Momentum Checking, Enhanced Checking or Preferred Checking accounts.
» Find out what other banks change. See our roundup of overdraft fees at different banks
How does Fifth Third Bank compare?
SoFi Checking and Savings
CIT Bank Platinum Savings
Citizens Online Savings Account
With $0 min. balance for APY
With $5,000 min. balance for APY
With $0.01 min. balance for APY
Earn up to $250 with direct deposit. Terms apply.
at CIT Bank
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, banking 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.