Fifth Third Bank Review: Checking, Savings and CDs

Fifth Third Bank is a regional bank with a presence in Central and Southern states. But beware of low interest rates and high overdraft fees.

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Overall bank rating

Fifth Third Bank
  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

3.5

NerdWallet rating 

The bottom line:

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.

Pros

  • 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.

Cons

  • 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.

Full review

Fifth Third Bank Momentum® Savings

Fifth Third Bank Momentum® Savings

3.5

NerdWallet rating 
APY

0.01%

With $0.01 minimum balance

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

Fifth Third Bank Momentum® Checking

Fifth Third Bank Momentum® Checking

4.5

NerdWallet rating 
Monthly Fee

$0

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

Fifth Third Bank CD

Fifth Third Bank CD

1.5

NerdWallet rating 
1-year APY

0.01%

3-year APY

0.01%

5-year APY

0.01%

Minimum Deposit

$500

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

Banking experience

4.0

NerdWallet rating 

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.

Overdraft fees

3.0

NerdWallet rating 

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

Fifth Third Bank Momentum® Savings

Fifth Third Bank Momentum® Savings

3.5

NerdWallet rating 
APY

0.01%

With $0.01 minimum balance

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

How does Fifth Third Bank compare?

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

APY

0.40%

With $1 minimum balance

Bonus

N/A

Bonus

$200

Requirements to qualify

Bonus

N/A

RATING METHODOLOGY

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.