Fifth Third Bank Review: Checking, Savings and CDs
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- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
3.5
Fifth Third Bank is based in Ohio and has a strong branch network across 11 states in the Midwest, South and Southeast. Several checking accounts have no monthly fees. But fees on overdrafts are expensive and can add up quickly.
NerdWallet star-rating penalty for CFPB settlement, July 15, 2024: Fifth Third Bank has entered into a consumer banking-related settlement with the Consumer Financial Protection Bureau. NerdWallet deducted 0.5 star from Fifth Third Bank’s overall rating because of the negative impact of the actions discovered. For more details on Fifth Third’s penalty, scroll down to the customer experience section. For more information about penalties in general, see our methodology page.
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
- No monthly fees on some checking accounts.
- Large branch network.
- Large, free, nationwide ATM network.
- No minimum opening deposits.
- Extended phone customer service hours.
Cons
- Expensive overdraft fee.
- Low rates.
Full review
Fifth Third Bank
Savings
Savings
Member FDIC
2.6
/5 NerdWallet ratingWith 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.
» COMPARE: See our list of the best high-yield savings accounts
Checking
Checking
Member FDIC
4.5
/5 NerdWallet ratingFifth 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
Certificates of deposit
CD
Member FDIC
1.4
/5 NerdWallet ratingFifth 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.
» COMPARE: Best CD rates
Customer experience
4.2
NerdWallet ratingThe 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 the bank’s mobile app gets favorable ratings.
2024 CFPB settlement. The CFPB has ordered Fifth Third to pay penalties of up to $20 million for bank practices that harmed consumers. The bank must pay a $5 million penalty for forcing car insurance onto auto loan borrowers who already had coverage, and pay roughly 35,000 consumers back for charging them more than $12.7 million in unnecessary fees. The cars of nearly 1,000 of those borrowers were repossessed. A second penalty is $15 million, pending court approval, and resolves a 2020 lawsuit against the bank for opening fake bank accounts in customers’ names to boost sales goals since at least 2010.
Overdraft fees
3.8
NerdWallet ratingIt’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?
 Member FDIC |  Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
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.
