Fifth Third Bank does not currently offer a dedicated high yield savings account

Fifth Third Bank's standard savings products — including their regular savings account and money market account — pay interest rates that are lower than what you would find at online banks or credit unions focused on high yield savings. As of now, Fifth Third does not market a product specifically branded as a "high yield savings account" or positioned to compete on interest rates with institutions like Marcus, Ally, or American Express Personal Savings.

If you bank with Fifth Third for other reasons — checking, lending, or branch access — you can still keep savings there, but you should understand that the interest you earn will be modest. The rate Fifth Third pays on savings changes over time and varies slightly by account type and balance, so it is worth checking their current rates on their website or by calling a branch before opening an account.

Key Takeaways

  • Fifth Third's savings accounts pay lower interest rates than online banks or credit unions that specialize in high yield savings.
  • Fifth Third offers a regular savings account and a money market account, but neither is marketed as a high yield product.
  • If you need higher interest on savings, you may want to compare rates at online banks or credit unions before deciding where to keep your money.
  • Fifth Third's savings products may still make sense if you value branch access, existing relationships, or bundled accounts with checking.

What Fifth Third's savings accounts actually offer

Fifth Third's standard savings account is designed for basic saving rather than growth. You can open one with a small deposit, make withdrawals when you need them, and earn interest on your balance. The account typically has no monthly fee if you maintain a minimum balance — often around $100 to $300, depending on your state and the specific account tier.

Fifth Third also offers a money market account, which usually pays slightly higher interest than the regular savings account but may require a larger minimum balance to open and maintain. Money market accounts often come with a limited number of withdrawals per month before fees kick in, though federal rules on this have loosened in recent years.

Both products are FDIC insured, meaning your money is protected up to $250,000 if the bank fails. This protection is the same at Fifth Third as it is at any other bank, so safety is not a reason to choose Fifth Third over a higher-paying competitor.

How Fifth Third's rates compare to other banks

Online banks and some credit unions currently pay significantly more interest on savings than Fifth Third does. The difference compounds over time — a $10,000 balance earning 0.01% at Fifth Third would earn about $1 per year, while the same balance at a bank paying 4% or 5% would earn $400 to $500 annually.

The gap exists because online banks have lower overhead costs than banks with physical branches. Fifth Third maintains thousands of branches across the Midwest and South, which costs money. Those costs get passed along in the form of lower interest rates on deposits. If you do not use the branches, you are paying for them indirectly through lower returns on your savings.

Credit unions sometimes offer competitive rates on savings accounts as well, especially if you are a member. Credit unions are member-owned rather than shareholder-owned, which can allow them to return more earnings to members in the form of higher interest rates.

When a Fifth Third savings account might still make sense

If you already have a checking account or loan with Fifth Third, keeping your savings there too can simplify your banking life. You see all your accounts in one place, transfers between accounts are when ready, and you can visit a branch if you need to deposit cash or speak with someone in person.

Some people value the ability to walk into a physical location. If you prefer to handle banking face-to-face rather than online, or if you need to deposit cash regularly, a branch-based bank like Fifth Third may be worth the lower interest rate. That is a personal choice about convenience, not a financial advantage.

Fifth Third also offers other products — checking accounts, credit cards, mortgages, auto loans — and bundling your banking with one institution can sometimes may have access to you for discounts or perks. Check with your local branch about any relationship discounts they offer.

Where to find higher interest rates on savings

If earning more interest on your savings is a priority, online banks typically offer rates several times higher than Fifth Third. These banks include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and many others. You can compare current rates on financial websites that track savings account rates, though rates change frequently so check the bank's website directly before opening an account.

Credit unions in your area may also offer competitive rates. You can search for credit unions you are may be able to access to join using the CO-OP network locator or by asking your employer whether they sponsor a credit union.

The tradeoff with online banks is that you cannot deposit cash in person and you have no physical branch to visit. If you rarely deposit cash and are comfortable banking online, this tradeoff is usually worth it for the higher interest.

How to check Fifth Third's current savings rates

Fifth Third's interest rates are posted on their website under the savings account product pages. Rates vary by state and sometimes by account tier, so you need to check the rate for your specific state and account type.

You can also call a Fifth Third branch or visit in person to ask about current rates. Branch staff can tell you the exact rate you would earn on a new account and answer questions about minimum balances and fees specific to your situation.

Before you open any savings account — at Fifth Third or elsewhere — write down the interest rate, the minimum balance required, and any monthly fees. Compare these numbers across at least two or three banks so you understand what you are choosing.

Frequently Asked Questions

Can I move money from Fifth Third to a higher-paying bank?

Yes. You can open a savings account at another bank and transfer your money there. Most banks can initiate an electronic transfer from your Fifth Third account, or you can withdraw the money and deposit it yourself. There is no penalty for moving your savings to a different bank.

Does Fifth Third offer any special savings products for specific goals?

Fifth Third offers some specialty accounts like certificates of deposit (CDs), which lock your money away for a set period in exchange for a may provide interest rate. CDs may pay more than regular savings, but your money is not accessible without penalty until the CD matures. Ask a branch about CD rates if you have money you will not need for several months or years.

What if I need to keep money at Fifth Third for a loan or checking account?

You can keep a small emergency fund in a Fifth Third savings account for convenience while keeping the bulk of your savings elsewhere at a higher rate. Many people use this strategy — a small amount at their main bank for straightforward access, and larger amounts at online banks earning more interest.

Are Fifth Third savings accounts safe?

Yes. Fifth Third is a large, established bank, and all deposits are insured by the FDIC up to $250,000. Your money is just as safe at Fifth Third as it is at any other FDIC-insured bank, regardless of the interest rate they pay.

How often do savings account rates change?

Banks change their savings rates in response to changes in the Federal Reserve's interest rate. When the Fed raises or lowers rates, banks typically adjust their savings rates within days or weeks. Fifth Third and other banks may also change rates independently based on their own business decisions.