Fifth Third does offer high yield savings accounts, but the rate and features depend on which account you choose

Fifth Third Bank markets several savings products, and some carry rates higher than their standard savings account. The bank's Fifth Third eSpeed Savings account is positioned as a higher-yield option, though the actual rate you receive depends on your balance and current market conditions. Fifth Third also offers money market accounts, which sometimes pay more than traditional savings but come with different rules about how often you can withdraw.

The key difference between these accounts is not just the rate—it is also the minimum balance required to earn that rate, any monthly fees, and how the bank structures access to your money. Before opening any account, you need to know what rate Fifth Third is currently paying, whether that rate applies to your balance size, and what happens if you fall below the minimum.

Key Takeaways

  • Fifth Third's eSpeed Savings account is designed to pay higher rates than standard savings, but the rate varies based on your balance tier and changes with market conditions.
  • Money market accounts at Fifth Third may offer higher rates than savings accounts but typically require larger minimum balances and limit the number of withdrawals per month.
  • Fifth Third's rates are not published on their website in a way that shows what you will actually earn—you must contact the bank or open an account to see the current rate for your balance level.
  • Rates at Fifth Third are generally lower than rates at online banks and credit unions that specialize in high yield savings, so comparing before you open is important.

How Fifth Third's eSpeed Savings account works

The eSpeed Savings account is Fifth Third's main product for customers looking for rates above their basic savings tier. The account is available online and at branches. Fifth Third uses a tiered rate structure, meaning the rate you earn depends on how much money you keep in the account. A customer with $10,000 will earn a different rate than a customer with $100,000.

Fifth Third does not publish these tier breakpoints or rates on their public website. You can call a branch, visit in person, or open an account online to see what rate applies to your specific balance. The rate also changes when the Federal Reserve adjusts interest rates, though Fifth Third does not always move their rates at the same time or by the same amount.

The account has no monthly maintenance fee if you meet the minimum balance requirement, which varies. If your balance falls below the minimum, Fifth Third typically charges a monthly fee. You can deposit and withdraw money as often as you want, unlike money market accounts.

Money market accounts as an alternative

Fifth Third also offers money market accounts, which sometimes pay higher rates than savings accounts. Money market accounts function like a hybrid between checking and savings: they come with a debit card and check-writing privileges, but the bank limits how many withdrawals you can make per month (typically six).

The rate on a money market account is usually higher than savings because the bank expects you to leave the money alone. However, Fifth Third's money market rates are not consistently higher than their eSpeed Savings rates—it depends on the current market and Fifth Third's strategy. You will need to ask the bank directly which product pays more for your balance size.

Money market accounts also require a minimum balance to avoid fees, and that minimum is often higher than savings accounts. If you need to move money in and out frequently, a money market account is not the right choice.

How Fifth Third's rates compare to other banks

Fifth Third's high yield savings rates are generally lower than rates offered by online banks and credit unions. Online banks like Marcus, Ally, and American Express Personal Savings typically pay 4% to 5% on savings accounts with no minimum balance and no tiered structure. Fifth Third's rates are usually in the 3% to 4% range, depending on your balance and the current environment.

Credit unions, particularly those that participate in shared branching networks, sometimes offer competitive rates on savings and money market accounts. If you have access to a credit union through your employer or membership, it is worth comparing their rates to Fifth Third's before deciding.

The trade-off is convenience: Fifth Third has physical branches and ATMs across multiple states, which matters if you need to deposit cash or speak to someone in person. Online banks have no branches but often pay more because they have lower overhead costs.

What to check before opening an account

Contact Fifth Third directly—by phone, online chat, or in person—and ask for the current rate on eSpeed Savings for your expected balance. Do not rely on rates quoted on their website, because those are often outdated or show only the highest tier. Ask specifically what balance tier you fall into and what the monthly fee is if you drop below the minimum.

Also ask whether the rate is may provide or whether it can change. Fifth Third can change rates at any time, and they are not required to give you advance notice. Some banks notify customers before a rate drop; others do not. Knowing Fifth Third's policy helps you decide whether to lock in a rate by opening an account now or wait to see if rates change.

If you are comparing Fifth Third to online banks, get the current rate from both and calculate what you would earn on your expected balance over one year. A difference of 1% on $10,000 is $100 per year—small, but worth knowing about.

Frequently Asked Questions

Does Fifth Third have a high yield savings account with no minimum balance?

Fifth Third's eSpeed Savings account does require a minimum balance to avoid monthly fees, though the minimum varies. Online banks like Ally and Marcus offer high yield savings with no minimum balance requirement, which may be a better fit if you have a small balance or want flexibility.

Can I access my money whenever I want from Fifth Third's high yield savings?

Yes, with eSpeed Savings. You can deposit and withdraw as often as you want. Money market accounts have withdrawal limits—usually six per month—so if you need frequent access, stick with eSpeed Savings.

What happens to my rate if Fifth Third lowers interest rates?

Your rate will drop when Fifth Third lowers their rates. Fifth Third can change rates without your permission and typically does not notify customers in advance. You can move your money to another bank if the rate becomes uncompetitive, but there is no penalty for closing a savings account.

Is Fifth Third's high yield savings account FDIC insured?

Yes. Fifth Third Bank is a member of the FDIC, and savings accounts are insured up to $250,000 per depositor per bank. If you have multiple accounts at Fifth Third, the insurance covers each account separately up to $250,000.

How do I open a Fifth Third eSpeed Savings account?

You can open an account online through Fifth Third's website, by phone, or at a branch. You will need a government-issued ID and a Social Security number. The bank will verify your identity and run a background check through ChexSystems, which is standard for all banks.