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

Fifth Third Bank's standard savings accounts earn interest, but the rates are considerably lower than what you would find at online banks or credit unions that specialize in high-yield products. As of now, Fifth Third does not market a separate high-yield savings product under that name. If you are looking for the highest possible interest rate on savings, you will likely need to look beyond Fifth Third's product lineup.

That said, Fifth Third does offer a few savings options worth understanding, and the right choice depends on what you are trying to do with the money and how often you plan to move it.

Key Takeaways

  • Fifth Third's standard savings accounts earn interest at rates well below what online banks and credit unions offer for high-yield savings.
  • Fifth Third offers a Money Market Account that may pay slightly higher rates than regular savings, though still typically lower than dedicated high-yield products elsewhere.
  • If you keep a large balance or maintain other accounts at Fifth Third, you may may have access to for higher interest tiers on savings products.
  • The trade-off for banking with Fifth Third is convenience — local branches and in-person service — rather than the highest possible interest rate.

What Fifth Third's savings accounts actually pay

Fifth Third's regular savings account interest rates vary by state and change frequently, but they typically range from very low to modest — often less than 0.05% annually on balances under certain thresholds. This means that on a $10,000 balance, you might earn just a few dollars per year in interest.

For comparison, online banks and credit unions with high-yield savings accounts often pay rates that are 10 to 50 times higher, depending on market conditions. The difference compounds over time, especially if you are saving for a specific goal and plan to leave the money untouched for months or years.

Fifth Third does adjust rates based on the Federal Reserve's actions, so if interest rates rise across the economy, Fifth Third's rates will likely rise too — but they typically remain lower than competitors' rates even when the Fed raises its benchmark.

Fifth Third's Money Market Account as an alternative

Fifth Third offers a Money Market Account that sometimes pays a slightly higher rate than the basic savings account, particularly if you maintain a larger balance. Money Market Accounts typically come with a debit card and limited check-writing privileges, making them a hybrid between a savings account and a checking account.

The catch is that Money Market Accounts usually have higher minimum balance requirements than savings accounts — Fifth Third's minimums vary by state and account type. If you fall below the minimum, the interest rate may drop to a much lower tier, or you may face a monthly fee.

Even with the higher rate tier, Fifth Third's Money Market Account rates remain below what you would find at a dedicated high-yield savings account at an online bank. The main reason to choose it would be if you value the ability to write checks or access a debit card alongside your savings.

When Fifth Third's savings products make sense

If you already bank with Fifth Third for checking and have a local branch you visit regularly, keeping savings there simplifies your financial life. You can manage both accounts in one place, see your full picture at a glance, and ask a banker questions in person if you need to.

Fifth Third also offers relationship pricing — if you maintain multiple accounts or a certain total balance across your accounts, you may unlock higher interest rates on savings. This tiered approach means it is worth asking a Fifth Third banker what rates you would actually receive based on your specific situation.

Additionally, if you are new to banking or prefer the security of a physical branch and in-person service, Fifth Third's local presence across the Midwest and South may outweigh the interest rate difference for you.

How to compare Fifth Third to high-yield alternatives

Before deciding, gather the actual numbers. Visit Fifth Third's website or call your local branch and ask for the current interest rate on savings accounts in your state, including any rate tiers based on balance. Write down the minimum balance required and any monthly fees.

Then check rates at two or three online banks or credit unions — many publish their rates publicly on their websites. Use a straightforward spreadsheet to calculate how much interest you would earn on your expected balance over one year at each rate. The difference may surprise you.

Remember that online banks are FDIC-insured just like Fifth Third, so your money is equally safe. The main trade-off is that you cannot walk into a branch, though most online banks offer phone and chat support.

What happens if you move your savings elsewhere

If you decide to open a high-yield savings account at another bank, you do not have to close your Fifth Third account. Many people keep a small balance at their primary bank for convenience while maintaining a high-yield savings account elsewhere for money they are saving toward a goal.

Transferring money between banks is straightforward. You can set up an external transfer through Fifth Third's online banking, or you can provide the other bank with your Fifth Third account details so they can pull the money. Most transfers take one to three business days.

If you do close your Fifth Third savings account, make sure you have moved all your money first and that you do not have any pending transactions. Fifth Third will send you a final statement showing the account is closed.

Frequently Asked Questions

Does Fifth Third offer any account that pays competitive interest rates?

Fifth Third's rates are generally lower than high-yield products elsewhere, but the Money Market Account may offer a slightly higher rate if you maintain a large balance. Your best option is to ask a Fifth Third banker what rate you would receive based on your specific balance and account mix, then compare that to rates at online banks.

Can I earn more interest by keeping a large balance at Fifth Third?

Yes. Fifth Third uses tiered interest rates, meaning larger balances earn higher rates. However, even the highest tier at Fifth Third is typically lower than standard high-yield savings rates elsewhere. If earning the maximum interest is your priority, an online bank will likely serve you better.

Is my money safe in a Fifth Third savings account?

Yes. Fifth Third is FDIC-insured, which means deposits up to $250,000 per account type are protected by the federal government. This protection is the same whether you bank with Fifth Third or an online bank.

What if I want to keep checking at Fifth Third but get higher interest on savings?

You can do this. Open a high-yield savings account at another bank and transfer money there when you have saved enough. Keep a small balance in your Fifth Third savings for convenience, and let the bulk of your savings earn higher interest elsewhere.