5/3 Bank does not currently offer a dedicated high yield savings account

5/3 Bank (Fifth Third Bancorp) operates as a traditional regional bank with branches across the Midwest and Southeast. Their savings products include standard savings accounts and money market accounts, but neither carries the rates you would find at online banks or credit unions specializing in high yield savings. The bank's savings rates typically sit well below the national average for savings accounts.

If you are looking for a savings account that pays meaningfully higher interest, you will need to look outside 5/3's product lineup. This matters because the difference between a 0.01% APY savings account and a 4.5% APY account on $10,000 means roughly $450 per year in additional earnings — money that stays in your account instead of going to the bank.

Key Takeaways

  • 5/3 Bank's savings accounts and money market accounts pay rates significantly lower than online banks and credit unions offer.
  • The bank's rates do not change based on account balance, so holding more money does not earn you higher interest.
  • 5/3's advantage is branch access and integration with checking accounts, not interest earnings.
  • If interest earnings matter to your savings strategy, you would need a separate account at a different institution.

What 5/3 Bank's savings products actually offer

5/3 Bank offers two main savings vehicles: a standard savings account and a money market account. The savings account requires a minimum opening deposit (typically $25) and charges a monthly maintenance fee if your balance falls below a threshold, usually around $500. The money market account requires a higher minimum balance, often $2,500 or more, and also carries monthly fees if you drop below that level.

Both accounts allow you to withdraw money, though the money market account may limit the number of withdrawals per month before charging a fee. Neither account is structured to compete on interest rate — they exist primarily as places to park money while maintaining access to it through 5/3's branch network and ATM system.

How 5/3's rates compare to other banks

As of early 2024, 5/3 Bank's savings account rates typically range from 0.01% to 0.05% APY, depending on your account type and balance. A money market account might pay slightly more — perhaps 0.10% to 0.15% — but still falls far short of what online banks and credit unions routinely offer. Online savings accounts regularly pay 4% to 5% APY, and some credit unions offer even higher rates on certain account types.

The gap exists because 5/3 operates a physical branch network, which costs money to maintain. Online banks have lower overhead and pass those savings to customers through higher rates. If you keep $50,000 in a 5/3 savings account at 0.05% APY versus a high yield account at 4.5% APY, you would earn roughly $2,250 less per year at 5/3.

Why someone might still use 5/3 for savings

The only real reason to keep savings at 5/3 is convenience — you already have a checking account there, you use the branches regularly, or you value having all your money in one place. This convenience has a cost, measured in lost interest. If you do not actively move money between accounts, that cost is invisible, which is partly why banks structure their products this way.

5/3 does not penalize you for moving money out to a higher-rate account elsewhere. You can open a high yield savings account at an online bank or credit union while keeping your checking account at 5/3, then transfer money between them as needed. Many people do exactly this — they use a traditional bank for checking and bill pay, and a separate institution for savings.

Where to find higher rates if you leave 5/3

Online banks like Marcus, Ally, and American Express Personal Savings consistently offer rates between 4% and 5% APY with no monthly fees and no minimum balance requirements. Credit unions often pay even higher rates on savings accounts, though they typically require membership and may have balance limits on the highest-rate tiers. You can search current rates on sites that track savings accounts across institutions, though you will need to verify the rate directly with the bank before opening an account.

The process of moving money is straightforward: open an account at the new institution, link it to your 5/3 checking account, and transfer the balance. The transfer usually takes one to three business days. You can keep your 5/3 checking account open for bill pay and everyday spending while your savings sit elsewhere earning real interest.

What to watch if you keep money at 5/3

If you do decide to keep savings at 5/3 despite the low rates, watch for monthly maintenance fees. These fees typically trigger when your balance drops below a set threshold — often $500 for a savings account. A $10 monthly fee wipes out any interest you would have earned that month, so the account actually costs you money. Some 5/3 accounts waive the fee if you maintain a minimum balance across all your accounts combined, so read the fee schedule carefully.

Also note that 5/3's rates can change at any time without notice. Banks lower rates when the Federal Reserve cuts rates, but they do not always raise rates when the Fed raises them. Checking your rate periodically — at least once or twice a year — tells you whether the account is still worth the convenience trade-off.

Frequently Asked Questions

Does 5/3 Bank have any savings account that pays competitive interest?

No. 5/3 Bank's entire savings product lineup pays rates well below the national average. If earning interest on your savings matters to you, you need to open an account elsewhere.

Can I keep my 5/3 checking account and move my savings somewhere else?

Yes. You can open a high yield savings account at any online bank or credit union while keeping your 5/3 checking account open. Link the accounts and transfer money between them as needed. Many people structure their finances this way.

What happens to my money if I move it to an online bank?

Your money is insured by the FDIC (or NCUA for credit unions) up to $250,000 per account, just as it is at 5/3. The transfer itself takes one to three business days. You can withdraw your money at any time.

Will 5/3 charge me to close my savings account?

5/3 does not charge a closing fee for savings accounts. You can close the account online, by phone, or in person at a branch. If you close it within a certain period (usually 90 days), some banks charge an early closure fee, so check your account terms.

How often do 5/3's savings rates change?

5/3 can change rates at any time without advance notice. Rates typically move when the Federal Reserve changes its benchmark rate, but the timing and amount vary by bank. Check your rate statement quarterly to see if it has changed.