5/3 Bank does not offer a high yield savings account
Fifth Third Bank (5/3) operates traditional savings accounts with rates that sit well below what online banks and credit unions currently offer. As of now, their standard savings account APY is less than 0.01%, which means your money earns almost nothing. If you opened a 5/3 savings account expecting competitive returns, you will not find them there.
The reason is structural: 5/3 is a regional brick-and-mortar bank with hundreds of branches across the Midwest and South. They make money by lending out deposits at higher rates, so they have little incentive to pay depositors much. Online banks and some credit unions, by contrast, have lower overhead costs and use savings account rates as a way to attract customers. That cost difference shows up directly in what you earn.
If you already have a 5/3 checking account and want to keep your money there for convenience, that is a reasonable choice. But if you are specifically looking for a place to park savings and earn interest, 5/3 is not the answer.
Key Takeaways
- 5/3 Bank's savings accounts earn less than 0.01% APY, which is far below the rates offered by online banks and credit unions.
- Regional brick-and-mortar banks like 5/3 keep savings rates low because they profit from lending, not from paying depositors.
- Online banks and credit unions typically offer rates between 4% and 5% APY on savings accounts, depending on the institution and current market conditions.
- Moving money from a 5/3 savings account to a high yield account elsewhere can earn you hundreds of dollars per year on the same balance.
What 5/3 Bank actually offers instead
5/3 does offer a Money Market Account, which is a hybrid product that sits between a checking and savings account. It typically comes with a debit card, check-writing privileges, and tiered interest rates that increase as your balance grows. However, even the highest tier on a 5/3 Money Market Account pays only a fraction of what you would earn elsewhere. The rates are still measured in basis points, not percentages.
5/3 also offers Certificates of Deposit (CDs), which lock your money away for a set term—usually three months to five years—in exchange for a may provide rate. These rates are higher than their savings accounts, but they still lag behind what online banks offer on comparable CDs. You also cannot touch the money without paying an early withdrawal penalty, which can eat into your gains if you need the funds before the term ends.
If you are a 5/3 customer primarily for checking or for access to their branch network, these products might make sense as a secondary place to park money. But they should not be your first choice if earning interest is the goal.
Where to find actual high yield savings accounts
Online banks are the most straightforward option. Institutions like Marcus, Ally, American Express Personal Savings, and Wealthfront Cash Account currently offer rates between 4% and 5% APY on savings accounts with no minimum balance, no monthly fees, and no lock-in period. You can move money in and out whenever you need it. These banks are FDIC-insured, so your deposits are protected up to $250,000 per account.
Credit unions often offer competitive rates as well, sometimes higher than online banks. The catch is that you must be a member, which usually means living or working in a specific area or belonging to a particular employer or organization. If you may have access to, credit unions can be worth exploring—some offer savings rates above 5% on certain account types.
Money market funds through brokerages like Fidelity or Vanguard are another option, though they are slightly different from savings accounts. They invest in short-term debt and currently yield around 5% to 5.5%. They are not FDIC-insured but are protected by SIPC insurance. They work best if you already have a brokerage account and do not mind the small amount of price fluctuation that comes with investing.
The math: what staying at 5/3 actually costs you
Let's say you have $10,000 in a 5/3 savings account earning 0.01% APY. In one year, you earn $1. If you moved that same $10,000 to an online bank earning 4.5% APY, you would earn $450. The difference is $449 per year on a single account. Over five years, that gap grows to more than $2,000, assuming rates stay the same and you do not add more money.
The gap widens if you have more money saved. With $50,000, the annual difference between 5/3 and a high yield account is roughly $2,245 per year. That is real money—money you earned by doing nothing except moving your account.
The only reason to keep savings at 5/3 is convenience: if you use their checking account and want everything in one place, or if you value being able to walk into a branch. That is a legitimate choice. But it should be a conscious trade-off, not a default assumption that all banks offer the same rates.
How to move money from 5/3 to a high yield account
The process is straightforward and takes a few days. First, open an account at the online bank or credit union of your choice. You will need your Social Security number, a government ID, and proof of address (usually a recent utility bill or bank statement). Most online banks let you open an account in 10 to 15 minutes on their website.
Once your new account is open, you have two options: you can transfer money electronically using ACH (Automated Clearing House), which is free and takes one to three business days, or you can write a check and deposit it through the new bank's mobile app. Some banks also let you link your 5/3 account directly and pull money over automatically.
You do not have to close your 5/3 account right away. Many people keep a small amount there for branch access or to maintain the checking account relationship. There is no penalty for having money sit unused in a savings account, so you can move at your own pace.
What to watch for when switching
Interest rates change constantly, so the 4% to 5% rates available today may not be the same next month. When you are comparing accounts, look at the current APY, not historical rates. Most online banks publish their rates on the homepage, and you can check sites like Bankrate or DepositAccounts to see what different institutions are currently offering.
Check whether the account has any fees. Most high yield savings accounts have no monthly maintenance fee, no minimum balance, and no transaction limits. If an account charges you to withdraw money or requires you to keep $10,000 or more on deposit, it is probably not worth it.
Make sure the bank is FDIC-insured. You can verify this on the FDIC's website by searching the bank's name. FDIC insurance protects your money up to $250,000 per account, per bank, in case the bank fails. This is not a common event, but it is important protection.
Frequently Asked Questions
Can I keep my 5/3 checking account and move only the savings?
Yes. You can close the 5/3 savings account and move the money elsewhere while keeping your checking account open. There is no requirement to keep both, and closing a savings account does not affect your checking account or your credit score.
Will moving money to another bank hurt my credit?
No. Moving savings between banks does not appear on your credit report and does not affect your credit score. Credit bureaus only track borrowing and payment history, not where you keep your deposits.
What if I need the money before the transfer completes?
ACH transfers take one to three business days, so plan ahead if you know you will need the money soon. If you need it when ready, keep the money at 5/3 until after you have made the withdrawal, then transfer the remainder to the new account.
Are online banks as safe as 5/3 Bank?
Online banks are just as safe as regional banks like 5/3, as long as they are FDIC-insured. FDIC insurance protects your deposits up to $250,000 regardless of whether the bank has physical branches. You can verify FDIC status on the FDIC's official website.
What happens to my debit card if I close my 5/3 savings account?
If you close only the savings account, your checking account debit card continues to work. If you close the checking account as well, 5/3 will deactivate the card, usually within a few days of closure.