5/3 Bank is a regional bank with branches across the Midwest and South
5/3 Bank (pronounced "Five Third Bank") is a mid-sized retail and commercial bank headquartered in Cincinnati, Ohio. It operates roughly 1,000 branches across 15 states, primarily in the Midwest and Southeast — Ohio, Indiana, Kentucky, Tennessee, Florida, Georgia, and surrounding areas. The bank offers standard checking and savings accounts, credit cards, mortgages, auto loans, and business banking services.
The name comes from its 1998 merger between Fifth Third Bancorp and a smaller regional bank. If you have a branch near you, you can walk in to open an account, deposit checks, or speak with a banker. If you don't, you can open some accounts online, though you'll need to verify your identity through video call or by mailing documents.
5/3 Bank is a publicly traded company and is FDIC-insured, meaning deposits up to $250,000 per account type are protected if the bank fails. This is the same protection any other FDIC-insured bank offers — it's a federal may provide, not something unique to 5/3.
Key Takeaways
- 5/3 Bank is a regional bank with branches mainly in Ohio, Indiana, Kentucky, Tennessee, Florida, and Georgia, not a national bank like Chase or Bank of America.
- You can open checking and savings accounts in person at a branch or online, though online account opening may require a video call to verify your identity.
- 5/3 Bank accounts are FDIC-insured up to $250,000 per account type, the same protection offered by any other FDIC member bank.
- The bank charges monthly maintenance fees on most accounts unless you meet balance or direct deposit requirements, which vary by account type.
- ATM access depends on whether you use 5/3's own network or out-of-network machines, which charge fees unless you have a premium account.
Types of accounts 5/3 Bank offers
5/3 Bank's checking accounts include the Access Checking account (basic, low-cost option), Premier Checking (higher balance requirement, more features), and Business Checking for sole proprietors and companies. Savings accounts include a standard Savings Account and a Money Market Account, which typically pays a higher interest rate but requires a larger opening deposit.
Each account type has different monthly fees, minimum balance requirements, and interest rates. The bank also offers certificates of deposit (CDs), which lock your money away for a set term (3 months to 5 years) in exchange for a fixed interest rate. Interest rates and fees change, so you'll need to check the bank's website or call a branch for current terms.
5/3 Bank also offers credit cards, home loans, auto loans, and investment services through a partner company, but those fall outside basic checking and savings accounts.
Monthly fees and balance requirements
Most 5/3 Bank checking and savings accounts charge a monthly maintenance fee unless you meet one of these conditions: maintain a minimum daily balance (often $500 to $1,500 depending on the account), set up direct deposit, or keep a linked savings account with a minimum balance. Some accounts waive fees if you're under 18 or a student.
The exact fee amounts and thresholds vary by account type and change over time. Before opening an account, ask a banker or check the bank's website for the current fee schedule and which waiver options explore to the account you want. A $10 monthly fee adds up to $120 a year if you don't meet the waiver requirements.
ATM access and out-of-network fees
5/3 Bank has its own ATM network across its branch footprint. If you use a 5/3 ATM, there's no fee. If you use an out-of-network ATM (at another bank or a third-party machine), you'll typically pay a fee — usually $2 to $3 per withdrawal, depending on the ATM owner's policy.
Some 5/3 accounts, particularly premium checking accounts, may reimburse out-of-network ATM fees or offer access to a larger ATM network through an alliance. If you live or work outside 5/3's branch footprint, check whether the bank reimburses out-of-network fees before opening an account, because those costs add up quickly.
How to open an account with 5/3 Bank
To open an account in person, visit a 5/3 branch with a government-issued ID (driver's license or passport) and your Social Security number. You'll need to bring a small deposit — usually $25 to $100 depending on the account type. The banker will walk you through the account setup, issue you a debit card, and set up online banking access on the spot.
To open an account online, go to 5/3 Bank's website and select the account type. You'll enter your personal information, Social Security number, and initial deposit method. The bank will then ask you to verify your identity through a video call with a banker or by mailing in copies of your ID and a utility bill. The video call is faster — usually completed within a few minutes — while the mail route takes several days.
Once your account is open, you can set up direct deposit, transfer money from another bank, or deposit checks through the mobile app (if your phone has a camera). You'll receive a debit card in the mail within 7 to 10 business days.
Interest rates on savings and money market accounts
5/3 Bank's savings and money market accounts pay interest, but the rates are typically lower than what online-only banks offer. As of recent months, 5/3's savings rates have ranged from 0.01% to 0.05% APY (annual percentage yield), while online banks often pay 4% to 5% APY on savings accounts. The difference matters: on a $10,000 balance, 0.05% APY earns $5 per year, while 4% APY earns $400.
Interest rates change frequently and depend on the Federal Reserve's decisions. If earning interest is important to your decision, compare 5/3's current rates to online banks before opening an account. You can find current rates on 5/3's website or by calling a branch.
When 5/3 Bank makes sense for you
5/3 Bank is a reasonable choice if you have a branch or ATM near your home or workplace and value in-person banking. You can deposit checks at a teller, ask questions face-to-face, and access cash without paying out-of-network fees. If you're opening your first account and want guidance, a banker can walk you through the process.
5/3 Bank is less competitive if you're primarily interested in earning interest on savings, because online banks pay significantly higher rates. It's also not convenient if you live outside 5/3's branch footprint and don't want to pay ATM fees regularly. In that case, a national bank (Chase, Bank of America, Wells Fargo) or an online bank (Ally, Marcus, Discover) may serve you better.
Frequently Asked Questions
Is 5/3 Bank FDIC-insured?
Yes. 5/3 Bank is an FDIC member, so deposits up to $250,000 per account type are protected. This means if the bank fails, the federal government guarantees your money back up to that limit. Checking and savings accounts are separate categories, so you can have $250,000 in checking and $250,000 in savings and both are fully covered.
Can I open a 5/3 Bank account if I don't live near a branch?
Yes, you can open most accounts online. The bank will ask you to verify your identity through a video call with a banker or by mailing in copies of your ID and a utility bill. However, you won't have straightforward access to in-person services like check deposits or cash withdrawals without paying ATM fees.
What's the difference between 5/3 Bank and online banks?
5/3 Bank has physical branches where you can deposit checks and speak with a banker in person. Online banks have no branches but typically pay higher interest rates on savings and charge fewer fees. The choice depends on whether you value convenience and personal service or higher returns on your savings.
Does 5/3 Bank charge overdraft fees?
Yes, 5/3 Bank charges overdraft fees if you spend more than your account balance. The fee amount varies by account type. You can ask the bank to decline transactions instead of charging a fee, which prevents overdrafts but may cause your card to be declined at checkout. Check the current fee schedule on the bank's website or ask a banker.
How do I access my 5/3 Bank account online?
Once your account is open, you can log into 5/3's website or read the mobile app using your username and password. You can check your balance, transfer money between accounts, pay bills, deposit checks by taking a photo, and set up alerts. You'll need to create a username and password during account setup.