Fifth Third Bank is a regional bank headquartered in Cincinnati, Ohio, with branches across the Midwest and Southeast

Fifth Third Bank (often written as 5/3 Bank) is a full-service bank owned by Fifth Third Bancorp, a publicly traded company. It operates roughly 1,100 branches and 2,400 ATMs across 15 states, with the heaviest presence in Ohio, Kentucky, Indiana, Michigan, and Florida. The bank offers checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), credit cards, loans, and investment services to both individual customers and businesses.

The name comes from a historical merger: in 1871, Third National Bank and Fifth National Bank combined, and the resulting institution kept both names. Today it functions as a standard regional bank competing with larger national chains like Chase and Bank of America, as well as smaller community banks in its service areas.

Key Takeaways

  • Fifth Third Bank operates in 15 states with over 1,100 branches, primarily in the Midwest and Southeast.
  • The bank offers standard products including checking, savings, CDs, credit cards, and personal loans through both in-person branches and online banking.
  • Account fees, interest rates, and minimum balance requirements vary by account type and change periodically, so you should review current terms before opening an account.
  • Fifth Third is FDIC-insured, meaning deposits up to $250,000 per account type are protected if the bank fails.

Types of accounts Fifth Third offers

Fifth Third's checking account options include a basic checking account, a rewards checking account that pays interest on balances, and accounts designed for students or seniors. Savings accounts range from standard savings to high-yield savings accounts. The bank also offers money market accounts, which typically require higher minimum balances but pay higher interest rates, and CDs with terms ranging from a few months to several years.

Each account type has different minimum balance requirements, monthly fees, and interest rates. Some accounts waive fees if you maintain a certain balance or set up direct deposit. The specific terms change, so you should check the bank's website or visit a branch to see what applies to the account you are considering.

How to open an account with Fifth Third

You can open an account online, by phone, or in person at a branch. Online applications typically take 10 to 15 minutes and require a valid government ID, Social Security number, and initial deposit (the amount varies by account type). You will need to provide your name, address, date of birth, and employment information.

If you open in person, a banker can answer questions about which account fits your needs and help you understand the fees and features. Phone applications are also available, though you may need to visit a branch later to verify your identity or deposit funds. Once approved, you usually receive a debit card within 7 to 10 business days and can begin using your account when ready for online transfers and bill pay.

Fees and minimum balances

Fifth Third charges monthly maintenance fees on most accounts, though the amount and whether the fee can be waived depends on the account type. Common ways to avoid or reduce fees include maintaining a minimum daily balance, setting up direct deposit, or keeping a linked savings account. Some accounts have no minimum balance requirement, while others require $500 or more.

The bank also charges fees for overdrafts, out-of-network ATM withdrawals, wire transfers, and other services. Overdraft fees typically range from $25 to $35 per transaction, though the exact amount and number of overdraft fees per day can vary. You can opt out of overdraft protection, which means transactions will be declined rather than charged a fee if you do not have sufficient funds.

FDIC insurance and account protection

Fifth Third Bank is FDIC-insured, which means the Federal Deposit Insurance Corporation protects your deposits if the bank fails. The standard coverage limit is $250,000 per depositor, per bank, per account ownership category. This means if you have a checking account and a savings account at Fifth Third, each is insured separately up to $250,000.

If you have a joint account with another person, that account is also insured separately up to $250,000. Money market accounts and CDs are covered under the same $250,000 limit as savings accounts. Amounts above $250,000 are not protected, so if you have more than that at one bank, you may want to spread deposits across multiple banks or account types.

Online and mobile banking features

Fifth Third's online banking platform and mobile app allow you to check balances, transfer money between accounts, pay bills, deposit checks by photograph, and manage your debit card. You can set up alerts for low balances, large transactions, or upcoming bill payments. The mobile app also includes features like cardless ATM withdrawals, which let you withdraw cash without your physical debit card.

Customer service is available through the website, mobile app, phone, and in-person at branches. The bank's website has a locator tool to find nearby branches and ATMs. Response times for online chat and phone support vary depending on demand, but the bank generally aims to answer calls within a few minutes during business hours.

How Fifth Third compares to other banks

Fifth Third's main advantage is branch and ATM availability in its service areas—if you live in Ohio, Kentucky, Indiana, Michigan, or Florida, you have straightforward access to physical locations. The disadvantage is that if you live outside these states, you have no branches and may pay out-of-network ATM fees frequently. Interest rates on savings accounts and CDs are typically lower than online-only banks, which have fewer physical costs and can pass savings to customers.

Checking account fees are comparable to other regional banks but higher than many online banks, which often offer free checking with no minimum balance. If you value in-person service and do not mind paying fees, Fifth Third works well. If you prioritize low fees and high interest rates, an online bank or credit union in your area may be a better fit.

Frequently Asked Questions

Does Fifth Third have branches outside the Midwest?

Yes. Fifth Third operates in 15 states total, including Florida, Georgia, and other Southeastern states. However, the majority of branches are in Ohio, Kentucky, Indiana, and Michigan. If you live outside these regions, you will likely have limited or no branch access and should check the branch locator on the bank's website.

What is the interest rate on Fifth Third savings accounts?

Interest rates vary by account type and change regularly based on market conditions. High-yield savings accounts typically offer higher rates than standard savings accounts, but Fifth Third's rates are usually lower than online-only banks. Check the bank's website or call a branch for current rates before opening an account.

Can I use Fifth Third ATMs for free?

Yes, you can use Fifth Third's own ATMs for free. Using ATMs outside the Fifth Third network typically costs $2 to $3 per transaction, though some accounts may offer a limited number of free out-of-network withdrawals per month. Check your account terms or ask a banker about out-of-network ATM fees.

What happens if I overdraw my account?

Fifth Third will charge an overdraft fee (typically $25 to $35) for each transaction that overdrafts your account. You can opt out of overdraft protection, which means transactions will be declined instead of charged a fee. Contact the bank to change your overdraft settings.

Is my money safe at Fifth Third Bank?

Yes. Fifth Third is FDIC-insured, so deposits up to $250,000 per account type are protected if the bank fails. Amounts above $250,000 are not covered by FDIC insurance. The bank also uses encryption and security measures to protect your online and mobile banking information.