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Fifth Third Bank

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LAST UPDATED: April 6th, 2021

Fifth Third Bank is a diversified financial services company. Their main offices are headquartered in Cincinnati, Ohio. Fifth Third Bank services the following states: Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, Georgia, and North Carolina. They provide a network of over 2,600 ATMs and more than 1,250 full-service branches. They also provide financing options for home buyers, individuals seeking higher learning, and retirement options.

 

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The Good

  • Services
  • Checking account options
  • Lending options

Services

Fifth Third Bank offers traditional banking services which include: checking accounts, savings accounts, debit cards, and borrowing options. Additionally, they provide online and mobile banking solutions to all consumers as well as varying overdraft solutions. Preferred programs are also available for additional interest benefits.

Checking Account Options

Through Fifth Third Bank, individuals will have the ability to choose from six different checking account options and seven varying savings account options. Each account is specific to benefiting a certain situation and maximizes banking efforts. While there are different limitations, benefits, and restrictions to each account, there will most likely be an account ideal for anyone that decides to bank with Fifth Third. Each account is broken down as follows:
  • Fifth Third Essential Checking: get all the essentials of a checking account and multiple ways to avoid a monthly service charge. Monthly service charges can be waived.
  • Fifth Third Enhanced Checking: earn interest on your checking account and get enhanced discounts and benefits. Monthly service charges can be waived.
  • Fifth Third Preferred Checking: join this exclusive program to earn higher interest on your checking account and get preferred discounts, benefits and services. No monthly service charge.
  • Student Banking: this personal checking account receives the same great benefits as Fifth Third Essential Checking, but with the monthly service charge waived for high school and college students age 16 and up. No monthly service fee and no minimum balance requirements.
  • Military Banking: Designed for military families, including active duty, retired, reserve/guard and veterans. Also includes commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration.
  • Fifth Third Express Banking: A new simple way to manage your funds. Fifth Third Express Banking gives you immediate access to your money and the convenience and security of a banking relationship.
For savings accounts, Fifth Third Bank consumers will have their pick of the following options:
  • Fifth Third Goal Setter Savings: This simple savings account lets you set a personal savings goal and track progress with Online Banking.
  • Fifth Third Relationship Savings: This savings account lets you earn our Relationship Interest Rate when you keep savings and checking accounts with us.
  • Fifth Third Relationship Money Market: This is perfect if you have larger balances and want a high yield savings account that lets you earn up to our highest rates.
  • 529 Savings and CD: The Fifth Third 529 Savings Account and CD options are part of a comprehensive, tax-advantaged program offered through the CollegeAdvantage Direct 529 Savings Plan that helps you save for college.
  • Minor Savings: Fifth Third Goal Setter Savings. A simple savings account that pays competitive interest rates on your savings balance.
  • Health Savings Account: Combined with a High Deductible Health Plan (HDHP) a tax advantaged HSA will help you control health care costs-and save for current and future medical expenses.
  • Certificates of Deposit: CDs are an excellent way to help your funds grow if you are able to set a certain amount aside for a period of time. Fifth Third offers CDs with flexible terms and the option to choose from standard, promotional, 529, and IRA CDs-some with a minimum investment of just $500.

Lending Options

There are a number of lending options available to those looking to purchase a home or vehicle. With each lending product, Fifth Third Bank does a good job of informing the consumer of exactly what is required to meet loan requirements and then sets them up with a personalized payment strategy. The lending products include the following:
  • Mortgage Loans
  • Equity Lines and Equity Loans
  • Personal Lines of Credit and Loans
  • Auto Financing
In addition to a number of borrowing/lending solutions, Fifth Third Bank accompanies these loans with other helpful services. These services/features include: the Homeowner Plus Value Package and the Down Payment Assistance Resource Center.
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The Bad

  • Limited credit card types
  • Wealth management and investing

Limited Credit Card Types

Obtaining a credit card through the bank is one of the easiest and best-managed solutions available for consumers. While Fifth Third Bank does offer credit card options to small business owners and individuals, there are only four different card types to choose from. Most notably missing from the group is a credit card designated for students. These credit card options are broken down as follows:
  • Platinum Card: Fifth Third Bank's lowest rate credit card along with platinum-level benefits.
  • Real-life Rewards Credit Card: Earn 2 Real Life Rewards® points for every $1 spent on gas and grocery store purchases. Earn 1 point for every $1 spent on all other purchases. There is a 0% Introductory APR on Purchases and Balance Transfers for the first 12 billing cycles after the account is opened. After the Introductory Period, APR will be 13.24% to 24.24% based on creditworthiness. After account opening, this APR will vary with the market based on the WSJ Prime Rate.
  • Fifth Third Preferred Card: the Premium credit card is designed to meet consumer's needs by combining remarkable benefits and excellent service.
  • Cash Rewards Card: Users can earn Unlimited Cash Back plus 10,000 Real Life Rewards Points ($100!) when you spend $1,000 in purchases within 90 days of account opening. Offer ends 9/30/2016. Available online only.

Wealth Management and Investing

There are wealth management and investing opportunities for those interested through the Fifth Third Bank platform. These solutions include the: morning market report, diversified investment options, retirement strategies, and estate planning. However, in order to get started with any of these investment solutions, individuals will need to go to a branch and work with an advisor. It cannot be opened online.
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The Bottom Line

For individuals looking for personal investing options or small businesses hoping to land a loan, there are solutions available through Fifth Third Bank. Fifth Third Bank has found a way to make banking simple and straightforward, eliminating some of the confusion or vagueness the sometimes exists within the industry. Those that bank with Fifth Third Bank can expect the following from the service:
  1. Mobile banking
  2. Identity theft protection
  3. Checking and savings account options
  4. Credit cards available
  5. Some investing solutions
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Star Rating

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9 Reviews

Review Breakdown

5 grade

67%

4 grade

11%

3 grade

0%

2 grade

0%

1 grade

22%

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Courtney

Fifth Third Bank offers great customer service and more locations than smaller local banks. The branches are never busy so it's easy to get in and out for things that you can't do online like getting certified checks, depositing large checks, notary services, etc. I used to bank at Chase and the line was always insane.

6 years ago

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Nicolle Picking

Everyone working there is very helpful and friendly. They call all their customers by name and welcome them to the bank when they come in. Always ready to give advice when asked.

6 years ago

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Lifeadon Chicago, IL

This bank is a local scam! Don’t waste your money. Do not put black dollars in this bank this is systematically set up to overdraw your account. On one occasion I remember being charged multiple only to find out it was reversed after the cash was paid and I never received any money back. Scam scam scam.

4 years ago Edited September 14, 2021

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Terri Bey

Great customer service. They are willing to help me with any problem I have.

6 years ago

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Olivia

They're absolutely wonderful! I just wish they had more benefits

6 years ago

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JAQUELIN R KETOLA

They are quick to respond to our issues and needs.

6 years ago

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Jon Healy

Helpful friendly service great ATM access

6 years ago

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JeffreyMyers

Great customer service, friendly and helpful staff

6 years ago

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Guy Mouras

Their customer service and attitude toward their customers is awful..

6 years ago