Fifth Third Bank Review 2022
| Standard CD prices | ||
|---|---|---|
| Terms | APY | Minimum deposit |
| CD from 7 to 89 days | 0.01% | $5,000 |
| CDs from 3 to 6 months | 0.01% | $500 |
| CDs from 6 to 12 months | 0.01% | $500 |
| CDs from 12 to 24 months | 0.01% | $500 |
| CDs from 24 to 36 months | 0.01% | $500 |
| CDs from 36 to 48 months | 0.01% | $500 |
| CD from 48 to 84 months | 0.01% | $500 |
These rates may vary by geographic location, and the rates shown here are those offered by North Carolina Fifth Third Bank affiliates as of August 7, 2022.
Credit card
Fifth Third Bank offers four different credit cards (all MasterCard) to meet the needs of its customers, including two cashback rewards cards, a no-fee card and a secured credit card:
- Fifth third cash/back card: This rewards card offers a flat rate cashback of 1.67% on all purchases. There is no annual fee.
- Fifth third favorite cash/back card: This Preferred version offers a flat 2% cashback on all purchases. There is no annual fee.
- Really simple credit card: This no-fee card offers an introductory APR of 0% for purchases made and balances transferred during the promotional period. There is also no APR penalty for missed payments.
- Secure card: Customers who are working to build or rebuild their credit can use the Fifth Third Secured Card. You will place a $300 refundable deposit in your Fifth Third Relationship Savings Account to cover your card charges. There is an annual fee of $24.
Other financial products offered by Fifth Third Bank
Fifth Third Bank is a great option for those looking for financing or investment services. It also offers:
- Car loans
- Buy mortgages
- Home Equity Loans
- Home Equity Lines of Credit (HELOC)
- IRA
- Managed investment portfolios
- Financial advisors
- Business loans
Fifth Third Bank Customer Service
You can reach customer service agents live by phone at 1-800-972-3030 from 8 a.m. to 6 p.m. EST Monday through Friday and 10 a.m. to 4 p.m. EST Saturday.
The mobile app allows you to manage your banking activities, including mobile deposits, money transfers and bill payment, 24/7. With over 200,000 reviews, the app enjoys a 4.7-star rating on the App Store and is currently ranked #138 in financial apps. It is also available on Google Play and has an equally high rating.
Fifth Third ranks third for banking satisfaction in JD Power’s 2022 US Banking Mobile App Satisfaction Survey, which compares the mobile apps of 11 regional banks. That’s just a little above the industry average. The bank ranked ninth for overall customer satisfaction in JD Power’s 2022 Retail Banking Satisfaction Study compared to other banks in the Southeast region of the United States.
In trying to find accurate information on the rates offered, I called customer service to ask for the rate sheet for various accounts, as instructed by the website. The customer service agent didn’t seem to know what I was asking for and repeatedly told me that Fifth Third didn’t provide a fee schedule, despite what the website said. It was a somewhat frustrating experience.
How to bank with Fifth Third Bank
Customers in the 11 states served by Fifth Third Bank can easily open an account online or in person at any of the 1,100 available branches. Once you have opened an account, you can make deposits via online transfers from external accounts, mobile check deposit, wire transfer, check deposits by mail, ATM (except for Express Banking customers) or in person at a Fifth Third Bank branch.
Verdict
Fifth Third Bank offers great convenience to customers within their geographic footprint, enhanced by the network of free ATMs nationwide. The number of products and services provided, along with the savings and other incentives Fifth Third offers customers with multiple accounts, means it can be a great one-stop-shop for all your banking and financial activities. However, given the high monthly maintenance fees and low APYs, customers may find that their current accounts cost more and their interest-bearing accounts pay less than those of competitors. While it is possible to waive monthly maintenance fees, Fifth Third sets more onerous requirements to waive these fees than other banks. If you only need a few services or the most basic accounts, you might want to do your banking elsewhere.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We collected over 20 data points from over 80 banks including available products, interest rates, fees and affordability to ensure our content helps users make the right decision for their banking needs. savings and banking.