Fifth Third Bank Reviews, Rates: CDs, Savings, Money Market, Mortgages

Fifth Third Bank started as the Bank of Ohio Valley in Cincinnati in 1858. The Bank of Ohio Valley was purchased by the Third National Bank in 1871 and with the turn of the century came the partnership of the Third National Bank and the Fifth National Bank. As time passed, the organization became known as “Fifth Third Bank.”

As one of the top-performing banks in the nation, Fifth Third Bank continues to focus on creating practical standards of banking and providing superior customer service. Being called one of the “Best Places to Work” by the Society for Human Resources Management from 2005 to 2009, one can see why their employees actively engage in helping every financial need a customer may have.

Reviews: Fifth Third Bank Services

Easy access is attainable with over 2,300 ATMs and 1,368 branch locations in 12 states. Fifth Third bank offers packages when it comes to their checking accounts. Each package varies as the financial need will be different such as their secure package which helps in achieving financial safety with credit monitoring. The feature packages are the most common types of checking accounts you will see being offered at various banks such as an interest-bearing checking account or a checking account that helps with accumulating points. Their specialty accounts involve mainly college student and the elderly generation. A customer can receive special perks for being one of the two such as mobile alerts or free checks.

Fifth Third Bank offers many savings accounts, which is definitely a great feature to have. All six of the savings accounts require a $50 minimum opening deposit. Four out of the six savings accounts have no monthly fee. The Safe Safer and High Yield savings accounts have a $15 monthly fee but are waived when the minimum balance is met. They do have one unique savings account called 529 Savings Account. The purpose of this special account is for customers to start saving now for their child’s future education. There are no fees associated with this account and the minimum opening deposit is a cool $25.

CDs

Fifth Third offers many terms and some of their CDs have a low minimum investment of just $500.00 One of the neat things that Fifth Third offers is to use a CD as collateral for a Fifth Third loan. The interest that is accrued can either be credited to the CD or to a Fifth Third checking or savings account.

Renewing your CD is easy as 1-2-3. Fifth Third has auto renewal options and offer a one-day grace period (for terms less than 32 days) or a ten-day grace period (for terms 32 days or more).

Here are the penalties for early withdrawal a Fifth CD:

  • 7 to 89 Days CD: ½ stated interest for term, 7 days interest, or all interest earned, whichever is greater.
  • 90-364 Days CD: ½ stated interest for remaining term or 3 months interest, whichever is greater.
  • 365 Days-84 Months CD: ½ stated interest for remaining term or 6 months interest, whichever is greater.
  • 529 CD: 3 months of interest for 3-12 month CDs, 6 months of interest for 12-144 month CDs (or ½ stated interest for remaining term, whichever is greater, for either CD product).

Fifth Third: 529 CD Rates – $500.00 minimum to open – as of 8/14/11

  • 3-5 Months – 0.25% Interest Rate – 0.25% APY
  • 6-11 Months – 0.50% Interest Rate – 0.50% APY
  • 12-23 Months – 0.75% Interest Rate – 0.75% APY
  • 24-35 Months – 1.09% Interest Rate – 1.10% APY
  • 36-47 Months – 1.29% Interest Rate – 1.30% APY
  • 48-59 Months – 1.59% Interest Rate – 1.60% APY
  • 60-83 Months – 1.98% Interest Rate – 2.00% APY
  • 84-119 Months – 2.47% Interest Rate – 2.50% APY
  • 120-144 Months – 2.96% Interest Rate – 3.00% APY

Fifth Third: Featured CD Interest Rates and APY – $5,000.00 Minimum Deposit – as of 8/14/11

  • 11 Month CD Promo: 0.40% Interest Rate – 0.40% APY
  • 18 Month CD Promo: 0.60% Interest Rate – 0.60% APY
  • 24 Month CD Promo: 0.75% Interest Rate – 0.75% APY
  • 36 Month CD Promo: 1.00% Interest Rate – 1.00% APY
  • 60 Month CD Promo: 1.24% Interest Rate – 1.25% APY

Fifth Third: Standard CD Interest Rates and APY – as of 8/14/11

Minimum deposit for 3 months or more is $500.00

Minimum deposit for 7-89 days is $5,000.00

  • 7 to 89 Day CD
    • $5,000.00 – $9,999.99 – 0.05% Interest Rate – 0.05% APY
    • $10,000.00 – $24,999.99 – 0.05% Interest Rate – 0.05% APY
    • $25,000.00 – $49,999.99 – 0.10% Interest Rate – 0.10% APY
    • $50,000.00 – $99,999.99 – 0.15% Interest Rate – 0.15% APY
  • 3 to 6 Month CD:
    • Less than $5,000.00 – 0.05% Interest Rate – 0.05% APY
    • $5,000.00 – $9,999.99 – 0.05% Interest Rate – 0.05% APY
    • $10,000.00 – $24,999.99 – 0.05% Interest Rate – 0.05% APY
    • $25,000.00 – $49,999.99 – 0.10% Interest Rate – 0.10% APY
    • $50,000.00 – $99,999.99 – 0.15% Interest Rate – 0.15% APY
  • 6 to 12 Month CD:
    • Less than $5,000.00 – 0.05% Interest Rate – 0.05% APY
    • $5,000.00 – $9,999.99 – 0.05% Interest Rate – 0.05% APY
    • $10,000.00 – $24,999.99 – 0.10% Interest Rate – 0.10% APY
    • $25,000.00 – $49,999.99 – 0.15% Interest Rate – 0.15% APY
    • $50,000.00 – $99,999.99 – 0.20% Interest Rate – 0.20% APY
  • 12 to 24 Month CD:
    • Less than $5,000.00 – 0.05% Interest Rate – 0.05% APY
    • $5,000.00 – $9,999.99 – 0.10% Interest Rate – 0.10% APY
    • $10,000.00 – $24,999.99 – 0.15% Interest Rate – 0.15% APY
    • $25,000.00 – $49,999.99 – 0.20% Interest Rate – 0.20% APY
    • $50,000.00 – $99,999.99 – 0.25% Interest Rate – 0.25% APY
  • 24 to 36 Month CD:
    • Less than $5,000.00 – 0.30% Interest Rate – 0.30% APY
    • $5,000.00 – $9,999.99 – 0.35% Interest Rate – 0.35% APY
    • $10,000.00 – $24,999.99 – 0.40% Interest Rate – 0.40% APY
    • $25,000.00 – $49,999.99 – 0.45% Interest Rate – 0.45% APY
    • $50,000.00 – $99,999.99 – 0.50% Interest Rate – 0.50% APY
  • 36 to 48 Month CD:
    • Less than $5,000.00 – 0.45% Interest Rate – 0.45% APY
    • $5,000.00 – $9,999.99 – 0.50% Interest Rate – 0.50% APY
    • $10,000.00 – $24,999.99 – 0.55% Interest Rate – 0.55% APY
    • $25,000.00 – $49,999.99 – 0.60% Interest Rate – 0.60% APY
    • $50,000.00 – $99,999.99 – 0.65% Interest Rate – 0.65% APY
  • 48 to 60 Month CD:
    • Less than $5,000.00 – 0.60% Interest Rate – 0.60% APY
    • $5,000.00 – $9,999.99 – 0.65% Interest Rate – 0.65% APY
    • $10,000.00 – $24,999.99 – 0.70% Interest Rate – 0.70% APY
    • $25,000.00 – $49,999.99 – 0.75% Interest Rate – 0.75% APY
    • $50,000.00 – $99,999.99 – 0.80% Interest Rate – 0.80% APY
  • 60 to 84 Month CD:
    • Less than $5,000.00 – 0.75% Interest Rate – 0.75% APY
    • $5,000.00 – $9,999.99 – 0.80% Interest Rate – 0.80% APY
    • $10,000.00 – $24,999.99 – 0.85% Interest Rate – 0.85% APY
    • $25,000.00 – $49,999.99 – 0.90% Interest Rate – 0.90% APY
    • $50,000.00 – $99,999.99 – 0.95% Interest Rate – 0.95% APY
  • 84 Month CD:
    • Less than $5,000.00 – 1.00% Interest Rate – 1.00% APY
    • $5,000.00 – $9,999.99 – 1.04% Interest Rate – 1.05% APY
    • $10,000.00 – $24,999.99 – 1.09% Interest Rate – 1.10% APY
    • $25,000.00 – $49,999.99 – 1.14% Interest Rate – 1.15% APY
    • $50,000.00 – $99,999.99 – 1.19% Interest Rate – 1.20% APY

 

Terms & ConditionsRenewal is not available for the 529 CD. Only single-term is avaible, with 30-day Maturity Notice.

Savings Accounts

Fifth Third offers a vast amount of differentsavings account to fully meet every need of their customers. Whether it is to earn interest on larger balances or to help you save towards your goal a little bit at a time, Fifth Third has you covered.

They offer a 529 Savings Account designed to help with future education expenses for your child. There are no fees and a low minimum deposit of $25.00. You will receive the premium market rates of interest and pay no taxes as your account grows. They have an easy online application to apply.

Fifth Third: Relationship Savings Account

  • Minimum to open: $50.00
  • No monthly fee
  • Awarded based on your Fifth Third checking relationship

Fifth Third: Relationship Savings Account Rates – as of 8/14/11

  • $250.00 – $2,499 – 0.05% Interest Rate – 0.05% APY
  • $2,500.00 – $4,999 – 0.05% Interest Rate – 0.05% APY
  • $5,000.00 – $9,999 – 0.10% Interest Rate – 0.10% APY
  • $10,000.00 – $24,999 – 0.10% Interest Rate – 0.10% APY
  • $25,000.00 – $49,999 – 0.15% Interest Rate – 0.15% APY
  • $50,000.00 – $99,999 – 0.20% Interest Rate – 0.20% APY
  • $100,000.00 – $249,999 – 0.20% Interest Rate – 0.20% APY
  • $250,000.00 and over – 0.20% Interest Rate – 0.20% APY

Fifth Third: Goal Setter Savings Account

  • Minimum to open: $50.00
  • No monthly fee
  • Helps you reach your goals – a little bit at a time

Fifth Third: Goal Setter Savings Account Rates – as of 8/14/11

  • $0.01 – $49,999 – 0.15% Interest Rate – 0.15% APY
  • $50,000.00 and more – N/A

Fifth Third: Safe Saver Savings Account

  • Minimum to open: $50.00
  • Monthly fee: $15.00 – waived with a $500.00 daily savings account balance
  • Earn interest on balances up to $25,000.00
  • Offers a liquid savings account with higher earning potential on balances of $50,000.00 – $250,000.00

Fifth Third: Safe Saver Savings Account Rates – as of 8/14/11

  • $0.01 – $49,999 – 0.05% Interest Rate – 0.05% APY
  • $50,000.00 – $250,000 – 0.10% Interest Rate – 0.10% APY
  • $250,001.00 and more – N/A

Fifth Third: High Yield Savings Account

  • Minimum to open: $50.00
  • Monthly fee: $15.00 – waived with a $25,000.00 daily savings account balance
  • Earn higher savings account interest rates on portions of your savings account balance through balance tiers
  • Offers to maximize your earning potential by earning a higher rate on larger account balances

Fifth Third: High Yield Savings Account Rates – as of 8/14/11

  • $0.01 – $24,999 – 0.05% Interest Rate – 0.05% Min. & Max. APY
  • $25,000.00 – $49,999 – 0.10% Interest Rate – 0.05% Min. APY & 0.08% Max. APY
  • $50,000.00 – $99,999 – 0.10% Interest Rate – 0.08% Min. APY & 0.09% Max. APY
  • $100,000.00 – $499,999 – 0.15% Interest Rate – 0.09% Min. APY & 0.14% Max. APY
  • $500,000.00 and over – N/A

Fifth Third: Minor Savings Account – $0.01 and over – 0.05% Interest Rate – 0.05% APY – as of 8/14/11

  • Minimum to open: $50.00
  • No monthly fee
  • Teach your child how to save and budget their money
Money Market

Fifth Third offers only one account that is considered a money market account which is appropriately called Money Market Savings Account. This account allows its customers to earn higher interest rates while also having access to check-writing.

With a Money Market Savings Account, you can receive the following benefits:

  • Tiered premium rates of interest on money market account balances of $10,000.00 or more
  • Balances can be used to meet minimum balance requirements for a Fifth Third Interest Checking account
  • Free Internet Banking & Bill Payment, Fifth Third ATM access
  • Ability to write up to three checks per month

Fifth Third Bank – Money Market Savings Account: Indiana Rates – as of 8/12/11

  • $10,000.00 – $24,999.99 – 0.03% Interest Rate – 0.03% APY
  • $25,000.00 – $49,999.99 – 0.03% Interest Rate – 0.03% APY
  • $50,000.00 or more – 0.05% Interest Rate – 0.05% APY

Terms & ConditionsMoney Market Savings Account allows up to six restricted pre-authorized or automatic withdrawals on the account per month. A fee of $5.00 will be assessed for each preauthorized or automatic withdrawals/transfers over six per month.

Mortgages

Fifth Third Bank want to make sure your home buying experience is an easy one. They provide mortgage professionals to help with the application process and a wide selection of options for financing. Whatever financial situation you are in, Fifth Third Bank will have the type of mortgage that suits your needs perfectly.

For more information or to apply for a mortgage loan, contact a Fifth Third Mortgage Loan Specialist at 1-866-351-5353 or visit a Fifth Third Banking Center. Also, Fifth Third offers a secure online application.

The following mortgages are offered by Fifth Third Bank:

Fixed Rate Mortgage:

  • Principal & interest rate will not change over the life of the loan
  • Variable loan terms to meet your needs
  • Ideal for: Owners who are going to be in their homes for more than 10 years, to keep the same interest rate, owner has a fixed income, and owner wants to feel secure about the monthly payments

Adjustable Rate Mortgage (ARM):

  • Lower initial interest rate & payment
  • Flexible rates
  • Ideal for: Owner will be in home for less than 10 years, owner expects interest rates to remain stable or decline during the term of the loan, and owner doesn’t mind a variable interest rate

Jumbo Loan:

  • Loan amounts up to $2 million
  • Fixed rate & ARM loans available & interest-only payment options
  • Ideal for: Owner wants to buy a luxury home, owner needs to borrow more than $417,000

FHA Loan:

  • Smaller down payment
  • Fixed rate & ARM loans available & loan terms are flexible
  • Ideal for: First-time homebuyer with low to moderate income, owner has less than perfect credit, owner wants to purchase a home with a low down payment

VA Loan:

  • Low or no down payment
  • Fixed rate & loan terms are flexible
  • Ideal for: Qualified veteran of the armed services, those currently in active duty or in Reserves, widows & widowers of veterans, owner wants a fixed rate loan, and owner is buying a primary residence

Construction or Lot Loan:

  • Available for the construction of owner’s primary residence
  • Fixed rate & ARM loans and conforming & jumbo loan amounts available
  • Ideal for: Those who want a one-time closing deal with only one set of closing costs, need interest-only payments during construction, and owner is planning to build a new home

Good Neighbor Program™:

  • Flexible funding sources & no down payments for borrowers at or below median income
  • Offered specifically to teachers, firefighters, law enforcement officers, and healthcare workers
  • Borrower contributions are as low as $500.00 & available on 1-4 unit primary residences
  • Expanded financing up to 95% total loan-to-value
  • Down payment & closing costs can come from gifts, grants, or property seller contributions
  • Ideal for: Owners with income that is at or below the median income in the area, owner is purchasing property in an undeserved area, owner has limited funs for a down payment & closing costs, owner has less-than-perfect or little established credit

My Community Mortgage:

  • Little or no contribution from owner’s funds
  • Funds come from gifts, grants or loans from relatives, nonprofit groups or employer-assisted housing programs
  • Ideal for: Teachers, educational institutional employee, police officer, firefighter or health care worker, credit score is too low for a conforming loan, owner is seeking a loan for a rental property, and owner is purchasing a condo in a new development

Interest Only Loan:

  • Lower monthly payment than standard loans & may qualify for a larger loan amount
  • Pay on principal at any time without penalty & after interest-only period, the unpaid principal is fully amortized over the remaining term of the loan
  • Ideal for: Owner’s income is mostly earned through infrequent commissions or bonuses, owner expects to earn more money in a few years, owner wishes to put the savings in other investment options, and owner intends to move or refinance within a few years

Terms & ConditionsJumbo Loan, Construction or Lot Loan, & Interest Only Loan: After the interest-only period, it is possible that the borrower’s payments may increase substantially over the remaining term of the loan. All loans are subject to credit review and approval.

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