Fifth Third Bank Reviews
Fifth Third Bank is the most popular and highly recognized regional bank that has a strong presence in Central and Southern states. It is an authentic, credible, and fully functional institute that is known to provide a variety of banking services.
It comprises services that are authentic and compatible with all ranges of individuals and business sections. The bank commonly focuses on the regional perspective, but along with the efforts, it is credibly available for the streamlined online banking experience.
Online banking services are easy to access in the nation. For the thorough analytical guide, here is a review-based article depicted below that will delve into various aspects of Fifth Third Bank.
The content covers checking and savings accounts, CD rates, money market accounts, as well as mortgage loans along with customer service experiences!
Bank Overview
As stated above the Fifth Third Bank is a regional bank. It primarily has its operational setup in the Central and Southern United States.
As per the latest surveys and overview, the bank is spread all around across the 11 states. The states include
- Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Ohio, North Carolina, South Carolina, Tennessee, and West Virginia.
On average the bank comprises almost a wide network of 1,079 branches. Along with this, the bank further comprises over 2,200 branded ATMs.
Additionally, it is providing access to customers for 54,000 fee-free ATMs nationwide.
Fifth Third Bank is a bank that offers a range of banking services, these services are equally authentic to be chosen by all categories of businesses and individuals.
Fifth Third Bank Locations
The physical branches of Fifth Third Bank are focused in the Midwest, South, and Southeast regions of the United States.
It has a network that spreads over a total of 11 states. The states contain several branches and ATMs. All this is available for providing strong local support to the customer. The people are at great convenience, who are from; Ohio, Indiana, Illinois, and Michigan.
At the physical branches, the customers can enjoy the advantage of a vast network of ATMs. The ATM consideration especially includes the Fifth Third branded ATM system.
This authentic and extensive ATM network is highly approachable for customers who travel a lot and require some of the ATM’s convenience. It is also well defined on a functional basis for those who are in rural areas and it is not easy for them to approach the branch easily.
Checking Accounts
To dive deeper into the checking accounts of the bank, here is the detailed exploration stated next. This Fifth Third Bank is very credible for investors due to its flexibility.
| Checking Account | Express Banking | Momentum Checking | Preferred Checking | Specialized Checking Accounts |
| Features | – No monthly fee | – No monthly fee | – Premium perks | – Tailored benefits for specific customer segments |
| – No check writing | – No overdraft fees | – Better loan rates | – High School and College Students | |
| – No check deposits | – More features | – Secondary accounts | – Military Members and Their Families | |
| – Mobile check deposit | – Customers Needing Simplified Banking (No credit score required) | |||
| Ideal For | – Basic banking needs | – Hassle-free account | – Feature-rich | – Young adults and students |
| – No-fee preference | – Avoiding overdrafts | – Seeking additional | – Military personnel and their families | |
| benefits | – Customers with straightforward banking needs |
Saving Accounts
In addition to the checking accounts, the saving accounts are also equally flexible for customer compatibility. These accounts at Fifth Third Bank are managed to cover the different financial needs of its customers.
| Savings Account | Momentum Savings | Relationship Money Market Account | Health Savings Account (HSA) |
| Features | – Basic savings | – Relationship rates | – Savings for medical expenses |
| – Standard features | – Higher interest rates with eligibility | – Tax advantages | |
| – Potentially lower APY | – Variable APY | ||
| Ideal For | – Individuals starting savings | – Customers with larger balances | – Those saving for healthcare |
| – No-frills preference | – Seeking higher interest rates | – With high-deductible plans | |
| Additional Considerations | – Lower APY | – Relationship with Fifth Third Bank | – Tax-advantaged savings |
CD Rates and Money Market Accounts
To narrate the authentication for the certificate of deposit, the Fifth Third Bank holds credible offerings. The CDs at the Fifth Third Bank are convenient for both short-term and long-term savings goals.
| Certificate of Deposit (CD) | Standard CD Rates |
| Term Range | 7 days to several years |
| Standard APY Range | 0.05% to 0.10% |
| Competitiveness | Relatively low compared to other financial institutions |
| Rate Variability | CD rates are subject to change |
| Recommendation | Customers are advised to check current rates directly with the bank |
In addition to the certificate of deposits, the Relationship between Money Market Accounts is also notable to consider.
Key Features
- Holds higher interest rates that vary with eligibility
- Rates depend upon the balance and other relationship factors
- Ideal for the blend of liquidity and exceptional for higher yields
Mortgage Loans and Other Loan Products
Fifth Third Bank also offers a wide range of mortgage products. These products are credible to use because of their fixed-rate mortgages, and adjustable-rate mortgages (ARMs).
In addition to this, its Federal Housing Administration (FHA) loans, and Veterans Affairs (VA) loans are the most demanding products. The specific terms, rates, and requirements for these mortgage products are subjective matters that vary a lot.
So before making a choice, it is required for the potential borrowers to consult with the bank to get the most suitable option for themselves and their needs.
In addition to mortgage loans, Fifth Third Bank also holds other loan products, which are explained below;
| Loan Products | Features |
| Home Equity Loans and Lines of Credit | – Allow homeowners to borrow against the equity in their homes |
| Auto Loans | – Financing options for new and used vehicles |
| Personal Loans | – Unsecured loans for various personal purposes |
| Terms and Rates | – Vary based on the specific type of loan |
| Consultation | – Potential borrowers should consult with the bank for personalized advice |
Additional Products and Services
Fifth Third Bank is also credible in terms of additional products and services. In this regard, the bank is known to stand by several credit card options. These optional products are flexible enough for different spending habits and financial needs.
| Banking Services | Description |
| Business Banking | – Business checking and savings accounts – Business loans – Treasury management services |
| Investment and Wealth Management | – Financial planning – Investment management – Trust and estate services |
| Insurance Products | – Life, disability, and long-term care insurance through partnerships |
| Digital Banking Services | – Robust online banking platform and mobile app – Account management, bill payment, check deposit, etc. |
Comparison Overview with Other Institutes
| Feature | Fifth Third Bank | Chase Bank | – Various promotions and cash-back offers depending on account activity |
| Checking Account | – No monthly fees- $225 bonus with qualifying activities- No minimum deposit | – No monthly fees- No overdraft fees under certain conditions- ATM fee reimbursements for active accounts | – Virtual Wallet account with different tiers for spending, reserve, and growth- No specific details on fees mentioned |
| Savings Account | – 0.01% APY- $5 monthly fee, waivable under conditions | – Up to 2% cash back on everyday expenses for accounts with a $1,000 monthly direct deposit | – Various interest rates depending on account type |
| ATM Network | – Large, free, nationwide ATM network | – Extensive ATM and branch network | – Extensive ATM and branch network |
| Promotions | – $325 bonus for new Momentum Checking Account with direct deposit requirements | – Various promotions and cash back offers depending on account activity | – Bonuses ranging from $50 to $400 for meeting certain deposit requirements within 60 days |
Pros and Cons Analysis
- Pros – The bank is highly appreciated mainly because of its physical branch and wide area presence. It holds branches in 11 states. The branches provide 24/7 live support service to their customers. This is the most positive aspect noted by customers.
- Cons: Customers also have expressed some of the issues and concerns for its high service fees. In addition to this, some accounts also do not earn high interest.
Final Personal Review – Services, Customer-Centric Approach
Fifth Third Bank seems to focus on providing a range of services that cater to different customer needs, from checking and savings accounts to loan products and investment services. The bank’s effort to offer personalized support and tailor its offerings to specific customer segments, like students, military members, and those with student loans, indicates a customer-centric approach.
However, the relatively high fees and lower interest rates on some accounts might not align with the needs of customers seeking more competitive banking solutions.
Conclusion
To conclude the overall discussion, Fifth Third Bank appears to be a perfect blend of services that is an extremely suitable choice for all those who want to prioritize a wide ATM network.
With its diverse account options, as well as physical branch access that branch has a high level of popularity especially in the Midwest, South, and Southeast regions. So people should choose to get higher interest rates and create a well-defined investment plan. This authentic plan will promote the balance for financial purposes.
FAQs
Fifth Third Bank’s accounts may come with monthly service fees, though these are often avoidable. Express Banking and Student Checking are among the accounts with no potential fee.
Yes, the bank provides a comprehensive mobile app that allows for a range of banking activities, including mobile check deposits and cardless cash withdrawals at ATMs.
The bank offers various checking accounts, including Express Banking, Momentum Checking, and Preferred Checking, each designed for different customer needs.
Yes, Fifth Third Bank has a program called Fifth Third Momentum, which rounds up debit card purchases to help pay down student loans faster.
The bank offers several credit cards, including the Fifth Third Cash Back Card, Truly Simple Credit Card, Secured Credit Card, and Fifth Third Preferred Cash Back Card.