[📌 Update July 2022 – Fifth Third Bank has yet to raise the rates on their CDs in over two years. This comes as the FED continues to make historic prime rate hikes and while banks and credit unions are starting to lift their deposit account rates across the country. See Fifth Third Bank’s CD rates below.]
Fifth Third Bank, headquartered in Cincinnati, Ohio, is the 15th largest bank in the country by asset size. With over six million customer accounts and locations in 10 different states, this bank has earned itself a reputation as a large regional bank with decent account options and good accessibility for those living in midwestern or southeastern states.
Fifth Third Bank was born of numerous mergers through the years, the most notable of these taking place between Third National Bank and Fifth National Bank in 1908 (which is how The Bank of the Ohio Valley, founded in 1858, eventually came to be known as Fifth Third Bank).
Fifth Third Bank’s CD rates are unimpressive at the moment, so this bank probably won’t be a good choice for you if you’re after a high-yield certificate of deposit.
With that said, there are many deposit accounts offered through this institution, and one or more of them might be up your alley. Here’s a closer look at what Fifth Third Bank has available for its customers, who is eligible to join this bank, and any other account details you might need to know if you’re interested in becoming a member.
In this post you'll learn:
Fifth Third Bank CD Rates + Account Details
Please note that Fifth Third Bank certificates of deposit cannot be opened online currently. We cover how to open a Fifth Third Bank CD in the following section.
Fifth Third Bank claims CD rates vary by location, but at this time it appears that all Fifth Third Bank certificates of deposits, even promotional accounts, are earning the same (exceptionally low) rates regardless of zip code.
The same rates (shown below) were obtained running a few scenarios. First, using 45202, the zip code for Cincinnati, Ohio. Second, using 6007, the zip code for Elk Grove Village, IL right outside Chicago. And the third, using 27531, the zip code for Wake County, NC right outside Raleigh.
All Fifth Third Bank certificates of deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts.
|7 – 89 days||0.01%|
|3 – 6 months||0.01%|
|6 – 12 months||0.01%|
|12 – 24 months||0.01%|
|24 – 36 months||0.01%|
|36 – 48 months||0.01%|
|48 – 60 months||0.01%|
|60 – 84 months||0.01%|
|84 + months||0.01%|
For context, the national average for a 12 month CD and a 60 month CD sit at 0.31% and 0.57% APY, respectively, according to FDIC data.
If you can get past the low rates you’ll find that the terms are flexible and unique in that they go all the way down to 7 days and all the way up to 84 months. In a normal interest rate environment these rates would be tiered by balance amount – with higher yields paid on higher balances. Today, however, rates remain the same across all balance amounts.
Fifth Third Bank requires a $500.00 minimum deposit to open a CD with a term of 3 months or more and a $5,000.00 minimum deposit to open a 7-89 Day CD or to open any promotional CD.
Promotional CD Rates
Fifth Third Bank often runs these CD promotions with competitive rates to draw in new customers. While this tactic has been quite successful for them in the past, their current CD promotions fall far behind the standard rates offered by online banks such as Discover or TIAA bank.
Interest is compounded continuously and credited monthly either back into your CD or to a Fifth Third checking or savings account.
Grace Period and Early Withdrawal Penalties
The grace period for withdrawing or adding funds penalty-free at Fifth Third Bank is much shorter than usual on their short term CDs. That said, renewal upon maturity is not automatic unless you opt into this feature.
CDs with maturities shorter than 32 days have a grace period of just one day. For all other CDs it is ten days.
Early Withdrawal Penalties
- Early withdrawal from a CD of 7 to 364 will cost you 1% of the principal withdrawn,
- Early withdrawal from a CD of 365 days to 36 months will cost you 2% of the principal withdrawn,
- and from a CD of 36 months or greater will cost you 3% of the principal withdrawn
How to Open a Fifth Third Bank CD
Anyone residing in one of the ten states in which Fifth Third operates AND is at least 18 years old with a valid form of identification can apply to join Fifth Third Bank and open a CD. These states are:
- North Carolina
- West Virginia
As mentioned, many of Fifth Third Bank’s deposit accounts such as CDs cannot be opened online. To open any of their CDs, you will need to visit a Fifth Third Bank branch — there are over 1,123 — and speak with a banker.
Money Market Accounts
Fifth Third Bank offers a wide range of deposit account options outside of CDs, including traditional savings accounts, money market accounts and multiple types of checking accounts. These are all FDIC insured up to the maximum allowed limit of $250,000 per depositor or $500,000 for joint accounts.
Most Fifth Third Bank deposit accounts come with monthly maintenance fees, only some of which are avoidable, and almost all of which are $5 a month. These accounts have low minimum balance requirements and some have interest bonuses.
The Fifth Third Goal Setter Savings account is an interest-bearing account that is designed to help you set and reach savings goals. These goals can range anywhere from $500 to $25,000 each. You will receive a one-time interest bonus equal to the total amount the account has earned when you reach your first savings goal. Open this account for yourself or for your child. Fifth Third Bank mentions contacting them for current rates, however, we ran scenarios again in Ohio, Illinois and North Carolina and found the rate to sit at 0.01% APY.
A Fifth Third Relationship Saving account is almost identical to a Goal Setter savings account, except that it earns an APY of 0.02% instead of 0.01% on all balances. This also lets you make automatic transfers between your checking account and this account and can be used as a savings account for your children.
Fifth Third Relationship Money Market savings accounts offer tiered interest rates that are somewhat higher than the previously mentioned savings accounts. For every month you keep an eligible linked checking account, earn the higher relationship interest rate posted. No minimum opening deposit is required.
Standard + Relationship Money Market Rates
|Balance||Standard APY||Relationship APY|
|$0.01 – $9,999||0.01%||0.02%|
|$10k – $24,999||0.01%||0.02%|
|$25k – $49,999||0.01%||0.02%|
|$50k – $99,999||0.01%||0.02%|
|$100k – $249,999||0.01%||0.02%|
Other Fifth Third deposit products include 529 Savings and CD accounts, requiring a minimum opening deposit of $25 or $500, respectively, and able to be used only on college spending; Minor Savings accounts, simple accounts designed for those under the age of 18; Health Savings accounts.
Avoid the $5 monthly service fee on all of Fifth Third Bank’s savings accounts if:
- you and all other account owners also have a Fifth Third Checking or Express Banking account,
- you maintain an average daily balance of $500 or more,
- the primary account owner is under the age of 18, or
- you are enrolled in Fifth Third Military Banking.
This fee is automatically waived for all new Goal Setter Savings accounts for the first six months.
In compliance with Federal regulation, all savings accounts are limited to a total of six transactions per month. You will incur excessive withdrawal fees, determined by account type, for every time you exceed this.
If you open a Fifth Third Bank account with a debit card and ATM access, you’ll want to note that there are more than 50,000 surcharge-free ATMs (including Allpoint, Presto!, and 7-Eleven ATMs) across the country that are considered in-network to Fifth Third members.