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Fifth Third Bank "High Yield" Savings Account Review
By: Conor Keenan Last updated on October 30, 2023
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.
Editorial Freedom: The opinions, reviews, or recommendations expressed in any article by our editorial team are not endorsed by any financial institution or partner. Our editorial team's content is not provided or commissioned by any financial institution or our partners herein.
Read our review of Fifth Third Bank’s “high yield” savings account & open one of our recommended savings account below instead.
Fund your new account & take advantage of the power of an actual high yield savings account today!
Fifth Third Bank is one of the nation’s most popular and largest banks. They offer a full suite of banking products, but if you want the highest interest rate for your savings, look elsewhere.
Fifth Third offers one of the lowest savings rates available at 0.01%. This is so low, that our account recommendations below offer more than 100x this rate.
Aside from the basement bottom interest rate they offer, Fifth Third Bank will charge you a $5 service fee on their basic account unless certain conditions are met.
Not only will your savings not make much money with this account, but you could lose money to one of the many fees Fifth Third Bank can charge you.
The savings accounts we recommend on this page do not have monthly fees, do not require large initial deposits, and give you 24/7 access to your money, while offering interest rates that are more than 100x Fifth Third Bank’s.
Fifth Third Bank High Interest Savings Account: Pros and Cons
Nationwide Availability: The account is available in all 50 states.
Interest Yielding: The money in the account earns interest, albeit a low rate.
Physical Branch Access: Fifth Third Bank has physical branches, allowing face-to-face customer service.
No Signup Bonus: The account does not offer a signup bonus.
No Debit Card: The account does not come with a debit card.
Higher than Average Wire Transfer Fees: The fees for outgoing domestic and international bank transfers are relatively high.
Monthly Service Charge: There’s a monthly service charge, although it can be waived.
- Savings Account
- 0.01% APY
- Service Fee of $5 per Month
- Min. Balance to Avoid Service Fee: $500
- Fee Waived If You have a Fifth Third Checking Account
(Not including Fifth Third Express Banking)
- Regional Account Open Restrictions Apply
Earn a Higher Rate with Fewer Fees Than Fifth Third Bank with an Account From Our Partners Below
Best For: Online Banking Experience + No Fees
Discover Bank offers 4.35% APY with no monthly fees and $0 initial deposit.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.
If you're looking for a competitive APY with "No. Fees. Period." this account is for you.
See Discover Bank's Secure Site For More Details.
Best For: Branch Access
U.S. Bank offers new Elite Money Market Account clients up to 4.50% APY with a $25,000 deposit.
A minimum $100 initial deposit is required to open the account.
U.S. Bank has over 2,000 branch locations in more than half of U.S. states.
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.
In order to earn the 4.50% APY, you must have a balance of $25,000 or more. If you're planning on depositing less than $25,000, we recommend choosing a different account.
Avoid maintence fees with an average daily balance of $10,000 or more.
See U.S. Bank's Secure Site For More Details.
Best For: Online Banking + High APY Interest Rates
Are you tired of a clunky digital banking experience?
Upgrade was built from the ground up to deliver an excellent digital customer experience, evident in their top rated mobile app.
Upgrade currently offers 5.07% APY (Annual Percentage Yield) on their high yield savings account with no monthly fees. Minimum Balance for this APY is $1,000.
Upgrade is an incredible financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC and serviced by Upgrade.
U.S. based customer service is available daily via phone or email. You can open a premier savings account with Upgrade in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See Upgrade's Secure Site For More Details.
What to Look for in a Savings Account
It’s always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in savings.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.
Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.
2. Monthly Fees
Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.
3. Required Initial Deposit
Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.
Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.
4. Minimum Balance Required
Minimum balance required to maintain your account is another feature to keep a close eye on.
Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.
The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.
5. Accessing Your Money
Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.
Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.
We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.
Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.
Fifth Third Bank History:
Fifth Third Bank is a regional banking corporation that was founded in 1858 in Cincinnati, Ohio. The bank has a long history and has grown to become one of the largest and most diversified financial services companies in the United States with over $200 billion in assets. The bank’s origins can be traced back to 1858, when the bank was founded as the “Fifth Third Union Trust Company” in Cincinnati, Ohio. The bank’s name was changed to “Fifth Third Bank” in 1923.
Throughout its history, Fifth Third Bank has focused on expanding its business and increasing its presence in key markets. The bank has over 1,200 full-service banking centers across 12 states in the Midwest and Florida, which allows it to serve a diverse customer base. The bank offers a wide range of personal, business, and commercial banking products and services, such as checking and savings accounts, loans, and credit cards. It also provides investment and insurance options to its customers, making it a one-stop-shop for all their financial needs.
In recent years, Fifth Third Bank has been investing heavily in digital banking, to keep up with the changing customer preferences. The bank has been working on expanding its online and mobile banking services, making it more convenient for customers to access their accounts and conduct transactions. The bank is also focusing on expanding its presence in key markets such as Ohio and Florida. In Ohio, it is one of the largest banks, with more than 100 banking centers and it’s considered one of the top banks in Florida with over 100 branches and ATMs.
The bank has a strong reputation for its commitment to the communities it serves, and it has a long history of supporting initiatives that promote economic growth and development. The bank also has a robust risk management framework in place to ensure that it is able to identify and manage potential risks, which helps to protect its customers’ assets and ensure the stability of the bank. Overall, Fifth Third Bank is a well-established and respected institution that has a strong track record of providing high-quality financial services to its customers.
Fifth Third Bank Online Banking:
Fifth Third Bank offers a variety of online banking products that customers can access through its website or mobile app. Some of the online banking products offered by the bank include:
Online banking: Customers can access their accounts, view account balances, view transaction history, and make payments and transfers through the bank’s website or mobile app.
Mobile banking: The bank’s mobile app allows customers to access their accounts, check balances, deposit checks, and make payments and transfers using their smartphones or tablets.
Bill pay: Customers can pay bills online through the bank’s website or mobile app.
Electronic Statements: Customers can choose to receive their bank statements electronically instead of paper statements.
Mobile deposit: Customers can deposit checks using their smartphone or tablet, using the bank’s mobile app.
To access these online banking products, customers need to have an account with the bank and sign up for online banking. They can do this by visiting the bank’s website or by downloading the mobile app. Once they have registered, they will be able to log in to their account and access the online banking products and services. Customers can also contact the bank’s customer service department if they need assistance with signing up for online banking or have any questions about the online banking products and services offered by the bank.
Fifth Third Bank Public Company:
Fifth Third Bancorp (FITB) is the publicly traded holding company for Fifth Third Bank, and it is listed on the NASDAQ stock exchange under the symbol FITB. As a publicly traded company, Fifth Third Bancorp is owned by shareholders who have the opportunity to buy and sell shares of the company on the stock market.
As a regional bank holding company, Fifth Third Bancorp operates through its subsidiary bank, Fifth Third Bank, which provides a wide range of financial products and services to individuals, businesses, and other organizations. The holding company’s revenue is primarily generated through its banking operations, which includes loans, deposits, and fee-based services such as trust and investment management.
The bank has a diversified business model that includes consumer banking, commercial banking, and wealth and asset management, which allows it to have a stable revenue stream. The bank also has a strong reputation for its commitment to the communities it serves, and it has a long history of supporting initiatives that promote economic growth and development.
In terms of financial performance, Fifth Third Bancorp has reported consistent growth in its net income and revenue in recent years, which has helped to drive its stock price upward. The bank’s shares have also been paying dividends to shareholders, which usually happens quarterly.
It’s important to note that investing in publicly traded companies like Fifth Third Bancorp carries a certain level of risk, and the value of an investment can fluctuate based on a variety of factors, including the company’s financial performance, the overall performance of the stock market, and economic conditions. It is always recommended to do your own research and consult with a financial advisor before making any investment decisions.
Fifth Third Bank Helpful Information:
Here are a few additional things you should know about Fifth Third Bank:
- Community Involvement: The bank has a strong commitment to the communities it serves and has a long history of supporting initiatives that promote economic growth and development, such as community development lending, Small Business Administration lending, and affordable housing initiatives.
- Awards and Recognition: The bank has received various awards and recognition for its commitment to diversity and inclusion, community development, and environmental sustainability.
- Financial Education: The bank offers a variety of financial education resources to help customers understand and manage their finances, including online tutorials, webinars, and financial calculators.
- Security Measures: Fifth Third Bank has robust security measures in place to protect its customers’ personal and financial information, including online and mobile banking security features, fraud detection and prevention, and encryption technology.
- Innovation: The bank is constantly innovating and exploring new technologies to enhance the customer experience and improve the efficiency of its operations. This includes the use of artificial intelligence and machine learning for fraud detection and prevention, and blockchain for secure transactions.
- Mergers and Acquisitions: Fifth Third Bank has been active in mergers and acquisitions in the past, which has allowed it to expand its operations and increase its market presence.
It’s worth noting that the bank like any other financial institution is subject to the regulations and laws of the country and the state where it operates and is under the oversight of different regulatory agencies.
Fifth Third Bank Contact Information:
Customer Service Call Center
Mon.–Fri, 8 a.m.–6 p.m. ET
Sat., 10 a.m.–4 p.m. ET
*National Savings Rate Average as published by FDIC
Fifth Third Bank High Interest Savings Account: Frequently Asked Questions
Are Fifth Third Bank savings accounts federally insured?
Yes, savings accounts from Fifth Third Bank are insured up to $250,000 per person by the FDIC.
What is the minimum initial deposit for the Fifth Third savings account?
You can start with a minimum balance of $500 to avoid the monthly fee.
What APY does the Fifth Third Bank High Interest Savings Account offer?
The account offers an APY of 0.01%. This rate may change and is influenced, in part, by the Federal Reserve’s actions.
What fees does the Fifth Third savings account charge?
The account does not charge a monthly service fee if you maintain a minimum daily balance of $500. However, outgoing domestic and international bank transfers come with fees of $30 and $85, respectively.
A high yield savings account can be a great tool for growing your savings, especially when compared to traditional savings accounts.
Whether it’s the Fifth Third Bank “High Interest” Savings Account or one from an online bank, the key is to choose an account that best aligns with your financial goals and circumstances. Always remember to consider the APY, fees, accessibility, and any additional features when making your decision.