What you need to open a Fifth Third savings account

Fifth Third Bank lets you open a savings account online, by phone, or in person at a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit. The deposit amount varies by account type — some accounts require $25 to open, while others ask for $100 or more. Fifth Third offers several savings account options, each with different features and minimum balance requirements.

The process takes about 15 to 20 minutes online or in a branch. If you open online, you can fund the account when ready using a debit card, transfer from another bank, or wire transfer. If you open in person, you can deposit cash or a check at that moment. You will receive account details right away — your account number, routing number, and online banking login credentials.

Key Takeaways

  • Fifth Third offers savings accounts online, by phone, or in person, each requiring a government ID, Social Security number, and an opening deposit.
  • Opening deposits range from $25 to $100 depending on the account type you choose.
  • Online account opening takes 15 to 20 minutes and lets you fund the account when ready with a debit card or transfer.
  • You can access your account online or through the Fifth Third mobile app as soon as the account is open.

Opening an account online

Go to the Fifth Third Bank website and select "Open an Account" or "Savings Accounts." You will see the different savings products available — these typically include a basic savings account, a money market account, and accounts with higher interest rates if you maintain a larger balance. Read the details of each to see which matches what you need.

Click the account you want and start the process. You will enter your name, address, date of birth, Social Security number, and employment information. Fifth Third will ask about your citizenship status and whether you are a U.S. person for tax purposes. Have your ID ready — you may need to upload a photo or answer security questions to verify your identity.

Once your identity is verified, choose how to fund the account. You can use a debit card, transfer money from another bank account, or wire funds. The debit card option is fastest — the money appears in your new Fifth Third account within minutes. Bank transfers typically take one to two business days. After funding, you will receive your account number and can log into online banking when ready.

Opening an account at a Fifth Third branch

Find your nearest Fifth Third branch using the bank's branch locator on their website. Bring your government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and the opening deposit amount in cash or check form. You do not need an appointment for most branches, though calling ahead during busy times can save you a wait.

A banker will walk you through the process, which covers the same information as the online version. The process is faster in person because the banker can verify your identity directly. You can deposit cash or a check on the spot, and your account opens that day. The banker will give you a temporary debit card or card number, and you can set up online banking before you leave the branch.

What happens after you open the account

Your account is active when ready. You can transfer money in from other accounts, set up direct deposit, or visit a branch to deposit checks or cash. Your debit card arrives by mail within 7 to 10 business days if you opened online; if you opened in person, you may receive it the same day or within a few days depending on the branch.

Fifth Third provides online banking and a mobile app. You can check your balance, transfer money between your accounts, pay bills, and deposit checks by photo through the app. You also have access to Fifth Third's ATM network and can withdraw cash at any Fifth Third ATM without a fee. If you use an out-of-network ATM, Fifth Third may charge a fee, and the other bank may charge one as well.

Account features and interest rates

Fifth Third savings accounts earn interest, but the rate depends on the account type and your balance. Rates change over time and vary by region, so check the current rates on the Fifth Third website or ask at a branch. Some accounts offer higher rates if you maintain a minimum balance or set up direct deposit. Others have tiered rates — the more you keep in the account, the higher the interest rate you earn.

Most Fifth Third savings accounts have no monthly maintenance fee if you meet a minimum balance requirement, typically $300 to $500. If your balance falls below that, the bank may charge a monthly fee of $5 to $10. You can avoid the fee by keeping the minimum balance or by setting up direct deposit, which some accounts waive the fee for. Check the account details before opening to understand the fee structure.

Things to know before you open

Fifth Third may run a soft credit check when you open an account — this does not affect your credit score. The bank also checks ChexSystems, a banking history database, to verify you have not had problems with previous bank accounts. If you have unpaid overdrafts or fraud issues on record, Fifth Third may deny your process or require you to resolve those issues first.

If you are under 18, you will need a parent or guardian to open the account with you. Fifth Third offers youth savings accounts with features designed for younger customers. If you do not have a Social Security number, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN), though requirements vary by branch.

Frequently Asked Questions

Can I open a Fifth Third savings account if I have had banking problems before?

Fifth Third checks ChexSystems, which records overdrafts, fraud, and other account issues. If you have unresolved problems, the bank may deny your process. Contact Fifth Third directly to ask about your specific situation — some issues can be resolved, and the bank may reconsider your process.

How much money do I need to open a Fifth Third savings account?

Opening deposits range from $25 to $100 depending on the account type. Check the Fifth Third website or ask at a branch which accounts have the lowest opening deposit. Some accounts waive the minimum if you set up direct deposit.

What is the difference between Fifth Third's savings accounts?

Fifth Third offers basic savings accounts, money market accounts, and high-yield savings options. The main differences are the interest rate, minimum balance requirement, and monthly fees. Compare the rates and features on the Fifth Third website to choose the account that fits your needs.

When can I start using my Fifth Third savings account?

If you open online, your account is active when ready and you can transfer money in right away. If you open in person, your account opens that day. Your debit card arrives by mail within 7 to 10 business days, but you can withdraw money at a branch or ATM using your account number before the card arrives.

Does Fifth Third charge fees for savings accounts?

Most Fifth Third savings accounts have no monthly fee if you maintain a minimum balance, typically $300 to $500. If your balance falls below the minimum, the bank charges a monthly maintenance fee of $5 to $10. Some accounts waive the fee if you set up direct deposit.