Fifth Third is a regional bank with branches mainly in the Midwest and Southeast, offering standard checking and savings accounts, credit cards, and loans

Fifth Third Bank is a mid-sized bank headquartered in Cincinnati, Ohio, with branches across the Midwest, Southeast, and parts of the Mid-Atlantic. It is not a national bank like Chase or Bank of America, and it is not an online-only bank like Ally or Charles Schwab. It sits in the middle: you can walk into a physical branch, but you will not find one in every state.

Whether Fifth Third is a good choice depends on three things: whether you live near a branch, what you need the bank to do, and how you prefer to handle money. A person who wants to deposit cash and talk to someone in person may find it useful. A person who lives in a state where Fifth Third has no branches cannot use it at all. A person who wants the lowest fees or the highest savings rates will likely find better options elsewhere.

Key Takeaways

  • Fifth Third has physical branches in Ohio, Indiana, Illinois, Kentucky, Tennessee, Florida, Georgia, and a few other states, so you can only use it if you live or work in one of those areas.
  • The bank offers checking and savings accounts, credit cards, mortgages, and auto loans, but does not stand out for having lower fees or higher interest rates than competitors.
  • Fifth Third charges monthly maintenance fees on most accounts unless you meet balance or direct deposit requirements, which can add up if you do not plan ahead.
  • If you want to bank mostly online, a different bank may be simpler; if you want to bank mostly in person, Fifth Third works if you are in a branch area.

Where Fifth Third has branches and where it does not

Fifth Third operates branches in Ohio, Indiana, Illinois, Michigan, Kentucky, Tennessee, Florida, Georgia, North Carolina, South Carolina, and Pennsylvania. If you live outside these states, you cannot walk into a Fifth Third branch. If you live in one of these states but far from a branch, you may find it inconvenient.

The bank does offer online banking and a mobile app, so you can move money and check balances from anywhere. However, if you need to deposit cash, withdraw large amounts, or speak to someone in person, you need a branch nearby. Many banks now have partnerships that let you use other banks' ATMs without a fee, but Fifth Third's network is smaller than national banks, so out-of-network ATM fees can add up.

Monthly fees and what it takes to avoid them

Fifth Third charges a monthly maintenance fee on most checking and savings accounts. The amount varies by account type, but common fees range from $5 to $15 per month. You can waive the fee if you meet one of these conditions: keep a minimum balance (often $500 to $1,500 depending on the account), set up direct deposit, or maintain a certain number of debit card transactions per month.

This is important to understand before you open an account. If you cannot keep a minimum balance and do not receive direct deposit, you will pay the fee every month. Over a year, that is $60 to $180 just to have the account open. Many online banks and some regional banks charge no monthly fee at all, which makes them cheaper if you do not meet Fifth Third's requirements.

Interest rates on savings and money market accounts

Fifth Third offers savings accounts and money market accounts, but the interest rates are typically lower than what online banks pay. Interest rates change constantly and vary by account type, so you would need to check Fifth Third's website and compare it to other banks to see the current difference. Generally, online banks like Marcus, Ally, or Discover pay more interest on savings because they have lower overhead costs.

If you are saving money and want it to grow through interest, the difference matters. A savings account earning 0.01% interest will grow much more slowly than one earning 4% or 5%, even if the monthly fee is the same. Fifth Third's rates are competitive with other regional banks but not with online-only banks.

Credit cards and loans through Fifth Third

Fifth Third offers credit cards, auto loans, mortgages, and personal loans. Like most banks, the terms and interest rates depend on your credit score and financial history. If you already bank with Fifth Third, you may find it convenient to explore for a credit card or loan through the same bank, since you already have a relationship with them.

However, Fifth Third's credit card rewards and loan terms are not notably better or worse than competitors. If you are shopping for a credit card, you should compare offers from multiple banks and credit card companies. The same is true for mortgages and auto loans — your rate depends on your credit and the market, not on which bank you choose.

When Fifth Third makes sense and when it does not

Fifth Third works well if you live in a branch area, want to bank in person sometimes, and do not mind paying a monthly fee or meeting a balance requirement. It also works if you already have an account there and are satisfied with it.

Fifth Third does not make sense if you live outside its branch footprint, if you want to avoid monthly fees without keeping a high balance, or if you want the highest interest rates on savings. In those cases, an online bank, a national bank with branches everywhere, or a local credit union may serve you better.

How Fifth Third compares to other regional and national banks

Fifth Third is similar to other regional banks like Huntington Bank, PNC, and KeyBank — they all have branches in certain regions, charge monthly fees, and offer standard banking products. National banks like Chase and Bank of America have more branches and more ATMs, but they also tend to charge higher fees. Online banks have lower fees and higher interest rates but no physical branches.

The choice between Fifth Third and another bank depends on what matters most to you: branch access, fee structure, interest rates, or customer service. There is no single "best" bank for everyone. The best bank is the one that fits your situation and habits.

Frequently Asked Questions

Does Fifth Third have any accounts with no monthly fee?

Fifth Third offers some accounts with no monthly fee, but they are less common and may have other requirements like a high minimum balance or frequent debit card use. Check Fifth Third's website or visit a branch to see which accounts have no fee and what conditions explore.

Can I use Fifth Third if I live in a state where they do not have branches?

You cannot open a new account or use a branch, but if you already have an account, you can use online banking and the mobile app. You would not be able to deposit cash or withdraw large amounts in person, which limits what you can do.

Is Fifth Third safe? Will my money be protected?

Fifth Third is a regulated bank insured by the Federal Deposit Insurance Corporation (FDIC). This means deposits up to $250,000 per account type are protected if the bank fails. Your money is as safe at Fifth Third as it is at any other FDIC-insured bank.

How does Fifth Third's customer service compare to other banks?

Fifth Third offers customer service by phone, online chat, and in person at branches. Like most banks, the quality of service depends on the specific person you speak with. If you value in-person service, having a branch nearby is an advantage.

Should I switch to Fifth Third from my current bank?

That depends on your current bank and what you want. If you are paying high fees elsewhere and Fifth Third has a branch near you, it might be worth comparing. If you are happy with your current bank and it meets your needs, there is no reason to switch just for the sake of switching.