Fifth Third Bank Money Market Account Review

What Are Fifth Third Bank’s Checking and Savings Accounts Like?

Fifth Third Bank, also known as 5/3 Bank, is a regional banking corporation with headquarters in Cincinnati, Ohio. As of September 2015, it has $139.45 billion in assets and 18,311 employees in 1,250 branches. Fifth Third has offices in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, Missouri, Georgia and North Carolina.

Fifth Third Bank has been in business since 1858, has a five-star rating with Bauer Financial, an A rating with the BBB, and it’s Federal Reserve Member.

Checking Account
Fifth Third Bank’s three principal checking accounts are Fifth Third Essential Checking, Fifth Third Enhanced Checking, and Fifth Third Preferred Checking.
Fifth Third Essential Checking includes a debit card, mobile banking, and waives service charges for a linked savings account. There is a $11 monthly fee, but this fee can be reduced to $8, if you have a $500 or more direct deposit. The fee is completely waived if you have a combined balance (checking and savings) of $1,500 or you spend $500 a month on your credit card. This account does not pay interest.

Fifth Third Enhanced checking pays interest, albeit 0.01% APY. It also allows for better rates on Fifth Third CDs, and reduces the rates on Fifth Third loans. The fee is $20, but it is waived completely if you have a combined balance of $20,000 or you have monthly direct deposits of $5,000 or more.
Fifth Third Preferred Checking provides higher interest rates, no ATM fees in the U.S., up to 10 transactions per month, and a World Debit Mastercard. The account also includes an identity theft protection service. Customers don’t get charged for international transactions, receive bonus rewards on dining, travel and gas, and includes investment and insurance benefits. The account also includes a complimentary checks, notary services, money orders and cashiers checks. The monthly service fee is

$25. This fee is waived if you have a combined balance of $100,000 and a minimum deposit of $50.
Savings Account
There are two main saving accounts at Fifth Third: Fifth Third Goal Setter Savings and Fifth Third Relationship Savings.
The Fifth Third Goal Setter Savings is a simpe account that includes competitive interest rates, a bonus to customers who meet their goal account. The account has a $5 fee, but this is waived if you have a Fifth Third Checking Account or maintain a monthly balance of $500.
Fifth Third Relationship Savings allows you to earn interest and earn relationship interest rate when you keep your money in the account. This account provides higher interest rates, relationship bonus, and easy access to a local Fifth Third ATM. There is a $5 monthly fee, but this is cancelled if you own stock in Fifth Third, maintain a $500 monthly maintenance fee.

What Are The Advantages And Disadvantages of Fifth Third Bank’s Checking And Savings Accounts?

We love this about Fifth Third Bank:

• Easy to navigate website
• Great variety of accounts
• Some clients receive free Access to ATM machines worldwide.

We don’t like this about Fifth Third Bank:

• Low-interest rates
• Access to national and intornational shares and CD