Fifth Third Bank: Innovation Meets Midwest Values
Fifth Third Bank combines traditional Midwest banking values with innovative features like Early Pay and Momentum Banking rewards. With 1,100+ branches across 11 states and a strong digital platform, Fifth Third offers customers both the convenience of modern banking technology and the personal service of a community-focused institution.
Fifth Third's Banking Advantages:
- Early Pay direct deposit get paid up to 2 days early
- Momentum Banking rewards earn money for banking activities
- Strong regional presence in Midwest and Southeast markets
- MyAdvance cash advance up to $1,000 without credit check
- Competitive digital platform with modern features
Bank Overview
Founded in 1858 and headquartered in Cincinnati, Fifth Third Bank has grown to become one of the largest regional banks in the United States, serving customers across the Midwest and Southeast with a combination of traditional banking and innovative financial technology.
| Feature | Details |
|---|---|
| Founded | 1858 |
| Headquarters | Cincinnati, OH |
| Assets | $210+ billion |
| Branches | 1,100+ (11 states) |
| ATMs | 2,400+ |
| Customers | 4+ million |
| FDIC Member | Yes |
| Primary Markets | Ohio, Michigan, Illinois, Indiana, Kentucky |
Account Options & Services
Personal Checking Accounts
| Account Type | Monthly Fee | Fee Waiver Options | Key Features |
|---|---|---|---|
| Essential Checking | $11 | $500 balance OR $500 direct deposit | Basic checking with digital access |
| Momentum Checking | $25 | $20,000 balance OR $2,000 combined deposits | Interest-bearing with rewards program |
| Fifth Third Priority Banking | $0 | $100,000 relationship balance | Premium perks and dedicated service |
Early Pay Feature: All Fifth Third checking accounts include Early Pay, allowing customers to receive direct deposits up to 2 days before the scheduled payday at no additional cost.
Savings Account Options
- Essential Savings 0.01% APY, $5 monthly fee (waivable with $100 balance)
- Relationship Savings Tiered rates up to 0.05% APY
- CDs 7 days to 7 years, competitive promotional rates
- Money Market Tiered rates with check writing privileges
Momentum Banking Program
Unique rewards program that pays you for banking activities:
- Monthly Rewards Earn up to $20 per month for banking activities
- Qualifying Activities Direct deposit, debit purchases, online/mobile usage
- Automatic Enrollment Momentum Checking customers automatically enrolled
- Annual Potential Up to $240 per year in rewards
Innovative Banking Features
Early Pay Direct Deposit
Get access to your paycheck before payday:
- Up to 2 Days Early Receive eligible direct deposits faster
- No Additional Fees Included free with all checking accounts
- Automatic Processing No enrollment required
- Multiple Deposit Types Payroll, government benefits, tax refunds
MyAdvance Cash Advance
Short-term cash advance option for eligible customers:
- Up to $1,000: Higher advance limit than many competitors
- No credit check: Based on account history and deposits
- Fixed fees: Transparent pricing structure
- Flexible repayment: Options for repayment terms
- Eligibility-based: Available to qualifying account holders
MyAdvance Alternative: This feature provides a safer alternative to payday loans and overdraft fees, offering predictable costs for emergency cash needs.
Digital Banking Innovations
- Zelle integration: Send money instantly to friends and family
- CardValet: Manage debit card security and spending
- Deposit limits: Set spending and withdrawal limits
- Goal setting: Savings goals with progress tracking
- Spending insights: Automatic transaction categorization
Fee Structure & Interest Rates
Banking Fees
| Fee Type | Amount | Notes |
|---|---|---|
| Overdraft Fee | $37 | Max 3 per day, $15 grace amount |
| Non-Fifth Third ATM | $3 | Waived for Priority Banking customers |
| Wire Transfer | $20 domestic / $50 international | Lower fees for Priority customers |
| Stop Payment | $37.50 | Per item |
| Paper Statement | $3 | Free online statements |
| Foreign Transaction | 3% | Standard international fee |
Current Interest Rates
- Essential Savings 0.01% APY on all balances
- Relationship Savings 0.01% - 0.05% APY (tiered rates)
- CDs 0.30% - 4.25% APY depending on term
- Momentum Checking 0.01% - 0.02% APY (interest-bearing)
Rate Consideration: Like most traditional banks, Fifth Third's deposit rates are modest compared to online banks, but the Momentum rewards program can provide additional value.
Digital Banking Platform
Fifth Third Mobile Banking
Comprehensive mobile banking with innovative features:
- Mobile Check Deposit Deposit checks with instant funds availability options
- CardValet Integration Complete debit card control and security
- Zelle Money Transfer Send money instantly within the app
- Account Alerts Customizable notifications for account activity
- Bill Pay Schedule and manage payments
- ATM Locator Find nearby Fifth Third ATMs and branches
Online Banking Features
- Account dashboard: Comprehensive view of all accounts
- Transfer center: Move money between accounts and external banks
- Document center: Secure access to statements and documents
- Momentum tracking: Monitor rewards program progress
- Investment access: Integration with Fifth Third Securities
Branch & ATM Network
Strong presence across the Midwest and expanding Southeast markets:
| Region | States | Branch Density |
|---|---|---|
| Core Midwest | OH, MI, IL, IN, KY | Very High |
| Southeast Expansion | FL, GA, NC, SC, TN, WV | Growing |
- 1,100+ branches: Extensive coverage in core markets
- 2,400+ ATMs: Convenient access throughout footprint
- Saturday hours: Many branches open Saturdays
- Drive-through service: Quick banking without leaving your car
Business Banking Solutions
| Account Type | Monthly Fee | Transaction Limit | Best For |
|---|---|---|---|
| Essential Business Checking | $11 | 100 transactions | Small businesses |
| Business Momentum Checking | $30 | 300 transactions | Growing businesses |
| Commercial Checking | $75 | 500 transactions | Larger businesses |
- Business credit cards: Rewards and cash back options
- Commercial lending: Equipment loans and lines of credit
- Merchant services: Payment processing solutions
- Treasury management: Cash flow optimization tools
- Business development: Resources and advisory services
Customer Service & Support
- 24/7 Customer Service Phone support available around the clock
- Branch Network 1,100+ locations with personal service
- Live Chat Support Online chat during business hours
- Priority Banking Service Dedicated support for premium customers
- Community Focus Local market knowledge and decision-making
Advantages and Disadvantages
✅ Pros
- Early Pay feature for faster access to paychecks
- Momentum Banking rewards up to $240 annually
- Strong regional presence in Midwest markets
- MyAdvance cash advance alternative to overdrafts
- Competitive digital platform with modern features
- Business banking expertise for commercial customers
- Community involvement and local decision-making
- Saturday banking hours at many locations
❌ Cons
- Limited geographic reach concentrated in 11 states
- Monthly fees on most checking accounts
- Low savings rates compared to online banks
- High overdraft fees without MyAdvance protection
- Complex fee structure across different accounts
- Limited international banking compared to national banks
- Priority Banking requirements very high at $100K
Final Verdict
Fifth Third Bank successfully combines traditional Midwest banking values with innovative features that address modern banking needs. The Early Pay feature, Momentum Banking rewards, and MyAdvance cash advance provide real value to customers beyond basic banking services.
While Fifth Third's geographic reach is limited and their deposit rates are modest, customers in their footprint benefit from strong local presence, relationship banking approach, and innovative features that work to improve financial wellness.
Fifth Third Bank Is Best For:
- Midwest and Southeast residents in their footprint
- Customers who value early paycheck access
- Those wanting to earn rewards for banking activities
- Small business owners needing local expertise
- People who appreciate branch access with digital innovation
Consider Alternatives If:
- You live outside Fifth Third's service area
- You want the highest possible savings rates
- You prefer fee-free banking
- You need extensive international banking
- You want purely digital banking without branches
