Fifth Third Personal Checking- Is It the Right Choice for You?
Fifth Third Bank has more than 1,300 full service branch locations in 12 states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee, and West Virginia. They offer personal, business, and commercial banking services. Today, we are focusing on their personal checking account options.
Account Creation
Current and future customers can open new accounts either in person at a local branch or through Fifth Third's website. In order to open an account, via either method, you will need to be a U.S. citizen, have a U.S. address, be able to provide a phone number, social security number, and your state identification (either a state issued identification or a driver's license). You also may have to answer questions regarding your current employment.
Which Checking Account Option?
Fifth Third Bank offers 5 different personal checking accounts, each with different requirements, perks and fees. While the structure of these checking accounts differs, they all offer the following free benefits: debit card, monthly fee for attached savings account waived, Internet banking and bill payment, mobile banking and text alerts, Fifth Third Bank ATM access, paperless statements, and loan discounts with Auto Bill Payer. The chart below shows the differences between the five account options, their additional features and associated fees.
|
eAccess Account |
Essential Checking |
Established Checking |
Enhanced Checking |
Preferred Checking |
| For people who never write checks and do all of their banking online. |
Ideal for people who just want the basic checking account. |
Best for those who have savings and loans with us. |
Best for those who also want investment services and strategies. |
Part of the Preferred Program, offers comprehensive solutions and personalized service. |
| Check Writing
| No
| Yes
| Yes
| Yes
| Yes
|
| Secondary Checking Accounts
| No
| Yes
| Yes
| Yes
| Yes
|
| Savings Interest Bonus
| No
| Yes
| Yes
| Yes
| Yes
|
| Better CD Rates
| No
| No
| Yes
| Yes
| Yes
|
| Identity Recover Assitance
| No
| No
| Yes
| Yes
| Yes
|
| Relationship Interest
| No
| No
| Yes
| Yes
| Yes
|
| Additional Loan Discount
| No
| No
| No
| Yes
| Yes
|
| Interest on Checking
| No
| No
| No
| Yes
| Yes
|
| Waived Brokerage Fees
| No
| No
| No
| Yes
| Yes
|
| Self Directed Trade Fee Discounts
| No
| No
| No
| Yes
| Yes
|
| Check Order Discounts
| No
| No
| No
| Yes
| Yes
|
| Premium Interest on Checking
| No
| No
| No
| No
| Yes
|
| Complimentary Identity Alert
| No
| No
| No
| No
| Yes
|
| World Debit Master Card
| No
| No
| No
| No
| Yes
|
| Free Travelers Checks
| No
| No
| No
| No
| Yes
|
| Free Safety Deposit Box
| No
| No
| No
| no
| Yes
|
Monthly Service Charges
|
No Monthly Service Charge |
No Monthly Service Charge IF: |
No Monthly Service Charge IF: |
No Monthly Service Charge IF: |
No Monthly Service Charge IF: |
| Balance requirements to avoid monthly service charges
| No monthly balance requirements
| You maintain $1,500 in total monthly average balance in checking and savings
| You maintain $5,000 in total monthly average balance in checking, savings, and investments
| You achieve a total monthly balance of $20,000 in checking, savings, and investments
| You achieve a total monthly balance of $100,000 in checking, savings, and investments
|
| Other ways to waive monthly service charges
| Direct Deposit Required
| You are a current or former U.S. Military member with monthly direct deposits totaling $500 or more
OR
Monthly Direct Deposits totaling $500 or more
OR
You are a student
| You have an existing Fifth Third personal mortgage, auto loan, or line of credit with an outstanding balance
OR
You spend $500 per month on a Fifth Third Bank Credit Card
|
|
|
| Monthly service charge if requirements are not met
| NONE
| $8
| $15
| $20
| $25
|
The Fine Print
Almost all checking accounts have that dreaded fine print and Fifth Third's are no exception. Using the ATM to obtain a mini-statement is going to cost $1.50. The fee for a deposited check that has insufficient funds is $15. The fee for requesting a stop payment is $33. Money orders are $0.70 and certified checks are $7. Those who wish to use their debit card internationally will need Fifth Third's World Debit Master Card, which costs $3.95 per month. For $5 per year, account holders who do not care for the plain design of the standard Fifth Third debit card can choose a premium design.
Availability of Deposited Funds
Electronic deposits, cash deposits at a teller window and cash deposits at an ATM before the stated cut-off time are available the same business day deposited. Deposited checks, either at the teller window or through the ATM, and cash deposited through an ATM after the cut-off time, the first $100 is immediately available. The balance is available the first business day after the deposit. There are some special circumstances where deposited checks are held up to 8 business days before the funds are available.
Current Interest Rates
Only two of Fifth Third's personal checking accounts earn interest: Enhanced and Preferred Checking. At the time of this writing, the interest rate earned with an Enhanced Checking Account is 0.05%, while their Preferred Checking accounts earn 0.24%.
National Comparison
The national average interest rate for personal checking accounts is currently 0.17%. The chart below compares the Top 10 national interest earning checking accounts.
|
Rank |
Bank Name |
Interest Rate |
Minimum Opening Deposit |
ATM Fee |
Monthly Fee |
Balance Needed to Avoid Monthly Fee |
Balance Needed to Earn Interest |
Mobile Banking |
| 1
| Everbank
| 0.70%
| $2,500
| $0
| $0
| N/A
| $0
| Yes
|
| 2
| Mutual Bank of Omaha
| 0.50%
| $100
| $3
| $0
| N/A
| $1,500
| Yes
|
| 3
| Intervest National Bank
| 0.30%
| $100
| $0.75
| $12
| $2,500
| $2,500
| Yes
|
| 4
| North Country Savings Bank
| 0.15%
| $25
| $0
| $8
| $2,500
| $2,500
| No
|
| 5
| Hudson City Bank
| 0.10%
| $10
| $0
| $20
| $10,000
| $10
| Yes
|
| 6
| Stone Bridge Bank
| 0.05%
| $100
| $0
| $0
| N/A
| $0
| Yes
|
| 7
| TD Bank
| 0.05%
| $0.01
| $0
| $0
| N/A
| $0.01
| No
|
| 8
| Valley National Bank
| 0.05%
| $100
| $0
| $10
| $1,000
| $0
| Yes
|
| 9
| Northwest Savings Bank
| 0.05%
| $0
| $0
| $5
| $500
| $1,000
| Yes
|
| 10
| Zions Bank
| 0.04%
| $100
| $2
| $12
| $2,000
| $0
| Yes |
State Comparison
Fifth Third has full service branches in 12 states. The State of Michigan was selected to determine how Fifth Third compares to state level competitors.
|
Rank |
Bank Name |
Interest Rate |
Minimum Opening Deposit |
ATM Fee |
Monthly Fee |
Balance Needed to Avoid Monthly Fee |
Balance Needed to Earn Interest |
Mobile Banking |
| 1
| Everbank
| 0.70%
| $1,500
| $0
| $0
| N/A
| $0
| Yes
|
| 2
| Intervest National Bank
| 0.30%
| $100
| $0.75
| $12
| $2,500
| $2,500
| Yes
|
| 3
| Fifth Third Preferred
| 0.24%
| $1,000
| $2
| $25
| $100,000
| $0.01
| Yes
|
| 4
| North Country Savings Bank
| 0.15%
| $25
| $0
| $8
| $2,500
| $2,500
| Yes
|
| 5
| Flagstar
| 0.05%
| $0
| $0
| $0
| N/A
| $0
| Yes
|
| 6
| Fifth Third Enhanced
| 0.05%
| $100
| $2
| $20
| $20,000
| $0
| Yes
|
| 7
| Huntington
| 0.05%
| $0
| $2
| $15
| $15,000
| $0.01
| Yes
|
| 8
| Stonebridge
| 0.05%
| $100
| $0
| $0
| N/A
| $0
| Yes
|
| 9
| Comerica
| 0.01%
| $50
| $2
| $20
| $5,000
| $0
| Yes
|
| 10
| Chase
| 0.01%
| $100
| $2
| $35
| $5,000
| $0
| Yes |
Fifth Third Checking Accounts Review Summary
Fifth Third's lower tier personal checking accounts are your average run of the mill accounts that are available at virtually every neighborhood bank. Although Fifth Third's two top tier checking accounts earn interest, the rate is not stellar, especially when you consider the balance requirements to avoid a monthly fee. Their higher than average monthly fees outweigh any interest earned, as it highly unlikely that any investor would be willing to keep such a substantial amount of cash in a low interest earning account.
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