Orlando Harmon
Fifth Third Bank is a financial institution available in 12 states in the US, primarily in the Midwest and Southeast. The bank offers a range of services, including checking accounts, savings accounts, money market accounts, and CDs. One of the benefits of having a checking account with Fifth Third Bank is that it provides account holders with the ability to easily manage their finances by paying bills, transferring funds, withdrawing cash, and reviewing their statements through the bank's mobile app or online banking platform. Fifth Third Bank also offers various overdraft protection options for its checking accounts, such as Fifth Third Extra Time, which waives overdraft fees if the account holder restores their balance before midnight ET of the next business day. Additionally, the bank provides free insurance for most checking accounts through the Federal Deposit Insurance Corporation (FDIC), which covers deposits up to $250,000 per person, per account. This FDIC insurance helps protect customers' financial deposits and ensures that their money is safe, even in the event of a bank failure.
| Characteristics | Values |
|---|---|
| Insured amount | $250,000 per person, per account |
| Insurer | Federal Deposit Insurance Corporation (FDIC) |
| Account types | Checking, savings, money market, CDs |
| Overdraft protection | Yes, with Fifth Third Extra Time |
| Overdraft fee waiver | Yes, if the balance is restored by midnight ET the next business day |
| Monthly service fee | $5, waived if maintaining a minimum balance of $500 |
| Availability | 12 states in the Midwest, Northeast, and Southeast |
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What You'll Learn
FDIC insurance covers up to \$250,000 per person, per account
FDIC insurance covers up to $250,000 per person, per account. This means that if you have multiple accounts at the same bank, the FDIC will cover up to $250,000 for each account. For example, if you have a checking account and a savings account at the same bank, you will be covered for up to $250,000 for each account.
FDIC insurance is provided by the Federal Deposit Insurance Corporation, a U.S. government agency. It is important to note that FDIC insurance only covers deposits received at an insured bank and does not cover investments, even if they were purchased at an insured bank. This includes U.S. Treasury Bills, Bonds, or Notes.
Fifth Third Bank is an FDIC-insured bank, which means that your deposits are insured up to $250,000 per account. Fifth Third Bank offers a variety of accounts, including checking, savings, and money market accounts, as well as CDs ranging from 7 days to 7 years. They also offer a free checking account and several overdraft protection options.
To ensure that your Fifth Third deposit accounts are covered for the correct FDIC insurance amount, it is important to keep your account ownership information up to date. If you are a trustee of an account, you are responsible for providing information regarding grantors and beneficiaries. You can contact Fifth Third Bank's customer service for more information or with any questions.
In addition to FDIC insurance coverage, Fifth Third Bank also offers other features and benefits for its customers. For example, their mobile banking app allows customers to easily transfer money between accounts, review statements, and make purchases in stores or online. Checking accounts typically do not have any maximum restrictions on the number of transactions, and many also provide a debit card that can be used for ATM withdrawals.
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Fifth Third Bank's free checking account
Fifth Third Bank is one of the biggest banks in the US, serving 12 states in the Midwest, Southeast, and Northeast. The bank offers a free checking account with several benefits.
Fifth Third Bank's checking accounts are FDIC-insured, covering up to $250,000 per person, per account. This insurance protects your financial deposits and banking activity. To ensure accurate coverage, the bank relies on having up-to-date account ownership information.
The bank occasionally offers promotions and bonuses for its checking accounts. For example, in July 2025, Fifth Third Bank offered a $350 bonus for customers who opened a new Momentum or Preferred checking account and met the promotional criteria, including setting up direct deposits totaling $500 or more within 90 days of opening the account.
While Fifth Third Bank's free checking account offers many advantages, it's important to consider any associated fees, such as ATM, overdraft, or monthly maintenance fees, to make an informed decision.
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Fifth Third Bank's CDs ranging from 7 days to 7 years
Fifth Third Bank offers FDIC-insured checking, savings, and money market accounts. Most Fifth Third checking accounts also provide a debit card for purchases and ATM withdrawals.
The bank also offers promotional and standard certificates of deposit (CDs) with terms ranging from seven days to seven years. CDs with terms between seven and 84 days require a minimum deposit of $5,000, while terms of three months or longer require a minimum deposit of $500. The interest for all CDs is compounded continuously, and Fifth Third Bank credits it to you monthly. You can choose to leave the interest in your CD account or transfer it to a savings or checking account with the bank.
If you withdraw your principal early from a CD account, you will pay an early withdrawal penalty. The charge amount depends on the length of your CD term and how much of the principal you withdraw. For CDs between seven and 364 days in length, the penalty is 1% of the principal you withdraw. CDs between 365 days and three years have a penalty worth 2% of the principal withdrawn, and you will pay a penalty worth 3% of the principal withdrawn for any CD longer than three years.
Fifth Third Bank's standard CDs have relatively low APYs on all term lengths, but promotional CDs offer much higher APYs for certain term lengths. The bank provides a grace period ranging from one to ten days, during which you can renew your CD, add or remove funds, or close the account.
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Fifth Third Bank's checking accounts have no maximum transaction restrictions
Fifth Third Bank offers a range of checking accounts to suit different customer needs, from simple checking accounts to specialized accounts for students, military members, and their families. One of the key advantages of Fifth Third Bank's checking accounts is the absence of maximum transaction restrictions. This feature provides customers with the flexibility to make as many withdrawals, bill payments, or transfers as needed without incurring additional fees.
The checking accounts offered by Fifth Third Bank are designed to facilitate various everyday transactions, including receiving direct deposits, paying bills, transferring funds between accounts, and withdrawing cash. Customers can also utilize the Fifth Third Mobile Banking app to conveniently manage their finances on the go. The app provides 24/7 message support and easy access to account information, allowing customers to handle most of their banking needs with just a few taps on their devices.
While Fifth Third Bank's checking accounts offer the convenience of unlimited transactions, it's important to consider other features when choosing a checking account. Potential fees, online and mobile banking capabilities, available ATMs, and minimum balance requirements are all factors that can impact the overall banking experience. Fifth Third Bank provides a range of options to suit different preferences, including accounts with no monthly service charges, no balance requirements, and no overdraft fees.
Additionally, Fifth Third Bank's checking accounts provide the security of FDIC insurance. FDIC insurance covers up to $250,000 per person, per account, ensuring that customers' deposits and banking activities are protected. To ensure accurate FDIC insurance coverage, it is important for account holders to keep their ownership information up to date with the bank. By offering a combination of convenience, flexibility, and security, Fifth Third Bank's checking accounts with no maximum transaction restrictions can be a suitable choice for individuals looking to manage their everyday finances efficiently.
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Fifth Third Bank's checking accounts offer a debit card
Fifth Third Bank offers a range of checking accounts, including free checking accounts, student checking accounts, and high-interest checking accounts. These accounts provide various benefits such as no monthly service fees, no minimum balance requirements, and no overdraft fees. Fifth Third Bank's checking accounts also offer a debit card, which can be used for purchases in stores, online, or for withdrawals from ATMs.
The Fifth Third Momentum Checking account provides overdraft protection and the Fifth Third Extra Time feature, which waives overdraft fees if the account balance is restored before midnight ET of the next business day. Fifth Third Bank also offers a Standard CD with a low minimum opening deposit and a range of terms from three months to seven years.
The bank's checking accounts allow customers to easily manage their everyday finances. Account holders can receive direct deposits, pay bills, transfer funds, and withdraw cash from any Fifth Third Bank ATM. Additionally, there are typically no maximum restrictions on the number of transactions that can be made with checking accounts.
Fifth Third Bank's checking accounts are FDIC-insured, providing coverage of up to $250,000 per person, per account. This insurance protects customers' financial deposits and banking activities, ensuring the safety of their funds.
With Fifth Third Bank's checking accounts, customers can also take advantage of the bank's mobile banking app, which enables them to conveniently manage their banking needs from anywhere. The app offers 24/7 message support, providing assistance whenever needed.
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Frequently asked questions
Yes, Fifth Third Bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to \$250,000 per person, per account.
The FDIC protects your financial deposits and banking activity at Fifth Third Bank for both consumer and business accounts. To ensure your accounts are covered for the accurate FDIC insurance amount, Fifth Third Bank requires up-to-date account ownership information.
Fifth Third Bank offers checking accounts, savings, and money market accounts, as well as certificates of deposit (CDs).
To open an account with Fifth Third Bank, you must deposit at least \$5,000. You can apply for a free checking account online or by visiting one of their branches.
