Yes, you can open a Fifth Third savings account entirely online
Fifth Third Bank lets you open a savings account from your computer or phone without visiting a branch. The process takes about 10 to 15 minutes and requires a valid government ID, Social Security number, and an initial deposit method. You'll need to be at least 18 years old and a U.S. resident.
The account opens immediately after you complete the online application and verify your identity. You can start using it right away—deposit money, set up transfers, and begin earning interest on your balance. Fifth Third offers several savings account types online, each with different features and interest rates.
Key Takeaways
- Fifth Third's online savings account application takes 10 to 15 minutes and requires a valid ID, Social Security number, and proof of address.
- Your account opens the same day you complete the application, and you can deposit money immediately through transfer or mobile deposit.
- Fifth Third offers multiple savings account types online, including basic savings, money market accounts, and certificates of deposit (CDs), each with different interest rates and minimum balance requirements.
- You can manage your account entirely through the Fifth Third mobile app or website once it's open, with no requirement to visit a branch.
What you need before you start
Gather these documents before you begin the online application. You'll need a valid government-issued ID—a driver's license, passport, or state ID card. Fifth Third uses this to verify your identity during the signup process.
You also need your Social Security number and proof of your current address. A utility bill, lease agreement, or recent bank statement dated within the last 60 days works for address verification. Have your phone number and email address ready, since Fifth Third will use these to contact you and send account information.
Finally, decide how you'll fund the account. You can transfer money from another bank account, deposit a check through mobile deposit, or use a debit card. Some accounts require a minimum opening deposit—check the specific account type before you apply, as minimums vary.
The steps to open your account online
Go to the Fifth Third Bank website and select the savings account type you want. Read the account details, interest rate, and any minimum balance requirements. Fifth Third displays these clearly before you start the application.
Click the button to open the account and enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Fifth Third asks for employment information but does not require you to be employed. If you're retired or unemployed, you can enter that status.
Next, verify your identity. Fifth Third uses an automated system that checks your information against public records. This usually takes a few minutes. If the system cannot verify you automatically, Fifth Third may ask you to upload a photo of your ID or call you to confirm details.
Once your identity is verified, choose how you'll fund the account. If you're transferring from another bank, enter the routing number and account number. Fifth Third will initiate the transfer, which typically takes one to three business days. If you're depositing a check by phone or app, you can do that after your account opens.
Account types available online
Fifth Third offers a basic savings account online with no monthly maintenance fee and no minimum opening deposit at most branches. Interest accrues daily and is paid monthly. This account is straightforward if you want a simple place to save without restrictions.
A money market account combines checking and savings features. It typically requires a higher minimum balance than a basic savings account and offers a higher interest rate. You get a debit card and limited check-writing ability, making it useful if you need occasional access to your money while still earning interest.
Certificates of deposit (CDs) lock your money for a set term—usually three months to five years. In exchange, Fifth Third pays a higher interest rate than savings accounts. You can open a CD online, but you cannot withdraw the money before the term ends without paying an early withdrawal penalty. CDs work well if you know you won't need the money for a specific period.
How long it takes and when you can use the account
Your account opens the same day you complete the application, assuming your identity verifies automatically. You receive a confirmation email with your account number and login credentials within minutes. You can log into your account immediately through the Fifth Third website or mobile app.
However, you cannot withdraw money until your initial deposit clears. If you're transferring from another bank, that takes one to three business days. If you're depositing a check by mobile deposit, it typically clears within one business day. Until the deposit clears, your account shows a zero balance.
Once your deposit clears, your account is fully active. You can transfer money out, set up automatic transfers, and use any debit card Fifth Third sends you. Debit cards typically arrive within five to seven business days.
Interest rates and fees
Fifth Third's savings account interest rates change based on market conditions and your account balance. The bank publishes current rates on its website, but rates vary by account type and sometimes by the amount you deposit. Check the rate before you open the account, since it may change after you open it.
Most Fifth Third savings accounts have no monthly maintenance fee. However, some accounts charge a fee if your balance falls below a minimum amount—this varies by account type. Read the account terms before you apply to understand any balance requirements.
Fifth Third does not charge fees for transfers between your own accounts, online bill pay, or mobile deposits. Fees may apply if you exceed a certain number of withdrawals per month (federal rules limit savings account withdrawals), or if you overdraft your account. Check the fee schedule for your specific account type.
What happens if you cannot verify your identity online
If Fifth Third's automated system cannot verify you, the bank will contact you by phone or email to ask follow-up questions. Answer honestly and provide any additional information requested. This usually resolves the issue within a few hours.
In some cases, Fifth Third may ask you to upload a photo of your ID or visit a branch in person to complete verification. If you need to visit a branch, you can still complete most of the application online and finish the identity verification step in person. This takes about 15 minutes at the branch.
If you cannot open an account online for any reason, you can always visit a Fifth Third branch and open an account with a banker. Bring your ID, Social Security number, proof of address, and your initial deposit or transfer information.
Frequently Asked Questions
Do I need an existing Fifth Third account to open a savings account online?
No. You can open a savings account as your first Fifth Third account. The online application works whether you're a new customer or already have a checking account with the bank.
Can I open a savings account for someone else, like a child?
No, you cannot open an account for another person online. However, Fifth Third offers custodial savings accounts for minors. You must visit a branch with the child's birth certificate and your ID to open a custodial account. Once open, you can manage it online.
What if my initial deposit fails or gets rejected?
If your transfer is rejected, Fifth Third will notify you by email. Common reasons include incorrect account or routing numbers, insufficient funds, or a closed account at the sending bank. Correct the information and try again, or use a different funding method like mobile check deposit.
Can I change my mind and close the account after I open it?
Yes. You can close your Fifth Third savings account anytime by calling customer service, visiting a branch, or using the mobile app. Withdraw your balance first or let Fifth Third send you a check. There is no penalty for closing a savings account.
Will opening an account online affect my credit score?
No. Opening a savings account does not affect your credit score. Fifth Third may check your banking history through ChexSystems, but this is not a credit check and does not impact your credit.