Fifth Third does not offer a dedicated high yield savings account

Fifth Third Bank's standard savings account earns interest, but the rate is not competitive with what you will find at online banks or credit unions. As of early 2024, Fifth Third's regular savings accounts earn rates well below 4%, while many online banks pay 4.5% or higher on savings accounts with no minimum balance.

Fifth Third does offer a Money Market Account, which typically pays a higher rate than their savings account, but it still lags behind online alternatives. The Money Market Account requires a higher opening deposit and may have tiered interest rates based on your balance — meaning you earn more only if you maintain a larger amount.

If you bank with Fifth Third for checking or other services and want to keep your savings there, the Money Market Account is your best option within their product line. If maximizing interest is your primary goal, you will earn significantly more by moving savings to an online bank, even if you keep your checking account at Fifth Third.

Key Takeaways

  • Fifth Third's regular savings account pays less than 1% in most cases, making it one of the lowest-earning options available.
  • The Money Market Account pays higher rates than savings but still typically falls short of online bank rates by 1% or more.
  • You can hold a Fifth Third savings or Money Market Account alongside an online high yield account to keep your primary banking relationship intact.
  • Fifth Third's rates change without notice, so check their website or call a branch for current rates before opening an account.

How Fifth Third's Money Market Account works

The Money Market Account combines features of a savings account and a checking account. You get a debit card and check-writing privileges, but the interest rate is higher than a standard savings account. Fifth Third's Money Market Account typically requires a minimum opening deposit — this varies by branch and may be $2,500 or higher.

Interest rates are tiered, meaning the rate you earn depends on your balance. If you maintain $10,000, you might earn one rate; if you drop to $5,000, the rate may decrease. This structure rewards larger balances but penalizes you if your balance falls below a certain threshold. You also have limits on how many withdrawals you can make per month — typically six — before Fifth Third charges a fee.

The account comes with monthly maintenance fees unless you meet certain conditions, such as maintaining a minimum balance or setting up direct deposit. Read the account disclosure carefully, because fees can erase the interest you earn.

Why online banks pay more

Online banks have lower overhead costs than brick-and-mortar banks like Fifth Third. They do not maintain physical branches, employ fewer staff, or pay rent on office space. These savings allow them to pass higher interest rates to customers. An online bank paying 4.5% on savings is not being generous — they are simply operating more efficiently.

Fifth Third, by contrast, maintains hundreds of branches across the Midwest and Mid-Atlantic. That infrastructure costs money, and those costs are reflected in lower rates. You are paying for the convenience of walking into a branch, even if you rarely do.

The rate difference compounds over time. On $10,000, the difference between 0.5% (Fifth Third) and 4.5% (online bank) is $400 per year. Over five years, that gap widens significantly, especially if you add to your savings regularly.

When to keep money at Fifth Third anyway

If you use Fifth Third for checking and bill pay, keeping a small emergency fund in their savings account or Money Market Account can make sense for convenience. You can transfer money between accounts instantly and access it at any Fifth Third ATM or branch. This matters if you need cash quickly and do not want to wait for an online bank transfer to clear.

Some people also use Fifth Third as their primary bank for daily spending and a separate online bank for savings. This strategy keeps your money organized — checking and bills at Fifth Third, savings at an online bank earning 4%+ — without requiring you to switch your entire banking relationship.

If Fifth Third offers you a promotional rate on a Money Market Account (occasionally they run limited-time offers), that might close the gap temporarily. Check their website or ask a banker whether any promotions are active before opening an account.

How to compare Fifth Third against online alternatives

Before opening any savings account, compare these three things: the current interest rate, the minimum balance required, and any monthly fees. Fifth Third's website lists their rates, though you may need to call a branch to confirm rates for your specific account type.

For online banks, visit their websites directly and note the rate they advertise. That rate applies to all balances, with no tiering. Most online banks have no minimum balance and no monthly fees, which means you keep 100% of the interest you earn.

Use a calculator to see the difference over one year. If you have $5,000 in savings, multiply that by the interest rate (expressed as a decimal) to see how much you will earn. Fifth Third at 0.5% earns $25; an online bank at 4.5% earns $225. That $200 difference is real money, and it grows if you add to your savings.

Moving money from Fifth Third to an online bank

If you decide to move your savings to an online bank, the process is straightforward. Open an account at the online bank and provide your Fifth Third account number and routing number. The online bank can pull money directly from your Fifth Third account via ACH transfer, which typically takes one to three business days.

You do not have to close your Fifth Third account. You can leave it open with a small balance for emergencies or keep it as your primary checking account. Many people maintain both — a Fifth Third checking account for daily use and an online savings account for money they are not spending.

Once the transfer completes, your money begins earning the higher rate immediately. There is no waiting period or penalty for moving savings to another bank.

Frequently Asked Questions

What is Fifth Third's current savings account interest rate?

Fifth Third's savings account rates vary by location and account type, but they are typically below 1%. Check their website or call your local branch for the exact rate, as it changes periodically. Money Market Accounts pay higher rates but still lag behind online banks.

Can I earn more interest by keeping a larger balance at Fifth Third?

Yes, the Money Market Account uses tiered rates, so a larger balance earns a higher percentage. However, even the top tier at Fifth Third usually pays less than what online banks offer on any balance. The rate difference makes online banks more attractive unless you need the convenience of a physical branch.

Does Fifth Third charge fees on savings accounts?

Fifth Third's savings and Money Market Accounts may have monthly maintenance fees, though these are often waived if you maintain a minimum balance or set up direct deposit. Read the account disclosure before opening to understand the fee structure. Online banks typically have no monthly fees.

Can I transfer money from Fifth Third to an online bank without closing my account?

Yes. You can move money via ACH transfer without closing your Fifth Third account. Many people keep their Fifth Third checking account active while moving savings to an online bank for higher interest rates.

What if I need to access my money quickly?

Fifth Third offers same-day access at branches and ATMs, while online banks typically take one to three business days for transfers. If you need cash immediately, keeping some money at Fifth Third makes sense. For money you will not touch for months, an online bank's higher rate outweighs the slower access.