Fifth Third does not offer a dedicated high-yield savings account
Fifth Third Bank does not have a product specifically branded as a high-yield savings account. The bank offers a standard savings account called the Fifth Third Savings Account, which earns interest, but the rate is typically much lower than what you would find at online banks or credit unions that specialize in high-yield products.
If you are looking for a savings account that pays significantly more interest on your balance, you will need to look outside Fifth Third. Online banks like Marcus, Ally, and American Express Personal Savings currently offer rates that are often 10 to 15 times higher than Fifth Third's standard savings rate, though rates change frequently and vary based on market conditions.
Fifth Third does offer other savings products — including money market accounts and certificates of deposit (CDs) — that may pay higher rates than the basic savings account, but these come with different terms and restrictions.
Key Takeaways
- Fifth Third's standard savings account earns interest but at rates well below what online banks and credit unions offer for high-yield savings.
- If you want the highest interest rate on savings, you will need to open an account at a different bank — online banks typically pay significantly more.
- Fifth Third does offer money market accounts and CDs that may pay higher rates than savings, but each has different rules about withdrawals and minimum balances.
- The best choice depends on whether you value convenience at a local branch over earning the highest possible interest rate.
How Fifth Third's savings account works
The Fifth Third Savings Account is a basic deposit product. You deposit money, the bank holds it, and you earn interest on your balance. You can withdraw money at any time without penalty, though Fifth Third limits you to six withdrawals per statement cycle under federal rules (this limit applies to most savings accounts, not just Fifth Third).
The account requires a minimum opening deposit, which varies by branch and account type. Fifth Third also charges a monthly maintenance fee on some savings accounts, though the fee may be waived if you maintain a certain balance or set up direct deposit. You should confirm the current fee structure and minimum balance with your local branch or Fifth Third's website, as these terms change.
Interest is compounded daily and posted monthly. The rate you earn depends on the current rate Fifth Third is offering, which is set by the bank and can change at any time. Fifth Third typically offers lower rates than online competitors because it operates physical branches, which cost more to maintain.
Why Fifth Third's rate is lower than high-yield alternatives
Fifth Third is a traditional bank with hundreds of branches across the Midwest and South. Operating physical locations, employing tellers, and maintaining customer service centers costs money. Those costs are reflected in lower interest rates on savings products.
Online banks have no branches and minimal overhead. They pass those savings to customers in the form of higher interest rates. A high-yield savings account at an online bank typically pays 4% to 5% annual percentage yield (APY), while Fifth Third's savings account usually pays less than 0.5% APY. The difference compounds quickly: on a $10,000 balance, you might earn $40 to $50 per year at Fifth Third versus $400 to $500 at an online bank.
If you prioritize earning the most interest on your savings, the trade-off is clear: you give up the convenience of a local branch in exchange for a significantly higher rate.
Fifth Third's money market account and CD options
Fifth Third offers a Money Market Account that typically pays a higher rate than the standard savings account. Money market accounts function similarly to savings accounts — you can withdraw money — but they often come with higher minimum balance requirements and may limit the number of withdrawals per month.
Certificates of Deposit (CDs) are another option. With a CD, you agree to leave your money in the account for a fixed period — typically three months, six months, one year, or longer. In exchange, Fifth Third pays a higher interest rate than it does on savings or money market accounts. The catch: if you withdraw the money before the term ends, you pay an early withdrawal penalty, which can be substantial.
The rates on Fifth Third's money market accounts and CDs are still generally lower than what online banks offer for comparable products. But if you want to stay with Fifth Third for convenience or because you have other accounts there, these products may pay more than the basic savings account.
When a Fifth Third savings account makes sense
A Fifth Third savings account is practical if you value having a local branch where you can deposit cash, speak to a person, or handle account issues in person. If you already bank with Fifth Third and want a simple place to keep emergency savings or money you are setting aside for a specific goal, the account works fine — you just will not earn much interest.
A Fifth Third savings account also makes sense if you are not comfortable with online banking or do not have reliable internet access. Some people prefer the security and familiarity of a traditional bank, and that preference is legitimate even if it costs them in interest earnings.
If you have a large balance and can commit to leaving money untouched for a set period, a Fifth Third CD might be worth considering. The rate will still be lower than online alternatives, but it will be higher than the savings account rate.
How to compare Fifth Third to online alternatives
To decide whether Fifth Third or an online bank is right for you, list what matters most: the interest rate, the ability to visit a branch, customer service options, mobile app features, or the security of a large established bank.
Then check the current rates. Fifth Third publishes its rates on its website; you can also call your local branch or visit in person. For online banks, visit their websites directly — rates are posted prominently and updated frequently. Write down the APY for each product you are considering, along with any minimum balance requirements and monthly fees.
Calculate the annual interest you would earn on your expected balance at each bank. If the difference is $100 or more per year, the higher rate is worth considering. If the difference is small and you value the convenience of a local branch, staying with Fifth Third is reasonable.
Frequently Asked Questions
Can I open a Fifth Third savings account online?
Fifth Third allows online account opening for some products, but availability varies by state and account type. Visit Fifth Third's website or call your local branch to confirm whether you can open a savings account online or whether you need to visit a branch in person.
What is the current interest rate on Fifth Third savings accounts?
Fifth Third's savings rate changes frequently and varies based on market conditions. Check Fifth Third's website or call your local branch for the current rate. Rates are typically posted on the savings account product page.
Is my money safe in a Fifth Third savings account?
Yes. Fifth Third is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000 per account holder per bank. Your savings account balance is protected up to that limit.
Can I move money from Fifth Third to an online bank without closing my Fifth Third account?
Yes. You can open an account at an online bank and transfer money from Fifth Third using a wire transfer, ACH transfer, or by providing the online bank with your Fifth Third account details. You can keep your Fifth Third account open for other purposes.
What happens if I withdraw money from my Fifth Third savings account before the end of the month?
You can withdraw money from a Fifth Third savings account at any time without penalty. Federal rules limit you to six withdrawals per statement cycle, though this rule is rarely enforced. Interest is calculated daily, so you earn interest on your balance up to the day you withdraw.