What you need to open a Fifth Third savings account
Fifth Third Bank lets you open a savings account online, by phone, or in person at a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit. The minimum opening deposit varies by account type — some accounts require $25, while others may ask for more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.
The entire process takes about 10 to 15 minutes online. Fifth Third will run a check through ChexSystems, a banking history database, to verify you do not have outstanding issues with another bank. This check does not affect your credit score. If you open online, you can start using your account the same day, though transfers from other banks may take one to three business days to arrive.
If you prefer to open in person, bring your ID and Social Security number to any Fifth Third branch. A banker will walk you through the account options, answer questions about fees, and process the opening on the spot. You can deposit cash immediately and receive a debit card, though the card itself typically arrives by mail within 7 to 10 business days.
Key Takeaways
- You need a photo ID, Social Security number, and an initial deposit to open a Fifth Third savings account, with minimum deposits starting at $25 depending on the account type.
- Online account opening takes 10 to 15 minutes and you can use the account the same day, though transfers from other banks take one to three business days.
- Fifth Third runs a ChexSystems check that does not affect your credit score and screens for banking history issues.
- Opening in person at a branch lets you deposit cash immediately and ask questions about fees and account features before committing.
- Debit cards ordered during online opening arrive by mail in 7 to 10 business days, but you can use your account before the card arrives.
Opening online through Fifth Third's website
Go to the Fifth Third Bank website and select the savings account product you want. Fifth Third offers several types — a basic savings account, a money market account, and accounts with higher interest rates if you maintain a minimum balance. Read the details for each to understand the interest rate, monthly fees, and any balance requirements.
Click the button to open the account online. You will enter your name, address, date of birth, and Social Security number. Fifth Third will ask for your phone number and email address so they can contact you if there are questions. Provide an initial deposit amount and choose how to fund it — debit card, ACH transfer from another bank, or wire transfer.
Review the account agreement and disclosures, then sign electronically. Fifth Third will send a confirmation email with your account number and online banking login. You can log in immediately to see your account balance, set up bill pay, or transfer money. Your debit card will arrive separately by mail.
Opening in person at a Fifth Third branch
Bring your government-issued photo ID and Social Security number to any Fifth Third branch during business hours. Tell the banker you want to open a savings account. They will show you the account options available and explain the differences in interest rates, fees, and minimum balances.
Decide which account fits your needs, then provide your personal information. The banker will run the ChexSystems check and process the opening. You can deposit cash, a check, or a transfer from another bank right away. If you bring a debit card from another bank, the banker can set up an ACH transfer to fund your new account.
You will receive a temporary debit card or a card number on the spot so you can use the account immediately. Your permanent debit card arrives by mail within 7 to 10 business days. Ask the banker about online banking setup before you leave — they can show you how to log in and use the Fifth Third mobile app.
Understanding Fifth Third savings account fees
Fifth Third savings accounts have a monthly maintenance fee that varies by account type. Some accounts charge $5 per month, while others charge $10 or more. However, Fifth Third waives the monthly fee if you maintain a minimum balance — typically $500 to $2,500 depending on the account. Check the account details when you open to see which threshold applies to your account.
Fifth Third does not charge fees for common transactions like deposits, withdrawals, or transfers between your own accounts. However, if you withdraw more than six times per month from a savings account, Fifth Third may charge a fee for each withdrawal over that limit. This is a federal rule that applies to most savings accounts, not just Fifth Third.
If your account falls below the minimum balance, the monthly fee kicks in. You can avoid this by setting up a small automatic transfer from checking to savings each month, or by depositing cash or checks regularly. Fifth Third's mobile app and online banking let you check your balance anytime so you know where you stand.
Funding your account after opening
Once your account is open, you can add money in several ways. The fastest is to deposit cash or a check at a Fifth Third branch — the money is available immediately for cash, and usually within one business day for checks. You can also use the Fifth Third mobile app to deposit checks by taking a photo of the front and back.
To transfer money from another bank, use ACH transfer through Fifth Third's online banking or mobile app. Provide the routing number and account number from your other bank, then enter the amount and date. The transfer usually takes one to three business days. If you need the money faster, ask your other bank if they offer expedited transfers, though this may cost extra.
You can also set up automatic transfers from your checking account to your savings account on a schedule — weekly, biweekly, or monthly. This is a simple way to build savings without thinking about it. Fifth Third's online banking lets you create and change these transfers anytime.
Using online banking and the mobile app
Fifth Third's online banking portal and mobile app let you check your balance, view transaction history, transfer money, and pay bills from your savings account. You log in with your username and password, which you set up during account opening or when you first visit the website.
The mobile app is available for iPhone and Android. You can deposit checks by photographing them, transfer money between accounts, set up bill pay, and receive alerts when your balance drops below a certain amount. The app also shows you your interest earnings and helps you track progress toward savings goals.
If you forget your password or have trouble logging in, Fifth Third's website has a password reset option. If you need help, you can call Fifth Third's customer service line or visit a branch. Most questions about your account can be answered through online chat during business hours.
What happens after you open your account
Fifth Third will send you a welcome packet by mail with your account details, debit card, and information about online banking. The packet arrives within 7 to 10 business days. If you do not receive it within two weeks, call Fifth Third to confirm your mailing address.
Your account earns interest based on the current rate for your account type. Fifth Third compounds interest daily and deposits it monthly. The interest rate changes based on market conditions, so check your account statements or log into online banking to see your current rate.
If you have questions about your account after opening, you can call Fifth Third's customer service, visit a branch, or use the online chat feature. Fifth Third also offers financial planning resources and tools through their website to help you manage your savings.
Frequently Asked Questions
Can I open a Fifth Third savings account if I have had banking problems before?
Fifth Third runs a ChexSystems check, which screens for unpaid overdrafts, fraud, or other serious issues at other banks. If you have minor problems, you may still be able to open an account. If ChexSystems shows a problem, Fifth Third will tell you and explain what happened. You can dispute inaccurate information directly with ChexSystems.
What is the interest rate on a Fifth Third savings account?
Interest rates change based on market conditions and vary by account type. Log into Fifth Third's website or call customer service to see the current rate for the account you want. Some accounts offer higher rates if you maintain a larger balance or meet other conditions.
Can I open a savings account for someone else or for a child?
Fifth Third offers accounts for minors, but a parent or guardian must open the account and be listed as the owner. The adult controls the account until the child reaches the age of majority. Ask a Fifth Third banker about youth savings accounts, which may have different features or lower minimum balances.
What if I want to close my savings account later?
You can close your Fifth Third savings account anytime by visiting a branch, calling customer service, or using online banking. Fifth Third will ask where you want the remaining balance sent — to another account, a check, or a transfer to another bank. There is no fee to close an account.
How do I set up direct deposit to my Fifth Third savings account?
You will need your Fifth Third account number and Fifth Third's routing number, which is 042000013. Provide these to your employer's payroll department or the organization sending the payment. Direct deposits usually arrive on the same day as they would to a checking account, though this depends on when the payment is processed.