Fifth Third's Savings Account Lineup Does Not Include a High Yield Option
Fifth Third Bank does not currently offer a dedicated high yield savings account. The bank provides a standard savings account called the Fifth Third Savings Account, which pays a much lower rate than what you would find at online banks or credit unions marketing high yield products. As of now, Fifth Third's savings rates sit well below 1% APY, while high yield savings accounts at other institutions often pay between 4% and 5% APY.
If you bank with Fifth Third primarily for checking or other services, you can open a savings account there, but you should understand that the interest you earn will be minimal. A $10,000 balance earning 0.01% APY (a rate Fifth Third has offered in recent years) would generate roughly $1 per year in interest. The same $10,000 at a high yield savings account paying 4.5% APY would earn $450 annually.
Fifth Third does offer money market accounts, which sometimes pay slightly higher rates than savings accounts, but these also remain below what high yield products deliver. The bank's rate structure reflects its business model: Fifth Third operates physical branches nationwide and charges for many services, which means it does not need to compete aggressively on deposit rates.
Key Takeaways
- Fifth Third Bank's standard savings account pays less than 1% APY and is not marketed as a high yield product.
- Online banks and some credit unions offer high yield savings accounts paying 4% to 5% APY, which would earn you hundreds of dollars more annually on the same balance.
- Fifth Third's money market accounts pay slightly more than savings accounts but still fall short of high yield rates.
- If earning interest is your priority, you would need to move your savings to a different institution, though you can keep a checking account at Fifth Third if you prefer.
Why Fifth Third's Rates Stay Low
Banks set deposit rates based on what they need to attract money and what they can afford to pay. Fifth Third operates hundreds of branches, employs thousands of people, and maintains physical infrastructure. Those costs are real, and the bank passes some of them along by paying lower interest rates on deposits.
Online banks—institutions like Marcus, Ally, or American Express Personal Savings—have no branches, no tellers, and minimal overhead. They can afford to pay much higher rates because their cost structure is fundamentally different. Credit unions, which are member-owned rather than shareholder-owned, sometimes also offer competitive rates because they return profits to members instead of shareholders.
Fifth Third's business model prioritizes convenience and service breadth over deposit rate competition. If you value having a local branch, a teller you can speak to, and integrated banking services, you may accept the lower rate as part of that trade-off. But if your goal is to maximize interest earned on savings, Fifth Third is not the right place to keep that money.
Where to Find High Yield Savings Accounts
High yield savings accounts are offered primarily by online banks and some credit unions. Online banks with consistent high yield offerings include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank. Credit unions often have high yield options too, though rates and availability vary by institution and membership requirements.
These accounts typically require no minimum balance, charge no monthly fees, and allow you to withdraw money without penalty. The trade-off is that you cannot walk into a physical location to deposit cash or speak to someone in person—everything happens online or by phone. For most people saving money, this is not a real limitation.
Opening a high yield savings account at a different bank does not require you to close your Fifth Third accounts. Many people keep a checking account at their primary bank for bill pay and debit card use, then maintain a high yield savings account elsewhere specifically for money they want to grow. This approach lets you use Fifth Third's convenience while earning a competitive rate on savings.
How to Move Money Between Banks
If you decide to open a high yield savings account elsewhere, moving money from Fifth Third is straightforward. You can initiate an external transfer from the new bank's website by providing your Fifth Third account number and routing number. Fifth Third's routing number is 042000013 for most accounts, though you should confirm this on your statement or by calling the bank.
External transfers typically take three to five business days. During that time, the money is in transit and earns no interest at either institution. Some online banks offer faster transfers or even reimburse fees if Fifth Third charges you for the outgoing transfer (though most banks do not charge for this).
Alternatively, you can withdraw cash from Fifth Third and deposit it into the new account, though this is slower and less secure. The electronic transfer method is faster and leaves a clear record of where the money went.
Should You Keep Any Accounts at Fifth Third?
Whether to maintain a Fifth Third account depends on what you use it for. If you need a checking account with a debit card, bill pay, and access to branches, Fifth Third may still make sense—especially if you live or work near a branch. The bank's checking accounts are functional and reasonably priced, though some online banks offer checking with no fees and no minimum balance.
For savings specifically, there is no reason to keep money at Fifth Third if your goal is to earn interest. The rate difference is too large to ignore. A $25,000 balance earning 0.01% at Fifth Third generates $2.50 per year; the same balance at 4.5% generates $1,125 per year. That is $1,122.50 in foregone interest annually—money that belongs to you.
Many people use a hybrid approach: they keep a small emergency fund at Fifth Third (for immediate access if needed) and move the bulk of their savings to a high yield account elsewhere. This gives them the convenience of a local bank plus the interest earnings of a competitive rate.
What Rates Fifth Third Actually Offers
Fifth Third publishes its current rates on its website, but they change frequently and vary slightly by account type and balance tier. As a general rule, expect the savings account rate to be below 0.1% APY. Money market accounts may pay slightly more—sometimes between 0.05% and 0.15%—but still nowhere near high yield territory.
Rates also vary by state and by specific branch, so calling your local Fifth Third branch or checking their website will give you the exact current rate for your location. However, even if Fifth Third raised its rates tomorrow, it would take a dramatic shift for them to become competitive with online high yield accounts. The structural cost difference between a branch bank and an online bank is too large to overcome.
Frequently Asked Questions
Can I earn high yield rates if I keep a large balance at Fifth Third?
No. Fifth Third does not tier its savings rates based on balance size in a way that would make them competitive. Even with $100,000 or more, you would earn a fraction of what a high yield account would pay. The bank's rate structure is set by its business model, not by how much money you deposit.
Does Fifth Third offer any promotional rates for new savings accounts?
Fifth Third occasionally runs promotions on checking accounts, but savings account promotions are rare and typically modest when they do occur. Even promotional rates at Fifth Third are unlikely to match standard high yield rates at online banks. Check Fifth Third's website or ask at a branch for current offers.
If I open a high yield savings account, do I have to close my Fifth Third account?
No. You can keep your Fifth Third checking account and open a high yield savings account at a different bank simultaneously. Many people do this to maintain local banking convenience while earning competitive interest on savings. There is no requirement to consolidate everything at one institution.
What if I need to access my money quickly from a high yield account?
High yield savings accounts allow you to withdraw money without penalty, but transfers to another bank take three to five business days. If you need cash immediately, you can transfer to your Fifth Third checking account first, then withdraw from an ATM or branch. For true emergency access, keep a small amount in Fifth Third's savings account.
Are high yield savings accounts safe if the bank fails?
Yes. High yield savings accounts at FDIC-insured banks are protected up to $250,000 per depositor per institution, the same as any other bank account. Most online banks offering high yield savings are FDIC-insured. You can verify this on the FDIC website before opening an account.