5/3 Bank is a regional bank with branches across the Midwest and South

5/3 Bank (the name comes from a 1998 merger between Fifth Third Bancorp and a smaller bank) is a full-service bank headquartered in Cincinnati, Ohio. It operates roughly 1,100 branches across 15 states, mostly in the Midwest and Southeast—Ohio, Indiana, Kentucky, Michigan, Illinois, Florida, and others. You can open accounts in person at a branch, online, or by phone.

Like other regional banks, 5/3 offers checking and savings accounts, money market accounts, certificates of deposit (CDs), credit cards, loans, and investment services. It is a federally chartered bank, which means deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type per depositor.

If you live or work near a 5/3 branch, you have access to tellers, ATMs, and in-person customer service. If you do not, you can still bank online or by phone, though you will not have a physical location to visit.

Key Takeaways

  • 5/3 Bank is a regional bank with branches in 15 states, primarily in the Midwest and Southeast, and offers standard checking, savings, and loan products.
  • Deposits at 5/3 are FDIC-insured up to $250,000 per account type, the same protection as at any other FDIC-insured bank.
  • 5/3 charges monthly maintenance fees on most checking accounts unless you meet balance or direct deposit requirements, which vary by account type.
  • You can open an account online, by phone, or in person at a branch, and you can manage your account through the 5/3 mobile app or website.
  • 5/3 ATMs are free for account holders; using ATMs outside the 5/3 network usually costs a fee unless you use a partner bank's ATM.

Common 5/3 checking and savings account types

5/3 offers several checking account options. The Express Checking account is designed for basic checking needs and has a monthly maintenance fee (the amount varies by region and changes over time). The Premier Checking account typically requires a higher minimum balance but may waive the monthly fee if you maintain that balance or set up direct deposit. The Business Checking account is for sole proprietors and small businesses.

For savings, 5/3 offers a regular Savings Account and a Money Market Account, which usually pays a higher interest rate but requires a larger opening deposit and minimum balance. A Certificate of Deposit (CD) locks your money for a set term—3 months, 6 months, 1 year, or longer—in exchange for a fixed interest rate. You cannot withdraw the money early without paying a penalty.

Interest rates and fee structures change, so check the 5/3 website or call a branch for current terms before opening an account.

Monthly fees and how to avoid them

Most 5/3 checking accounts charge a monthly maintenance fee unless you meet one of several conditions. Common ways to waive the fee include maintaining a minimum daily balance (often $500 to $1,500, depending on the account), setting up direct deposit, or maintaining a linked savings account with a certain balance.

Some accounts waive the fee if you use online banking and do not request paper statements. Others waive it if you are over a certain age (often 62 or older) or if you are a student. Read the account disclosure document before opening to understand which fee waivers apply to the specific account you want.

If you do not meet any fee waiver condition, the monthly charge typically ranges from $5 to $15, though this varies. Over a year, that adds up, so it is worth asking a banker which account type costs you the least based on how you plan to use it.

ATM access and out-of-network fees

5/3 account holders can use any 5/3 ATM for free. 5/3 is part of the Allpoint network, which means you can also use certain ATMs at partner retailers and banks without a fee. The Allpoint network includes ATMs at Walgreens, CVS, and other locations, though availability varies by region.

If you use an ATM that is not part of 5/3 or Allpoint, your bank will usually charge you a fee (typically $2 to $3 per transaction). The ATM operator may also charge a separate fee. To avoid these charges, locate a 5/3 or Allpoint ATM before you withdraw cash, or plan ahead to withdraw larger amounts less often.

How to open a 5/3 account

You can open a checking or savings account online through the 5/3 website, by phone at 1-800-873-2357, or in person at any 5/3 branch. Online and phone applications usually take 10 to 15 minutes. You will need a valid government-issued ID, your Social Security number, and an initial deposit (the minimum varies by account type, but is often $25 to $100).

If you open online, you can usually start using your account within one business day. If you open in person, you may be able to use it immediately. You will receive a debit card by mail within 7 to 10 business days, though you can request an expedited card at some branches.

Once your account is open, you can set up direct deposit, transfer money between your own accounts, pay bills online, and send money to other people through the 5/3 mobile app or website.

How 5/3 compares to online banks and other regional banks

5/3 is a traditional brick-and-mortar bank, which means it charges monthly maintenance fees on most accounts. Online banks like Ally, Charles Schwab, and Discover typically offer checking and savings accounts with no monthly fees and higher interest rates on savings. If you rarely visit a physical branch and want to minimize fees, an online bank may cost you less.

Other regional banks in the Midwest and South—such as Huntington Bank, KeyBank, and PNC—operate similarly to 5/3: they charge monthly fees, offer in-person service, and have extensive branch networks. The specific fees, interest rates, and account features differ, so compare options if you are deciding between regional banks in your area.

If you value in-person service and already live or work near a 5/3 branch, the convenience may outweigh the monthly fee. If you rarely need to visit a branch, an online bank or a bank with lower fees may be a better fit for your situation.

Frequently Asked Questions

Is my money safe at 5/3 Bank?

Yes. 5/3 is a federally chartered bank, and deposits are insured by the FDIC up to $250,000 per account type per depositor. This means if the bank fails, the government protects your money up to that limit. Savings accounts, checking accounts, and CDs are each insured separately, so you can have up to $250,000 in each type.

Can I use my 5/3 debit card outside the Midwest?

Yes. Your 5/3 debit card works at any ATM or merchant that accepts Visa (5/3 debit cards are Visa cards). You can use it to withdraw cash or make purchases anywhere in the country or abroad. However, if you use an ATM outside the 5/3 and Allpoint networks, you will likely be charged a fee by both your bank and the ATM operator.

What happens if I do not meet the minimum balance to waive the monthly fee?

You will be charged the monthly maintenance fee for that account. The fee is usually deducted automatically from your account balance each month. If you consistently cannot meet the balance requirement, consider switching to a different 5/3 account with lower requirements or exploring online banks that do not charge monthly fees.

Can I open a 5/3 account if I do not live in a 5/3 state?

You can open an account online or by phone even if you do not live near a branch. However, you will not have access to in-person service. You can manage your account entirely through the app or website, but if you need to deposit cash or speak to a banker in person, you will need to visit a branch or use alternative methods like mobile deposit.