Fifth Third Bank offers CD terms that range from seven days to seven years, but only the three Fifth Third Bank featured certificates of deposit offer competitive yields, up to 5.00%. You’ll need a relatively high minimum deposit of $5,000 to open one and you must live in the bank’s service area.
Despite being the 16th-largest bank in the country in terms of assets, Fifth Third Bank serves only 11 states, focusing on the South and the Midwest.
Account details and rates are accurate as of Dec. 8, 2023, and were found using the ZIP code 60007.
About Fifth Third Bank CDs
If you live in the regional bank’s service area — Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee or West Virginia — you can choose from a huge range of CD term lengths at Fifth Third, but only the promotional CDs are worth your time.
The three promotional certificates have yields competitive with the best CD rates available: The five-, seven- and 12-month terms offer 4.80%, 5.00% and 4.70% respectively. They require a $5,000 minimum opening deposit, but all CD yields are compounded continuously and credited to your account monthly.
In contrast, Fifth Third’s standard CDs offer an abysmal 0.01% annual percentage yield (APY) no matter the term you choose and also require a $5,000 minimum deposit for standard CDs with terms from seven to 89 days and $500 for standard CDs with terms from three to 84 months.
Upon the CD’s maturity, you’ll have a short grace period — one day for certificates with terms of 32 days or fewer and 10 days for all other terms — during which you can withdraw your money without penalty before it automatically renews. If you need to access your money before the maturity date, you’ll pay a fee ranging from 1% to 3%, depending on your CD term.
How to get a Fifth Third Bank CD
Firstly, you must live in the bank’s service area. You can’t sign up for a Fifth Third CD online. Instead, you must visit a branch or call the bank at 1-877-579-5353.
The process of signing up over the phone or at a branch will differ depending on whether you’re an existing Fifth Third Bank customer.
If you don’t already have an account, you’ll need to provide a government-issued photo ID, your Social Security number and other information, such as your name, date of birth and address, to establish your account before you can sign up for a CD. If you already have an account with Fifth Third, you’ll skip this step.
Once you’re a customer, you choose the CD term you want and make the deposit, starting the clock on your investment.
How Fifth Third Bank CD rates compare
Fifth Third offers competitive APYs on its promotional CDs — 4.70% on a 12-month term, for example, while Frost Bank certificates of deposit and Huntington Promotional Fixed Rate certificates of deposit offer 4.25% to 4.80% (depending on account balance) and 5.13% on 12- and 11-month terms, respectively.
But remember that Fifth Third’s standard CDs offer just 0.01% APY.
How much can you earn with a Fifth Third Bank CD?
Most CDs, including those offered by Fifth Third Bank, have compounding interest. That means the interest you earn is added to your principal balance and also earns interest. The amount you can earn depends on the deposit, term length and interest rate.
The table below shows how much you can earn on a $10,000 deposit based on Fifth Third Bank’s promotional CD rates. Use our calculator to see how much you can earn with other CDs.
Other products Fifth Third Bank offers
Fifth Third Bank offers many other products, including the following:
- Checking accounts: Fifth Third has one traditional and five specialty checking accounts. The specialty offerings are a preferred account, a student account, a military account, an express account and an ABLE account.
- Savings accounts: Fifth Third also offers both traditional and speciality savings accounts. The speciality accounts are a 529 account, a kids account and a health savings account.
- Credit cards: Fifth Third Bank has several unsecured credit cards with perks that include low introductory rates, cash back and no international transaction fees. It also offers a secured credit card for people who are looking to build their credit.
Fifth Third Bank also offers loans, insurance, retirement accounts, annuities, stocks, bonds, mutual funds, exchange-traded funds, wealth management and more.
Fifth Third Bank review
Fifth Third is a full-service, regional bank, offering a wide variety of financial products, including checking, savings, home loans, car loans, insurance, business banking, investment and wealth management services.
Despite its small geographic footprint, it’s the 16th-largest bank in the U.S. by assets. You could do all of your banking, borrowing and investing in one place. But it has mixed reviews from customers online.
Fifth Third Bank has a rating of 1.3 stars out of five with Trustpilot and 1.1 stars out of five with the Better Business Bureau, despite its”A+” rating. It also has nearly 2,000 complaints with the Consumer Financial Protection Bureau.
Frequently asked questions (FAQs)
The CD rate at Fifth Third Bank depends on whether you select a promotional or standard CD and what term you choose. Standard CDs have yields of only 0.01%, while promotional CDs offer rates from 4.70% to 5.00%.
Deposits with Fifth Third are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor, per account ownership category. Additionally, Fifth Third uses tools and techniques to protect accounts and information and make online banking secure.
Fifth Third Bank isn’t in the process of merging with another bank. But it did acquire several companies in 2023, including the fintech platform Rize Money and the payments company Big Data Healthcare. In 2019, Fifth Third and MB Financial merged, with Fifth Third being the surviving entity.
Yes, Fifth Third Bank charges an early withdrawal penalty on its CDs. It ranges from 1% to 3% of the principal withdrawn, depending on the CD term.
Fifth Third Bank has 1,087 full-service locations in 11 states.
