Fifth Third Bank Promotions & Offers (Feb 2024)

January 19, 2024
Blog

Unlike other financial institutions, such as US Bank, which focuses its bank promotions on business accounts, Fifth Third Bank offers a good promotion for personal checking accounts. The biggest benefit of these promotions is that they’re quite easy to qualify for, requiring a total of only $500 in direct deposits within 90 days of account opening, something most people will find rather easy to pull off.

Since both accounts come with the same welcome bonus offer under the same conditions, the key to choosing between the Momentum and the Preferred checking accounts is whether or not you can meet the waiver requirements for the latter account. Since it’s an interest-bearing account, the Preferred Checking account is preferable to the Momentum Checking account as long as you can get the $25 monthly maintenance fee. To qualify for the fee waiver, your account must receive a combined total in deposits and investments of $100,000 at any time during the month.

Fifth Third Bank is a regional bank that operates in 11 states across the Midwest and Southeast. It offers a range of banking products and services, including checking accounts, savings accounts, credit cards, loans, mortgages, and more. If you are looking for a new bank account, you might want to check out the current Fifth Third Bank promotions and offers. You can earn up to $225 in cash bonuses when you open an eligible checking account and meet certain requirements. Here’s a breakdown of each promotion.

#1 Fifth Third Momentum Checking – $225 Bonus

Fifth Third Momentum Checking is a basic checking account that has no monthly service fee and no minimum balance requirement. You can enjoy unlimited check writing, free online and mobile banking, free bill pay, free access to over 40,000 partner ATMs, and more. You can also get your eligible direct deposits up to two days early with Early Pay, avoid overdraft fees with Extra Time, and access your check deposits instantly with Immediate Funds.

To earn the $225 bonus, you need to open a new Fifth Third Momentum Checking account by June 30, 2023, using the offer code or the online link. You also need to make direct deposits totaling $500 or more within 90 days of account opening. The bonus will be deposited into your account within 10 business days of completing the qualifying activities.

AccountBonus AmountExpiry DateRequirements
Fifth Third Momentum Checking$225June 30, 2023Open a new account with an offer code or online link before the expiry date; make direct deposits totaling $500 or more within 90 days.

Who It’s For: This promotion is for anyone who wants a simple and fee-free checking account that offers some perks like early access to direct deposits and overdraft protection.

When You’ll Receive Your Bonus: You will receive your bonus within 10 business days of completing the qualifying direct deposits.

#2 Fifth Third Preferred Checking – $225 Bonus

Fifth Third Preferred Checking is an interest-bearing checking account that comes with a dedicated customer service line, preferred rates on loans and savings products, waived fees on select services, and more. You can also enjoy all the benefits of the Fifth Third Momentum Checking account, such as Early Pay, Extra Time, Immediate Funds, free online and mobile banking, free bill pay, free access to over 40,000 partner ATMs, and more.

Fifth Third Bank Promotions & Offers

To earn the $225 bonus, you need to open a new Fifth Third Preferred Checking account by June 30, 2023, using the offer code or the online link. You also need to make direct deposits totaling $500 or more within 90 days of account opening. The bonus will be deposited into your account within 10 business days of completing the qualifying activities.

AccountBonus AmountExpiry DateRequirements
Fifth Third Preferred Checking$225June 30, 2023Open a new account with an offer code or online link before the expiry date; make direct deposits totaling $500 or more within 90 days.

Who It’s For: This promotion is for anyone wanting to earn interest on their checking balance and enjoy exclusive benefits and discounts from Fifth Third Bank.

When You’ll Receive Your Bonus: You will receive your bonus within 10 business days of completing the qualifying direct deposits.

Summary Of Fifth Third Bank Promotions And Offers

Now that you’ve seen all of the promotions one by one, here’s a table comparing them side-by-side.

AccountBonus AmountExpiry DateRequirements
Fifth Third Momentum Checking$225June 30, 2023Open a new account with offer code or online link; make direct deposits totaling $500 or more within 90 days
Fifth Third Preferred Checking$225June 30, 2023Open a new account with offer code or online link; make direct deposits totaling $500 or more within 90 days

My Recommendation

If you’re unsure which account to open, here’s how I suggest thinking about it:

Choose Fifth Third Momentum Checking if you want a simple and fee-free checking account that offers some perks like early access to direct deposits and overdraft protection.

Choose Fifth Third Preferred Checking if you want to earn interest on your checking balance and enjoy some exclusive benefits and discounts from Fifth Third Bank.

What Is Fifth Third Bank?

Fifth Third Bank is a regional bank that was founded in 1858 in Cincinnati, Ohio. It is the 15th largest bank in the U.S. by assets, with over $200 billion in assets and over 1,087 full-service banking centers, and 2,000 ATMs across 11 states. These states are Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina, and South Carolina.

Fifth Third Bank offers a range of banking products and services to individuals, businesses, and institutions. These include checking accounts, savings accounts, credit cards, loans, mortgages, investments, insurance, wealth management, and more. Fifth Third Bank also provides financial solutions for specific industries, such as healthcare, education, government, and energy.

Fifth Third Bank is regulated by the Federal Reserve System and the Office of the Comptroller of the Currency. It is a member of the FDIC and an Equal Housing Lender. Fifth Third Bank has an A+ rating from the Better Business Bureau and a 3.9 out of 5 rating from Trustpilot. It also has a strong commitment to environmental, social, and governance (ESG) practices and publishes an annual ESG report.

Benefits Of Banking With Fifth Third Bank

Fifth Third Bank Promotions & Offers

Here are some of the advantages of banking with Fifth Third Bank:

Feature 1: Early Pay

Early Pay is a feature that allows you to access your eligible direct deposits up to two days early with no fees. This can help you manage your cash flow better and avoid late fees or overdrafts. Eligible direct deposits may include payroll, pension, or government payments.

Feature 2: Extra Time

Extra Time is a feature that gives you more time to avoid overdraft fees by making a deposit or transfer to cover your negative balance by midnight ET on the same business day. This can help you save money and avoid stress.

Feature 3: Immediate Funds

Immediate Funds is a feature that lets you access your check deposits instantly for a fee. This can help you get cash fast when you need it most. The fee varies depending on the amount of the check and your account type.

Feature 4: Preferred Rates And Discounts

Preferred Rates and Discounts are features that give you better rates on loans and savings products and waived fees on select services when you have a Fifth Third Preferred Checking account. This can help you save money and grow your wealth faster.

(Mention some drawbacks here, if any) Some possible drawbacks of banking with Fifth Third Bank are:

  • The bank charges monthly service fees for some of its checking accounts unless you meet certain requirements to waive them.
  • The bank has limited branch and ATM coverage outside of its 11-state footprint.
  • The bank has received some negative reviews from customers who complained about poor customer service, hidden fees, or account issues.

How To Open A Fifth Third Bank Account

You can open a Fifth Third Bank account online or in person at a branch. To open an account online, you need to:

  1. Visit the Fifth Third Bank website and click on “Open an Account.”
  2. Choose the type of account you want to open and click on “Apply Now.”
  3. Enter your personal information, such as name, address, phone number, email address, date of birth, and Social Security number.
  4. Enter your offer code if you have one, or click on “Skip this step.”
  5. Confirm your identity by answering some security questions or uploading a photo ID.
  6. Review and agree to the account terms and conditions.
  7. Fund your account with a minimum deposit of $50 using a debit card or an external bank account.
  8. Receive your account confirmation and welcome kit by email.

To open an account in person at a branch, you need to:

  • Find a Fifth Third Bank branch near you using the branch locator tool on the website.
  • Bring your photo ID, Social Security number, offer code if you have one, and money for your initial deposit.
  • Speak to a banker who will help you fill out an application form and review the account terms and conditions.
  • Fund your account with a minimum deposit of $50 using cash or check.
  • Receive your account confirmation and welcome kit by email or mail.

How To Avoid Fees With Fifth Third Bank

You can avoid fees with Fifth Third Bank by following these tips:

  • Choose a checking account with no monthly service fee or meet the requirements to waive it. For example, the Fifth Third Momentum Checking account has no monthly service fee. The Fifth Third Preferred Checking account has a $25 monthly service fee that can be waived if you maintain a combined balance of $100,000 across your deposit accounts and investment accounts.
  • Avoid overdraft fees by keeping track of your balance and transactions. You can also enroll in Extra Time to get more time to cover your negative balance without fees. You can also opt out of overdraft protection services, such as Fifth Third Overdraft Coverage or Fifth Third Overdraft Protection.
  • Avoid ATM fees by using Fifth Third Bank ATMs or partner ATMs at 7-Eleven, Presto!, or Allpoint locations. You can also get up to 10 fee reimbursements per month if you have a Fifth Third Preferred Checking account and use non-Fifth Third Bank ATMs.
  • Avoid foreign transaction fees using a Fifth Third Bank credit card with no foreign transaction fees, such as the TRIO® Credit Card.

The Bottom Line

Unlike other financial institutions, such as US Bank, which focuses its bank promotions on business accounts, Fifth Third Bank offers a good promotion for personal checking accounts. The biggest benefit of these Fifth Third Bank promotions is that they’re quite easy to qualify for, requiring a total of only $500 in direct deposits within 90 days of account opening, something most people will find rather easy to pull off.

Since both accounts come with the same welcome bonus offer under the same conditions, the key to choosing between the Momentum and the Preferred checking accounts is whether or not you can meet the waiver requirements for the latter account. Since it’s an interest-bearing account, the Preferred Checking account is preferable to the Momentum Checking account as long as you can get the $25 monthly maintenance fee. To qualify for the fee waiver, your account must receive a combined total in deposits and investments of $100,000 at any time during the month.

Fifth Third Bank Promotions FAQs

Here are some frequently asked questions and answers about Fifth Third Bank promotions:

Are Fifth Third Bank signup bonuses taxable?

Yes, Fifth Third Bank signup bonuses are considered taxable income and may be reported to the IRS on Form 1099-INT. You are responsible for paying any taxes due on your bonus.

How To Contact Fifth Third Bank Customer Service

You can contact Fifth Third Bank customer service by phone (1-800-972-3030), email ([email protected]), chat, or physical mail to Fifth Third Bank, 5050 Kingsley Drive, Cincinnati, OH 45263. You can also find other mailing addresses for specific products and services on the Fifth Third Bank website.

Do Fifth Third Bank offers have expiration dates?

Yes, Fifth Third Bank offers have expiration dates and may change or end at any time without notice. You should check the offer page or the terms and conditions for the exact expiration date of each offer.

How long does it take to receive my signup bonus from Fifth Third Bank?

It may take up to 10 business days after completing the qualifying activities to receive your signup bonus from Fifth Third Bank. The bonus will be deposited into your new account and will appear on your statement as “Bonus”.

What are the terms and conditions of Fifth Third Bank promotions? How do I qualify?

The terms and conditions of Fifth Third Bank promotions may vary depending on the offer and the account type. You should read the offer page and the terms and conditions carefully before applying for an account. In general, you need to open a new eligible checking account with an offer code or an online link, make direct deposits totaling a certain amount within a certain period of time, and keep your account open and in good standing.

What is a “qualifying direct deposit”?

A qualifying direct deposit is an electronic deposit of your paycheck, pension, Social Security, or other regular monthly income into your checking account by your employer or an outside agency. Transfers from one account to another or deposits made at a branch or ATM do not qualify as direct deposits.

Can I open multiple accounts and receive multiple bonuses?

No, you can only receive one bonus per household per calendar year from Fifth Third Bank. You are also not eligible for a bonus if you have closed a Fifth Third checking account within the last 12 months.

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