Fifth Third Bank Review

For many, working with a reliable bank is more than a necessity, it’s crucial if you want to purchase items or get a good mortgage rate. Fifth Third Bank is a worthwhile bank for many users, mainly because it offers a wide range of customizable packages that any user can modify according to his needs and expectations.

Fifth Third Bank is a branch bank that was created back in 1865 in Cincinnati and it has more than 1350 branches throughout 12 different states. It’s one of those banks that were created with the main purpose of serving the clients with the best products, and that’s one of the main reasons why it has resisted so long throughout the years.

Savings Accounts and fees

Fifth Third Bank comes with a top savings account which as an APU of around 0.02% which is way below the national average of 0.13%. This makes it one of the accounts that bring you a great investment rate and an unbeatable deal.

In regards to the monthly fee, you have to pay $5 each month, which is pretty much the same as the average rate of $4.87, although a little bit higher. If you keep track of the balance and make sure that the minimum requirement is met, you can easily avoid the fee as a whole, so keep that mind if you want to lower the expenses when you work with this bank.

There is a minimum balance requirement of $500 and that’s relatively high if you compare it to other banks, so you need to be certain that you fulfill this requirement beforehand.

Fifth Third Bank Checking accounts

The checking accounts at Fifth Third Bank are quite nice since they don’t come with any APY, unless you go for the Enhanced account name that offers 0.03% APY. The monthly fees differ based on the account you choose, which can either be Essential, Established or Enhanced, but all of them are around $1.75 or more above the national average. If you want to avoid this cost, you need to have a minimum balance of at least $1500 if you want to avoid this cost as it’s indeed a necessity. They also have an ATM fee of $2 which is usually a normal one for most banks.

CD rates

The CD rates for Fifth Third Bank differ based on the time period. For 6 months it’s around 0.05%, 1 year gives 0.15% and 5 years goes up to 0.65%. The important thing to note here is that the 1-year option has a very low average yield when compared to the national one, which means that other institutions might be able to bring you a better return.

Wiring fees

Fifth Third Bank wiring fees are pretty much in line with what you can find on the market, around $15, however the wire fee of $30 is higher than what you can see in the case of other banks, where the standard is $25.

Credit cards

Fifth Third Bank comes with no less than 8 different credit cards, each one having its own set of fees, minimum line and payment fees. The Preferred credit card offers the most benefits and rewards, however it does come with an annual fee of $79 which makes it a little over the budget for some users.

The Secured option has a fee that’s three times lower but at the same time it does come with numerous limitations such as a minimum credit line of $300, a penalty rate of around 30% as well as large late fees.

Other credit cards that they offer include the one for business, Business Rewards, Cash Rewards, Homeowner Plus, Platinum and Real Life Rewards. Each one of these comes with a specific set of benefits and rewards, but in the end it comes down to you to actually find the one that suits your needs the most.

Customer satisfaction for these credits cards issued by the Fifth Third Bank varies, but overall users give it around 3,5 stars out of 5, which means that there are definitely some places where things can be improved.

While there’s room for improvement, Fifth Third Bank did receive close to 1900 complaints from customers starting with 2011 and up until now, all of which were sent to the Consumer Finance Protection Bureau. While the number of complains diminished greatly in the past few years, some of the problematic categories still remain, and this includes credit score reporting, fees, loan repayment, privacy, account management, communication and customer support.

According to JD Power, which is a powerful media and marketing research company, Fifth Third Bank has a satisfaction rating of 3.47 out of 5. It’s a great rating but it can be improved exponentially as long as the right tools are used in this regard.

Pros and cons

Fifth Third Bank is one of the banks that offers a great operational factor but at the same time it’s critiqued for some of the services it offers.

On the bright side, they bring you a very good experience when it comes to borrowing money from them or using credit cards, but at the same time it’s designed to provide numerous options and it also brings you an immense, extraordinary experience.

The downsides however come from the fact that purchases take quite a while until they show up in the accounts, and this can bring a misleading information. The bank is also known to have an unnecessary debt collection practice, but maybe the worst part here is that the customer service is considered by many as being sub par, despite the numerous benefits provided here.

With many credit card types and an immense set of features, Fifth Third Bank is a wonderful choice for those that are a reliable bank. Sure, like most older banks it does have its own set of downsides, but there’s a reason why this bank is more than 150 years old, so you should totally work with them, no matter if you choose to create a debit card, credit card or just want to borrow money from them.

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