Yes, you can open a Fifth Third savings account entirely online
Fifth Third Bank lets you open a savings account through their website or mobile app without visiting a branch. The process takes about 10 to 15 minutes and requires a valid government ID, Social Security number, and an initial deposit method. You'll have access to your account immediately after approval, though it can take one to two business days for your initial deposit to clear.
The bank offers several savings account types online, each with different features and minimum balance requirements. Your choice depends on how much you plan to deposit, whether you want to earn interest, and what access you need to your money.
Key Takeaways
- Fifth Third's online account opening process requires a valid ID, Social Security number, and an initial deposit, and takes 10 to 15 minutes to complete.
- You can fund your new account using a debit card, bank transfer, or wire transfer, though some methods take longer to clear than others.
- Fifth Third offers multiple savings account types online, including basic savings and money market accounts, each with different interest rates and minimum balances.
- Your account becomes active immediately after approval, but you cannot withdraw funds until your initial deposit has cleared, which typically takes one to two business days.
What you need before you start
Gather these items before you begin the online application: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and a funding method. Fifth Third accepts debit cards, bank account transfers, and wire transfers to fund your new account.
You'll also need a current email address and phone number. Fifth Third uses these to verify your identity and send account confirmations. If you're opening an account as a minor, a parent or guardian must complete the application with their own ID and Social Security number.
Steps to open your account online
Start at Fifth Third's website or download their mobile app. Look for the "Open an Account" or "New Customer" button on the homepage. Select "Savings Account" from the account type menu, then choose which savings product fits your needs—basic savings, money market, or another option currently offered.
Enter your personal information: full name, date of birth, address, phone number, and email. Fifth Third will ask for your Social Security number to verify your identity and check banking history. Review the account terms and fee schedule before proceeding. Then select your funding method and enter the amount you want to deposit initially.
Fifth Third will send a verification code to your email or phone. Enter this code to confirm your identity. Once you do, your account opens immediately and you'll receive a confirmation number. Your debit card will arrive by mail within 7 to 10 business days.
How long deposits take to clear
The timing depends on how you fund your account. A debit card deposit usually clears within one business day. A transfer from another bank account (ACH transfer) typically takes one to three business days. A wire transfer clears the same day if sent before 2 p.m. ET on a business day.
Your account is active immediately, but you cannot withdraw money until your deposit clears. Fifth Third will show your deposit as "pending" until the funds arrive. Once cleared, the money is yours to use.
Savings account types available online
Fifth Third's basic savings account has no monthly fee and no minimum balance requirement to open. Interest rates vary based on your balance tier—higher balances earn higher rates. This account works well if you want a simple place to store money without restrictions.
Fifth Third also offers money market accounts online, which typically require a higher minimum balance but pay higher interest rates. Some accounts have tiered rates that increase as your balance grows. Check Fifth Third's current rates and terms on their website, as these change regularly and vary by account type.
What happens after your account opens
You can log into your account immediately using your email and a password you create during signup. You'll see your account number, routing number, and available balance. You can set up direct deposit, transfer money between accounts, and manage your account through online banking or the mobile app.
Your debit card arrives by mail within 7 to 10 business days. Once it arrives, you can activate it through the app or website and use it at ATMs and stores. Fifth Third has over 1,100 ATMs nationwide, plus access to surcharge-free ATMs through the Allpoint network.
Fees and things that cost money
Fifth Third's basic savings account has no monthly maintenance fee. However, some accounts charge fees for specific actions: excessive withdrawals (if you exceed a certain number per month), overdrafts, or wire transfers. Money market accounts may have higher minimum balance requirements, and falling below that minimum can trigger a fee.
Check the fee schedule for the specific account type you choose. Fifth Third publishes this information on their website before you open the account. Interest rates are not may provide and change based on market conditions and your balance.
Frequently Asked Questions
Can I open a Fifth Third savings account if I don't have a Social Security number?
Fifth Third requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you may be able to open an account, but contact Fifth Third directly to confirm, as requirements vary by location.
What if my online application is denied?
Fifth Third may deny an application based on banking history, identity verification issues, or ChexSystems records. If denied, contact Fifth Third's customer service to ask why. You can sometimes resolve the issue by providing additional documentation or visiting a branch in person.
Can I open multiple savings accounts at Fifth Third online?
Yes, you can open more than one savings account. This works well if you want to separate money for different goals. Each account has its own number and can earn interest independently.
Do I need to visit a branch to open a savings account?
No. Fifth Third's online process is complete—you do not need to go to a branch. However, if your online application is denied or you have questions, visiting a branch may help resolve the issue.
How do I access my account after it opens?
Log into Fifth Third's website or mobile app using your email address and password. You'll see your account balance, transaction history, and options to transfer money, set up direct deposit, or manage account settings.