Fifth Third does offer high yield savings accounts, but the rate and features depend on which account you choose
Fifth Third Bank offers several savings products, and some carry higher interest rates than their standard savings account. The bank's Fifth Third eSpeed Savings account and certain money market accounts pay rates above their base savings offering. However, the actual rate you receive depends on your account type, your balance, and current market conditions — rates change regularly and vary by region.
Fifth Third is a regional bank operating primarily in the Midwest and Southeast, so availability and rates may differ from what you see advertised nationally. Before opening an account, check the current rates on Fifth Third's website or visit a branch, because published rates can shift without notice.
Key Takeaways
- Fifth Third's eSpeed Savings account and money market accounts pay higher rates than standard savings, though the exact rate depends on your balance tier and current market conditions.
- Fifth Third rates are typically lower than online-only banks because Fifth Third operates physical branches and charges monthly maintenance fees on some accounts.
- You can avoid monthly fees by maintaining a minimum balance or setting up direct deposit, depending on the account type.
- Fifth Third's savings accounts are FDIC-insured up to $250,000, the same protection as any other bank.
How Fifth Third's high yield accounts compare to their standard savings
Fifth Third's standard savings account pays a base rate that is typically much lower than their higher-yield options. The eSpeed Savings account and money market accounts are designed to pay more, but the difference between them and standard savings has narrowed in recent years as overall interest rates have changed.
The trade-off is usually in the account structure. Some high-yield options have higher minimum balance requirements, monthly fees if you fall below that minimum, or limits on how many withdrawals you can make per month. Read the account terms carefully before opening, because what looks like a higher rate can be offset by fees.
What Fifth Third's rates actually are right now
Fifth Third does not publish a single national rate for savings accounts. Instead, rates vary by region and by the specific account product. The eSpeed Savings account, for example, may pay one rate in Ohio and a different rate in Florida.
To find the current rate for your location, visit Fifth Third's website, call a local branch, or visit in person. Rates change frequently — sometimes weekly — so a rate you see today may be different next week. If you are comparing Fifth Third to other banks, get quotes from all of them on the same day to make a fair comparison.
Monthly fees and how to avoid them
Fifth Third charges a monthly maintenance fee on some savings accounts, typically $5 to $10 per month. You can usually waive this fee by maintaining a minimum balance (often $500 to $1,000, depending on the account) or by setting up direct deposit of your paycheck.
A high interest rate means nothing if you are paying $60 a year in fees. Before opening an account, confirm what the fee is, what the minimum balance requirement is, and whether direct deposit waives the fee. Some accounts have no monthly fee at all, so ask about those options too.
How Fifth Third's rates stack up against online banks
Fifth Third's high-yield savings rates are typically lower than what you will find at online-only banks like Marcus, Ally, or American Express Personal Savings. Online banks have lower overhead costs because they do not operate physical branches, so they can pass those savings to customers in the form of higher rates.
If your primary reason for opening a savings account is to earn the highest possible interest rate, an online bank will usually beat Fifth Third. However, if you value the ability to walk into a branch, speak to a person, or manage your money in person, Fifth Third's slightly lower rate may be worth the convenience.
FDIC insurance and safety
Fifth Third Bank is FDIC-insured, which means deposits up to $250,000 per account holder per bank are protected if the bank fails. This protection applies to all Fifth Third savings accounts, whether they are high-yield or standard.
If you have more than $250,000 to save, you can open multiple accounts in different ownership categories (for example, one in your name alone and one in joint ownership with your spouse) to increase your coverage. FDIC insurance does not protect you against fraud or unauthorized withdrawals, but it does protect your money from bank failure.
How to open a Fifth Third high yield savings account
You can open a Fifth Third savings account online, by phone, or in person at a branch. Online applications typically take 10 to 15 minutes and require your Social Security number, address, and identification. You will need to fund the account with an initial deposit, which can come from another bank account via transfer or from a check.
If you open in person at a branch, bring a government-issued ID and be prepared to provide your Social Security number. The process is usually faster in person because a banker can answer questions about fees and rates specific to your situation and your location.
Frequently Asked Questions
Can I move money between my Fifth Third checking and savings account easily?
Yes. If you have both accounts at Fifth Third, you can transfer money between them online, through the mobile app, at an ATM, or at a branch. Transfers typically post within one business day. There are no fees for moving money between your own accounts.
What happens if my balance drops below the minimum?
If your account has a minimum balance requirement and you fall below it, Fifth Third will charge the monthly maintenance fee. Some accounts waive the fee if you bring your balance back above the minimum by the end of the statement period, but this varies by account type. Check your account terms to be sure.
Are there limits on how many times I can withdraw from a high yield savings account?
Federal rules no longer cap savings account withdrawals, so Fifth Third does not restrict how often you can withdraw. However, some accounts may have other limits, such as a cap on the number of transfers you can make per month. Review your specific account's terms before opening.
How do I know if Fifth Third's rate is competitive right now?
Compare Fifth Third's current rate to rates at three or four other banks — both regional banks and online banks — on the same day. Websites like Bankrate and DepositAccounts list current rates across many banks, though you should always verify the rate directly with the bank before opening an account.
Can I open a Fifth Third savings account if I do not live in their service area?
Fifth Third operates primarily in the Midwest and Southeast. If you live outside their service area, you may not be able to open an account online. Contact Fifth Third directly to ask whether they offer accounts in your state, or consider an online bank that operates nationwide.