Fifth Third does not offer a dedicated high-yield savings account

Fifth Third Bank does not have a product specifically branded as a high-yield savings account. The bank offers a Regular Savings Account and a Money Market Account, but neither carries the interest rates you would find at online banks or credit unions that specialize in high-yield products.

As of now, Fifth Third's savings accounts earn interest rates well below what high-yield savings accounts typically pay. If your goal is to maximize interest on cash you are holding, a Fifth Third savings account will not be competitive. However, if you need a savings account tied to an existing Fifth Third checking relationship or want to keep all your banking in one place, the bank does offer basic savings options.

The difference matters because high-yield savings accounts at online banks often pay rates that are 10 to 20 times higher than traditional bank savings accounts. That gap compounds over time, especially if you are holding several thousand dollars or more.

Key Takeaways

  • Fifth Third offers a Regular Savings Account and Money Market Account, but neither is marketed as high-yield and both pay rates significantly lower than online high-yield alternatives.
  • Fifth Third's savings rates are typically in line with other large regional and national banks, not competitive with online-only banks that focus on high-yield products.
  • If you want high-yield rates, you will need to open an account at a different bank — either an online bank like Marcus, Ally, or American Express Personal Savings, or a credit union with high-yield offerings.
  • Fifth Third savings accounts make sense if you want to consolidate banking at one institution or need a savings product tied to a checking account you already use.

What Fifth Third's savings accounts actually offer

Fifth Third's Regular Savings Account requires a minimum opening deposit (typically $25 to $100, depending on the account type) and charges a monthly maintenance fee if your balance falls below a set threshold. Interest accrues monthly and is compounded daily, but the rate itself is low — often less than 0.01% APY, though this varies by branch and account tier.

The Money Market Account is Fifth Third's higher-tier savings product. It usually requires a larger minimum balance to open and to avoid monthly fees, and it offers a slightly higher interest rate in exchange. However, money market accounts at traditional banks still lag far behind high-yield savings accounts at online institutions.

Both accounts are FDIC-insured up to $250,000, which means your deposits are protected if the bank fails. Both allow you to make withdrawals, though federal rules once limited savings account withdrawals to six per month — that rule has been relaxed, but some banks still enforce limits or charge fees for excess withdrawals.

How Fifth Third's rates compare to high-yield alternatives

High-yield savings accounts at online banks and credit unions typically pay between 4% and 5% APY as of 2024, though rates change frequently and vary by institution. Fifth Third's savings accounts pay a fraction of that — usually under 0.10% APY. On $10,000 held for one year, the difference between 0.01% and 4.5% is roughly $450 in lost interest.

Fifth Third is not alone in offering low rates. Most large regional and national banks — Bank of America, Wells Fargo, Chase, US Bank — pay similarly low rates on savings accounts. Their business model relies on customers keeping money in low-yield accounts for convenience, not on competing for deposits through interest rates.

Online banks like Marcus (by Goldman Sachs), Ally Bank, American Express Personal Savings, and Wealthfront Cash Account have built their entire model around offering high-yield rates to attract deposits. They have lower overhead costs because they do not operate physical branches, so they can pass savings on to customers through higher interest rates.

When a Fifth Third savings account might still make sense

If you already have a Fifth Third checking account and want to keep your banking simple, opening a savings account at the same bank is convenient. You can transfer money between accounts instantly, see all your balances in one login, and manage everything through the same app or website.

If you are saving for a short-term goal and do not have a large sum, the difference in interest might be small enough that convenience outweighs the rate disadvantage. For example, if you are saving $500 for a vacation in three months, the interest difference between Fifth Third and a high-yield account is negligible.

Fifth Third's Money Market Account may also appeal to customers who want tiered interest rates — some money market accounts pay higher rates as your balance grows, which can be useful if you are building an emergency fund over time.

How to find a high-yield savings account if Fifth Third is not the right fit

If you want high-yield rates, start by comparing accounts at online banks. Most offer no monthly fees, no minimum balance requirements, and rates that update frequently to stay competitive. You can open an account online in minutes and fund it by linking your Fifth Third checking account.

Credit unions also offer high-yield savings accounts, sometimes at rates competitive with online banks. If you are a member of a credit union or may be able to access to join one, check what they offer before opening an account elsewhere.

When comparing, look at the APY (annual percentage yield), any monthly fees, minimum balance requirements, and withdrawal limits. Some high-yield accounts charge fees if you make more than a certain number of withdrawals per month, so read the fine print. Most online banks have no fees and no withdrawal limits.

Moving money from Fifth Third to a high-yield account

If you decide to move your savings to a high-yield account elsewhere, the process is straightforward. Most online banks allow you to link your Fifth Third checking account and transfer money electronically. ACH transfers typically take one to three business days.

You do not have to close your Fifth Third savings account to open one elsewhere. You can keep both open — use Fifth Third for everyday banking and the high-yield account for money you want to grow. Some people use this strategy to separate spending money from savings.

If you do decide to close your Fifth Third savings account, make sure you have transferred any remaining balance first. Fifth Third will not charge you to close the account, but they will not transfer the balance for you.

Frequently Asked Questions

Does Fifth Third offer any account that pays competitive interest rates?

No. Fifth Third's savings and money market accounts pay rates well below what high-yield accounts offer. If earning interest is your priority, you will need to bank elsewhere.

Can I open a high-yield savings account and keep my Fifth Third checking account?

Yes. You can have accounts at multiple banks. Many people keep a checking account at a traditional bank for everyday use and a high-yield savings account at an online bank for money they want to save.

What is the minimum balance to open a Fifth Third savings account?

Fifth Third typically requires $25 to $100 to open a savings account, depending on the account type and your location. Money market accounts usually require a higher minimum, often $2,500 or more. Check with your local Fifth Third branch for exact requirements.

How long does it take to transfer money from Fifth Third to another bank?

ACH transfers from Fifth Third to another bank usually take one to three business days. Wire transfers are faster but may carry a fee. Check with Fifth Third about their transfer options and any associated costs.

Will I lose FDIC protection if I move my money to an online bank?

No. Online banks are FDIC-insured just like traditional banks. Your deposits are protected up to $250,000 per account type at each bank. If you have accounts at multiple banks, each account is insured separately.