Fifth Third's Savings Account Lineup Does Not Include a High Yield Option

Fifth Third Bank does not currently offer a dedicated high yield savings account. The bank's standard savings products—including their basic savings account and money market accounts—carry interest rates that are substantially lower than what online banks and some credit unions pay on high yield savings accounts. If you bank with Fifth Third for checking or other services and want to earn more on savings, you would need to move that money to a different institution or explore Fifth Third's other rate-bearing products.

This matters because the difference in annual earnings can be significant. A high yield savings account at an online bank might pay 4% to 5% annual percentage yield (APY), while Fifth Third's savings account typically pays less than 0.5% APY. On $10,000, that gap means earning roughly $400 to $500 per year at a high yield account versus $50 or less at Fifth Third.

Key Takeaways

  • Fifth Third does not offer a high yield savings account; their standard savings rates are well below what online banks currently pay.
  • Fifth Third's money market accounts may pay slightly higher rates than savings accounts but still lag behind dedicated high yield products.
  • If you want high yield savings, you will need to open an account at a different bank—online banks, credit unions, and some regional banks offer these products.
  • You can keep your Fifth Third checking account and move only your savings to a higher-paying institution without closing your primary banking relationship.

What Fifth Third Savings Accounts Actually Pay

Fifth Third's standard savings account is designed for basic savings with minimal interest. The rate varies by branch and account type, but it typically falls between 0.01% and 0.35% APY depending on your balance and the specific account product. This rate is set by the bank and changes at its discretion; Fifth Third does not tie savings rates to federal interest rate movements the way some competitors do.

Fifth Third also offers a Money Market Account, which may pay a slightly higher rate than savings—sometimes in the 0.5% to 1% range—but this still falls far short of high yield savings accounts. Money market accounts often come with restrictions on how many withdrawals you can make per month, and they typically require a higher minimum balance to open.

Why Fifth Third Does Not Compete on Savings Rates

Large regional and national banks like Fifth Third typically do not offer high yield savings accounts because their business model relies on branch networks, in-person service, and customer relationships across multiple products. These costs are higher than online-only banks face. To remain profitable, they keep savings rates low and make money on the spread between what they pay depositors and what they charge borrowers.

Online banks, by contrast, have no physical branches and lower overhead, so they can pass higher rates to savers. Fifth Third's strength is in personal relationships, local lending, and bundled services—not in competing on deposit rates. If rate-earning savings is your priority, Fifth Third is not the right choice, regardless of whether you use them for checking.

Where to Find High Yield Savings Accounts

Online banks consistently offer the highest savings rates. Banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank typically pay 4% to 5% APY on high yield savings accounts with no monthly fees and no minimum balance requirements. These accounts are FDIC-insured up to $250,000, just like Fifth Third accounts.

Credit unions sometimes offer competitive rates on savings accounts, particularly if you are a member of a large credit union or one that specializes in high yield products. Some regional banks—especially those with limited branch networks—also offer high yield savings to compete with online banks. You can open an account at any of these institutions while keeping your Fifth Third checking account active.

How to Move Money Without Closing Your Fifth Third Account

You do not have to close your Fifth Third account to move savings elsewhere. Open a high yield savings account at your chosen bank, then transfer your Fifth Third savings balance to the new account using an external transfer. Most banks allow you to link accounts and move money electronically within one to three business days.

Keep your Fifth Third checking account if you use it for direct deposit, bill pay, or other services. Many people maintain accounts at multiple banks—a checking account at a traditional bank for convenience and a high yield savings account at an online bank for earning. This approach gives you the best of both.

What to Check Before Opening a High Yield Savings Account Elsewhere

When comparing high yield savings accounts, look at the current APY (not a promotional rate), whether the rate is may provide or variable, and what the bank's history is with rate changes. Some banks cut rates quickly when the Federal Reserve lowers rates; others hold rates longer. Read recent customer reviews about how the bank handled the last rate cut.

Confirm the account is FDIC-insured and that your full balance will be covered. Most high yield savings accounts have no monthly fees, no minimum balance, and unlimited deposits and withdrawals, but verify this before opening. Some banks offer slightly higher rates if you set up automatic transfers or maintain a linked checking account with them.

Frequently Asked Questions

Can I keep my Fifth Third checking account and move only my savings?

Yes. You can open a high yield savings account at another bank and transfer your Fifth Third savings there while keeping your Fifth Third checking account active. Many people do this to earn higher rates on savings while maintaining their primary banking relationship.

Is my money safe in a high yield savings account at an online bank?

Yes, as long as the bank is FDIC-insured. Online banks are regulated the same way as traditional banks, and your deposits are protected up to $250,000 per account. Check the bank's FDIC insurance status on the FDIC website before opening an account.

Will I lose my Fifth Third debit card or online banking if I move my savings?

No. Moving savings to another bank does not affect your Fifth Third checking account, debit card, or online banking access. Your checking account remains active and fully functional.

How long does it take to transfer money from Fifth Third to a high yield savings account?

Most electronic transfers between banks take one to three business days. Some banks offer faster transfers if you link accounts directly. Check with your new bank about their transfer timeline when you open the account.

What if Fifth Third raises its savings rate in the future?

Fifth Third may raise rates, but historically they lag behind online banks and do not match high yield rates even when the Federal Reserve raises rates. If you want to monitor this, check Fifth Third's website periodically, but do not expect their savings rates to become competitive with dedicated high yield products.