Fifth Third bank is one of the largest banks in the Midwest. It is headquartered in Cincinnati, Ohio. This article is focused on reviewing their check and savings accounts. Fifth Third offers five different checking accounts and six savings accounts.
Of course they have the basics covered with their no monthly fee, non-interest earning, and no minimum balance account; which bank or credit union doesn’t have one of these? We wanted to take a look and see what sets Fifth Third apart from the rest of the banks. It does have checking that comes with an interest rate where you earn a return based on how much money you keep in your account. The more capital you have the higher return you receive. However these do have a fee (five to fifteen dollars a month) if you have less than two thousand dollars. As of this writing (February 25th 2009) you can receive a 0.05% to .7% interest rate depending on where you live.
A full list of Fifth Third’s checking accounts along with their fees and features.
They have eight different savings accounts available, each with it’s own yield and fees. Most of the fees are waived if you have more money in the account than the minimum balance required. The interest rates offered will differ by each Fifth Third affiliate, but most have the same rate in an area.
Overall I would say that Fifth Third bank is average where their checking and savings accounts are concerned. You could probably do better if you really looked; I personally don’t like the big banks because they are so impersonal and don’t seem to go the extra mile to keep their customers happy. Nevertheless, it seems like every bank has it’s flaws, either there are complaints on the Internet from disgruntled consumers over poor service, or they changed their terms of service and added new hidden fees. It’s hard to say which type of bank is the best, because where you sacrifice service for location and accessibility of atms and banks nationally, you also sacrifice high tech features such as online banking and bill pay, and possibly only a few bank locations in locally owned credit unions that aren’t national or state-wide chains.
Find a branch or ATM near you with their online locator.
March 25th 2010 Update
There was a security breach caused by another business that processes credit and debit transactions for retailers. If you receive a notice in the mail you should destroy your current debit card and wait for your new one to arrive in the mail. You should receive your new debit card within the week. You can read more about this from the Associated Press.
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