Monday, 1 March 2021

Fifth Third Bank Reviews: Checking, Savings, CD and Money Market Accounts

Fifth Third Bank Reviews: Checking, Savings, CD and Money Market Accounts
04 Oct
6:08

While Fifth Third Bank offers many different lengths for their standard CDs, the interest rates are disappointingly low compared with the competition. The interest rate is almost non-existent on CDs that last less than a year and don’t get much better as you lock into longer maturities. While there is a small rate bump for larger deposits over $25,000, it’s not large enough to justify adding so much money.

For CDs that last less than 90 days, the minimum deposit is $5,000. For all CDs that last longer than 90 days, the minimum deposit is $500.

If you need to take out part of your CD principal early, Fifth Third Bank will charge a penalty. The penalty amount depends on the length of the CD term.

  • Between seven days to 365 days the penalty is 1% of the amount taken out.
  • 365 days up to 36 months: the penalty is 2% of the amount taken out.
  • More than 36 months: the penalty is 3% of the amount taken out.

However, the penalty will not exceed the amount of interest earned by your CD so you will at least get your original deposit back. The only exception is if you take money out within six days of opening the CD. Then, Fifth Third Bank will charge a minimum penalty equal to seven days of interest.

All of Fifth Third Bank’s CDs can be set up through a 529 plan to save money tax-free for future education expenses.

To open a Fifth Third Bank Standard CD, you should visit a Fifth Third Bank branch or contact them by phone. They do not provide the option to open CDs online.

Source: https://www.magnifymoney.com/blog/reviews/fifth-third-bank/

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