How do I open an account at Fifth Third Bank?

Having a business relationship with a banking institution can provide you with a number of key benefits. In the United States you can find a large number of banks and financial institutions, both regional and national.

In this case, we are going to analyze the account requirements of Fifth Third Bank, a bank with a presence in 11 states, and we will tell you how to open a checking or savings account with this institution.

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We can say that 5/3 Bank is one of the most relevant regional entities in the United States. Headquartered in Cincinnati (OH) and a subsidiary of Fifth Third Bancorp, it has about 1,100 branches spread across 11 states in the country.

This institution's product offering is focused on personal and business banking. In addition to its call center and 24/7 chat service, it offers online banking and an ATM network with 40,000 ATMs.

Requirements to Open an Account at Fifth Third Bank

The process for opening an account at Fifth Third Bank or any other financial institution in the U.S. has become increasingly standardized. Thanks to competition and increased digitization, the paperwork of the past has become more streamlined.

In this sense, it is easy to meet the basic requirements:

• Residing in any of the states in which the bank has a presence.
• Be of legal age or be accompanied by a responsible adult if you are a minor.
• Have a valid identification document, such as a driver's license, passport or state ID.

This will be the information and documentation Fifth Third Bank will require to open an account:

• Personal information.
• Social Security Number.
• Information about your income and finances.
• Current government-issued identification.
• Scanned documents for review by the bank.

How do I open an account at Fifth Third Bank?

Let's say you want to open a checking account at Fifth Third Bank. If so, you can choose from three options, Momentum, Preferred and Express.

There are 3 methods to open an account:

• Call 1-800-972-3030.
• Use the website or the free mobile app.
• Schedule an appointment to visit an office.

The process in the app begins by pressing the 'Open account' button on the home screen. After you select the account of your choice and press 'Apply now', the process continues as follows:

• If you are already a customer, you enter your userID and password to continue. If you are not a customer, click on the 'Get started' box.
• You will then be prompted with the above requirements. To continue, click on "I'm ready". This will take you to a screen where you must enter your primary email address and zip code. Enter the data and click 'Continue'.
• The rest of the process consists of providing the information, verifying it, approving the terms, sending the documents, giving your consent and waiting for approval. The approval decision may be the same day or within a couple of business days.

Fifth Third Bank Account Opening Bonus

As usual with U.S. banks, you often get some kind of promotion on account opening. In this case, Fifth Third Bank is offering a $250 bonus if you apply for a checking account (Momentum or Preferred).

This offer expires June 30, 2023 and to be eligible for the bonus you must receive a direct deposit of $500 or more in the first 90 days. Once you meet the requirements, this financial institution will deposit the money within 10 business days.

To obtain this reward, you must be a resident of FL, GA, IL, IN, KY, MI, NC, OH, SC, TN or WV. Also, you can open the account on the promo page or provide your email address to receive a code that you can use at an agency of this bank.

Pros and cons of opening a 5/3 Bank account

When it comes to opening an account at Fifth Third Bank or another financial institution, it's important to know your pros and cons. The more objective information you have about a particular banking product, the better your choice will be.

Like other banks, Fifth Third has a good variety of accounts for your financial needs. If you're looking to save, consider the following:

Advantages of savings accounts

• You can set a savings goal and track your progress.
• No minimum deposit is required if you put money in within 45 days.

Disadvantages of savings accounts

• The APY is low compared to other banks, such as CIT Bank or Axos Bank, which offer very attractive returns.
• Some customers need to have a balance of $500+ to avoid the administrative fee.

As for checking accounts, keep this information in mind:

Advantages of 53 bank checking accounts.

• You have a highly rated app.
• You can receive direct deposit of your paycheck 2 days in advance.
• Options for students, military and people with disabilities.
• They don't charge you for insufficient funds or overdrafts.

Disadvantages of checking accounts

• Not all accounts can be processed online.
• The overdraft fee is more expensive than at other institutions.

You've seen how to open an account at Fifth Third Bank, do you need more reviews like this one? At Busconomico we continue to show you this process for the most relevant banks.

Español: ¿Cómo abrir una cuenta en el Fifth Third Bank?