Fifth Third Bank CD Rates for August 2024
Written by
Mary Green
Edited by
Susan Kim
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Fifth Third Bank offers its customers a wide range of accounts, including checking, savings and certificates of deposit. While many of the bank’s CDs offer lower APYs, some promotional CD accounts offer a much higher yield. With the current Fifth Third Bank CD rates, is opening an account a good idea? Keep reading to find out.
What Are the Fifth Third Bank CD Rates?
Fifth Third Bank offers several different short-term CD options, with the shortest being just seven days. The bank also offers a range of mid- and long-term options, extending to a seven-year term.
Interest rates vary depending on the ZIP code of the branch where you open your account. The rates listed below are based on an Ohio ZIP code. Here are the current Fifth Third CD rates.
| CD Type | APY |
|---|---|
| Promotional 6-Month CD | |
| Promotional 12-Month CD | |
| Promotional 24-Month CD | |
| All Standard CDs |
Customers who open a Fifth Third Bank CD account will have FDIC protection for up to $250,000. If Fifth Third Bank ever collapses, the Federal Deposit Insurance Corp. will reimburse customers up to the legal limit.
Early Withdrawal Penalties
What if you need your funds before the term is up? If you withdraw money from your Fifth Third CD before it matures, a penalty will be applied. The amount of the penalty depends on your CD’s term.
- For CDs with terms under one year, the fee is 1% of the sum that you withdraw.
- For terms of one to three years, the fee is 2% of the withdrawal.
- For terms of more than three years, the fee rises to 3% of the withdrawal.
How Does Fifth Third Bank Stack Up Against the Competition?
Fifth Third Bank’s standard CD rates are significantly lower than the rates offered by most other banks. However, its promotional CD rates are well above national average rates.
According to the FDIC, the national average rates for CDs are currently as follows:
| Term Length | Average Rate |
|---|---|
| 1 Month | 0.23% |
| 3 Months | 1.53% |
| 6 Months | 1.81% |
| 12 Months | 1.85% |
Are Fifth Third Bank CDs Right for You?
All of Fifth Third Bank’s standard CDs have an APY of just , regardless of term length or investment level. Fifth Third Bank does offer promotional CDs for customers with $5,000 or more to deposit. Those CDs come with much higher APYs. For example, the six-month CD offers an APY of .
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However, even those rates aren’t as high as those offered by some online banks and credit unions. Bread Savings, for example, offers a one-year CD with an APY of .
If you’re looking for a low-risk way to increase your savings over time, Fifth Third Bank CDs may not be your best choice. There are other options like high-yield savings accounts or CDs at other financial institutions that offer higher rates for customers.
Final Take
Fifth Third Bank’s CD rates are competitive if you can take advantage of the bank’s promotional offers. However, even those rates aren’t as high as some of the best rates available at other institutions or at online banks. If you’re looking for a way to grow your savings, there may be better options for you.
FAQ
Here are the answers to some of the most frequently asked questions about CDs and banking with Fifth Third.- What bank is paying 5% on CDs?
- You can find CD rates around 5% at the following banks:
- Bread Savings
- First Internet Bank
- Quontic Bank
- You can find CD rates around 5% at the following banks:
- Can you get 6% on a CD account?
- Financial Partners Credit Union offers an eight-month certificate with a 6.50% APY for new members. You'll have to meet membership criteria before opening an account.
- Who is paying the highest CD rates right now?
- Some of the highest CD rates can be found at Bread Savings, First Internet Bank, EverBank and Quontic Bank. Keep in mind that rates change all the time and can vary widely based on the CD term.
- Is Fifth Third FDIC insured?
- Fifth Third Bank is FDIC insured. If you open a CD or other account at Fifth Third, you will be reimbursed by the FDIC up to the legal limit in the event that the bank fails.
- Does Fifth Third offer other kinds of accounts?
- Fifth Third offers checking and savings accounts, credit cards, and business and commercial banking products and services in addition to its range of CDs.
- Where is Fifth Third Bank located?
- Fifth Third Bank has 1,087 full-service branches spread across 11 states. Its locations are in the following states:
- Ohio
- Florida
- Georgien
- Illinois
- Indiana
- Kentucky
- Michigan
- North Carolina
- South Carolina
- Tennessee
- West Virginia
- Fifth Third Bank has 1,087 full-service branches spread across 11 states. Its locations are in the following states:
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 30, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- FDIC. 2024. "National Rates and Rate Caps."
