Fifth Third Bank has decreased its checking account bonus offer from $350 to $200. Simply open an eligible checking account using the code on the Fifth Third Bank bonus offer page and complete qualifying activities. This offer expires on June 30, 2024.
To earn the $200 bonus, receive at least $500 of direct deposits into your new account within 90 days after opening. Your bonus will be deposited into the account within 10 business days after completing all requirements.
Only customers who open new Fifth Third Momentum Checking and Fifth Third Preferred Checking accounts are eligible for this offer. If you had a qualifying checking account closed in the last 13 months, you are not eligible. This offer, like Fifth Third’s other bonuses and promotions, is limited to one per person each calendar year.
According to Fifth Third Bank’s website, “a qualifying direct deposit is an automated clearing house (ACH) credit, which may include payroll, pension or government payments (such as Social Security).” Also, keep in mind that your bonus is considered income and will be reported to the IRS.
Fifth Third Bank has branches in only 11 states, including Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. If you live in one of these states, you can open an account online. If you live outside of these states, you’ll have to open an account in a branch location. If you choose to do this, though, remember that you won’t be near a branch at home.
Account Details
Neither Fifth Third Momentum Checking nor Fifth Third Preferred Checking requires a minimum deposit to open. Both accounts also have identity theft monitoring, check writing and online bill pay, and they include access to more than 40,000 fee-free partner ATMs.
Fifth Third Momentum Checking is a free checking account. Some of its key benefits include no minimum account balance, no hidden fees, cash advances and access to direct deposits up to two days prior to payday. The account also gives you access to Fifth Third Extra Time, which helps you avoid overdraft fees by giving you until midnight on the following business day to bring your account to at least $0.
Fifth Third Preferred Checking is an interest checking account. Currently, the interest rate offered is 0.01% for all balances, which is lower than the average rate offered on interest checking accounts, according to the FDIC, and far lower than the rates offered on the best high-yield savings accounts. This account includes no out-of-network ATM fees in the U.S. (limit 10 transactions per month), complimentary personal checks and exclusive rates on Fifth Third loans. Preferred Checking carries a $25 monthly fee, but Fifth Third will waive it if you have a combined balance of $100,000 between your deposit and investment accounts at any point during the month. If you are enrolled in Military or Membership Advantage, the monthly fee is $20.
Some fees to be aware of for both accounts include:
- $8 per cashier’s check
- $5 dormant account fee
- $3 non-Fifth Third Bank ATM fee (U.S. transactions)
- $5 non-Fifth Third Bank ATM fee (international transactions)
- $15 per return deposit item
- $2 per money order
- $33 stop payment fee (per item)
- $5 copy of check or statement
- $37 overdraft fee for each occurrence (no fee on individual items under $5)
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