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Since Fifth Third Bank’s founding in 1858, the Cincinnati-based bank has grown into a significant regional player, becoming the 15th largest bank in the U.S. by assets. The bank holds roughly $512 billion in assets and operates over 1,100 full-service banking centers and 2,000 ATMs across 11 states.
To accelerate its growth, Fifth Third Bank offers incentives for new customers. The bank is currently offering a $325 cash bonus for $500 or more in Direct Deposits within 90 days when opening a new personal checking account.
How Can You Earn a Fifth Third Bank Checking Account Bonus?
Fifth Third Bank has offered various bonus and promotion offers over time, and some are easier to qualify for than others. They all typically require you to:
- Open a new account using the relevant link or promo code
- Receive direct deposits totaling a minimum amount or maintain a minimum balance during the first 90 days after account opening
Here are the current Fifth Third Bank promotions for new personal checking account customers. Offer details are accurate as of March 1, 2024.
Fifth Third Bank Bonuses and Promotions 2024
Fifth Third Momentum® Checking/Fifth Third Preferred Checking®: Earn $325
Fifth Third Momentum Checking is the bank’s flagship checking account with no monthly service fee. The account requires no minimum balance, offers unlimited check writing and grants access to more than 50,000 fee-free partner ATMs at 7-Eleven, Presto! and through the Allpoint network. Fifth Third Preferred Checking is an interest-bearing checking account with a dedicated customer service line that charges a waivable $25 monthly service fee.
- What is the offer? Receive a $325 bonus when you open an eligible Fifth Third checking account and receive a total of $500 or more in direct deposits within 90 days of opening the account. To qualify for the bonus offer, you must open an account online through the Fifth Third Bank offer page or provide your email address to receive a promo code, which you can bring when opening an account at a branch.
- What is considered a direct deposit? According to Fifth Third Bank, a direct deposit is a credit to your account made via the Automated Clearing House (ACH) system. Eligible direct deposits may include payroll, pension and government payments like Social Security benefits.
- When do you receive your bonus? You will receive your new account bonus within 10 business days of completing your final qualifying direct deposit.
- Is there a time limit on the offer? To qualify for this offer, you must open your Fifth Third checking account by March 31, 2024.
- Can you avoid the monthly service fee? Fifth Third Momentum Checking carries no monthly service fee. The $25 monthly service fee for the Preferred Checking account can be waived with a combined total balance of $100,000 or more across your deposit and investment accounts.
Fifth Third Business Checking Account, Fifth Third Business Premium Checking Account or Fifth Third Business Elite Checking Account: Earn $500 (Expired)
The Fifth Third Business Checking Account is the bank’s basic business account, which allows up to $5,000 in cash deposits and 100 transactions per month with no recurring service fee or minimum balance requirement. The Fifth Third Business Premium Checking Account adds money management services and fraud management tools and requires a monthly service fee of $25, but the bank provides ways to avoid it. The Fifth Third Business Elite Checking Account includes all features from the lower tiers plus ACH initiation, fraud protection, relationship interest and more. The Elite account does require a $50 monthly service fee, but it can be waived by meeting certain criteria.
- What is the offer? Receive $500 when you open an eligible business checking account and make $5,000 in deposits within 10 days of opening the account. You must also maintain a minimum balance of $5,000 for 90 days to earn the bonus. To receive this bonus, you must provide Fifth Third Bank with your email address to get a promo code. Take your promo code to a physical branch, and a banker will help you choose the right account.
- When do you receive your bonus? Your bonus will be deposited into your account within 10 days after all qualifying activities have been completed.
- Is there a time limit on the offer? Yes. To qualify for this offer, you must have opened a Fifth Third business checking account by September 8, 2023.
- Can you avoid the monthly service fee? Yes. You can avoid the $25 monthly service fee for the Fifth Third Business Premium Checking Account by:
- Having a combined monthly average balance of $25,000 or more across your Fifth Third business checking, savings and CD accounts
- Having a Fifth Third business loan or line of credit
- Enrolling in merchant services and spending at least $500 monthly with Fifth Third business credit cards
You can avoid the $50 monthly service fee for the Fifth Third Business Elite Checking Account by:
- Having a combined monthly average balance of $50,000 or more across your business checking, savings and CD accounts
- Having a Fifth Third business loan or line of credit
- Spending at least $500 per month with Fifth Third business credit cards and using either Fifth Third Direct or Fifth Third’s Electronic Deposit Manager
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What Else Should You Know About Fifth Third Bank Bonus Offers?
Your Bonus May Be Taxable
According to Fifth Third Bank, your welcome bonus may be considered taxable as interest income and may be reported on IRS Form 1099-INT. The bank advises that you consult your tax advisor.
Fifth Third Welcome Bonuses Are for New Customers Only
A Fifth Third Bank bonus is only available to new checking customers. The bank considers you a new customer if you don’t have an existing checking account and haven’t closed a checking account with the bank during the last 12 months. Additionally, Fifth Third Bank reserves the right to limit new account-related gift incentives to one per calendar year.
Fifth Third Bank Is a Regional Bank
Fifth Third Bank operates in an 11-state footprint: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. To open an account online, you must reside within the bank’s service area. Fifth Third Bank does allow you to open an account in-branch if you live in another state, you won’t have access to a branch near your home.
Fifth Third Bank $700 Bonus
Fifth Third Bank previously offered a total of $700 in bonuses for opening a checking account. This bonus required new account holders to receive at least $1,000 in direct deposits within 60 days and increase their balance to $15,000 within 45 days of account opening, at which point that balance had to be maintained for another 90 days. This offer expired on 11/30/2021. Other previous Fifth Third Bank bonus offers include a Fifth Third Bank $200 bonus for opening a business checking account.
Fifth Third Bank $550 Bonus by Mail
In addition to online welcome bonus offers, Fifth Third Bank occasionally sends out Fifth Third Bank promotions by direct mail. In 2019, the bank offered customers $550 for opening a new checking account, reaching a balance of $20,000 within 45 days and maintaining the balance for 90 days. This offer expired in 2019.
How Do You Get a Fifth Third Bank Referral Bonus?
Fifth Third Bank has not historically offered a bonus for customers looking to refer friends and family to the bank.
How Do You Use the Fifth Third Bank Invest Bonus?
Fifth Third Bank offers a number of investment products including IRAs, stocks and bonds, mutual funds, annuities and exchange-traded funds. If you choose to move your investment accounts to Fifth Third Bank, your investment balances can help you avoid the Fifth Third Preferred Checking account $25 monthly fee. However, Fifth Third does not currently offer a bonus for opening an investment account.
