Fifth Third Bank: Checking, Savings, and CD Rates Review

Shawn Plummer

CEO, The Annuity Expert

Fifth Third Bank provides money-saving products including competitive CD rates, checking accounts, and savings accounts. In this guide, we’ll compare Fifth Third Bank’s interest rates to CD, checking, and savings account rates from the top banks in the USA.

Let’s take a look!

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?

TermInsurance CompanyInterest Rate
24 MonthsOceanview Annuity2.85%
36 MonthsCanvas Annuity3.80%
48 MonthsOceanview Annuity3.35%
60 MonthsAthene Annuity3.85%
72 MonthsOceanview4.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.

About Fifth Third Bank

Fifth Third Bank is a regional bank headquartered in Cincinnati, Ohio. The bank has more than 1200 branches across several states, including Indiana, Michigan, Illinois, Florida, and Kentucky. Fifth Third Bank also has a strong online presence, with an easy-to-use mobile app and online banking platform.

The bank was founded in 1858 and has been serving customers for over 160 years. In that time, Fifth Third Bank has become a trusted financial institution for both individuals and businesses. The bank offers a wide range of products and services, including checking and savings accounts, loans, credit cards, and investment options.

Fifth Third Bank is known for its customer service and its commitment to the communities it serves. The bank has received several awards and recognition, including being named one of the World’s Most Ethical Companies by the Ethisphere Institute.

If you’re looking to open a new bank account, Fifth Third Bank is a great option. The process is simple and can be done online or in-person at a branch. You’ll just need to provide some personal information and deposit money into your account to get started.

Once you have an account, you can access your funds in a number of ways. You can use your Fifth Third Bank debit card to make purchases or withdraw cash from ATMs. You can also transfer money between your Fifth Third Bank account and other financial institutions. Or, if you prefer, you can manage your account entirely online or through the mobile app.

Whether you’re looking for a new bank or trying to find the best way to manage your finances, Fifth Third Bank is a great option. With its wide range of products and services, commitment to customer service, and history of serving the community, Fifth Third Bank is a bank you can trust.

5/3 Bank Checking Account Rates

Fifth Third offers a variety of checking account options to meet your needs. Whether you’re looking for a basic account with no monthly fee or an account that earns interest, Fifth Third has you covered.

TypeTermAPY
Non-Relationship RateNone0.01%
Relationship RateNone0.02%
*APY=Annual Percentage Yield.

Fifth Third Bank Savings Account Rates

5/3rd Bank also offers a variety of savings account options to help you reach your financial goals. Whether you’re saving for a rainy day or planning for retirement, Fifth Third has an account that’s right for you.

TypeTermAPY
Non-Relationship RateNone0.01%
Relationship RateNone0.02%
*APY=Annual Percentage Yield.

Fifth Third Bank CD Rates

5th 3rd Bank also offers certificates of deposit for customers looking to invest their money. A certificate of deposit is a type of savings account where you agree to leave your money deposited for a set period of time. In exchange, the bank agrees to pay you interest on your deposit.

To open a certificate of deposit with Fifth Third Bank, visit their website or any branch location. You’ll need to provide some personal information and deposit money into your account to get started.

TermMinimum DepositAPY
3 Month$5,000.000.01%
6 Month$5,000.000.01%
12 Months$5,000.000.01%
18 Months$5,000.000.01%
24 Months$5,000.000.01%
36 Months$5,000.000.01%
60 Months$5,000.000.01%
72 Months$5,000.000.01%
*APY=Annual Percentage Yield.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2-YEAR TERM: 2.85%
  • 3-YEAR TERM: 3.80%
  • 4-YEAR TERM: 3.70%
  • 5-YEAR TERM: 3.85%
  • 6-YEAR TERM: 4.30%
  • 7-YEAR TERM: 4.10%
  • Grow your money as fast as possible
  • Principal protection
  • The interest rate is locked for the term you select
  • Tax-deferred growth
  • Withdraw annually without penalty
  • Lump-sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and a CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Triple CompoundingYesNo
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

The Best CD Rates Today

3 Month CD Rates

Best 3-Month CD RatesRateTermMinimum
Spectrum Federal Credit Union0.50% APY3 Months$500.00
Navy Federal Credit Union0.40% APY3 Months$1,000.00
Chevron Federal Credit Union0.50% APY3 Months$500.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU0.80% APY6 Months$500.00
Edward Jones 0.75% APY6 Months$1,000.00
Charles Schwab0.80% APY6 Months$1,000.00

1 Year CD Rates

Best 12 Month CD RatesRateTermMinimum
CommunityWide FCU0.90% APY12 Months$1,000.00
Edward Jones1.20% APY12 Months$1,000.00
Charles Schwab1.40% APY12 Months$1,000.00

2 Year CD Rates

Best 2-Year CD RatesRateTermMinimum
Amarillo National Bank1.75% APY24 Months$1,000.00
Edward Jones2.20% APY24 Months$1,000.00
Oceanview Fixed Annuity2.85% APY24 Months$80,000.00

3 Year CD Rates

Best 3-Year CD RatesRateTermMinimum
Edward Jones 2.55% APY36 Months$1,000.00
Canvas Annuity3.80% APY36 Months$2,500.00

4 Year CD Rates

Best 4-Year CD RatesRateTermMinimum
Edward Jones2.60% APY48 Months$1,000.00
Guggenheim3.05% APY48 Months$5,000.00

5 Year CD Rates

Best 5-Year CD RatesRateTermMinimum
Edward Jones2.30% APY60 Months$1,000.00
Canvas Annuity3.80% APY60 Months$2,500.00

The Best Fixed Annuity Rates Today

CompanyTermRateWithdrawals
Oceanview2 Years2.85%10% Annually
Canvas3 Years3.35%10% Annually
Oceanview4 Years3.35%10% Annually
Canvas5 Years3.35%10% Annually
Oceanview6 Years3.65%10% Annually
Canvas7 Years3.35%10% Annually

Key Takeaway – Retirement Income Planning

Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.

Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.

Learn the differences and benefits between Fixed Annuities and Certificate of Deposits (CD).

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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