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Updated: Mar 20, 2024

Fifth Third Bank Business Savings Account 2024 Review

Our review of the Fifth Third Business Savings Account covers the interest rates, fees, transaction limits, and ways to access funds.
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Opening a savings account isn’t difficult. That said, finding the best fit can seem challenging. Almost every bank that offers business accounts has at least one savings account option.

Ideally, you’re looking for an account that pays high interest rates and charges minimal fees.

To help your search, we’ve reviewed the Fifth Third Bank Business Savings account. Here’s the information you should understand before opening this account for your company.

Our Verdict

The Fifth Third Bank Business Savings account may be a good fit for current Fifth Third Bank customers. This allows these customers to keep all of their accounts at the same bank. 

Businesses with other priorities will likely be much better off choosing a bank that offers a higher ongoing interest rate. Online business savings accounts are normally a solid option if you prioritize a high interest rate and low fees.

Fifth Third Bank Business Savings Account Pros & Cons

  • Great access to branches and ATMs
  • FDIC-insured up to the applicable limits
  • Low interest rates
  • High balance required to waive the monthly service fee
  • Withdrawal fees apply after the 3rd per month

Compare Best Business Bank Accounts Available Now

Find the best business accounts to manage your business funds better and improve your bottom line:

Compared to Other Business Savings Accounts

Fifth Third Business Relationship Savings

The Fifth Third Business Relationship Savings account offers a tiered interest rate. It may also offer a relationship interest rate if you have a qualifying business checking account. You may also qualify for an attractive introductory rate. To obtain this rate, you must bring enough new money to the bank. The ongoing tiered interest rate is not impressive. The account doesn’t have a monthly service charge and gives you check-writing privileges.

Fifth Third Business Money Market Account

Fifth Third Business Money Market account comes with a $10 monthly service charge. This charge can be waived with an average monthly collected balance of $10,000 or more. 

This account also has check-writing privileges and an unimpressive tiered interest rate structure.

Chase Business Total Savings

The Chase Business Total Savings account charges a $10 monthly service fee that can be waived by meeting certain requirements. It offers up to 15 free monthly deposits and $5,000 in free cash deposits per statement period, but has a very low interest rate. While it may be suitable for existing Chase Business Checking customers due to better tools and branch access, other businesses may want to explore accounts with higher interest rates elsewhere.

Read the full review of the Chase Business Total Savings account.

PNC Premium Business Money Market Account

The PNC Premium Business Money Market account charges a $12 monthly fee that can be waived with a $2,500 minimum balance. It offers 30 free monthly deposits, $5,000 in free cash deposits, and access to PNC's branch/ATM network, but pays extremely low interest rates across all balance tiers.

Read the full review of the PNC Premium Business Money Market Account.

Monthly Service Charge

You must pay a $5 monthly service charge with the Fifth Third Bank Business Savings account. This fee can be waived if you maintain a $10,000 average monthly collected balance.

Monthly Deposit Limits

You can submit up to 20 deposit items each month without incurring any fees. Each additional deposit results in a $0.50 per item overage charge.

While your business might not exceed these limits regularly, we've found that many other business savings accounts don't have monthly deposit limits.

Cash Deposit Limits

Fifth Third Bank does not offer any free monthly cash deposits with savings accounts. Instead, you pay $0.003 per $1.00 of cash deposited in the account.

Interest Rates

Fifth Third Bank offers a tiered interest rate structure. It’s based on the balance you keep in your business savings account. 

The rates are so low this isn’t a feature worth considering for the account. Other brick-and-mortar banks may pay higher rates. Good online business savings accounts will offer much higher rates.

Other Account Fees

Banks often charge many fees for their business checking accounts. Some business savings accounts are relatively fee-free, while others are burdened with a long list of fees. Here are some of the fees to be aware of with a Fifth Third Bank Business Savings account.

Other Service Fees - Fifth Third Bank Business Savings Account

Type Fee
Excess withdrawal fee $1.15 per item overage for withdrawals 4 through 6, $11.25 per item for withdrawals above 6
Paper statement fee $3.00 per month unless the average daily collected balance is greater than or equal to $3,000
Out-of-network ATM fee $3.00 for U.S. ATMs or $5.00 for international ATMs
Incoming structured wire transfer $15.50 per transfer
Online outgoing domestic wire transfer $25.00 per transfer
Online outgoing international wire transfer $45.00 per transfer

Account Management and Access

All of Fifth Third Bank’s business savings accounts offer FDIC insurance up to program limits. This insurance offers protection for your money in case the bank fails. 

This insurance is separate for any business and personal accounts you may have at the same bank as long as your business isn’t a sole proprietorship.

Fifth Third Bank provides online and mobile banking access for savings accounts.

How to Open

You must find a banker or schedule an appointment to start the process of opening a Fifth Third Bank Business Savings account. The bank does not list what information is needed to open an account. 

You should contact a banker and discuss the exact documentation required to avoid multiple visits to a local branch. That said, banks usually require the following types of information to apply for a business savings account:

  • Social Security number
  • Business’s taxpayer identification number or employer identification number
  • Contact information
  • Proof of identity, such as a government-issued photo identification card
  • Information about business start date, state of incorporation, etc
  • Business formation documents and registration documents
  • Doing business as certificate
  • Information about all significant business owners and authorized signers

How to Choose the Right Business Savings Account

The right business savings account will likely be different for each company due to differing needs. Understanding your business’s top priorities can help you eliminate several accounts that won’t be a good fit.

To help identify your business’s needs, here are many concepts businesses often consider important on some level.

Interest rate

The interest rate determines how much your money earns while sitting in a savings account. For this reason, it’s often one of the top considerations when shopping for a business savings account.

FDIC or NCUA insurance coverage

Businesses should verify any bank account they choose comes with FDIC or NCUA insurance coverage. If the bank fails, your money is protected up to the amount the insurance covers.

Companies with funds that exceed insurance limits should consider the financial stability of a bank.

Monthly maintenance fees

Banks normally charge monthly maintenance fees for the majority of their accounts. You should look for an account that doesn’t have one of these fees, which is rare, or one that has a maintenance fee waiver you can easily accommodate.

Minimum balance requirements

Banks will usually waive a monthly maintenance fee if you keep a minimum balance in the account. Each bank calculates its minimum in different ways and the amount likely differs, as well.

Transaction limits and excess transaction fees

Transaction limits are normal with withdrawals on savings accounts. However, some banks also have deposit limits. If you exceed either of these limits, you’ll likely have to pay an excess transaction fee.

Cash deposit limits and excess cash deposit fees

Accounts may come with free cash deposit limits. If they do, you’ll have to pay a fee per $100 of excess cash you deposit above that limit.

Physical bank locations and hours

Look for a bank with convenient branches that are near your business or home. You may also want to consider the bank’s operating hours. Online banks don’t have branches, so this isn’t a factor if you’re considering a digital institution.

Other products

New companies often look for one bank to meet all of their needs. Sometimes, established companies change banks. If your business is shopping for a suite of banking products, other accounts may take priority. 

In these cases, a business loan or checking account may take priority over the interest rate of a savings account. You must evaluate whether a less-than-ideal savings account is worth the simplicity of having all of your bank accounts at one bank.