Fifth Third Bank Promotions & Bonuses Of November 2022 – Forbes Advisor

Fifth Third Bank Promotions & Bonuses Of November 2022 – Forbes Advisor

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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 currently has a $250 welcome bonus you can earn by completing certain qualifying activities when opening either of two checking accounts.

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 Oct. 28, 2022.

Fifth Third Bank Bonuses and Promotions 2022

Fifth Third Momentum® Banking/Fifth Third Preferred Checking®: Earn $250

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 $250 bonus when you open an eligible Fifth Third checking account and receive a total of $1,000 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 Dec. 31, 2022.
  • 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.

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.

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