A health savings account (HSA) is one of the few accounts that offers a triple tax advantage, so the provider you pick genuinely matters. If your employer or your search led you to the Fifth Third Bank health savings account, it helps to know exactly what you are getting. Fees, interest, and investing rules can quietly shape how much your money grows.
This review lays out the Fifth Third HSA structure as of July 2026, including its enrollment charges, monthly costs, and investment threshold. We will be balanced, covering where it shines and where it may fall short for your needs.
Key Facts at a Glance
| Detail | Fifth Third Bank HSA |
|---|---|
| Minimum to open | $0 |
| Enrollment charge | $5 online self-enrollment, $10 employer, $20 paper |
| Cash account | Earns interest; rate published on the bank rate sheet |
| Investment threshold | Invest once your balance reaches $2,000 |
| Investment cost | About 20 basis points annually, roughly $2 per month for mutual fund accounts |
| Tax treatment | Triple tax advantage under HSA rules |
What the Fifth Third HSA Offers
At its core, this is a bank-held HSA with a cash side that earns interest and an investment side for longer-term growth. You can open it with no minimum deposit, which lowers the barrier to getting started.
The triple tax advantage
Like all qualified HSAs, contributions can be tax-advantaged, growth is not taxed, and withdrawals for eligible medical expenses are tax-free. That combination is why many savers treat an HSA as both a health fund and a long-term savings tool. You must be enrolled in a qualifying high-deductible health plan to contribute.
Because an HSA is dedicated to medical costs, it helps to keep everyday spending elsewhere. An app-first account like Current has no monthly fee and advertises up to 4.00% APY with a qualifying $200 direct deposit, so your day-to-day cash stays separate from your health fund.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Fees and Charges to Know
Here is where the details matter. As of July 2026, Fifth Third charges a one-time enrollment fee that depends on how you sign up: $5 for online self-enrollment, $10 for employer enrollment, and $20 for a paper application.
Monthly and investment costs
The account documents reference a monthly service charge, and investment accounts holding mutual funds add a fee of roughly $2 per month, or about 20 basis points annually. These costs are modest individually, but they can add up over years, so weigh them against the interest and growth you expect. Always request the current rate sheet before enrolling, since fees and rates can change.
Interest and Growth Potential
The HSA cash account earns interest, though Fifth Third publishes the current annual percentage yield on its rate sheet rather than advertising a single fixed number. Because HSA cash rates at traditional banks are often modest, the cash side is best viewed as a safe holding spot rather than a growth engine.
Where real growth can happen
Once your balance reaches $2,000, you can invest the excess in low-cost mutual funds. Over a long horizon, investing the portion you do not need for near-term medical costs is where an HSA can build meaningful value. Investing carries market risk, so balances can rise or fall.
Investment Options and the $2,000 Threshold
The $2,000 threshold is a common design for bank HSAs. You keep a base amount in cash to cover expected medical bills, then invest anything above the line. The mutual fund lineup is meant to be low cost, with the roughly 20-basis-point annual fee noted earlier.
If you want a wider menu of investments or lower fees, it is worth comparing dedicated HSA investment platforms. The right choice depends on how much you plan to invest and how hands-on you want to be.
How It Compares and Complements
Fifth Third is a reasonable option if you already bank there or your employer offers it, thanks to the low opening minimum and a clear path to investing. That said, some savers prefer to keep everyday money management separate and lean on digital tools.
For day-to-day banking and spending, app-first options like Current Banking and Chime offer simple, low-fee accounts, though they are not HSAs themselves.
Chime
Chime
- Fee-free banking plus early pay access (up to 2 days early with direct deposit)¹ - Overdraft up to $200 without fees for eligible members¹ - 5% cash back on category of choice (with qualifying direct deposit)¹ - 3.75% APY on your savings¹
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
To see your HSA contributions alongside the rest of your budget, a tracking tool such as Monarch Money can help you monitor cash flow in one place. Use these to organize your overall finances while the HSA handles the tax-advantaged health savings.
Pros and Cons
The pros include a $0 opening minimum, an interest-earning cash account, a triple tax advantage, and a straightforward path to low-cost investing at $2,000. Existing Fifth Third customers get the convenience of one banking relationship.
The cons include enrollment charges that vary by sign-up method, a monthly service charge, and cash interest that may trail dedicated HSA providers. Investors seeking a broad fund menu or the lowest possible fees may find better fits elsewhere.
Frequently Asked Questions
How much does it cost to open a Fifth Third HSA?
There is no minimum deposit required to open the account. As of July 2026, Fifth Third charges a one-time enrollment fee of $5 for online self-enrollment, $10 for employer enrollment, or $20 for a paper application. Check the current rate sheet for any monthly service charge before you enroll.
When can I start investing my HSA funds?
You can invest once your account balance reaches $2,000, at which point you can move the excess into low-cost mutual funds. The investment account carries a fee of about 20 basis points annually, or roughly $2 per month. Investing involves market risk, so your balance can go up or down.
Does the Fifth Third HSA earn interest?
Yes, the HSA cash account earns interest, but Fifth Third publishes the current annual percentage yield on its rate sheet rather than a single advertised rate. Cash rates at traditional banks are often modest, so the cash side is best used for near-term medical expenses. Request the latest rate sheet for exact figures.
Do I need a specific health plan to use an HSA?
Yes, to contribute to any HSA, including this one, you must be enrolled in a qualifying high-deductible health plan and meet IRS eligibility rules. If you lose that coverage, you can still spend existing funds but generally cannot make new contributions. Confirm your eligibility before contributing.
Your Next Steps
Start by requesting Fifth Third's current rate sheet and fee schedule so you can compare the cash interest and monthly charges against other HSA providers. Estimate how much you will keep in cash versus invest above the $2,000 threshold.
Then line up your broader money management, using tools like Current Banking, Chime, or Monarch Money for everyday tracking while the HSA handles tax-advantaged health savings. This review is general information, not individualized tax or financial advice, so confirm current terms and consult a professional about your situation.
