Park $5,000 in a Fifth Third Bank savings account for a full year and you will earn about 50 cents in interest. That is not a typo. As of July 2026, the Fifth Third Momentum Savings account pays 0.01% APY, one of the lowest rates on the market.
That does not automatically make it a bad account for everyone. If you bank at a Fifth Third branch and just want a place to separate your emergency cash, it can work. But if growing your savings matters, you should see the full picture first.
What Is the Fifth Third Bank Savings Account?
Fifth Third's main personal savings product is the Fifth Third Momentum Savings account. Fifth Third Bank is a large regional bank headquartered in Cincinnati, with branches concentrated across roughly a dozen states in the Midwest and Southeast. Deposits are FDIC insured up to $250,000 per depositor, per ownership category.
The account is built as a companion to Fifth Third's checking accounts. It includes goal-setting tools in the app and easy transfers between your Fifth Third accounts.
Key Facts at a Glance
| Feature | Details (as of July 2026) |
|---|---|
| Account name | Fifth Third Momentum Savings |
| APY | 0.01% on all balances |
| Monthly fee | $5 |
| Fee waivers | $500+ average monthly balance, any eligible Fifth Third checking account, account owner under 18, or Fifth Third Military Banking enrollment |
| Minimum opening deposit | None listed |
| FDIC insured | Yes |
Fifth Third Bank Savings Account Interest Rates
As of July 2026, Momentum Savings pays 0.01% APY on every balance tier. There are no jumps for larger balances.
Here is what that means in dollars. On a $5,000 balance, 0.01% APY earns roughly $0.50 per year. On $20,000, about $2. For comparison, online high-yield savings accounts were paying around 3% to 4% APY in mid-2026, which would earn $150 to $200 per year on that same $5,000. Rates are variable everywhere, but the gap between 0.01% and 3%+ is not a rounding error.
The $5 Monthly Fee and How to Waive It
Momentum Savings charges a $5 monthly service fee, but Fifth Third waives it if any of these apply:
- You keep an average monthly balance of $500 or more.
- You also have an eligible Fifth Third checking account (Express Banking does not count).
- The account owner is under 18.
- You are enrolled in Fifth Third Military Banking.
Most customers pair the savings account with a Fifth Third checking account, which makes the fee a non-issue. But if you open it as a standalone account with a small balance, that $5 fee would wipe out decades' worth of interest every single month.
What the Account Does Well
The honest positives: branch and ATM access across its footprint, FDIC insurance, no minimum to open, and simple same-bank transfers if your checking is already at Fifth Third. The app includes savings goal features, and instant transfers between your own Fifth Third accounts make it a workable overdraft buffer.
For people who value walking into a branch and handling everything in person, that convenience is real.
Where It Falls Short
The rate is the obvious problem. At 0.01% APY, your money loses purchasing power to inflation every year it sits there. The account is also only useful if you live inside Fifth Third's regional footprint or are comfortable banking fully online with a branch-first bank.
A common pattern with big traditional banks is that low savings rates quietly subsidize the branch network. You are paying for convenience with forgone interest.
Higher-Yield Alternatives to Compare
Before settling for 0.01%, look at what app-based and online accounts pay as of July 2026.
Chime offers a high-yield savings account with up to 3.75% APY for members on its Chime Prime tier with a qualifying direct deposit (0.75% APY standard). There are no monthly fees and no minimum balance.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
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
Current pays up to a 4.00% bonus rate on Savings Pods, on balances up to $6,000 total, when you maintain a qualifying direct deposit of $200 or more per month. Online banks like Ally were paying around 3.00% APY on savings with no monthly fees.
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
On a $5,000 balance, Chime's top tier would earn roughly $187 a year versus Fifth Third's $0.50. Current's boosted rate would earn about $200 a year on a maxed-out $5,000 in pods. Rates are variable and terms apply, but the order-of-magnitude difference holds.
Is a Fifth Third Bank Savings Account Worth It?
It depends on what the account is for. As a small buffer attached to a Fifth Third checking account, it is fine: no fee (with a waiver), instant transfers, branch access. As a place to actually grow savings, it is hard to recommend at 0.01% APY.
A practical middle path many people use: keep a modest buffer at Fifth Third for overdraft protection and move the rest of your savings to a high-yield account. Your emergency fund does not care which app it lives in, but the interest difference can add up to hundreds of dollars a year.
Frequently Asked Questions
What is the interest rate on a Fifth Third savings account?
As of July 2026, the Fifth Third Momentum Savings account pays 0.01% APY on all balances. The rate is variable and can change, so confirm the current figure on Fifth Third's site before opening.
Does Fifth Third charge a monthly fee for savings?
Yes, a $5 monthly service fee applies to Momentum Savings. It is waived if you keep a $500+ average monthly balance, have an eligible Fifth Third checking account, are under 18, or are enrolled in Fifth Third Military Banking.
Is Fifth Third Bank FDIC insured?
Yes. Fifth Third Bank is an FDIC member, so deposits are insured up to $250,000 per depositor, per ownership category. Savings deposits at insured banks carry the same federal protection regardless of the interest rate they pay.
Should I use a high-yield savings account instead?
If your goal is growth, a high-yield account paying 3% to 4% APY will typically earn hundreds of dollars more per year on a mid-size balance than 0.01% APY. Many savers keep a small buffer at their branch bank and hold the bulk of savings in a high-yield account. Terms and rates vary, so compare current offers first.
