This promotion is not available in all states. It's only available in states where Fifth Third has branches. Enter your zip code in the CD promotion page to see if these are available in your area. Also, the rates vary by state. I've confirmed the 5.30% APY for Florida, North Carolina, Tennessee and Georgia. The 60-month CD yield is only 5% APY for Pennsylvania, Illinois, Ohio and Kentucky. The shorter-term rates are also a little lower.
The early withdrawal penalty for CDs with terms of one year and longer equals half of stated interest for remaining term or 6 months interest, whichever is greater. This is a little more severe than just a 6-month interest penalty. If interest rates shoot up early into the term, and you want to take advantage of the higher interest rates, this penalty could be costly.
Fifth Third Bank has branches in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee and West Virginia.
The bank is FDIC insured under three different charters (FDIC Certificate # 32712, FDIC Certificate # 6672 and FDIC Certificate # 993). Each of these charters are separately rated by BauerFinancial. Two have a 3.5 star rating (good) and one has a 4 star rating (excellent) based on 3/31/08 data.
Fifth Third is the 19th largest bank in the US by assets. It's another regional bank that has been hit hard by the housing slump. It reported larger than expected loss for the second quarter (see article).
As I recommend with any bank, make sure you stay below the FDIC limits. Please refer to my FDIC post for more details.