Dedicated to Deposits: Deals, Data, and Discussion

Fifth Third Bank’s 4-Year CD Rate Special in Several States

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Fifth Third Bank (OH)

We’re now seeing some large banks raising their long-term CD rates. The latest is Fifth Third Bank which is offering a special 4-year CD with a 1.50% APY. You can get a higher 4-year CD rate at a few internet banks and credit unions, but this 1.50% APY is competitive especially for large banks. There are also shorter-term CD specials: a 1.25% APY 38-month CD and a 1.00% APY 28-month CD. Minimum deposit is $5,000, and a new or existing checking account is required. These rates are listed in Fifth Third’s CD promotional page. The offer is scheduled to end on 10/31/2013.

The early withdrawal penalty for CD terms of one year or longer is “1/2 stated interest for the remaining term or 6 months interest, whichever is greater.” That can be a large penalty if the CD is closed early into the term.

Availability

A branch visit is required to open these CDs. On the promotional page, there’s a coupon that needs to be printed and provided to your nearby Fifth Third branch. You can also show it using your mobile device.

Bank Overview

Fifth Third Bank has over 1,300 full-service locations in the following eastern and midwestern states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee and West Virginia.

Fifth Third is a large regional bank with $121 billion in assets. It has an overall health score at DepositAccounts.com of A+ with a Texas ratio of 7.88% (excellent) based on June 2013 data. Please refer to our financial overview of Fifth Third Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 6672).

How This CD Rate Compares

This special isn’t quite as nice as the CD special that BBVA Compass recently launched (2% APY for 5-years). BBVA Compass is another large regional bank. As I mentioned, you can get higher 4-year CD rates at some internet banks and credit unions. For example, both Melrose Credit Union and Andrews Federal Credit Union offer 4-year CD with a 1.71% APY. The internet bank MidFirst Direct has a 4-year CD with a 1.75% APY, but this isn’t available in all states. iGObanking.com, which is nationwide, has a 4-year CD with a 1.65% APY.

These rates are accurate as of 9/18/2013.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates table of DepositAccounts.com.

  Tags: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee, West Virginia, Fifth Third Bank (OH), CD rates

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Comments
Comment #1 by Thomas (anonymous) posted on
Thomas
The hefty withdrawal charges of the CDs makes people think twice before getting into it. But then, that’s the price you pay for averting risk and the ‘peace of mind’. Thanks for the information in the post.

3