Fifth Third Bank has come out with some new CD specials. There are two changes from Fifth Third’s CD promotions from last fall. For most of Fifth Third’s market area, the bank is offering a 1.75% APY 5-year CD. For the Florida market, this long-term CD promotion is a 2.00% APY 6-year CD. The other CD promotions are the same as last fall with a 1.50% APY 4-year CD, 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 2/28/2014.
- 2.00% APY 6-year CD (Florida market only)
- 1.75% APY 5-year CD (outside Florida)
- 1.50% APY 4-year CD
- 1.25% APY 38-month CD
- 1.00% APY 28-month CD
It’s important to note that 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.
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.
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 $123 billion in assets. It has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 7.11% (excellent) based on September 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 Rates Compare
Of course, these Fifth Third CD rates are low compared to what PenFed is offering. Nevertheless, it’s nice to see a 2% CD at a large bank. For those who prefer brick-and-mortar banks, this is probably a better rate than you can get at your other local banks or credit unions (just be aware of the large early withdrawal penalty).
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates table of DepositAccounts.com.