Fifth Third Bank Extends $300 Checking Bonus

Ohio-based Fifth Third Bank has extended its $300 checking bonus through March 31, 2022. I wrote about this bonus in October and DA reader, enduser, posted a cautionary comment:

I would like to add that 5/3 has a history of withdrawing the offer way before its expiration date. I suspect that once the reach a certain bonus payout target threshold, they instantly withdraw the offer. They usually take down the offer page preventing further signups.

As stated in the Notices and Disclosures on the landing page,

To qualify for the $300 checking bonus, provide the offer code, open a Fifth Third Momentum® Checking, or Preferred Checking account by 3/31/2022 and make direct deposits totaling $500 or more within 60 days of account opening.

The Fifth Third Momentum® Checking account is a non-interest bearing account that is also fee-free with no minimum balance requirement.

The Preferred Checking account earns 0.01% APY on all balances. The $25 monthly service fee can be avoided if “your deposit and investment accounts reach a combined total balance of $100,000 at any time during the month.”

The Disclosure also states that,

A qualifying Direct Deposit is an Automated Clearing House (ACH) credit, which may include payroll, pension or government payments (such as Social Security),

but a September 22, 2021, Forum post by DA reader, enduser, tells a different story.

This is the fastest bonus I have ever earned. ACH push from Ally to 53 triggered the bonus.
13 Sep, Opened checking account online, only required a DL info.
15 Sep, Ally one day $505.00 ACH push arrived at 53.
16 Sep, Congratulations! You've Earned Your $300.00 Cash Bonus. Thank You For Banking With Fifth Third.

While no other transactions are required, there are a few limitations:

• The new checking account must be open and in good standing to received the bonus, which will be deposited in the new checking account within ten business days of completing the requirements as listed above.
• Current Fifth Third checking customers or those who have closed a Fifth Third Checking account within the last twelve months are not eligible for the $300 bonus.
• Each customer is limited to one new account-related bonus per calendar year.
• The checking account must be funded within 45 days of account opening and there is no minimum deposit requirement.

There’s no mention of how long the new checking account must remain open. According to CSR, the account must be open to receive the bonus (obviously), but beyond that, the account does not have to remain open.

Availability

Headquartered in Cincinnati, Fifth Third Bank is currently the third largest bank in Ohio, with assets in excess of $206 billion.

This $300 bonus is available to residents of Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and West Virginia, with eligibility determined by Zip Code.

Applying for the Fifth Third $300 checking account bonus can be done online or in person at any of more than 1,100 full-service branches, located in Florida (154), Georgia (31), Illinois (163), Indiana (107), Kentucky (79), Michigan (181), Missouri (14), North Carolina (71), Ohio (287), Pennsylvania (9), South Carolina (1), Tennessee (10), and West Virginia (5).

An offer code is necessary when applying, whether done online or in-branch. If applying online, the offer code will be automatically applied when clicking on “Open an Account;” if opening in-branch, you can request an offer code be emailed by clicking on “Get My Code.” The offer code email also contains a link to schedule an appointment to apply for the $300 bonus.

Schedule an appointment – Set up a time to stop by any Fifth Third banking center. Then, bring this email to your appointment.

Banks Overview

Fifth Third Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.43% (excellent) based on September 30, 2021 data. In the past year, Fifth Third Bank has increased its total non-brokered deposits by $13.51 billion, an excellent annual growth rate of 8.64%. Please refer to our financial overview of Fifth Third Bank (FDIC Certificate # 6672) for more details.

Established in 1865 as The Miami Citizens National Bank & Trust Company, Fifth Third Bank is currently the third largest bank headquartered in Ohio. In its 157-year history, Fifth Third bank has had five name changes, acquired 13 banks in four states, and expanded its footprint into 11 different states. With assets in excess of $206 billion and more than 6.5 million customer accounts, Fifth Third Bank is also the 14^th largest bank in the country.

Bottom Line

The Fifth Third $300 bonus is quite attractive because of the possible ACH push being used for the direct deposit requirement and relatively short amount of time the account must stay open. There are no liquid accounts or CDs that currently return $300 on a small deposit in a month or two. Earning $300 in an online savings account (current top rate of 0.65% APY) would require about $46k on deposit for a year. Checking bonuses have more appeal when interest rates are low, because they offer a significant return in short amount of time not available in either a liquid account or short-term CD.

The above information and rates are accurate as of 1/6/2022.

If you don’t qualify for the Fifth Third bonus, take a look at our list of the best savings and checking account bonus offers to find a bonus that’s right for you.