How to Claim Your Fifth Third Bank Checking Account Bonus: 2022 Guide

Established in 1858, Fifth Third Bank has evolved into one of America’s most significant regional financial institutions, ranking as the 15th largest bank by total assets. With approximately $512 billion in assets, the bank maintains a substantial presence across 11 states through over 1,100 banking centers and a network of 2,000 ATMs. To attract new customers and fuel its expansion, Fifth Third Bank currently offers a $250 welcome reward for opening select checking accounts—money that can be yours by meeting specific requirements.

What Are the Current Fifth Third Bank Account Bonuses?

Fifth Third Bank presents two primary checking options with promotional incentives:

Fifth Third Momentum Checking stands as the bank’s core offering—a no-monthly-fee checking account that requires zero minimum balance. Members enjoy unlimited check writing privileges and access to more than 50,000 partner ATMs through 7-Eleven, Presto! and the Allpoint network.

Fifth Third Preferred Checking functions as an interest-bearing alternative with dedicated premium support, though it carries a waivable monthly service charge that can be eliminated by maintaining $100,000 or more across combined deposit and investment accounts.

How Do You Qualify for the Fifth Third Bank Bonus?

The pathway to earning your welcome bonus follows a straightforward process:

Account Opening Requirements: Establish your account online through Fifth Third Bank’s dedicated offer page, or request a promotional code via email that you can present when opening an account at a physical branch location.

Direct Deposit Qualification: Fifth Third Bank defines qualifying direct deposits as ACH (Automated Clearing House) transfers crediting your account. This includes payroll deposits, pension payments, and government benefits such as Social Security distributions.

Timeline: After your final eligible direct deposit processes, you’ll receive your bonus within 10 business days. To participate in this offer, you must open your Fifth Third checking account by December 31, 2022.

Key Eligibility Considerations

New Customer Status: This bonus applies exclusively to new checking customers—those without an existing Fifth Third checking account and who haven’t closed one within the past 12 months. Fifth Third Bank also reserves the right to limit account-opening incentives to one per calendar year per customer.

Geographic Limitations: Fifth Third Bank operates within an 11-state footprint encompassing Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia. Online account opening requires residence within this service territory, though in-branch applications are available for out-of-state applicants who cannot access local branches.

Tax Implications: The welcome bonus may be classified as taxable interest income and could appear on your IRS Form 1099-INT. Consulting a tax professional before opening your account is advisable to understand your specific tax situation.

Previous Fifth Third Bank Bonus Offers

The bank has offered increasingly generous incentives historically. A former promotion provided $700 in total bonuses to checking customers who received at least $1,000 in direct deposits within 60 days and grew their account balance to $15,000 within 45 days (which had to be maintained for an additional 90 days)—this offer expired November 30, 2021.

Direct mail campaigns have also been employed; in 2019, Fifth Third Bank promoted $550 bonuses for customers opening new accounts, reaching $20,000 within 45 days and sustaining that balance for 90 days.

For business checking accounts, Fifth Third Bank previously offered a $200 bonus, demonstrating the bank’s varied promotional strategies across account types.

What About Referral Bonuses and Investment Accounts?

Referral Programs: Fifth Third Bank has not maintained a historical practice of offering referral bonuses for customers introducing friends and family to the institution.

Investment Accounts: While Fifth Third Bank provides comprehensive investment products—IRAs, individual stocks, bonds, mutual funds, annuities, and exchange-traded funds—transferring investment balances to the bank can help satisfy the balance requirements to waive Preferred Checking fees. Currently, the bank does not offer separate bonuses for opening investment accounts.

Why Choose a Credit Union Checking Account Bonus Alternative?

While Fifth Third Bank offers competitive welcome incentives for traditional banking, credit union checking account bonuses represent an alternative worth considering. Credit unions typically feature lower fees, personalized service, and member-focused policies—though bonus offers may vary by institution and membership eligibility requirements.

Bottom Line

Fifth Third Bank’s $250 welcome bonus for new checking customers represents a straightforward opportunity to earn reward money by meeting basic direct deposit requirements. The bank’s extensive ATM network, fee-free checking options, and regional presence make it an accessible choice for customers within its service area. Whether you prioritize bonus rewards, fee structures, or specific banking features will determine whether Fifth Third’s current offer aligns with your financial needs.