Fifth Third Bank's Free Checking Options: Current Incentives and Account Features in 2022

Fifth Third Bank, established in 1858 and headquartered in Cincinnati, has evolved into one of America’s largest regional financial institutions, ranking 15th by assets nationally. With approximately $512 billion in total assets, the bank maintains an extensive network of over 1,100 banking centers and 2,000 ATMs across 11 states. To attract new account holders, the bank is currently offering a $250 welcome incentive with specific qualifying requirements.

Understanding the $250 Welcome Bonus Structure

The path to earning Fifth Third’s $250 promotional credit involves two primary steps. First, you’ll need to establish a new account through their online platform using a designated offer page or by obtaining a promotional code for in-branch opening. Second, you must complete qualifying direct deposits totaling a minimum threshold, or maintain a specified account balance throughout the initial 90-day period following account activation.

The bank defines eligible direct deposits as ACH-system credits, which encompass payroll deposits, pension distributions, and government benefit transfers such as Social Security payments. Upon satisfying your final deposit requirement, you’ll receive your reward within 10 business days. Important note: this promotion expires on December 31, 2022.

Comparing Fifth Third’s Free Checking Account Options

Momentum Checking stands out as a free checking account with no minimum deposit requirement, eliminating monthly service charges entirely. Account holders enjoy unlimited check writing privileges and access to over 50,000 ATMs without fees through partner networks including 7-Eleven, Presto!, and Allpoint.

Preferred Checking functions as an interest-bearing alternative, featuring dedicated customer support with a nominally waivable monthly fee. This fee can be eliminated by maintaining a combined balance of $100,000 or more across deposit and investment holdings.

Eligibility and Important Restrictions

New customer status is essential—the bank defines this as individuals without an existing checking account or who haven’t closed one within the preceding 12 months. Fifth Third Bank also limits new account incentives to one per calendar year per customer.

Geographic considerations matter as well. Online account opening requires residency within Fifth Third’s 11-state service area (Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia), though in-branch opening may be available outside this region.

Tax Implications and Previous Offers

Your welcome bonus may constitute taxable income reported on IRS Form 1099-INT, warranting consultation with a tax professional regarding reporting obligations.

Historically, Fifth Third offered larger promotional amounts—a $700 bonus expired in November 2021 and previously required substantially higher deposit thresholds ($1,000 within 60 days plus a $15,000 balance maintained for extended periods). A $550 by-mail promotion circulated in 2019. Currently, the bank does not offer referral bonuses for bringing in new customers or separate investment account opening incentives, though existing investment balances can help waive Preferred Checking fees.

Getting Started With Your Application

Prospective customers should act promptly given the December 31, 2022 deadline. The straightforward online application process or branch visit requires minimal documentation, and the free checking account structure with no minimum deposit removes financial barriers to entry—making this promotion accessible to a broad customer base seeking reliable banking services with tangible rewards.