Understanding Fifth Third Bank's Checking Account Offerings And Incentive Programs For New Customers

The Institution Behind The Promotions

Fifth Third Bank has established itself as a major banking institution since its 1858 founding in Cincinnati. Today, it ranks as the nation’s 15th largest bank by assets, managing approximately $512 billion and maintaining a network of over 1,100 full-service banking centers plus 2,000 ATMs distributed across 11 states. To attract new account holders, the bank provides cash incentives that reward customers for meeting specific qualifying criteria.

Account Types And Their Characteristics

Fifth Third Bank operates two primary checking account structures. The Momentum Checking represents the bank’s primary checking account offering with zero monthly maintenance charges. This account imposes no minimum balance requirements, facilitates unlimited check writing capabilities, and provides access to approximately 50,000 fee-free ATMs through partnerships with 7-Eleven, Presto!, and the Allpoint network. This value checking account serves as an excellent option for customers prioritizing account flexibility and minimal fees.

The Preferred Checking functions as an interest-bearing checking account paired with dedicated customer service support. This account carries a monthly maintenance fee that can be waived when your combined deposit and investment account balances reach $100,000 or higher.

How To Qualify For The Welcome Incentive

The Promotional Offer Structure

New checking account customers currently qualify for a $250 welcome bonus. To activate this promotion, you must open your account through the official Fifth Third Bank promotion portal or obtain a promotional code via email, which can be presented at a physical branch location.

Direct Deposit Requirements

Fifth Third Bank defines direct deposits as account credits processed through the Automated Clearing House (ACH) system. Qualifying deposits encompass payroll transfers, pension distributions, and government benefit payments including Social Security. You must receive direct deposits meeting a specified minimum threshold within your first 90 days of account ownership.

Timeline And Bonus Disbursement

The bank distributes your welcome bonus within 10 business days following completion of your final qualifying direct deposit. However, the eligibility window for this particular promotion closes on December 31, 2022. Customers must initiate their account opening process before this deadline to participate in the incentive program.

Important Considerations For Prospective Customers

Tax Implications Of Bank Bonuses

Fifth Third Bank advises that your welcome bonus may be classified as taxable interest income and could appear on IRS Form 1099-INT documentation. Prospective customers should consult with a qualified tax professional regarding potential tax obligations associated with promotional bonuses.

Customer Eligibility Restrictions

The value checking account incentives apply exclusively to new customers. Fifth Third Bank defines new customers as individuals without an existing checking account and those who have not closed a checking account within the preceding 12 months. Additionally, the bank limits gift incentives to one per calendar year per customer.

Geographic Availability

Fifth Third Bank’s operational footprint encompasses 11 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia. Online account opening requires residency within these service areas. Individuals residing outside the bank’s territory may open accounts through in-branch procedures, though remote customers will lack convenient branch access.

Historical Bonus Programs And Previous Offerings

Fifth Third Bank previously offered $700 in combined bonuses when customers maintained a $15,000 balance for 90 days following account opening and received at least $1,000 in direct deposits within 60 days. This offer concluded on November 30, 2021.

The institution also sent promotional mailers in 2019 offering $550 for new checking accounts when customers achieved and maintained a $20,000 balance within the specified timeframe.

Additional Account Features And Investment Integration

Fifth Third Bank does not currently provide referral bonuses for customers recommending the institution to friends or family members. However, investment account balances held with Fifth Third Bank can contribute toward the combined balance requirement needed to waive fees on the Preferred Checking account. The bank offers various investment products including IRAs, stocks, bonds, mutual funds, annuities, and exchange-traded funds, though no separate bonus applies to investment account openings.