Momentum checking fifth third

Finding the right bank matters when you're looking for checking accounts, savings accounts and other services. Fifth Third Momentum Banking is designed to be a fee-friendly money management solution. You can get checking and savings in one place, along with other features like direct deposit and overdraft fee waivers. Fifth Third offers the convenience of banking at a branch, ATM or online. Wondering if it might be a good fit for your needs? Our Fifth Third Momentum Banking review covers the most important things to know to help you decide whether it's worth opening an account here. Fifth Third Bank Momentum Checking Account Pros & Cons Convenient Banking With Fewer FeesFifth Third Momentum Banking is designed to keep money management simple by limiting fees. With Momentum Banking, you can get checking and savings at one bank. The main features of Momentum Checking include:No monthly maintenance or service feeNo minimum balance requirementsEarly Pay, which allows you to get paid up to two days early with an eligible direct depositMy Advance, which allows you to instantly access check deposits for a feeExtra Time, which helps you avoid overdraft feesAccess to 40,000+ fee-free ATMsYou also get a contactless-enabled debit card with built-in fraud protection for this account. What about savings? Here's what's notable about the Momentum Savings account:No monthly fee when requirements are metNo minimum balance requirementsAutomatic savings features The regular monthly fee for savings is $5. But you can avoid the fee if you have a Fifth Third checking account, are enrolled in Fifth Third military banking or maintain an average monthly balance of $500 or more. The fee is also waived when one account owner is under 18. Get Paid Early, Avoid Overdraft FeesAs mentioned, Fifth Third offers several helpful features to make your financial life easier. They include:Early PayMy AdvanceExtra TimeWhen you open a Momentum Checking account, you're automatically enrolled in Early Pay. This feature lets you get your paychecks up to two days early when you sign up for direct deposit with your employer. You can also use Early Pay to get your federal tax refund up to five days faster. There are no fees associated with this feature. There's also My Advance. With this feature, you get an advance against your paycheck when you're enrolled in direct deposit. You can get approved for a credit limit of $50 to $1,000 with no credit check. Once you get paid, Fifth Third Bank deducts the advanced amount, along with a processing fee. With Extra Time, you can make deposits into your account to avoid fees if you're overdrawn. As long as you make a deposit before midnight of the day the fee is accessed, Fifth Third won't charge an overdraft fee. Note: Extra time doesn't apply to checks or deposits returned unpaid. Can You Earn Interest With Fifth Third Momentum Banking?If you're opening a savings account, you might be interested in what kind of rates you can earn. Momentum Savings accounts do earn interest on balances. But is the rate

Any good?Not exactly. Rates are pretty much as low as they go. But that's not uncommon with savings accounts offered at traditional banks. Unlike online banks, which typically pay higher rates to savers, traditional banks usually pay less. If you're specifically looking for a high-yield savings account then you might want to consider a different banking option. For example, some of the best online banks might offer an APY that's 10 to 15 times higher than the national average. And they may charge fewer fees, too. How to Avoid the Monthly FeeAs mentioned, there's no monthly service fee for Momentum Checking. But you might pay a fee for Momentum Savings. Here's a quick recap of how to avoid the $5 service fee:Open a Momentum Checking account, ORMaintain a $500 minimum balance, OREnroll in Fifth Third Military Banking, ORHave an account owner listed who's under age 18A $5 fee might not seem like much. But that can add up to $60 a year just to have a savings account. Considering how low savings rates are at Fifth Third, it pays to keep banking fees to a minimum if you can. What Other Fees Will You Pay? While the monthly fee is what you might be most concerned with, there are several additional fees you might pay to Fifth Third. Here's how the fees add up.Other Service Fees - Fifth Third Bank Momentum Checking Type Fee Monthly fee $0 Out-of-network ATM fee $3 International ATM fee $5 International transaction fee 3% of transaction Overdraft fee $37 Stop payment fee $33 Return deposit item $15 Cashier's check $10 Money order $2 Returned item fee $0 Incoming wire transfer $15 Outgoing wire transfer (domestic) $30 Outgoing wire transfer (international-USD) $50 Outgoing wire transfer (international-FX) $85 Debit card replacement $0 Expedited debit card replacement $30 The fees you see here are typical of what you'll find at other traditional banks. Whether you'll pay any of these fees or not depends on which services you use. For example, the My Advance feature can be convenient but it's also an expensive way to borrow money. Likewise, overdrawing your account could be costly. Taking advantage of the Extra Time feature could help you avoid overdraft fees. Accounts Access & ConvenienceFifth Third gives you several ways to manage your accounts. You can manage money:In person at a Fifth Third Bank branchAt more than 40,000 ATMs nationwideOnline through the Fifth Third Bank websiteUsing the Fifth Third Bank mobile appYou can log in online or through the app to view balances, download statements, schedule transfers or pay bills. You can also use remote check deposit to add money to your account if you can't get to a branch or ATM. Just keep in mind that funds availability for mobile check deposits might differ from depositing checks or cash at a branch. Opening a Fifth Third Momentum Banking AccountYou can open a Fifth Third Momentum Banking account online or in person at a branch. Fifth Third has locations in these states:FloridaGeorgiaIllinoisIndianaKentuckyMichiganNorth CarolinaOhioSouth

CarolinaTennesseeWest VirginiaYou'll need some basic information to get started, including your name, date of birth and Social Security number. You'll also need to give Fifth Third your address, phone number and email address. There's no minimum deposit required to open a Fifth Third Momentum Checking account. You can open a Momentum Savings account at the same time or do that later. Remember, opening both accounts together can help you avoid the $5 monthly fee for Momentum Savings. Momentum Banking vs. Other Checking Account OptionsMomentum Banking could be a good fit if you want to keep your money at a brick-and-mortar while having the convenience of online banking. My Advance, Early Pay and Extra Time are all great features that you won't always get with other traditional bank accounts. But is it the only checking or savings option? No, and we've included some alternatives to consider here. And as you check out different checking accounts, remember to weigh:Monthly maintenance feesMinimum balance requirementsMinimum deposit requirementsAny restrictions on who can open an accountDebit and ATM card availabilityATM locations and feesMobile and online banking accessOther fees, such as overdraft or returned item feesFees for standard personal checksMonthly limits on check-writingOverdraft protectionWhether the account earns interest or rewardsCustomer serviceAlso, consider what other products a bank has to offer. If you'd like to do all of your banking in one place, then you might prefer a full-service traditional bank. On the other hand, if you just want a high-yield savings account then you might be comfortable with an online bank instead. Should You Open a Fifth Third Momentum Banking Account? Momentum Banking is generally suited for people who prefer traditional banking but want the added convenience of online banking. You might open this account if you:Are looking for extra features, like Early Pay or Extra TimeWant a checking account with no monthly fees or minimum balance requirementsNeed a savings account but don't necessarily care about the APY you can earnYou might skip this banking option if you want to get the highest rates possible on savings or you're looking for an interest or rewards checking account. And remember, Fifth Third Bank only has branches in certain states. So if you live elsewhere, that could be an obstacle to banking the way that you want to. Overall, our verdict is that a Fifth Third Bank Momentum Banking account could be right for people who like convenience with minimal fees. It's always a good idea to shop around, however, as there may be another bank that better suits your needs. Rebecca is a writer for MyBankTracker.com. She is a Certified Educator in Personal Finance (CEPF) and an expert in consumer banking products, saving and money psychology. She has contributed to numerous online outlets, including U.S. News & World Report, and more. Education: B.A. in Political Science and Government from University of South Carolina; MS. in Criminal Justice and Corrections from Charles Southern University.

Momentum Savings is a basic savings account, while the Relationship Money Market account offers relationship rates when you have an eligible Fifth Third checking account. Additional savings options include 529 accounts and CDs for college savings, traditional CD accounts for short- and long-term savings goals and minor savings accounts for kids under 18.Fifth Third Bank may be a smaller bank compared to some of the nation’s big banks but it doesn’t skimp on online or mobile banking features. The mobile banking app allows you to do everything you need to manage your money, including making transfers, scheduling bill payments, viewing statements and depositing checks with a snap through mobile deposit.The bank offers a special program for checking customers who are paying down student loans. Fifth Third Momentum tracks your debit card purchases and rounds up transactions, based on your preferences. You link an eligible student loan servicer account through the Fifth Third Momentum app, then apply the round-ups from your debit card purchases to your loan balance weekly. That’s a nice perk that you won’t typically find at other banks. Bank Fees Fees National Average Monthly Inactivity $5 $6 Non-Sufficient Fund (Overdraft) $25 $30 Stop Payment item $33 $27 Domestic Wire Transfer (Outbound) $25 $22 Domestic Wire Transfer (Inbound) $15 $10 Non-Bank ATM $2 $1

--> Learn more about Fifth Third Bank and what it offers to consumers and small business in terms of accounts, services, notable fees and features. About the Bank Fifth Third Bank is a community bank serving individuals, businesses and communities in 10 states, through more than 1,200 full-service locations. The bank has a strong presence in midwestern states like Ohio, Indiana and Illinois, while also providing services along the East Coast in North Carolina, Georgia and Florida.Like other community banks, Fifth Third Bank is committed to improving lives in their local communities. One of the ways they do that is by offering financial products designed to fit every budget and lifestyle. Compare Savings Options Be sure to check out these savings accounts worth considering: Checking AccountsChecking customers, for instance, can choose from:Express Banking: No monthly fee but you do not get check writing or check deposits at ATMs (you can use mobile check deposit)Momentum Checking: No monthly fee and no overdraft protection feesPreferred Checking: Premium checking with perks such as secondary accounts, better loan rates, and moreThere are also specialized checking accounts available for high school and college students, members of the military and their families, and banking customers who need a simplified checking account with no credit score requirement. These accounts feature a variety of benefits, such as no monthly maintenance fees, special VA home loan rates for military members and discounted fees on select account services.Savings AccountsFifth Third Bank is also dedicated to helping customers grow their savings.

Mailing a paper check.Fifth Third Bank Account OptionsChecking AccountsFifth Third Bank offers several checking account options. However, all accounts incur service charges. Although there are ways to have these charges waived or reduced, many online banks have eliminated fees.The checking accounts also carry costly overdraft penalties. In general, if you overdraw, you’ll get slapped with a $37 penalty.And if you think the bank’s overdraft protection service will keep you safe, think again.Even if you aren’t penalized on the spot, you’ll be charged an additional fee on your credit card, line of credit, or transfer with every overdraft.On the positive side, there are no minimum balances required for Fifth Third Bank checking accounts. However, note that accounts must be funded within 45 days of opening.Below we’ve provided the key features for each type of account and ways to bypass their monthly service fees.Essential Checking AccountAs its name implies, this option gives you all the essentials of a checking account. You’ll receive a contactless Mastercard debit card, which you can use for purchases and to withdraw and deposit cash at more than 50,000 fee-free ATMs across the country.You’ll also be able to earn with the Prewards program, which rewards you with cash back for using your debit card at participating merchants.However, this account comes with an $11 monthly service fee, unless you:Average a $1,500 monthly balance across your Fifth Third accountsSpend $500+ a month on a Fifth Third credit cardHave an outstanding Fifth Third personal mortgage, auto loan, or line of creditAre a current or former U.S. military member with monthly direct deposits totaling $500 or moreAre a student with a valid student ID, orHave a Fifth Third Business Premium or Business Elite Checking accountEnhanced Checking AccountThe next level up is the Fifth Third Enhanced Checking account. The big benefit of holding this account is the ability to receive better interest rates on CDs and loans.There’s a $20 per month service fee associated with this account unless you:Have a combined minimum balance of $20,000 across all Fifth Third accounts at least once a month orMake a monthly direct deposit of at least $5,000Preferred Checking AccountThis is Fifth Third Bank’s interest-paying checking account. How much you can earn depends on your location. However, it’s likely the interest rate won’t be as favorable as what you can find with an online-only bank such as Ally Bank.You’ll have to pay a $25 monthly service fee