Top Savings Account FAQs

A savings account is a secure financial account typically offered by banks or credit unions that allows individuals to deposit and store their money while earning interest, making it an ideal choice for setting aside funds for short-term goals or emergencies.

The number of savings accounts you should have depends on your financial goals and needs, but for most people, having one Fifth Third Momentum^® Savings account¹ with specific goals identified, is often sufficient.

Savings accounts allow individuals to deposit their money in a secure account where it earns interest over time, providing a safe place to store funds and build savings.

The interest rate on a savings account can vary depending on the bank, the type of savings account, and prevailing market conditions. See our savings interest rates.

Interest on a savings account is typically calculated based on a formula that considers your account balance, the interest rate (expressed as an annual percentage rate, or APR), and the compounding frequency.

APY stands for Annual Percentage Yield. APY reflects how much you will earn on your account over a year, including the impact of compounding, which is when interest is calculated on both the initial principal and the interest that has already been earned.

Compound interest is the process of earning or paying interest not only on the initial amount of money (the principal) but also on any previously earned or accrued interest. In other words, it's interest on interest. Compound interest allows your savings or debt to grow or accumulate at a faster rate than simple interest, which is calculated only on the principal amount.²

Yes, savings accounts are FDIC insured. Get peace of mind knowing that the FDIC insures each depositor at Fifth Third up to $250,000.

The Fifth Third Momentum^® Savings Account is a goal-oriented savings account that helps you achieve financial goals without a second thought.

Our Relationship Money Market Account, or RMM Account, typically offers higher interest than a traditional savings account. It provides a combination of features typically found in savings accounts and checking accounts, such as earning high interest and ordering checks, making them a versatile choice for individuals looking to earn some interest on their funds while maintaining access to their money.

A Certificate of Deposit (CD) is a time-bound, interest-bearing deposit account where customers agree to leave their money untouched for a specific period in exchange for a higher interest rate⁵ than regular savings or checking accounts.

A 529 Account is a tax-advantaged investment account that is specifically designed for saving and investing funds to cover qualified education expenses, making it an excellent tool for saving for college or other educational purposes.

Specifically designed for children or minors, a Kids Savings Account typically includes features that encourage healthy savings habits at a young age, often with lower minimum balance requirements and educational tools to help kids learn about money management.

A Health Savings Account is a tax-advantaged savings account available to individuals who have a high-deductible health plan (HDHP). HSAs are designed to help people save and pay for qualified medical expenses.^3,4

You can open a Fifth Third Momentum^® Savings Account through our online application, via phone by scheduling an appointment with our customer service team, or by visiting any of our branch locations. To open another type of savings account, please refer to our list of account options above.

Minimum deposit requirements vary based on the type of account you’re looking to open.

• There is no minimum balance to open a Fifth Third Momentum^® Savings Account.
• For RMM Accounts, you’ll need $25,000 to earn our promotional rates.
• For CDs, you’ll need $500 for a standard account, and $5,000 to earn promotional rates.

To open a savings account online, you’ll need your social security number, driver’s license or state ID, a mobile phone with camera access to scan your ID. If you’d like to transfer funds from an external account to your new Fifth Third Savings Account, you’ll need your existing bank account number.

A minor can open a savings account that is co-owned with a parent or guardian. Learn more about the Kids Savings Account from Fifth Third.

• In-Person Deposits: Visit your local Fifth Third Branch and hand the cash or a check to a teller, who will deposit it into your account.
• ATM Deposits: Use your nearest Fifth Third ATM to deposit cash or checks. Follow the on-screen instructions to deposit cash into your account.
• Mobile Banking App: The Fifth Third Mobile App allows you to take photos of checks, making it a convenient option.
• Direct Deposit: If your employer offers direct deposit, you can have a portion of your paycheck automatically deposited into your savings account.
• Online Transfers: Link your savings account to your checking account and transfer money online through by logging into your account online or through the Fifth Third Mobile App.
• Automatic Transfers: Set up automatic transfers from your checking account to your savings account on a regular schedule (e.g., monthly) to make saving effortless.

Some savings accounts, such as 529s and HSAs, have withdrawal restrictions. Visit your local Fifth Third Branch to learn more.

You can check your savings account balance through various methods, including visiting your local Fifth Third Branch in person, using a Fifth Third ATM, logging into your Online Banking account, using the Fifth Third Mobile App, calling your bank's customer service, or checking your monthly bank statement.

You may be required to maintain a minimum balance depending on the type of savings account you have.

You can only write savings account checks from a Relationship Money Market Account.

There aren't restrictions or fees on withdrawals or transfers.

The amount of money you should have in your savings account can vary widely depending on your financial goals, individual circumstances, and financial responsibilities. However, a common guideline is to aim for an emergency fund that covers three to six months' worth of your essential expenses.

Read more in our “How Much Should You Keep in Checking vs. Savings?” and “How Much Should an Emergency Fund Be?” articles.

Yes, you can set up direct deposits to your savings account, excluding 529 savings accounts, unless the customer is listed as a minor-owner. Learn how to set up direct deposit to your checking or savings account.

Yes! You can transfer money into your savings account through the Fifth Third Mobile App, Online Banking, or visiting your local Fifth Third Branch. However, transfers are not permitted for 529 accounts or minor-owned accounts.

Close the exposed accounts as soon as possible by visiting a Fifth Third Branch or calling a banker. Consider placing a fraud alert on your credit and monitor your account with Fifth Third Identity Alert^® solutions.

Call 1-877-833-6197 select Checking Account Option then Disputes Option. Our Customer Service Professionals are available to assist you Monday through Friday, 7 AM to 6 PM (EST), Saturday 10 AM to 5 PM (EST). Or visit your local Fifth Third Branch.

Protecting your savings account information is essential to safeguard your financial security. Here are some steps you can take:

• Choose a strong password
• Beware of phishing scams
• Secure your devices
• Regularly monitor your account
• Use a secure network

Depending on the type of savings account you have, you can access your savings account by logging in to the Fifth Third Mobile App or Online Banking account. For an in-person experience, locate your nearest Fifth Third Branch or Fifth Third ATM.

You can view your account balance by logging in to your online or mobile bank account.

Yes! Simply download the Fifth Third Mobile App, set up or log in to your account, and view your savings account balance from there.