Getting a Fifth Third Bank Bonus: What You Need to Know Before Opening a Fresh Start Checking Account

Founded in 1858, Fifth Third Bank has established itself as a major regional financial institution with roughly $512 billion in assets. Today, the bank operates over 1,100 banking centers and 2,000 ATMs across 11 states, serving millions of customers. If you’re considering opening a fresh start checking account, the bank’s current promotional incentive—a $250 welcome bonus—might be worth your attention.

Understanding Fifth Third Bank’s Current Bonus Structure

Fifth Third Bank is currently attracting new customers with specific incentive offers tied to two checking account options. The qualification process centers on direct deposit activity and account maintenance requirements during the initial 90-day period after opening your fresh start checking account. Unlike other promotions, this bonus structure is straightforward and transparent.

The two checking products eligible for the bonus are Fifth Third Momentum Checking and Fifth Third Preferred Checking. Momentum Checking stands out as a no-fee account with unlimited check writing and access to over 50,000 fee-free ATMs through partner networks like 7-Eleven and Allpoint. Preferred Checking, meanwhile, functions as an interest-bearing account with dedicated customer service, though it carries a waivable monthly fee.

How to Actually Qualify for the $250 Bonus

To earn your bonus when opening a fresh start checking account, you’ll need to satisfy two core requirements: opening the account through the proper channel and receiving qualifying direct deposits within the specified timeframe.

Step 1: Account Opening Register for your new account either online via Fifth Third Bank’s dedicated offer page or in-branch using a promo code. If you opt for the branch route, you can request a promo code by providing your email address on their website first.

Step 2: Direct Deposit Requirement Fifth Third defines direct deposits as credits processed through the Automated Clearing House (ACH) system. This includes payroll deposits, pension payments, and government benefits such as Social Security. You must receive these deposits totaling the minimum required amount within 90 days of account opening.

Step 3: Receiving Your Reward Once you complete your final qualifying deposit, Fifth Third Bank will deposit the $250 bonus into your account within 10 business days. However, be aware: this bonus counts as taxable income and will appear on IRS Form 1099-INT, so consult your tax professional about the implications.

Important Timing and Eligibility Details

Deadline: You must open your fresh start checking account by December 31, 2022, to be eligible for this promotion.

New Customer Status: Fifth Third only offers bonuses to customers without an existing checking account with the bank. If you closed a checking account at Fifth Third within the past 12 months, you won’t qualify. Additionally, the bank limits customers to one new account bonus incentive per calendar year.

Geographic Considerations: Fifth Third Bank services an 11-state region: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia. Online account opening requires residency within this footprint, though you can open in-branch from other states.

Fee Structures and How to Avoid Them

Momentum Checking eliminates the monthly fee entirely, making it ideal if you want zero ongoing costs. Preferred Checking charges a monthly service fee that disappears if you maintain a combined balance of $100,000 or more across all deposit and investment accounts at Fifth Third.

If you’re considering moving investment accounts—such as IRAs, mutual funds, stocks, bonds, or exchange-traded funds—to Fifth Third, those balances count toward the combined total needed to waive the Preferred Checking fee.

A Quick Look at Fifth Third’s Historical Promotions

Fifth Third Bank has periodically adjusted its bonus offers over the years. In late 2021, the bank previously offered $700 in total bonuses for accounts that met stricter requirements including $1,000 in direct deposits within 60 days and a $15,000 balance maintained for 90 days. The bank has also experimented with direct mail promotions; in 2019, it offered $550 for reaching a $20,000 balance.

These higher historical bonuses illustrate how promotional structures can shift, underscoring the importance of acting on current offers before they expire or change.

What’s Not Included in Fifth Third’s Current Offers

Fifth Third does not currently offer referral bonuses for bringing new customers to the bank, nor does it provide signup incentives for opening investment accounts separately. The focus remains squarely on checking account acquisition.

By understanding these details, you can make an informed decision about whether Fifth Third Bank’s fresh start checking account bonus aligns with your banking needs before the December 2022 deadline.