Fifth Third Bank’s standard Relationship Money Market account currently offers a very low yield – around 0.01% APY in many regions. While convenient for existing customers, it falls far short of top-paying online options. This analysis breaks down the rates, fees, and whether this account is right for you.
The Bottom Line: Low Yield, High Convenience
If maximizing your savings is your priority, Fifth Third’s money market is unlikely to be your best choice. The current APY is significantly below the national average and drastically lower than what leading online banks offer. However, for customers already heavily invested in Fifth Third’s ecosystem, the convenience and potential fee waivers may outweigh the minimal interest earned.
Current Rates & Fees
As of today, November 17, 2025, the Fifth Third Relationship Money Market typically pays around 0.01% APY. Rates can vary slightly by ZIP code and customer relationship status.
- Monthly Fee: $5, but it can be waived if you:
- Maintain an eligible Fifth Third checking account.
- Keep an average monthly balance of $500 or more.
- Are under 18 years of age.
- Are enrolled in Fifth Third Military Banking.
The low APY combined with the monthly fee means you could easily lose any earned interest if you don’t qualify for a waiver.
How Fifth Third Compares to the Competition
The gap between Fifth Third’s money market rate and leading alternatives is substantial:
- Fifth Third: ~0.01% APY
- FDIC National Average: ~0.40% APY
- Top Online Money Market Accounts: Up to 4.25% APY
This means that $10,000 in a Fifth Third money market earns approximately $1 per year, while the same amount in a high-yield account could earn over $425 before taxes.
Who Should Consider This Account?
The Fifth Third Relationship Money Market is a reasonable choice for:
- Existing Fifth Third Customers: If you already bank with Fifth Third and value convenience, branch access, and easy overdraft protection, the low yield might be acceptable.
- Customers Who Can Waive the Monthly Fee: Avoiding the $5 monthly fee is crucial to minimize losses from the low APY.
- Emergency Fund Holders: For a small emergency fund that needs to be easily accessible, the convenience might outweigh the minimal interest.
How to Open an Account
The process is straightforward:
- Check Current Rates: Confirm the latest APY and any promotional offers in your ZIP code on Fifth Third’s website or by visiting a branch.
- Gather Documents: You’ll need a government-issued ID, Social Security number, and proof of address.
- Apply Online or In-Branch: You can apply through Fifth Third’s website or visit a branch for assistance.
- Fund Your Account: Transfer funds from an existing Fifth Third account or an external bank.
- Set Up Digital Banking: Enroll in online and mobile banking to manage your account conveniently.
Alternatives to Consider
If maximizing your savings is a priority, explore these alternatives:
- High-Yield Savings Accounts: Online banks offer competitive rates, often between 4% and 5% APY.
- Money Market Accounts at Online Banks: Similar to savings accounts, but may offer check-writing privileges.
- Certificates of Deposit (CDs): Lock in a fixed interest rate for a specific term, potentially earning more than a money market account.
Final Take: Convenience Over Yield
Fifth Third’s money market rates are low, but the account offers convenience and integration with a well-established banking network. If you value these factors, it might be a reasonable choice. However, if your primary goal is to grow your savings, you’re likely better off with a high-yield alternative from an online bank.
Before making a decision, compare rates and fees carefully to ensure you’re getting the best value for your money. A small difference in APY can add up to significant savings over time
