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Offer at a glance
- Maximum bonus amount: $250
- Availability: Only in the following states: FL, GA, IL, IN, KY, MI, NC, OH, TN, WV (may be only for those within a 50-mile radius of a branch). Must also open in branch
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None listed
- Household limit: None listed
- Expiration date: December 31st, 2019
Contents
The Offer
- Fifth Third Bank is offering a bonus of $250 when you open a new Fifth Third Relationship Savings account and complete the following requirements:
- Reach a savings balance of $15,000 within 45 days of account opening
- Maintain that balance for 90 days from the date the balance requirement is reached
The Fine Print
- Offer is not available to existing Fifth Third savings customers, or those with a Fifth Third savings account that closed within the last 12 months.
- Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
- Consumer savings account must be opened by December 31, 2019.
- No minimum deposit required to open a savings account.
- The cash bonus will be deposited into the new Relationship Savings account within 10 business days after qualifying activities are met.
- To qualify for the $250 savings bonus you must open a new Fifth Third Relationship Savings account, reach a savings balance of $15,000 within 45 days of account opening and maintain that balance for 90 days from the date the balance requirement is reached.
- The $250 savings cash bonus offer is valid for Relationship Savings accounts only.
- Bonus may be taxable as interest income and reported on IRS Form 1099-INT.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
This account does not have an early account termination fee
Our Verdict
APY on this account is basically nothing (0.02% APY on balances up to $49,999). You’ll need $15,000 in the account for 90 days to trigger the bonus, works out to be an APY over 6.5% for that 90 day period. Definitely worth doing and will add this to our list of the best saving account bonuses. Fifth Third also has a $500 checking bonus that is worth doing.
Hat tip to reader Charles Mann
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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