[Expired] [FL, IN, NC, TN, GA, KY, OH, WV, IL, MI, SC] Fifth Third $500 Business Checking Bonus

Deal has ended, view more Fifth Third deals by clicking here.

Update 6/5/23: Deal is back. FL, IN, NC, TN, GA, KY, OH, WV, IL, MI, SC. Hat tip to Brad

Offer at a glance

• Maximum bonus amount:
• Availability: Must open in branch, branches are in FL, IN, NC, TN, GA, KY, OH, WV, IL, MI, SC
• Direct deposit required: No
• Additional requirements: Deposit $1,000 and maintain it for 60 days
• Hard/soft pull:  Soft
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: $11, avoidable
• Early account termination fee: $50 to close account
• Household limit: None
• Expiration date: October 31st, 2019 December 31st, 2019 May 31, 2020 September 8, 2023.

The Offer

Direct link to offer

• Fifth Third is offering a bonus of $500 when you open a new business checking account and complete the following requirements:
  • Reach a balance of $5,000 within 10 days of account opening
  • Maintain a balance of $5,000 or more for 60 calendar days

 

The Fine Print

• To qualify for the $500 checking bonus, provide the offer code, open a Fifth Third Business Checking Account, Fifth Third Business Premium Checking Account, or Fifth Third Business Elite Checking Account by 9/8/2023 and make deposits totaling $5000 or more within 10 days of account opening.
• Account(s) must be funded within 10 days of account opening and maintain a minimum balance of $5,000.00 for 90 days to be eligible for the bonus.
• The $500 checking bonus does not require any additional activities. The cash bonus will be deposited into your new account within 10 business days of completing qualifying activity requirements.
• In order to receive the cash bonus, your checking account must be open and in good standing.
• Offer is not available to anyone who has an ownership interest (including, but not limited to, primary owner or joint owner) in any existing Fifth Third checking or a Fifth Third checking account that closed within the last 13 months.
• Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
• Eligibility may be limited based on your account type and ownership role.
• No minimum deposit required to open a business checking account.
• Bonus is considered income and may be reported on IRS Form 1099-INT, 1099-MISC, or 1042-S, as required by applicable law. Consult your tax advisor.
• UNIQUE OFFER CODE MUST BE PRESENTED AT ACCOUNT OPENING TO RECEIVE THE BONUS. See your banker for details. Not valid with any other offer. Offer availability subject to change.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The easiest way to keep the account fee free is to open a Fifth Third Business Standard Checking Account, this account has a monthly fee of $11 that is waived if you have a balance of $3,500 or more.

Early Account Termination Fee

As far as we know there is no longer any early account termination fee either, but regardless of when you do close your account you’re required to pay a $50 fee (increased from $25)

Our Verdict

We have seen targeted offers of up to $1,500 for Fifth Third business accounts, but don’t think we have ever seen a public offer. I doubt we will see a bigger public bonus than this in the near future so if you live in an eligible area and have a business I do think this is worth doing. Because of that I will be adding this to our list of the best checking account bonuses.

Hat tip to  alphadogiii

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
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• 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?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times

Post history:

• Update 2/19/20: Deal is back through May 31, 2020. Hat tip to reader Brandon (another small update: readers note that there is no longer, technically, any geographic restriction. So if you are visiting one of these states, you may be able to open it in-branch, regardless where you live)
• Update 11/10/19: Deal has been extended until December 31st, 2019.