Published on February 19th, 2020 | by William Charles122
[Select Areas In IL, MI, FL, GA only] Fifth Third $500 Business Checking Bonus
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.
Offer at a glance
- Maximum bonus amount:
- Availability: Valid in Chicago, IL, Grand Rapids, MI, Detroit, MI, Tampa, FL, Orlando, FL, Atlanta, GA
- 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, 2019May 31, 2020
- 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 $1,000 within 10 days of account opening
- Maintain a balance of $1,000 or more for 60 calendar days
The Fine Print
- To qualify for the bonus, open a new Fifth Third Business Standard, Premium or Elite checking account by 10/31/19 in Chicago, IL, Grand Rapids, MI, Detroit, MI, Tampa, FL, or Orlando, FL, reach a balance of $1,000 within 10 calendar days of account opening and maintain a $1,000 minimum daily balance thereafter for 60 calendar days.
- Offer is not available to existing Fifth Third Business Checking customers, or to those with a Fifth Third Business Checking account that has been closed within the last 12 months.
- Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
- No minimum deposit required to open a checking or savings account. Account must be funded within 45 days of account opening.
- The cash bonus will be deposited into checking account within 10 business days after qualifying activities are met.
- Bonus may be taxable as interest income and reported on IRS Form 1099-INT. Consult your tax advisor.
- OFFER CODE MUST BE PRESENTED AT ACCOUNT OPENING TO RECEIVE THE BONUS.
- Checking accounts may have monthly fees and debit cards may have service related fees.
- Accounts may have fees that may reduce earnings and impact ability to meet minimum daily balance requirements.
- See your banker for details.
- Not valid with any other offer.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
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)
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