Deal has expired, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $550
- Availability: Only in the following states: FL, GA, IL, IN, KY, MI, NC, OH, TN, WV. Must be opened in branch (may be only for those within a 50-mile radius of a branch). Must have received a targeted mailer
- Direct deposit required: No
- Additional requirements: Maintain $250 for 60 days or Maintain $20,000 for 90 days
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: $11, avoidable
- Early account termination fee: None listed
- Household limit: None
- Expiration date: June 30th, 2019
Contents
The Offer
No direct link, sent out via snail mail
- Fifth Third is offering a bonus of up to $550 when you open a new checking account. Bonus is broken down as follows:
- $250 when you open a new checking account and reach a balance of $250 or more within 45 days of account opening and maintain that balance for at least 60 days
- Get another $300 when you increase your deposit by $20,000 or more within 45 days or account opening and maintain that balance for 90 days
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
If you’re in an area that has free checking, that account is also eligible.
Essentials Checking $11 Monthly Fee
Essential Checking account is required for this bonus and has an $11 monthly fee. The fee can be waived by maintaining an average monthly balance of $1,500 or more across your savings and checking accounts.
Early Account Termination Fee
This account does not have an early account termination fee
Our Verdict
Current public bonus is $250 and is similar to the first part of this offer. We’ve also seen a public $200 + $200 offer that required a deposit of $15,000. If you put the $20,000 into a 2.5% account you’d earn a bit more than $120 over the 90 day period, so the $300 offer is significantly better than that. Still, might be worth waiting for the basic $300 bonus to return instead. Doesn’t really matter too much as this is a targeted offer.
Hat tip to reader Rukmi
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
