Unlocking Fifth Third Bank's Checking Account Incentives: What New Customers Need to Know

Fifth Third Bank has established itself as a cornerstone of American banking since 1858, now ranking as the nation’s 15th largest institution by assets with approximately $512 billion under management. Operating across 11 states through 1,100+ banking centers and 2,000 ATMs, the Cincinnati-based financial institution actively seeks to attract new customers through competitive promotional incentive programs. For those considering opening a new checking account, understanding the available rewards—including bonus opportunities—can help maximize the value of your banking relationship.

The Current Welcome Bonus Landscape

New checking account customers at Fifth Third Bank can currently access a $250 welcome bonus, contingent upon completing specific qualifying actions during account opening. This incentive represents the bank’s commitment to rewarding customer loyalty from day one. The bonus structure differs between the bank’s two primary checking account offerings, each designed to serve distinct banking needs.

Fifth Third Momentum Checking serves as the institution’s cornerstone checking product, featuring zero monthly service fees and requiring no minimum balance maintenance. Account holders enjoy unlimited check writing privileges and gain access to an expansive network of over 50,000 fee-free ATMs through partnerships including 7-Eleven, Presto!, and the Allpoint network—beneficial features for customers including those seeking student checking account offers who value accessibility.

The Preferred Checking account operates differently, offering interest-bearing features alongside a dedicated customer service line. While this account carries a waivable monthly service fee, qualified customers can eliminate this charge by maintaining a combined deposit and investment account balance of $100,000 or more.

Qualifying for Your Bonus: Essential Requirements

To claim the $250 bonus, prospective customers must initiate account opening through Fifth Third’s official online portal or obtain a promotional code via email for in-branch account establishment. The qualification pathway centers on direct deposit activity—specifically, the bank requires customers to receive minimum qualifying direct deposits within the initial 90-day period following account activation.

Direct deposits, as defined by Fifth Third Bank, encompass any account credits processed through the Automated Clearing House (ACH) system. Qualifying transactions include payroll deposits, pension distributions, and government benefit payments such as Social Security. Once your final qualifying direct deposit posts to your account, Fifth Third Bank will credit the $250 bonus within 10 business days.

Timing represents another critical consideration: prospective customers must establish their Fifth Third checking account by December 31, 2022, to participate in this promotional offer. The bank additionally maintains the right to cap new account incentives at one per calendar year per customer.

Important Considerations Before Opening Your Account

Tax Implications Merit Attention

Fifth Third Bank categorizes welcome bonuses as taxable income, potentially reporting the amount on IRS Form 1099-INT. Customers should consult with qualified tax advisors to understand how this bonus impacts their individual tax situations and obligations.

New Customer Status Requirements

Fifth Third’s bonus eligibility strictly targets new customers—those without existing checking accounts and those who haven’t closed a Fifth Third checking account within the preceding 12 months. This policy ensures that established customers cannot repeatedly access promotional offers.

Geographic Service Area Limitations

Operating within an 11-state footprint spanning Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia, Fifth Third Bank restricts online account opening to residents within these service territories. Out-of-state customers retain the option to open accounts in-branch, though they would lack convenient local branch access.

Beyond Basic Checking: Fifth Third’s Broader Financial Ecosystem

While Fifth Third Bank does not currently extend investment account opening bonuses, the institution offers comprehensive investment services including IRAs, individual stocks and bonds, mutual funds, annuities, and exchange-traded funds. Notably, investment account balances can count toward the $100,000 threshold required to waive Preferred Checking monthly fees—allowing customers to strategically consolidate accounts and optimize their fee structure.

The bank has not historically implemented referral bonus programs, meaning customers cannot earn incentives by introducing friends and family to Fifth Third’s services.

Historical Context: Evolution of Fifth Third’s Promotional Strategy

Fifth Third Bank’s bonus offerings have fluctuated significantly over time. In 2021, the institution offered $700 in total bonuses—requiring $1,000 in direct deposits within 60 days and a maintained $15,000 balance for 90 additional days before expiration on November 30, 2021. An earlier 2019 direct mail campaign featured $550 bonuses contingent upon establishing $20,000 balances within 45 days and maintaining that threshold for 90 days. The bank has occasionally extended $200 bonuses for business checking account openings, demonstrating flexibility in its promotional approaches.

Strategic Takeaway

Fifth Third Bank’s current promotional framework—featuring straightforward direct deposit requirements, clear timeline boundaries, and competitive $250 bonuses—positions the institution as an attractive option for new customers evaluating checking account alternatives. By understanding the eligibility criteria, tax treatment, and account feature distinctions between Momentum and Preferred Checking options, prospective customers can make informed decisions aligned with their financial needs and banking habits.