Getting Started With Fifth Third Bank: Your Complete Guide to Current Promotions and Promo Codes

What’s Currently Available From Fifth Third Bank?

Fifth Third Bank, one of America’s largest regional banks with $512 billion in assets, is actively welcoming new customers through its current promotional programs. If you’re considering opening a checking account, there’s a $250 bonus available right now—but only if you know how to access it and what steps to take.

The bank, headquartered in Cincinnati and operating since 1858, maintains a network of over 1,100 banking centers across 11 states, making it convenient for customers in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia.

How to Access Your Fifth Third Bonus: The Promo Code Process

The path to earning your Fifth Third bonus starts with understanding the 53 promo code system. Here’s what separates successful applicants from those who miss out:

Using Your Promo Code Effectively

When Fifth Third Bank runs promotional campaigns, they distribute bonus opportunities through specific promo codes. If you receive a 53 promo code or similar offer code from Fifth Third, you have two main pathways:

• Open your account online directly through Fifth Third Bank’s dedicated offer page
• Take your email address and promo code to a branch location to open in person

The key difference? Online applications are faster and often come with immediate verification, while in-branch applications give you the chance to ask questions directly from a representative.

Timeline Matters: December 31, 2022 Deadline

Not all Fifth Third promotions are permanent. The current $250 bonus must be claimed by December 31, 2022, making this offer time-sensitive. Once you miss the deadline, the specific terms may change or the promotion could expire entirely.

What Actually Qualifies as a Direct Deposit?

Here’s where many people get confused about Fifth Third’s requirements. To unlock your bonus, the bank needs to see direct deposits—but what counts?

Fifth Third defines a qualifying direct deposit as any credit to your account made through the Automated Clearing House (ACH) system. This includes:

• Payroll deposits from your employer
• Pension payments
• Government benefits like Social Security
• Other ACH-based transfers

The amount and timing requirements vary by account type and promotion period, but typically you’ll need to receive multiple deposits within a specific window (usually 90 days from account opening).

The Two Account Options: Which One Should You Choose?

Fifth Third Momentum Checking

This is Fifth Third Bank’s primary checking product. What makes it attractive:

• Zero monthly service fees (no surprises here)
• No minimum balance requirement
• Unlimited check writing
• Access to 50,000+ fee-free ATMs through 7-Eleven, Presto!, and the Allpoint network

For most new customers pursuing the promotional bonus, Momentum is the default choice because there’s no fee structure to navigate.

Fifth Third Preferred Checking

If you want features like interest earnings on your balance, Preferred Checking delivers—but at a cost. This account carries a monthly service fee, though you can avoid it entirely by maintaining $100,000 or more across your combined deposit and investment accounts.

Your Bonus Timeline: When You Actually Get the Money

Once you’ve met all the requirements for your Fifth Third bonus, patience is required but not for long. The bank deposits your bonus within 10 business days after your final qualifying direct deposit hits your account.

This isn’t instantaneous, but it’s faster than many competing banks that might take 30+ days to verify and deliver promotional bonuses.

Important Facts About Fifth Third Bank Bonuses

Bonus Money Counts as Taxable Income

Here’s what Fifth Third Bank clearly states: your welcome bonus may be considered taxable interest income. The bank will report it on IRS Form 1099-INT, which means you’ll owe taxes on the bonus amount at your applicable tax rate. Consult with a tax professional about your specific situation before accepting the bonus if you’re concerned about tax implications.

New Customer Status: What Fifth Third Requires

Not everyone qualifies for the promotional bonus. Fifth Third Bank reserves this offer for genuinely new customers—meaning:

• You cannot have an existing checking account with the bank
• You cannot have closed a checking account with Fifth Third during the previous 12 months
• The bank limits promotional gifts to one per calendar year per customer

Geographic Limitations Apply

While Fifth Third operates in 11 states, you must live within their service footprint to open an account online. If you reside outside their 11-state region but still want to bank with Fifth Third, you can open an account in person at a branch—though you won’t have convenient local branch access for everyday banking.

Historical Context: How Fifth Third’s Bonuses Have Evolved

Fifth Third’s promotional strategy has changed significantly over time. Previously, the bank offered much larger bonuses—including a $700 promotional package that required $1,000 in deposits within 60 days plus a $15,000 balance maintained for 90 additional days. That offer expired in November 2021.

Even before that, Fifth Third sent out direct mail promotions offering $550 for meeting more stringent balance requirements. These historical offers illustrate how competitive banking has become and why acting quickly on current promotions makes sense.

What Fifth Third Doesn’t Offer (Yet)

No Referral Bonus Program

Unlike some competitors, Fifth Third Bank has not historically created bonus structures for existing customers who refer friends and family. If referral bonuses are important to your banking decision, you may need to look elsewhere.

No Investment Account Opening Bonuses

Fifth Third does offer investment products—IRAs, stocks, bonds, mutual funds, annuities, and ETFs—but there’s currently no promotional bonus for transferring investment accounts to the bank. However, moving investments there does help you qualify for fee waivers on your checking accounts through the combined balance requirement.

Bottom Line: Making Your Decision

The Fifth Third Bank $250 bonus through its current promotion remains competitive in the checking account space. The process is straightforward: secure your 53 promo code or access the offer page, open the appropriate account type (Momentum for simplicity), arrange for qualifying direct deposits, and wait for your bonus to arrive. Just remember the December 31, 2022 deadline—after that, different terms may apply.