New Fifth Third Momentum® Banking Offers Checking with No Monthly Fees and a Simple Digital Account Opening Experience

CINCINNATI--(BUSINESS WIRE)--Fifth Third Bank, National Association, announced today its launch of Fifth Third Momentum® Banking, a program focused on solving our customers’ everyday banking needs. Fifth Third Momentum is a robust solution that helps customers get paid, pay bills, pay others and save for the future.

Some of the key features include a checking account with no monthly fees and fraud protection options. Paired with our mobile banking app, Fifth Third Cash/Back Credit Card, and Fifth Third Identity Alert® solution, Fifth Third offers the services customers say they want most to help them reach their financial goals.

“Fifth Third Momentum Banking gives our customers all of the advantages of digital banking with the security of a bank and the support needed to reach their financial goals,” said Mike Butera, head of consumer product and payment solutions for Fifth Third Bank. “It’s a seamless way for customers to bank when and how they want.”

Fifth Third Momentum Banking offers a simple digital account opening experience: Customers can open accounts online by scanning their driver’s license and entering six pieces of personal information, or they can open them by phone or in a branch.

Fifth Third Momentum Banking uses the Bank’s award-winning mobile app, offers full services at Fifth Third Bank’s financial centers, and fee-free access to more than 50,000 ATMs across the country. The account has no monthly service charge or minimum balance, contactless debit card, and P2P service Zelle.

The average checking account fee is $15.50 a month and the average cost of using out-of-network ATMs is $4.64 per transaction, according to a 2020 Bankrate study. Using Fifth Third Momentum could save a customer more than $400 a year, based on a checking account fee and an average of four out-of-network transactions per month. Additionally, customers can earn 1.67% on every purchase with a Fifth Third Cash/Back Credit Card.

“Fifth Third Momentum Banking allows us to not offer banking solutions, but to better present banking as a service,” Butera said. “We will offer a suite of solutions based on customer need to help our customers reach their goals.”

Notices and Disclosures:

No minimum deposit required to open a checking or savings account. Account must be funded within 45 days of opening.

Mobile internet data and text messaging charges may apply. Please contact your mobile service provider for details. To use the mobile app or web you must have previously logged onto internet banking through 53.com.

The benefits of Fifth Third Identity Alert® are optional, not FDIC insured, subject to additional fees, and provided by Fifth Third’s vendor, Trilegiant.Credit cards are subject to credit review and approval. With a Fifth Third Cash/Back card, earn 1.67 Rewards Points (1.67% cash back) for each $1 spent on qualified purchases. The value of each point is $0.01. If earned points result in a fractional amount, then such fractional amount will be rounded to the nearest whole number. For example, if your rewards points total 3.216, you will be awarded 3 rewards points.

See the rewards terms and conditions for important information including details about: (1) purchases: dollar value of goods and services, minus credits and adjustments, excluding fees and other items. (2) categories: merchants’ card readers are assigned to categories which determine how a transaction is characterized for rewards purposes. We do not control which categories card readers are assigned to. (3) redemption options. (4) changes: the program may change. (5) expiration: points do not expire. Rewards are earned as points which can be redeemed for cash back as a credit card statement credit or a deposit into your Fifth Third checking or savings account.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2020, Fifth Third had $205 billion in assets and operated 1,134 full-service banking centers and 2,397 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2020, had $434 billion in assets under care, of which it managed $54 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.