bank rates

5/3’s CD Rates As Bad As The Big Banks

When we checked out CD rates at one of the largest regional banks, we found them to be just as bad as those at the big national banks.

None of the returns at Fifth Third Bank come even close to the top nationally available rates. (See our latest CD Rates Leaderboard.)

A few are almost average.This big regional bank doesn't offer savers any better rates than the big national banks.

Most are absolutely abysmal.

Fifth Third is based in Cincinnati and has more than 1,300 branches in 13 states from Illinois to Florida.

The only certificates of deposit it offers that are even worth considering there are its “Featured CD Interest Rates” (with the average return for these terms in parenthesis):

8 month CD: 0.30% APY (0.31% for a 6-month CD)

18-month CD: 0.60% (0.51% for a 12-month CD)

24-month CD: 0.75% APY (0.76% APY)

36-month: 1.00% APY (1.04% APY)

60-month: 1.25% APY (1.51% APY)

You’ll need a $5,000 minimum deposit to qualify for those returns.

If you don’t have that much to invest, or want a term not offered with a promotional rate, Fifth Third’s standard CD rates are about as low as we’ve seen.

Put $10,000 into a 12-month CD, for example, and you’ll earn a pitiful 0.05% APY.

If you have a Fifth Third CD about to mature, that means you absolutely cannot allow it to automatically rollover for another term.

You’ve got to either move your savings to a better paying bank or at least insist that it be reinvested at one of the “Featured” rates.

We had hoped a regional bank like Fifth Third would offer savers better CD rates than what we’re seeing at the big banks such as Citi, Bank of America and Chase.

But we were disappointed.

Click here to compare Fifth Third’s returns with the best CD rates from scores of other banks across the country.

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Comments (2)
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2 Existing Comments
  1. professor said:
    on December 5th at 01:27 am

    53 sucks
    I was looking to move my annuity and I spoke with several banks
    these guys were the worse

  2. Kathy at Bankaholic said:
    on February 28th at 10:59 am

    The 8-month rate is no longer offered as of Feb. 28, 2011, but there’s a “featured” 11-month CD with a 0.40% APY.