Chase and Fifth Third Bank are two prominent financial institutions in the United States, each offering a range of banking services. In this article, we will conduct a thorough comparison of their bank accounts to help you make an informed decision.
Checking Accounts
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Account Types And Fees
Chase Bank offers a variety of checking account types to suit the diverse needs of its customers. One notable option is the Total Checking account, which provides access to a widespread network of ATMs and a range of digital banking tools.
For customers with a premium banking preference, Chase presents the Sapphire Checking account and private client checking, renowned for its exclusive benefits like enhanced travel rewards.
Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Chase Total Checking | $12 | $1,500 |
Chase Premier Plus Checking | $25 | $15,000 |
Chase Sapphire Checking | $25 | $75,000 |
Chase College Checking | $12 | $1,500 |
Chase Private Client Checking | $30 | $150,000 |
Chase Business Complete Banking | $15 | $2,000 |
Chase Performance Business Checking | $30 | $35,000 |
Chase Platinum Business Checking | $95 | $100,000 |
Fifth Third offers various checking accounts for many purposes, such as accounts for students and kids, military families, and individuals with disabilities.
There is a free checking account but also premium accounts with higher monthly fees and more benefits. The monthly fees can be waived in many ways such as carrying over $100,00 in your total balance.
Fifth Third Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Fifth Third Momentum® Checking | $0 | N/A |
Fifth Third Preferred Checking | $25 | $100,000 |
Fifth Third Student Checking Account | $0 | N/A |
Fifth Third Express Banking | $0 | N/A |
Fifth Third ABLE Checking | $2 | $250 |
Fifth Third Military Checking | $0 | N/A |
In the following screenshot taken on the Fifth Third app, we can see the different checking options and how easy is to apply for a checking account:
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Features
Chase provides checking accounts that come with a bunch of helpful features to meet different money needs. The Chase Everyday Accounts are easy to get started with since there's no need for a big initial deposit. Plus, with over 15,000 ATMs and 4,700 branches, it's super easy to access your money.
If you go for a Chase Premium Account, you get even more perks for a top-notch banking experience. You won't be charged by Chase for using ATMs outside their network, giving you lots of places to get cash without extra costs.
For those looking to streamline their income, the direct deposit setup is user-friendly. The app generates a direct deposit form with all the necessary details, making it convenient for users to provide their employers with the required information for direct paycheck deposits:
There's also a special 24/7 banking service line, so you can get help anytime you need it. Premium account holders enjoy higher daily purchase and ATM withdrawal limits for added flexibility.
Chase Bank Account | Main Features |
|---|---|
Chase Total Checking | Overdraft assist, chase credit journey, alerts |
Chase Premier Plus Checking | Interest on balance, free checks , free counter checks |
Chase Sapphire Checking | JPM wealth management, no ATM fees, no wire transfer |
Chase College Checking | No monthly fees, free credit score, new account promotion |
Chase Private Client Checking | Priority service, preferred rates, J.P. Morgan advisor |
Chase Business Complete Banking | Chase QuickAccept, fraud protection, chase business online |
Chase Performance Business Checking | No cost wires, unlimited electronic deposits, Chase business |
Chase Platinum Business Checking | No fee transactions, cash management support, platinum service |
Fifth Third Bank's checking accounts offer a range of benefits designed to cater to various financial needs. The basic accounts provide customers with unlimited check writing, round-the-clock access to mobile and online banking, Early Pay options for quicker access to paycheck and more.
For those opting for premium checking, the advantages extend to better loan rates and the added security of Fifth Third Identity Alert.
Fifth Third Bank Account | Main Features |
|---|---|
Fifth Third Momentum Checking | Unlimited check writing, 24/7 mobile and online banking, Early Pay |
Fifth Third Preferred Checking | Better loan rates, Fifth Third Identity Alert |
Fifth Third Student Checking | Debit card, unlimited check writing, online bill pay |
Fifth Third Express Banking | Check cashing and deposits, tools to build credit, Debit Card. |
Fifth Third ABLE Checking | Debit card, unlimited check writing, no overdraft or non-sufficient funds fees |
Fifth Third Military Checking | Special VA home loan rates, 10 free non-Fifth Third ATM transactions per month |
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Savings Accounts
There is no clear winner when it comes to savings accounts, as both banks offer similar rates. and anyway, the rates are, falling below the rates available with other savings accounts.
Fifth Third Bank also offers money market which is not available through Chase, but the rates are quite low on those product as well.
Fifth Third Savings | Chase Premier Savings | |
|---|---|---|
Savings Rate | 0.01% | 0.01% |
Minimum Deposit | $0 | $25 |
Fees | $5
The monthly service charge for Fifth Third savings accounts is waived if you meet any of the following criteria: having a Fifth Third checking account, having all savings account owners listed on the Fifth Third checking account, maintaining an average monthly balance of $500 or more, having an account owner under 18 years old, or being enrolled in Fifth Third Military Banking.
| $25 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
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Certificate Of Deposits (CDs)
When it comes to CDs, Fifth Third Bank is our winner due to its better CD rates. Both Chase and Fifth Third Bank offer higher rates only on specific CD terms, so customers have no options to combine short and long-term CD options or use strategies such as CD laddering.
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Chase Bank CD Rates
Chase offers two primary CD categories: Standard and Relationship. Individuals without a Chase checking account can opt for the Standard CD. On the other hand, those with an existing Chase checking account can link it to their CD account to unlock slightly higher APYs through Relationship CDs.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.50% – 4.00% | 90 days of interest |
6 Months | 1.50% | 180 days of interest |
9 Months | 2.00% | 180 days of interest |
12 Months | 3.00% – 3.25% | 180 days of interest |
18 Months | 2.00%
| 180 days of interest |
24 Months | 2.00% | 365 days interest |
30 Months | 2.00% | 365 days interest |
36 Months | 2.00% | 365 days interest |
48 Months | 2.00% | 365 days interest |
60 Months | 2.00% | 365 days interest |
120 Months | 2.00% | 365 days interest |
Chase also offers featured CDs with higher rates for specific terms.
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Fifth Third CD Rates
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- 4.00% APY on savings
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- Up to 4.55% APY on savings
- No monthly service fees.
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