When you're picking a bank, things like the types of products they offer, account features, fees, and how they treat customers are important.
Truist Bank and Fifth Third Bank are two big players in banking, and in this article, we'll check out both to help you decide which one fits your financial needs better.
Checking Accounts
-
Account Types And Fees
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 |
-
Features
Truist Bank Account | Main Features |
|---|---|
Truist One Checking account | Loyalty Bonus on Truist credit cards, Free first order 10-pack checks |
Truist Confidence Account | mobile bill pay, No overdraft fees, No check cashing fees |
Here's an example of depositing a check inside the Truist app:
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 |
Savings Accounts
Both Truist and Fifth Third Bank offer savings accounts, but they are not attractive as they offer low rates, far behind what customers can get with other banks.
Both Fifth Third and Truist have a money market account, but the rates are comparatively low.
Truist One Savings | Fifth Third Savings | |
|---|---|---|
Savings Rate | 0.05% | 0.01% |
Minimum Deposit | $50 | $0 |
Fees | $5
The monthly maintenance fee can be waived by maintain a minimum daily ledger balance of $300 OR
schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings account OR
waived for a minor under the age of 18 OR
waived with ANY related Truist checking product
| $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.
|
Certificate Of Deposits (CDs)
When it comes to CDs, Fifth Third is our winner. Truist Bank and Fifth Third both have high CD rates, but they're only available for specific promotional terms. Fifth Third promotional CD rates are competitive.
Keep in mind that Truist Bank doesn't show CD rates on its website, and you can only open both Fifth Third and Truist CDs in person at a branch, not online.
-
Fifth Third Bank CD Rates
Fifth Third Bank CDs | |
|---|---|
5 Month | 5.20% |
7 Month | 4.40% |
12 Month | 4.20% |
Minimum Deposit | $5,000 |
Credit Cards
When it comes to credit cards, Truist Bank is our winner due to a bit better credit card features and more options for customers.
Truist Bank offers a selection of credit cards, with options that cater to various needs but with fewer redemption options compared to the top credit card issuers.
The Truist Enjoy Cash is best for those who want to earn cashback, while travelers may prefer the Truist Enjoy Travel which offers a higher point rewards ratio on travel categories. The Truist Enjoy Beyond offers even more travel benefits.
For those who don't have good credit, the Truist Future card can help those who need 0% intro APR, and there is also a secured card, with a modest annual fee.
Card | Rewards | Bonus | Annual Fee |
| Truist Enjoy Cash credit card | 1% – 3%
3% cash back on gas and EV charging, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchases
OR 1.5% cash back on all eligible purchases | 0% Intro APR 12 months on purchases | $0 |
|---|---|---|---|---|
| Truist Enjoy Travel credit card | 1x – 2x
2x miles per $1 spent on airfare, hotels, and car rentals, 1x on all other eligible purchases | 20,000 miles
20,000 bonus miles when you spend $1,500 in first 90 days after account opening | $0 |
| Truist Future credit card | N/A | 0% Intro APR 15 months on balance transfers and purchases | $0 |
| Truist Enjoy Beyond credit card | 1x – 3x
3x points per $1 spent on airfare, hotels, and car rentals, 2x on dining and 1x on all other eligible purchases | 30,000 points
30,000 bonus points when you spend $1,500 in first 90 days after account opening | $195 |
| Truist Enjoy Cash Secured credit card | 1% – 3%
3% cash back on gas, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchase | N/A | $19 |
Fifth Third Bank provides four credit cards tailored to different needs: one for earning cash back, another for balance transfers or financing big purchases with a low intro APR, and a secured card for building credit.
Card | Rewards | Bonus | Annual Fee |
| Fifth Third 1.67% Cash Back
| 1.67%
Unlimited 1.67% cash back with every purchase | N/A | $0 |
|---|---|---|---|---|
| Fifth Third Low Intro Rate | 1%
Unlimited 1% cash back on every purchase | 0% Intro APR: 21 months on purchases and balance transfers | $0 |
| Fifth Third Preferred Cash Back (Exclusively for Fifth Third Preferred Banking Clients) | 2%
unlimited 2% cash back with every purchase | N/A | $0 |
| Fifth Third Secured Card | N/A | N/A | $24 |
Lending Options For Borrowers
When it comes to lending products, there is no clear winner as both banks offer more or less the same products.
Both banks offer various options for home buyers through different types of mortgage programs, home equity loans , lines of credit, and options for those who need personal loans or auto loans. Truist also offers special loans such as boat loans and RV loans.
None of these banks will have a solution for customers who need student loans, including refinancing.
Which Bank Is Our Winner?
Overall, we like Fifth Third a bit more than Truist bank, mainly due to the various checking options and promotional CDs. Truist is better when it comes to credit cards.
Our Methodology for Comparing Banks
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
Compare Truist Versus Other Banks
While Truist is a full-service bank where you can find almost any financial product, Chase is our winner. Here's why – and what else to know: Chase vs. Truist Bank
There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.
Wells Fargo offers better savings rates than Truist Bank, more selection for checking accounts and better credit cards. Here's our comparison: Truist Bank vs. Wells Fargo Bank
Citibank is our winner due to its checking account options, various credit cards, and better savings account rates than Truist Bank.
Each bank excels in different categories, but our winner is M&T Bank over Truist. There are some reasons for that, here's our comparison: Truist Bank vs. M&T Bank
Our winner is PNC Bank as it offers more options for checking and higher savings rates than Truist bank. Here's our comparison: Truist Bank vs. PNC Bank
Both Truist and TD Bank are active in a variety of states, such as Florida, Georgia, North And South Carolina, and more. Here's our winner: Truist Bank vs. TD Bank
There is no clear-cut answer to which bank is better, but Regions Bank is better than Truist if we have to choose one. Here's why: Truist Bank vs. Regions Bank
Our preferred choice is American Express, which provides a comprehensive banking package that outshines Truist Bank. Here's how they compare: Truist Bank vs. American Express Bank
Top Offers From Our Partners
Top Offers From Our Partners
Compare Fifth Third Versus Other Banks
We believe Chase is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Chase vs. Fifth Third Bank
While Bank of America and Fifth Third Bank offer a range of banking services, Fifth Third is our winner in this competition. Here's why: Bank of America vs. Fifth Third Bank
Fifth Bank may be better than Wells Fargo when it comes to checking accounts, but is it enough? See our complete comparison, and our winner: Wells Fargo Bank vs. Fifth Third Bank
Huntington and Fifth Third Bank provide various banking services, and figuring out which is best can be tricky. Here's our comparison: Fifth Third Bank vs. Huntington Bank
PNC Bank and Fifth Third Bank are two big players when it comes to brick-and-mortar banking. Let's compare them and see which is our winner: PNC Bank vs. Fifth Third Bank
Our winner is U.S. Bank as it offers better package banking than Fifth Bank, but there are cases when Fifth Bank wins. Here's our comparison: U.S. Bank vs. Fifth Third Bank
