Fifth Third Momentum Savings pays 0.01% APY — standard for big regional banks and far below the 4%+ rates available at online banks. The account is most useful as a fee-free overdraft protection buffer linked to Fifth Third Momentum Checking. For real savings growth, open a separate HYSA.
Bottom line: Fifth Third savings pays 0.01% APY. Open an external HYSA and link it to your Fifth Third checking for 4%+ on savings.
Fifth Third Savings Options
| Account | APY | Monthly Fee | Fee Waiver | Min Balance |
|---|---|---|---|---|
| Momentum Savings | 0.01% | $5 | Linked Momentum Checking | $0 |
| Goal Setter Savings | 0.01% | $5 | $500 balance | $25 |
| Preferred Savings | 0.01%–0.03% | Varies | Combined balance | Varies |
All Fifth Third savings accounts pay near-zero rates. The fee structure varies, but the rate outcome is the same.
What 0.01% APY Actually Earns
On a $15,000 savings balance:
| Account | APY | Annual Interest |
|---|---|---|
| Fifth Third Momentum Savings | 0.01% | $1.50 |
| Ally HYSA | 4.20% | $630 |
| Axos HYSA | 4.66% | $699 |
| Marcus HYSA | 4.10% | $615 |
Fifth Third savings earns $1.50/year vs. $699 at Axos on the same balance. That’s $697.50/year in lost interest — nearly $58/month.
Momentum Savings: Best Use Case
Momentum Savings is best used as an overdraft protection account:
- Link to Fifth Third Momentum Checking
- Fee waived with linked checking ($5/month otherwise)
- Fifth Third transfers automatically from savings to cover checking overdrafts (no transfer fee)
- Keep $500–$1,500 here as a buffer; move the rest to an external HYSA
This is the “right” role for a low-yield bank savings account — a short-term buffer, not a wealth-building tool.
The Right Strategy for Fifth Third Customers
Keep at Fifth Third:
- Momentum Checking (everyday spending, Early Pay direct deposit)
- Momentum Savings ($500–$1,500 as overdraft buffer — no fee when linked to checking)
Move to an online HYSA:
- Emergency fund
- All savings goals
- Any amount above your overdraft buffer
How to set it up:
- Open an HYSA (Ally, Axos, Marcus, or Discover — all $0 fee, no minimum)
- In the HYSA app, link your Fifth Third account (routing: 042000314 + your account number)
- Verify via test deposits (1–2 business days)
- Transfer savings from Fifth Third to the HYSA
- Fifth Third Momentum Savings stays at $500–$1,500 as overdraft buffer only
External transfers take 1–3 business days. Keep enough in Fifth Third checking for day-to-day expenses.
Fifth Third Savings vs. Top HYSAs
| Bank | APY | Monthly Fee | Min Balance |
|---|---|---|---|
| Axos HYSA | 4.66% | $0 | $0 |
| Citizens Access HYSA | 4.50%+ | $0 | $0 |
| BMO Alto | 4.50%+ | $0 | $0 |
| Discover HYSA | 4.25% | $0 | $0 |
| Ally HYSA | 4.20% | $0 | $0 |
| Marcus HYSA | 4.10% | $0 | $0 |
| Fifth Third Momentum Savings | 0.01% | $5 (waived) | $0 |
Any HYSA on this list outperforms Fifth Third savings by 410+ times the interest rate.
See also: Fifth Third Bank review | Fifth Third checking account | Best high-yield savings accounts | Fifth Third vs. Huntington
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