Fifth Third Bank Business Account: Fees & Features (2025)

Managing business finances is a big responsibility. Choosing the right bank account can make that job easier, or more frustrating than it needs to be. If you’ve been considering a Fifth Third Bank business account for your checking needs, you’re not alone.

With a solid presence in the Midwest and Southeast, this regional bank has been around for over 160 years and offers tailored services for businesses of all sizes. But is a Fifth Third business account right for your company? In this comprehensive review, we’ll look at their account options, fees, perks, and whether it’s a smart fit.

Why Choose a Regional Bank Like Fifth Third?

National banks might dominate the headlines, but regional banks still offer valuable benefits, especially for local businesses.

Founded in 1858 and headquartered in Cincinnati, Ohio, Fifth Third Bancorp is a regional financial institution serving 11 U.S. states. With over 1,100 branches and access to 40,000+ no-fee ATMs nationwide, it offers a wide range of products and services tailored to businesses of all sizes.

Fifth Third is especially known for its robust business banking suite, which includes:

• Business checking and savings accounts
• Merchant services
• Business credit cards
• Payroll and HR solutions
• SBA loans and commercial lending
• Cash management tools

Now let’s dive into Fifth Third Bank business account options.

Fifth Third Bank Business Account Options

Fifth Third provides three main types of business checking accounts and two types of business savings accounts. Each one is tailored to different business sizes and needs.

Fifth Third Business Checking Account

This is the most basic Fifth Third Bank business account option and a great entry point for new or small businesses.

Key Features:

• $0 monthly service charge
• 100 free transactions per month
• $5,000 in cash deposits included monthly
• No minimum balance requirements
• Business debit Mastercard for each signer
• Access to online and mobile banking
• Text alerts and mobile check deposits

For small business owners who want low-maintenance banking with essential tools like online bill pay and account transfers, this is a good place to start. You can open it at a local branch, no online applications available.

Fifth Third Business Premium Checking Account

This mid-tier account is designed for businesses with moderate transaction activity or those needing payroll and merchant services.

Key Features:

• $25 monthly fee, waived if you meet one of the following:
  • Maintain $25,000 average combined balance across business accounts
  • Have a Fifth Third Business Loan or Line of Credit
  • Enroll in Merchant Services and spend $500+ monthly on Fifth Third business credit cards
• 500 free transactions per month
• $10,000 in cash deposits included monthly
• Discounted payroll services through Paycor
• Client Maintained Positive Pay (fraud protection)
• ACH initiation and Prior Day Reporting
• Eligible for relationship interest on Business Relationship Savings
• Business debit cards and overdraft protection options

If your business is scaling and you need enhanced tools to manage operations and protect against fraud, this Fifth Third Bank business account delivers good value.

Fifth Third Business Elite Checking Account

Designed for large or complex businesses, this account offers advanced money management and fraud detection features.

Key Features:

• $50 monthly fee, waived with one of the following:
  • Maintain $50,000 average combined balance
  • Hold a Fifth Third Business Loan or Line of Credit
  • Spend $500 monthly on business credit cards AND use Fifth Third Direct or Electronic Deposit Manager
• 1,000 free transactions per month
• $25,000 in cash deposits included monthly
• Free ACH initiation and Prior Day Reporting
• Advanced fraud protection tools
• Access to commercial-grade banking services

Elite Checking is best for large operations with dedicated accounting teams, payroll departments, or heavy vendor activity. Details are more tailored, so speaking with a banker is essential to understand the full costs and benefits.

Fifth Third Business Savings Account

This is the most straightforward savings account from Fifth Third. It’s perfect for small business owners who want a safe place to put away money while still keeping it easily accessible.

Key Features:

• $5 monthly service charge, but you can avoid it by maintaining an average monthly balance of $10,000 or more.
• The more money you keep in the account, the higher the interest rate you earn.
• No minimum to open
• Up to 20 deposits and 3 withdrawals per month without extra fees.
• Online and mobile access
• FDIC insured up to $250,000

This Fifth Third Bank business account is a great option for small businesses that want to earn interest on idle cash without locking it up in a long-term account or CD.

Fifth Third Business Relationship Savings Account

If your business already has a Fifth Third Premium or Elite Checking Account, this upgraded savings option could be a better fit. This Fifth Third Bank business savings account is designed to reward you for your existing relationship with the bank.

Standout Benefits:

• No monthly fee, as long as your business checking account qualifies.
• Higher earnings with relationship interest
• Offer check-writing abilities
• 20 free deposits and 3 free withdrawals per month.
• Simplifies fund transfers and account management.

This Fifth Third Bank business account is ideal for businesses with larger balances or those that want to maximize the value of their Fifth Third relationship.

Fees and Hidden Costs

While Fifth Third’s basic account is fee-free, the Premium and Elite accounts come with monthly charges that only disappear if you meet certain conditions.

Common Fifth Third Bank business account fees to watch:

• Excess transactions: $0.50 per transaction after the monthly limit
• Excess cash deposits: $0.003 per dollar above the free deposit limit
• Wire transfers: Incoming and outgoing wires can add up quickly
• Non-Fifth Third ATM use: $3.50 surcharge per use
• Paper statements: Can cost extra unless you opt for eStatements

Most of these are standard among brick-and-mortar banks. But if your business can’t meet the waiver thresholds, these fees may start to cut into your bottom line.

Here’s how the core checking accounts compare:

And here is how the savings accounts compare:

Fifth Third Bank Business Account Requirements

Fifth Third does not offer online account opening for business accounts. You’ll need to visit a branch in person. Be sure to prepare:

• Your business name and address
• Your EIN (Employer Identification Number) or Social Security number (for sole proprietors)
• Business formation documents (LLC, Partnership, Corp filings)
• Your driver’s license or government-issued photo ID
• Operating Agreement (for multi-member LLCs)
• Business license (if applicable)

How to Open a Fifth Third Bank Business Account

Opening a business account with Fifth Third Bank is a hands-on process. Here’s the step-by-step process to open your Fifth Third Bank business account:

1. Choose Your Account Type: Research information and decide between Fifth Third Bank business account types, depending on your business needs.
2. Gather Required Documents: The exact paperwork depends on your type of business, whether you’re a sole proprietor, LLC, partnership, or corporation.
3. Schedule an Appointment: Use the branch locator tool at 53.com to find the nearest Fifth Third location. Then call or go online to schedule a meeting with a business banking specialist.
4. What to Bring to the Branch: Make sure to take:
   • Two forms of government-issued ID (such as a driver’s license and passport)
   • All relevant business documents
   • While there’s no minimum deposit required to open the account, you’ll need to fund it within 45 days
5. Meet with a Banker: During your appointment, a Fifth Third representative will help you choose the right business checking account. They’ll review your documents, walk you through the terms, and set up your online and mobile access.
6. Start Using Your Account: Once approved, you’ll receive a business debit card (with checking accounts), and you’ll be able to access your account via Fifth Third’s mobile app and online banking platform.
7. Fund the Account: Although there’s no required minimum, it’s best to make an initial deposit right away.

Fifth Third Bank Business Account Customer Services

Fifth Third Bank offers several ways for business customers to get help and stay connected:

• Phone Support: Reach a representative by calling the Fifth Third Bank business account phone number 1-877-534-2264 during normal business hours.
• Branch Access: With over 1,100 full-service locations across 11 states, you can get personalized help when you need it.
• Digital Banking: Use the Fifth Third mobile app or online banking portal to check balances, pay bills, send payments, and manage your account from anywhere.
• Software Integration: Fifth Third works with QuickBooks, Quicken, and Paycor, making it easy to sync your finances, handle payroll, and keep your books in order.
• Scheduled Appointments: You can book a time to speak with a specialist online or in person if you prefer dedicated support.

Overall, this bank aims to provide a balanced mix of personal service and digital convenience. Fifth Third Bank business banking support is especially helpful for entrepreneurs who want a more hands-on approach or need guidance managing financial operations.

Fifth Third Bank Business Account Bonus

The bank sometimes also offers a cash bonus, usually $200 to $500, when you open a new business checking account. These promotions are available in select states and may require a promo code sent by mail or email.

To qualify, you usually need to:

• Open a new business checking account in person.
• Deposit at least $5,000 in new money within 10 days.
• Keep that balance for 60–90 days.
• Receive your bonus about 10 business days later.

This offer is for new customers only, and you can only claim one bonus per year. The bonus is taxable, and there may be an early closure fee if you close the account too soon. If you’re planning to open a business account anyway, this bonus is a great way to get extra cash, just make sure you follow all the rules.

Other Business Banking Products Offered by Fifth Third

Fifth Third Bank offers more than just checking and savings accounts. They provide a full suite of financial tools that can support every stage of your business, from startup to expansion.

Here’s what else you can expect:

• Business Credit Cards: Choose from options that offer cash back, travel rewards, and expense tracking tools.
• Lines of Credit: Access flexible funding for short-term needs or seasonal fluctuations.
• Term Loans & Commercial Real Estate Lending: Get the capital you need to grow, purchase property, or invest in equipment.
• Merchant Services: Accept credit card payments and streamline point-of-sale operations.
• Cash Management Tools: Automate accounts payable and receivable, manage cash flow, and gain better financial control.
• Payroll & HR Solutions: Fifth Third partners with Paycor to offer integrated payroll services with discounted pricing.
• SBA & Healthcare Lending: Tailored lending solutions for small businesses and medical practices.
• Wealth Management: Financial planning support for business owners who want to protect and grow their wealth.

Many of these services can be bundled with your Fifth Third Bank business account to help you waive monthly service fees and optimize cash flow management.

Pros and Cons of Fifth Third Business Accounts

Before opening a Fifth Third Bank business account, it’s important to weigh both the benefits and potential drawbacks. Here’s a closer look at the key pros and cons of banking with Fifth Third.

Pros of Fifth Third Bank business account:

• Free basic tier: No maintenance fee or balance requirement for new businesses.
• Tiered flexibility: Scales with your business needs from startup to enterprise.
• Strong local presence: Over 1,100 branches and real relationship managers.
• Cash handling perks: Reasonable deposit limits for cash-heavy businesses.
• Fraud tools: Available at mid- and high-tier levels.

Cons of Fifth Third Bank business account:

• Geographic limitations: Only available in 11 states. No access if you operate nationwide.
• Branch visit required: You must open an account in person, no online application.
• High balance needed for Premium waiver: $25,000 may be hard to maintain.
• Fees add up: Watch out for ATM, excess transaction, and wire fees.

To help you decide more exactly, here’s how Fifth Third stacks up against other popular business banking options:

FAQs About Fifth Third Bank Business Accounts

Does Fifth Third Bank offer online business account opening?

• No, all business checking accounts must be opened at a physical branch.

What documents are needed to open a Fifth Third Bank business account?

• Requirements vary by business structure but typically include an EIN, business license, and personal identification.

Is there a minimum deposit requirement?

• No. However, you must fund the account within 45 days of opening.

Does Fifth Third offer business accounts for LLCs and sole proprietors?

• Yes. Fifth Third Bank supports business checking and savings accounts for sole proprietors, LLCs, partnerships, and corporations.

Can I open multiple business accounts with Fifth Third Bank?

• Yes. You can open multiple Fifth Third Bank business accounts, including checking, savings, and specialty accounts, depending on your business needs.

In conclusion, Fifth Third offers value, but only if your business fits their model. Make sure to compare all costs, ask questions, and assess how their services align with your long-term growth plans. Fifth Third Bank business account is a solid option for businesses looking for a local touch with room to grow. If you’re in their footprint and can meet certain balance or service-use thresholds, this bank can be a practical partner for your business banking.