Fifth Third Bank Minor Savings Account review

Has no monthly fees or minimum deposit requirements, but it only earns 0.01% APY.

finder.com’s rating: 3.4 / 5.0

★★★★★

The Fifth Third Bank Minor Savings comes with no monthly fees and a $0 opening deposit. But it only earns 0.01% interest, and it converts to a Momentum Savings Account when your child turns 18, which has a $5 monthly fee.

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0.01%

APY

$0

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)0.01%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
More info

More Info

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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The Fifth Third Bank Minor Savings Account is best for kids ages 13 to 17 whose parents or guardians already bank with Fifth Third Bank. The account doesn’t have any monthly fees or opening deposit requirements, but that’s about it.

Two major drawbacks make this kids’ savings account less than appealing.

First, it only earns 0.01% APY. If your child builds up a $300 balance, they’ll only earn $0.03 in interest for the entire year. For reference, Alliant Kids Savings Account Account earns 0.55% APY, which would give your kid $1.65 in interest in a year.

Second, your child could get charged a $5 monthly fee once they turn 18. The Minor Savings account converts to a Fifth Third Bank Momentum Savings account, which has a $5 monthly fee that can only be waived if you’re enrolled in military banking or keep a $500 minimum balance. To compare, Alliant’s Kids Savings Account converts to a free regular account when they turn 18, so they never have to worry about monthly fees.

Get this account if you already bank with Fifth Third Bank and want to keep your child’s savings account at the same place. But look for something else if you’re not tied down to this particular bank.

Go to the provider’s site and follow the steps to apply.

How do I open a Fifth Third Bank Minor Savings Account?

Open a Fifth Third Bank Minor Savings Account online using these steps.

  1. Visit the provider site.
  2. Hover over the Bank tab and select Savings Accounts & CDs.
  3. Scroll down until you see Minor Savings and select Apply Now.
  4. Select Get Started.
  5. Enter your email address and zip code and select Continue.
  6. Enter your mobile phone number and select Send My Link.
  7. Follow the prompts to scan your driver’s license using your phone.
  8. Follow the steps to complete your application and fund your account.

Eligibility

You can open a Fifth Third Bank Minor Savings account if you meet these requirements.

  • Legal US resident
  • At least 18 years old
  • Your child is at least 17 years or younger
  • Social Security number
  • Government-issued photo ID

Required information

Have this information ready when you apply.

  • Full name
  • Date of birth
  • Email address
  • Phone number
  • Social Security number
  • Government-issued photo ID
  • Your kid’s personal information
  • Smartphone with a camera (to scan the barcode on the back of your license)
  • Bank information for your opening deposit

What are the benefits of a Fifth Third Bank Minor Savings Account?

The Fifth Third Bank Minor Savings Account is FDIC insured and has these benefits.

  • No monthly fee. You won’t pay anything to maintain this account with Fifth Third Bank.
  • No opening deposit. Open your child’s Minor Savings Account with as little as $0.

What should I look out for?

The Fifth Third Bank Minor Savings Account has these drawbacks.

  • Low APY. The interest rate on this account is only 0.01%, which is a single penny for every $100 you save. For reference, the Alliant Kids Savings Account earns 0.55%.
  • Monthly fee once you turn 18. The Minor Savings account converts to a Fifth Third Momentum Savings when your child turns 18. It has a $0 monthly fee unless you’re in the military or maintain an average $500 minimum balance.
  • Doesn’t serve all states. You can only open this account if you live in one of these 10 states:
    • Florida
    • Georgia
    • Illinois
    • Indiana
    • Kentucky
    • Michigan
    • North Carolina
    • Ohio
    • Tennessee
    • West Virginia

If you want your kid to earn a higher rate on their savings, compare these kids’ savings accounts to see if another one is a better fit for your needs.

Compare Fifth Third Bank Minor Savings with other savings accounts

Use this table to compare kids savings accounts by APY, minimum deposit to open and more.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Alliant Kids Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Alliant Kids Savings Account
0.55%
$1 per month
(can be waived)
$5
This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
Capital One Kids Savings Account
Finder Rating: 4.7 / 5: ★★★★★
Capital One Kids Savings Account
0.30%
$0
$0
Kids Savings Accounts are fee-free and don’t require a minimum balance.
BECU Early Saver Youth Account
Finder Rating: 4.7 / 5: ★★★★★
BECU Early Saver Youth Account
2.02%
0.02%
$0
$0
Offers your child a premium interest rate on the first $500 in deposits.
Justice Federal Credit Union Young Savers
Finder Rating: 4 / 5: ★★★★★
Justice Federal Credit Union Young Savers
0.20%
0.15%
$0
$5
Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.
Bank of America Minor Savings Account
Finder Rating: 3.6 / 5: ★★★★★
Bank of America Minor Savings Account
0.01%
$0
$25
Help a child build a savings account and learn about banking.
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Compare up to 4 providers

How do I deposit or withdraw my money?

There are six ways you can access money in your child’s Fifth Third Bank Minor Savings Account.

Funding options

  • Direct deposit
  • Transfer from another Fifth Third bank account
  • Transfer from an external bank account
  • Check deposit through the mobile app

Withdraw options

  • Transfer from another Fifth Third Bank account
  • Transfer from an external bank account

What other savings options does Fifth Third Bank offer?

Fifth Third Bank has three other savings accounts in addition to the Minor Savings account.
  • Momentum Savings. This is the account your child’s Minor Savings account will turn into when they turn 18. It has a $5 monthly fee unless they’re part of the military or keep a minimum $500 balance.
  • Relationship Money Market. Earn a relationship rate when you have your savings and money market account with Fifth Third Bank. But there’s an unavoidable $5 monthly fee.
  • CD. Choose from a range of standard, promotional, 529 and IRA CDs. Opening deposits start at a low $500.

How to contact Fifth Third Bank about my savings account?

Get your questions answered by contacting Fifth Third Bank using these methods.

  • In person. Visit the branch location nearest you.
  • By appointment. Schedule a meeting with an associate.
  • Phone. Call 800-972-3030 weekdays from 7 a.m. to 8 p.m. ET and Saturdays from 8:30 a.m. to 5 p.m. ET.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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