[Expired] [FL, GA, IL, IN, KY, MI, NC, OH, TN, WV, In Branch] Fifth Third $500 Checking Bonus – Direct Deposits Not Required

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Update 10/5/19: Deal now requires a deposit of $20,000 instead of $15,000.

Offer at a glance

• Maximum bonus amount: $500
• Availability: Only in the following states: FL, GA, IL, IN, KY, MI, NC, OH, TN, WV (may be only for those within a 50-mile radius of a branch). Must also open in branch
• Direct deposit required: None
• Additional requirements: Maintain balance of $15,000+ for 90 days
• Hard/soft pull: Soft
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: $11, avoidable
• Early account termination fee: None listed
• Household limit: None listed
• Expiration date: October 31st, 2019 December 31st, 2019

The Offer

Direct link to offer

• Fifth Third is offering a bonus of $500 when you open a new Fifth Third Essential Checking account and complete the following requirements:
  • Reach a balance of $20,000 within 45 days of account opening and maintain that balance for 90 days from the date the balance requirement is met (seems like you need to deposit an additional $20,000 and minimum opening deposit is $500. So total would be $20,500)

 

The Fine Print

• To qualify for the $500 bonus: Open a new Fifth Third Essential Checking® account, within 45 days of account opening, reach a balance of $15,000 or more and then maintain a minimum daily balance of at least $15,000 for 90 days from the date the balance requirement is reached.
• Offer is not available to existing Fifth Third checking customers or to those with a Fifth Third Checking® account that has been closed within the last 12 months.
• Account must be funded within 45 days of opening. Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
• Essential Checking account must be opened between 6/19/2019 and 10/31/2019.
• No minimum deposit required to open a checking account. Bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.  Bonus may be taxable as interest income and reported on IRS Form 1099-INT.
• The $500 cash bonus offer is valid for Essential, Enhanced, Preferred and Free (where available) checking accounts only. Enhanced, Preferred and Free checking accounts must be opened at a banking center. See your banker for details. Not valid with any other offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Essentials Checking $11 Monthly Fee

Essential Checking account is required for this bonus and has an $11 monthly fee. The fee can be waived by maintaining an average monthly balance of $1,500 or more across your savings and checking accounts.

Early Account Termination Fee

This account does not have an early account termination fee

Our Verdict

Previously the best bonus was for $300, but the requirements were much easier to meet (e.g just deposit $500 and maintain that for 60 days). That same deal is also still available, but only for $250. This is an extra $200 (or $250 compared to current offer) but you do need to maintain a balance of $15,000 for 90 days. That’s still worth doing even though these accounts basically earn no interest, but might not be an option for everybody. I’ll be adding this to our list of the best checking bonuses.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
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• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
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