Fifth Third Bank Bonus, Get $500 with $20K Deposit

Fifth Third Bank has a new checking account bonus of $500. You need to deposit $20,000 for three months to get the full amount. Offer is valid until 12/31.

Offer

Get $250 when you open a new Fifth Third checking account and reach a balance of $500 within 45 days and then maintain a minimum daily balance of $500 for 60 days from the date the balance requirement is reached.
Get an additional $250 when you meet the requirements listed above and increase your total deposit balances by $20,000 within 45 days of account opening AND then maintain that increased balance for 90 days from the date the balance requirement is reached.

Offer Terms

Total deposit balances are defined as your total checking, savings and/or CD balances and the increased balance may be in any of these accounts.
No minimum deposit 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.
Account must be opened in branch. You need to first request your coupon here.

Eligibility

Offer is available to residents in the following states; FL, GA, IL, IN, KY, MI, NC, OH, TN, WV

Offer not available to existing checking customers or to those with a Fifth Third Checking account that has been closed within the last 12 months.

Fees

Fifth Third Essential Checking® account has a $11 monthly service charge. This charge is reduced to $8 per month with a monthly direct deposit totaling $500 or more or it is completely waived with any of the following:

Maintain a combined monthly average balance of $1,500 across your deposit and investment accounts
Spend at least $500 per month on a Fifth Third credit card
Have any existing Fifth Third personal mortgage, auto loan or line of credit with an outstanding balance
Are a current or former U.S. military member with monthly direct deposits totaling $500 or more
Participate in your employer’s Fifth Third banking benefits program with monthly direct deposits totaling $500 or more
Are a student with a valid student ID
Have a Business Premium or Business Elite Checking account and have completed a relationship consent form.

Guru’s Wrap-Up

The deposit requirement was $15K in their last offer. But this is still a pretty good bonus if you have $20,000 to keep in the account for three months. It’s a return of 10.00% APR, way better than you can get with any high yield accounts. There’s no fee for those three months either, since your balance waives it. Once you get the bonus you can close the account.

If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.

Offer Details

Get Coupon
Bonus: $500
Account Type: Essential Checking
Availability: FL, GA, IL, IN, KY, MI, NC, OH, TN, WV
Expiration Date: 12/31/2019
Inquiry Type: Soft pull
Opening Deposit Credit Card Funding: No
Direct Deposit Requirement: No
Additional Requirements: $15K balance for 90 days
Monthly Fee: There is an $11 monthly fee that can be waived with a balance of $1,500
Closing Account Fee: None. Account must remain open for 90 days