Fifth Third Bank, based out of Cincinnati, Ohio, currently has some CD rate promotions going on at a few of their Michigan branches (other branches may be included as well).
Although they are called “Promotional Rates” don’t get too excited as it just seems to be wording ploy to entice customers to sign up. The rates are average (at best) and require a $5000 minimum deposit. You can see how their APY’s stack up against today’s national averages at the bottom of the article.
Related: Check out the most recent CD rate promotions from our archives.
About Fifth Third Bank:
Fifth Third is one of the top 20 largest banks in the country and primarily serve the Midwest and Southeast portions of the United States. Along with being one of the largest banks in the country they are also one of the oldest, with their roots dating back to 1865.
As of 2012, the company controls roughly $115 billion in assets. This number has recovered modestly following the bank collapse. In 2010, for example, the Company held $120 billion in assets. However in years previous to 2010, Fifth Third Bank experienced a bit more turbulence.
The bank received $3.4 billion from the U.S. Treasury as part of its Troubled Asset Relief Program in 2008 and reported a net loss of $2.2 billion due to loan problems and lower market values.
As of 2012, they control nearly $90 billion in consumer deposits and service almost $82 billion in loans. They are federally insured by the FDIC (#6672) and employee a staggering 22,000 individuals. This number is quite impressive when you pit it against new online banks forming today with less than a dozen full-time employees.
Related: Fifth Third Bank was recently mentioned as one of the “least trusted banks in the United States.”
Fifth Third Bank’s operations include 18 affiliates with 1,307 full-service Banking Centers, including 92 Bank Mart locations open seven days a week inside select grocery stores and 2,341 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.
CD Rate Promotions offered through Fifth Third Bank:
*Promotional rates accurate as of May 2010.
- 8 month CD “promo” rate yielding 0.50% APY with a minimum deposit of $5,000 required.
- 13 month CD “promo” rate yielding 0.90% APY with a minimum deposit of $5,000 required.
- 24 month CD “promo” rate yielding 1.25% APY with a minimum deposit of $5,000 required.
- 36 month CD “promo” rate yielding 1.75% APY with a minimum deposit of $5,000 required.
- 60 month CD “promo” rate yielding 2.75% APY with a minimum deposit of $5,000 required.
To put the above offers in perspective, the national average for 6 month CD rates sits at roughly 0.80% APY, the national average for 1 year CD rates sits at roughly 1.18% APY and the national average for 3 year CD rates sits at roughly 1.98% APY.