Interest earned on CD terms of one month or longer can be credited to the CD account or a checking or savings account at the bank. CD terms of less than one month earn simple interest, which is paid out when the CD matures. Interest compounds daily on all CD terms longer than one month. Interest earned on Fifth Third CDs works a bit differently depending on term length and account balance. Standard Fifth Third CDs feature tiered interest rates based on your account balance, but the rates are currently the same for all tiers. Opening one of the bank’s promotional CDs-or a CD with a term shorter than 90 days-requires a $5,000 minimum opening deposit. A $500 opening deposit is required to open a standard CD with a term of three months or longer. Fifth Third operates more than 1,100 branch locations in 11 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.įifth Third Bank’s specific CD terms may vary depending on location. CD accounts can only be opened in person at one of the bank’s branches. Fifth Third Bank offers several CD terms ranging from seven days to seven years.
