Fifth Third Gives Families a College Savings Head Start

Rhea-AI Summary

Fifth Third Bank celebrated 'Fifth Third Day' by giving $1,053 to 115 babies born on May 3 in selected Tampa Bay and Northeast Ohio hospitals, for their 529 college savings accounts. Regional presidents and local celebrities greeted new parents and provided a care package. Since 2017, over 600 babies have received this gift, aiming to alleviate the burden of future education costs, which can exceed $146,000 for a four-year college. Parents are encouraged to start saving early through 529 plans.

Positive

• Fifth Third Bank's initiative to gift $1,053 to babies born on 'Fifth Third Day' for their 529 college savings accounts helps alleviate the burden of future education costs on families.

• The partnership with Gift of College to provide these gifts highlights Fifth Third's commitment to supporting families and communities by encouraging early education savings.

• The collaboration with hospitals across Northeast Ohio and Tampa to present the gifts to parents shows Fifth Third's dedication to strengthening community ties and supporting new families.

Negative

• The high cost of education, with college expenses averaging over $36,000 annually, remains a financial challenge for families, indicating the necessity for early savings planning.

• While the $1,053 gift is a positive gesture, it may not cover the full cost of higher education, emphasizing the importance of long-term savings strategies.

‘Fifth Third Babies’ born on May 3 in select Tampa Bay and Northeast Ohio hospitals received $1,053 to go toward a 529 savings account

CLEVELAND & TAMPA BAY, Fla.--(BUSINESS WIRE)-- Fifth Third recognizes the burden that the cost of education can put on parents – whether it is a college program, vocational or trade school – and has once again provided a savings boost for future education. 115 babies in Northeast Ohio and Tampa Bay who were born on “Fifth Third Day” (5/3 on the calendar) received a gift of $1,053 to be put toward a 529 savings account.

Fifth Third regional presidents and local celebrities greeted new moms and dads in select Tampa and Cleveland area hospitals, and presented the college savings gift, along with a care package that includes gift cards, a onesie, beanie and bib. (Photo: Business Wire)

“It was an exciting day to welcome newborns and provide their families with an opportunity to impact their child’s future,” said Tom Partridge, Fifth Third’s Northern Ohio regional president. “We know these contributions will make a big difference and give them a head start on saving.”

Fifth Third regional presidents Tom Partridge and Cary Putrino, Cleveland resident and TNT Sports sideline reporter Allie LaForce and Tampa Bay Buccaneers Will Gholston, K.J. Britt and YaYa Diaby greeted the new moms and dads and presented the college savings gift, along with a care package that includes gift cards, a onesie, beanie and bib.

“It was an honor to welcome the newest members of our community on a day that is near and dear to Fifth Third,” said Cary Putrino, regional president of North Florida for Fifth Third Bank. “Finding ways to strengthen families and communities is core to what we do, and I can’t think of a better way to support parents and children than helping them start saving for their future education.”

Fifth Third partnered with 22 hospitals across Northeast Ohio and Tampa to present the 529 gifts to parents. Fifth Third also provided goodie bags to the nurses at these hospitals to show appreciation for all they do for the moms and babies.

“Fifth Third Day is a special day. It’s my birthday and now my child’s birthday, too,” said a new father, Rob, whose baby was born at MetroHealth in Cleveland, Ohio. “Receiving this gift is a great start for the future.”

Mariangely Hernandez, mother to a baby girl who was born on May 3 at AdventHealth Tampa added, "Every parent dreams that their child has this start.”

Since Fifth Third Day in 2017, the Bank has gifted more than 600 babies with $1,053 to go toward any 529 college savings account, in partnership with the Gift of College in recent years.

The average total cost for a year of college at a four-year school — including tuition and fees, on-campus room and board, books, supplies, and other expenses — is more than $36,436; or roughly $146,000 over the course of four years¹. And the cost of trade school can be up to $22,000 annually.²

Three tips for getting started with a college savings account

Patricia Roberts is the chief operating officer of Gift of College and author of Route 529: A Parent’s Guide to Saving for College and Career Training with 529 Plans.

When it comes to starting a savings account for your child, Roberts offers the following tips to new parents:

1. Explore your state’s 529 plan options and open an account as soon as possible.
2. Set up automatic contributions from your paycheck or bank account.
3. Invite friends and family to contribute for birthdays, holidays and other special occasions.

Sweepstakes for all

You don't have to be born on 5/3 to start saving for a sunny future! Fifth Third is extending its Fifth Third Babies gift of $1,053 to go toward a 529 college savings plan to all communities with the Fifth Third Babies Sweepstakes³. Parents can enter to win $1,053 by following Fifth Third Bank and commenting on a sweepstakes post on Facebook and Instagram between May 13 and 29. Five winners will receive a head start on their college savings fund.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.

¹According to BestColleges.com, based on 2021-2022 data.

²According to BestColleges.com 2023 data.

³NO PURCHASE NECESSARY. Must be at least 18 years old to enter. Sweepstakes only open to residents of Michigan, Illinois, Indiana, Ohio, Kentucky, West Virginia, Tennessee, North Carolina, South Carolina, Georgia, and Florida. Odds of winning depend upon the number of eligible entries received. Void where prohibited. Sweepstakes begins May 13, 2024, and ends 11:59 PM ET May 29, 2024. For complete sweepstakes rules please see a Fifth Third Bank representative or visit 53.com/babies. Sweepstakes is in no way sponsored, endorsed, administered by, or associated with, Meta Platform, Facebook, or Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506692684/en/

Beth Oates (Media Relations)

Beth.Oates@53.com | 313-230-9002

Matt Curoe (Investor Relations)

Matthew.Curoe@53.com | 513-534-2345

Source: Fifth Third

FAQ

How much did Fifth Third Bank gift to babies born on 'Fifth Third Day' for their college savings accounts?

Fifth Third Bank gifted $1,053 to 115 babies born on May 3 in Tampa Bay and Northeast Ohio hospitals for their 529 college savings accounts.

What is the average cost of a year of college at a four-year school?

The average total cost for a year of college at a four-year school is over $36,000, including tuition, fees, room and board, books, supplies, and other expenses.

What can parents do to start saving for their child's college education?

Parents are encouraged to explore their state's 529 plan options, open an account early, set up automatic contributions, and invite friends and family to contribute for special occasions.

How can parents enter the Fifth Third Babies Sweepstakes?

Parents can enter the Fifth Third Babies Sweepstakes by following Fifth Third Bank on Facebook and Instagram, and commenting on a sweepstakes post between May 13 and 29 to win $1,053 for a college savings fund.