This paper presents a novel single-phase grid-tied neutral-point-clamped (NPC) five-level converter (SPFLC). Unlike the literature on five-level NPC topologies, the proposed one is capable of inherently balancing the voltage of the DC-link split capacitors. For this purpose, a simple Multicarrier Phase Disposition (MPD) Pulse Width Modulation (PWM) technique is used, thus avoiding both complex modifications to the Space Vector Modulation (SVM) and offset voltage injections into the carrier based (CB) PWM, as commonly done in most conventional balancing algorithms. Bearing in mind that the proposed balancing strategy only requires measuring the capacitors’ voltages and the sign of the converter output current, it has a very low complexity. The developed strategy is not only straightforwardly implemented but is also very effective for obtaining symmetrical and undistorted voltage levels from the proposed multilevel converter, as well as for significantly improving the power quality of the SPFLC output voltage and, in turn, of the grid current. The simulation results obtained with MATLAB-SimPowerSystems as well as the experimental results obtained with the prototype built in the laboratory validate the topology of the proposed NPC five-level converter and the voltage balancing strategy, by showing a good performance under step-changes and exhaustive operating test conditions.