An array is 0 indexed, which means that number 5 is out of index. "Hello" should be index valued 0-4 and not 0-5.
Here is a better code to try out:
void setup() {
Serial.begin(9600);
}
void loop() {
String recivedMessage = "";
// Read
while (Serial.available())
{
recivedMessage += Serial.read();
}
// Print debug
Serial.print("recivedMessage: ");
Serial.println(recivedMessage);
//// Uncomment the row under if you are not sure that the splitting is working
// recivedMessage = "Hello";
// Split
char first = recivedMessage.substring(0, 1)[0]; // H
char second = recivedMessage.substring(1, 2)[0]; // E
char third = recivedMessage.substring(2, 3)[0]; // L
char forth = recivedMessage.substring(3, 4)[0]; // L
char fifth = recivedMessage.substring(4)[0]; // 0
// Print debug
Serial.print("Cut message: ");
Serial.println(first);
Serial.println(second);
Serial.println(third);
Serial.println(forth);
Serial.println(fifth);
}