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PNC Bank (Member FDIC) has two savings accounts: the PNC High Yield Savings Account and PNC Bank Standard Savings Account. You’re only able to open one, and your eligibility for each depends on where you live.
PNC High Yield Savings℠ Account
4.5/5
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Annual Percentage Yield (APY)
4.65%
Minimum Deposit Amount
None
Fees
no monthly service fee
PNC High Yield Savings℠ Account
4.5/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Annual Percentage Yield (APY)
4.65%
Minimum Deposit Amount
None
Fees
no monthly service fee
PNC High Yield Savings℠ Account
PNC Bank pays a great savings rate on its high-yield savings account, but a low rate on its regular savings account. You can only open a PNC High Yield Savings℠ Account if you live in certain parts of the US.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.65%
Minimum Deposit Amount
None
Pros & Cons
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Competitive APY
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A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit or account balance
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A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
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A check mark. It indicates a confirmation of your intended interaction.
Mobile check deposit
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Only available for residents of states where there are no PNC Bank branch locations, with some exceptions
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Limited customer service hours
Highlights
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Only available online or at PNC Solution Centers in KS, MA, MN, MO, or TN
Minimum account balance of $1 to earn APY
No monthly maintenance fee
No minimum opening deposit
Additional Reading
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PNC Bank Standard Savings Account
3.75/5
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Annual Percentage Yield (APY)
0.01% to 0.03%
Minimum Deposit Amount
$25
PNC Bank Standard Savings Account
3.75/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Annual Percentage Yield (APY)
0.01% to 0.03%
Minimum Deposit Amount
$25
PNC Bank Standard Savings Account
PNC Bank pays a great savings rate on its high-yield savings account, but a low rate on its regular savings account. You can only open a PNC High Yield Savings℠ Account if you live in certain parts of the US.
Details
Annual Percentage Yield (APY)
0.01% to 0.03%
Minimum Deposit Amount
$25
Pros & Cons
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
$25 minimum opening deposit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Several ways to waive the monthly service fee
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Low interest rate
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$5 monthly service fee
Highlights
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Branches in 29 states and Washington, DC
Earn a relationship rate when you link the account to a PNC checking account and meet one of the following criteria: Make at least 5 monthly transactions with your debit card or linked credit card, have $2k in monthly direct deposits in your Virtual Wallet with Performance Spend or Performance Checking, or have $5k in monthly direct deposits in your Virtual Wallet with Performance Select or Performance Select Checking
Access to about 9,200 PNC ATMs
Minimum account balance of $1 to earn APY
To waive the $5 monthly service fee, you must keep at least $300 in your account monthly, connect your savings account to a PNC checking account, set up a $25 Auto Savings transfer each month from a PNC checking account, OR be under 18 years of age
Interest compounded daily, deposited monthly
FDIC Insured
Additional Reading
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The savings account interest rate for PNC’s high-yield savings account is 4.65% APY (Annual Percentage Yield), which is impressive when compared to the best high-yield savings accounts. If your goal is to earn a high interest rate, it’s a strong choice.
The PNC High Yield Savings Account is an online account. You may be able to open this account if you live in Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Mississippi, Montana, Nebraska, New Mexico, Nevada, New Hampshire, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Texas, Utah, Washington, West Virginia, and Wyoming. You may also open an account in person if you visit a PNC Solutions Center in Massachusetts, Minnesota Tennessee, or the greater Kansas City area in Missouri.
To open the PNC Bank Standard Savings, you must live in an area with PNC branches. The account pays a low interest rate. You’ll earn a slightly higher rate if you link the account to a PNC checking account and meet some other requirements — but even this relationship rate is low.
Here are what the rates look like for the PNC Bank Standard Savings:
PNC also has the PNC S is for Savings® Account, which is for children and available in areas with PNC branches. It pays 0.01% APY.
Compare Today’s Savings Rates
PNC Savings Pros and Cons
How PNC Savings Rates Compare
PNC Savings vs. Ally Savings
The best option for you will likely depend on where you live. If you live in a state that offers the PNC High Yield Savings℠ Account, then PNC is a great option to earn a higher savings rate.
However, if you live near a PNC branch and aren’t eligible for the PNC High Yield Savings℠ Account, Ally may be a more appealing option. Ally savings rates are pretty good overall, and much better than the average savings account. You also won’t have to worry about any monthly service fees on the Ally Savings Account. Meanwhile, the PNC Bank Standard Savings does have a monthly service fee to be mindful of.
Ally Bank Review
PNC Savings vs. Capital One Savings
Deciding between PNC Bank and Capital One 360 may ultimately hinge on whether you’re eligible for the PNC High Yield Savings℠ Account. If you’re not, Capital One 360 is an overall stronger option.
Capital One 360 Performance Savings pays 4.30% (as of 7/21/23) APY. This is a bit lower than PNC Bank’s high-yield savings account, but significantly higher than PNC Bank Standard Savings.
Also, Capital One 360 doesn’t charge monthly service fees on any bank account. In comparison, PNC Bank Standard Savings does have monthly service fees if you can’t meet the monthly requirements.
Capital One Bank Review
PNC Savings Rates FAQs
PNC Bank has a good high-yield savings account. The PNC High Yield Savings Account pays 4.65% APY and doesn’t charge monthly service fees. This account is only available in select markets, though.
The PNC High Yield Savings Account has no monthly service fee. The PNC Bank Standard Savings Account has a $5 monthly service fee, but it can be waived if you meet one of the monthly requirements.
Yes, you can withdraw money from a PNC savings account. That said, PNC Bank charges a $3 excess transaction fee if you go over six transactions per month from your savings account.
Why You Should Trust Us: How We Reviewed PNC Savings Accounts
We rate bank accounts on a scale from zero to five stars. For our PNC saving rates review, we used our bank account methodology, which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to rate both savings accounts.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).
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