Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
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
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
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
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.
Competitive APY
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit or account balance
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Mobile check deposit
Dash icon
A dash. It often indicates an interaction to shrink a section.
Only available for residents of states where there are no PNC Bank branch locations, with some exceptions
Dash icon
A dash. It often indicates an interaction to shrink a section.
Limited customer service hours
Highlights
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
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
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
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
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
Dash icon
A dash. It often indicates an interaction to shrink a section.
Low interest rate
Dash icon
A dash. It often indicates an interaction to shrink a section.
$5 monthly service fee
Highlights
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
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
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
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).
She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com.
Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Read more
Read less
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles.
You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.
Read more about how Personal Finance Insider chooses, rates, and covers financial products and services>>
Below are links to some of her most popular stories:
Are banks open today? Here’s a list of US bank holidays for 2023
Best CD rates
Best High-yield savings accounts
These banks and credit unions allow you to exchange foreign currency at a branch, over the phone, or online
Four reasons why your debit card might be denied even when you have money
Read more
Read less
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Read more
Read less
Top Offers From Our Partners
UFB Priority Savings
Earn up to 5.06% APY on your savings. No monthly maintenance fees. No minimum deposit required to open an account.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
Loading
Something is loading.
Thanks for signing up!
Access your favorite topics in a personalized feed while you’re on the go.
PNC Standard Savings
PNC High Yield Savings Account
Personal Finance Insider
More…
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Business Insider – https://www.businessinsider.com/personal-finance/pnc-savings-rates
