PNC Bank offers a range of savings accounts, though most of them offer less-than-average annual percentage yields (APYs). However, they do have a few key benefits – such as no minimum deposit requirement and easy ways to avoid monthly fees.
If you’re purely looking for a savings account with the highest rate, PNC might not be the right choice for you. You can find higher APYs elsewhere. But if you are looking for a full suite of accounts – like checking accounts and CDs, in addition to savings – PNC Bank is worth a look.
Key Takeaways
- PNC’s highest interest rate of 4.65% is better than other big banks, but it’s only available in certain states through an online-only account.
- More traditional savings accounts at PNC only offer up to 0.03% APY, well under the national average rate.
- PNC also offers regular certificates of deposit (CDs) and a money market account.
PNC Savings Account Rates
Savings account rates refer to the interest a bank pays you for storing your money with them. These rates are expressed as an annual percentage yield (APY) and tell you the interest you’ll earn on your balance over a year.
There are typically two types of savings accounts, each with its own corresponding interest rate range. Standard savings accounts, offered by big-name banks and credit unions, often offer low interest rates. They’re designed to fit alongside a checking account in a traditional bank relationship.
High-yield savings accounts, on the other hand, are typically offered by online savings accounts and have much higher rates. PNC offers both types of savings accounts, but its high-yield account is only available in certain states.
Here’s a brief overview of the rates each of PNC’s savings accounts offers.
| PNC Bank Account | APY* | Relationship APY* | Balance Needed for APY |
|---|---|---|---|
| Standard savings | 0.01% | 0.02% or 0.03% | $0 $2,500 to earn 0.03% APY |
| S is for Savings | 0.01% | N/A | $0 |
| High Yield Savings | 4.65% | N/A | $0 |
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PNC Bank Savings Rates vs. Other Top Banks
PNC’s standard savings account doesn’t fare well against competitors. It offers only 0.03% APY in a best-case scenario, compared with a national average savings rate of 0.50%.
However, the high-yield savings account does much better against other large banks. Here’s how PNC’s savings accounts compare to other major banks:
| Bank | APY* | Minimum Deposit |
|---|---|---|
| PNC Bank | 4.65% | None |
| American Express | 4.25% | None |
| Discover | 4.20% | None |
| Chase | 0.01% to 0.02% | None |
| Ally | 4.20% | None |
| TD Bank | 0.02% | Must have a $100,000 balance to earn 4% interest |
| Capital One | 4.25% | None |
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PNC vs. Highest Rates
Check out how PNC compares to the banks with the highest rates.
| Bank | APY* |
|---|---|
| PNC High Yield Savings | 4.65% |
| First Community Bank | 6.00% |
| Sovereign Bank | 5.40% |
| EagleBank | 5.35% |
| Western Alliance Bank | 5.31% |
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In a clear effort to compete, PNC does hold an advantage for anyone in the 32 states where PNC offers a high-yield savings account. PNC’s high-yield savings account also charges no monthly service fee and provides a simple mobile app where you can deposit checks and move money as needed.
Let’s take a deeper look at each account and the features it offers.
PNC Standard Savings
PNC’s Standard Savings account has no minimum deposit requirement. You earn the most interest through the Standard account when you have a linked checking account or Virtual Wallet (a savings/checking hybrid) account. Additionally, you must meet one of the following requirements:
- Make at least five PIN transactions during the last calendar month using a checking account debit card
- Have $500 in direct deposits sent to your linked checking account in the last calendar month
- Have at least $2,000 in direct deposits to your linked performance Virtual Wallet account in the last calendar month
- Have at least $5,000 in direct deposits to your linked performance select Virtual Wallet account in the last calendar month
PNC S is for Savings
S is for Savings is PNC’s savings account for children. There’s no service charge for those under 18. The account presents financial concepts in easy-to-understand ways, even offering young kids money lessons with the help of Sesame Street.
You have access to unlimited deposits with this account, but you are limited to the usual six monthly withdrawals. You and your child can also set financial goals together and PNC makes tracking these goals easy with its helpful mobile app.
PNC High-Yield Savings
PNC’s high-yield savings account is its highest interest-bearing account, available only online and in certain states. However, PNC doesn’t make it easy to determine if your state qualifies.
With its high-yield account, you must maintain a balance of just $1 to earn the high interest rate, but there’s no monthly service charge you need to worry about.
>> Related: Find a PNC Bank near you
Additional Ways To Save With PNC Bank
PNC is a large bank, so its savings products go well beyond savings accounts. PNC offers different ways to add to your savings portfolio through CDs and money market accounts:
PNC Fixed-Rate CD
These CDs have a fixed rate for the length of the CD’s term. Terms range from seven days to 10 years. You’ll need to put down a minimum $1,000 deposit to open a CD. Be aware that you must go into a branch to open a CD, so you’ll need to live near a PNC location.
>> Related: Learn more about the banks with the best CD rates
PNC Fixed-Rate IRA CD
To help up your tax savings, PNC offers IRA CDs with just a $250 minimum deposit requirement. These CDs have terms that range from six months to 10 years.
>> Related: Learn more about the best IRA CD rates
PNC Money Market Account
PNC’s MMA comes with a free banking card you can use fee-free at any PNC ATM. You also earn interest based on your balance and any linked checking accounts you have. The highest APY you can earn is with a balance of at least $500,000 and a linked Performance Select Checking account.
How To Open a PNC Bank Savings Account
You can open any PNC savings account online in a few simple steps. When you first go to apply, PNC tells you right away what to expect throughout the process:
You’ll start by answering the usual basic questions and you’ll provide:
- Your name and date of birth
- Your email address
- Your address
- Your Social Security number
- A government ID or license
From there, you’ll select the account you’re interested in and you’ll be given information about the PNC Bank savings account rate and other features associated with your account. You’ll also be asked to fund the account. Neither PNC’s standard savings account nor its high-yield account has a minimum opening deposit requirement.
>> Related: Learn how to open a savings account
The Bottom Line: Is a PNC Bank Savings Account Right for You?
PNC offers savings accounts for every step of life. Kids can start with the “S is for Savings” account, which earns a trickle of interest and helps teach kids important money lessons. Then there’s the standard savings, offering unlimited withdrawals for frequently changing savings goals. Finally, if you want to earn the highest interest possible, PNC’s high-yield savings account is there if you live in a qualifying area. Read our review of PNC if you want more information about the bank.
>> Related: Use our savings account calculator
*Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
