Credit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Written By Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Personal Finance Writer Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Elizabeth Aldrich Banking WriterWith eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel.
Updated: Jun 17, 2024, 11:18am
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PNC Bank offers several savings account options with different features, fees and interest rates. While its basic savings accounts pay negligible interest, its high-yield savings accounts offer rates competitive with the best online savings accounts.
Here’s an overview of PNC savings account interest rates and how much you can earn. Rates are accurate as of June 17, 2024, and may vary by location.
PNC Standard Savings Account $1 and above PNC ‘S’ is for Savings® $1 and above PNC High Yield Savings℠ $1 and above See More See LessFor the PNC Standard Savings Account and PNC ‘S’ is for Savings® accounts, we used the New York City ZIP code 10001. For the two high-yield savings accounts, we used Los Angeles ZIP code 90001 and Boston ZIP code 02108. Check PNC’s website or visit a branch near you for rates in your area.
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico, Texas and West Virginia.
PNC bank offers relationship interest rates on Standard Savings accounts when the account holder also has a PNC checking account.
Standard Savings Standard Savings $2,500 and above See More See LessBy comparison, the national average savings account interest rate is 0.46% as of August 19, 2024 , according to the FDIC.
All PNC savings accounts are insured to the maximum amount permitted by law. All savings accounts are limited to six withdrawals per billing statement, and additional withdrawals will result in a fee. Your savings account must have a minimum of $1 balance to earn interest.
PNC Bank also provides bank cards at no charge allowing you to deposit or access your savings funds at ATMs nationwide.
There are a variety of savings accounts to choose from at PNC Bank.
PNC’s Standard Savings account is typical for a large national bank. There is no minimum deposit to open the account, and it charges a $5 monthly service fee. To avoid this fee, you can maintain an average $300 monthly balance, link a PNC checking account or schedule recurring $25 deposits from your PNC checking to your savings account. Account holders under 18 also qualify for a fee waiver.
You must be 18 or over to open an account online. Younger customers can open an account in person at a local branch.
By far, the best PNC savings accounts are the High Yield Savings, but these accounts are only available to residents in select states. If you live in one of these states, you qualify for a PNC savings account rate that’s competitive with the best high-yield savings accounts. This savings account has no minimum deposit requirement and charges no monthly fees.
Accounts can only be opened online. Applicants must be at least 18 years old and a resident of a qualifying state.
This savings account is designed for children and offers Sesame Street-themed financial literacy training. The interactive online banking experience allows kids to visually deposit and allocate funds to spend, save and share accounts.
Accounts require no minimum deposit to open and charge no monthly fees for account holders under 18. You can apply online if the applicant is 17 or under and the custodian on the account is over 21. Otherwise, you’ll need to open an account at a local branch.
While not traditional savings accounts, PNC Bank also offers money market accounts and certificates of deposit (CDs). Money Market accounts are designed to offer higher interest rates for larger balances. However, depending on location and additional PNC accounts, you may only earn between 0.02% and 1.00% on your balance, which is not particularly competitive.
If you don’t need to regularly access your savings and don’t qualify for the PNC High Yield Savings account, a PNC Fixed Rate Certificates of Deposit is your best option. PNC offers 4.25% APY on a 7-month fixed-rate CD, but does require a minimum opening balance of $1,000.
PNC Bank also offers Virtual Wallets that combine a checking and savings account. You can choose between four Virtual Wallet account options, including one designed for students. The standard rate for all Virtual Wallets is 0.01% APY, but customers who qualify for a relationship rate by meeting a monthly transaction or direct deposit requirement can earn higher rates. Customers in some locations may also be able to earn higher rates by holding a larger balance.
It helps when comparing savings accounts to calculate exactly how much you can earn. Plug your starting balance, any monthly contributions and the PNC savings rate into the calculator below to get an estimate of what you can earn with a PNC savings account.
If you live in one of the ten states where PNC issues High Yield Savings accounts, PNC Bank savings rates are among the highest available.
PNC Standard Savings interest rates are comparable to large national banks like Chase, Bank of America and U.S. Bank. However, this Standard Savings interest rate falls far short of other banks like Capital One or Marcus Goldman Sachs. So if you’re not eligible for the PNC High Yield Savings accounts, there are much better savings account choices to help maximize your interest earnings.
In 1983, PNC was formed from a merger between Pittsburgh National Corporation and Provident National Corporation based in Philadelphia, forming the largest bank in Pennsylvania. Over the years, PNC acquired a number of banks across various states along the East Coast. Most recently, PNC acquired BBVA in 2021. The bank is headquartered in Delaware and, according to the Federal Reserve, it’s the sixth-largest bank in the U.S.
Collectively the bank manages over $551 billion in domestic assets. PNC offers over 2,600 branches in 28 states and the District of Columbia. You can also access your funds from 60,000 ATMs available nationwide.
Interested in an American Express High Yield Savings Account?
Learn About Benefits and Fees - Terms Apply.On American Express National Bank's Website, Member FDIC
