PNC Bank is one of the largest banks in the United States, and it gets good marks for its customer service. PNC Bank savings rates are a mixed bag depending on which of its accounts you open, but it has an excellent high-yield option for those in eligible service areas.
PNC Bank interest rates
PNC Bank's standout savings product is PNC High Yield Savings®, which has a fantastic APY. The downside is that it's only available online in eligible markets and at select PNC locations, so not everyone can open this account. PNC Bank also has its PNC Standard Savings account and a PNC S is for Savings account for kids, neither of which earn much.
The PNC Standard Savings account has a tiered APY depending on your balance and whether you qualify for relationship rates by having a linked PNC checking account.
| Account | APY | Minimum Deposit |
|---|---|---|
| PNC High Yield Savings® | 4.65% | $0 |
| PNC Standard Savings | up to 0.03% | $0 |
| PNC S is for Savings | 0.01% | $0 |
Data source: PNC Bank.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60%² Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits!¹ | Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. |
Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.Min. to earn: $0 | N/A | Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. |
Open Account for UFB Portfolio Savings Account OnUFB'sSecure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.15% Rate infoTo ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.Min. to earn: $0 | N/A | Open Account for UFB Portfolio Savings Account OnUFB'sSecure Website. |
PNC Bank savings account overview
Now that we've looked at PNC Bank savings account interest rates, here are all the details on fees, deposit and balance requirements, withdrawal limits, and the compounding schedule.
Monthly fees
PNC High Yield Savings® has no monthly service charge, which has become a common perk with the best bank accounts. Its PNC Standard Savings and PNC S is for Savings accounts each have a $5 monthly service fee, but that drops to $0 if you meet any of the following requirements for a fee waiver:
- $300 average monthly balance
- Accountholder is under the age of 18
- At least one monthly auto savings transfer of $25 or more
- For a PNC Standard Savings account: Linking it to a qualifying PNC checking account.
A monthly fee for a savings account is always a drawback, considering there are so many no-fee options available. But it's at least easy enough to avoid the $5 monthly fee.
Minimum deposit
None of the PNC savings accounts have a minimum deposit requirement. This is another good perk that has become fairly common, especially among top high-yield savings accounts.
Minimum daily balance
PNC's savings accounts don't have minimum balance requirements. Note that you do need a balance of at least $1 to earn interest with any of these accounts. If you're looking for a savings account that doesn't require a large amount of money, PNC is a good choice.
Withdrawal limit
You may make up to six fee-free withdrawals from a PNC savings account in a monthly service period. After that, a fee of $3 will apply to each additional withdrawal. While six withdrawals is more than enough for most people, some banks have gotten rid of withdrawal limits entirely.
Compounding schedule
Interest on PNC Bank savings accounts (as well as on PNC Bank CDs) is compounded monthly. This is a standard compounding schedule that many banks follow.
Are PNC Bank savings rates worth it?
PNC High Yield Savings® is a great savings account with all the important features, including a competitive APY, no monthly fees, and no minimum deposit. It's worth checking out if you're looking for a new savings account and you live in an eligible service area for it. PNC Bank savings account rates are well below the national average on its other accounts, so there's little reason to use them.
The Ascent's best savings accounts
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. The Ascent's top savings account picks can earn you more than 10x the national average savings account rate.
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Review sources
- https://www.pnc.com/en/personal-banking/banking/savings/high-yield-savings.html
- https://www.pnc.com/content/pnc-com/en/personal-banking/banking/savings/standard-savings.html
- https://www.pnc.com/en/personal-banking/banking/savings/s-is-for-savings.html
- https://www.pnc.com/content/dam/pnc-com/pdf/personal/Checking/Account%20Agreement%20for%20Personal%20Accounts.pdf
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
PNC High Yield Savings® has an excellent APY that's competitive with other high-yield savings accounts. Its PNC Standard Savings and PNC S is for Savings accounts, on the other hand, earn very little.
Yes, PNC Bank offers a high-yield savings account: PNC High Yield Savings®. This account is only available online in eligible markets and at select PNC locations.
Here's how to open a savings account with PNC Bank:
- Visit the PNC website and go to the Personal Banking page.
- Select "Savings."
- Choose the savings account you want and select "Apply Now."
- Go through the application process and provide the required information.
If you live near a PNC branch, you can also visit one to open your account in person.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PNC Financial Services. The Motley Fool has a disclosure policy.
