PNC Savings Account Interest Rates: March 2024

PNC offers several savings accounts, but availability varies by location

Fact checked by Michael RosenstonReviewed by Samantha Silberstein

PNC Savings Account Rates

If you need a place to stash your savings, PNC Bank offers a high-yield savings account with a generous rate. The bad news is that it’s not available everywhere. While this bank does offer a more available savings account, it has comparatively low rates. Given this, PNC might be worth considering if you live in an area where its high-yield savings account is an option.

Here’s what to know about PNC savings account rates and features, along with PNC’s other savings vehicles.

Important

PNC’s savings account rates may vary by location, and the rates listed below may not be available in all ZIP codes. The APYs listed below use ZIP code 01876 and are up to date as of the date of publication of this article. We review rates every two weeks and update the information below accordingly.

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PNC Savings Accounts: Key Features

The PNC High Yield Savings account comes as part of PNC’s Virtual Wallet package, which also includes a Spend account (a checking account) and a Reserve account (another checking account you can use to set aside money). The Virtual Wallet package may not be available in all states.

Compared to competitors, PNC’s High Yield Savings account offers some decent perks. It comes with a generous APY, no minimum deposit requirements, and no monthly service fees. While monetary withdrawal limits aren’t specified, all PNC savings accounts allow six free transfers per month; fees will apply after that. 

If PNC’s high-yield account isn’t available in your state, the PNC Standard Savings account may be an option. While this account has no minimum initial deposit requirement when opened online, its APYs are unimpressive, monthly service fees of $5 apply unless you meet a requirement to have them waived, and you’ll need a $1 balance to earn the highest APY available.

To avoid the service fee, you need to be younger than 18 or maintain an average monthly balance of $300. Existing customers can also avoid monthly fees by linking and making transfers from qualifying accounts. 

Like its Standard Savings account, PNC’s S for Savings account typically offers a very low APY (which may not be disclosed), has a low minimum deposit requirement, and has a monthly service fee of $5. This account was created to help parents teach their children about saving money, and PNC will waive the monthly fee if the account holder is younger than 18, maintains a $300 average monthly balance, or makes transfers from a qualifying account.

Opening a savings account for your child and having them contribute can be helpful for teaching financial responsibility. But it’s smart to compare options; see the best savings accounts for kids for our top picks.

About PNC Bank: Other Savings Options

In addition to its savings accounts, PNC Bank also offers certificates of deposit (CDs) and money market accounts (MMAs). That said, the availability of its savings products may vary. For instance, if you’d like to open a new CD, you may need to do so at a physical branch, as there’s no option to open one online.

A CD can be a great vehicle for longer-term savings goals, and PNC provides two options: a standard fixed-rate CD and a fixed-rate IRA CD. Its fixed-rate CD has flexible terms with a wider range than many competitors offer. PNC’s standard term CD rates usually aren’t great, though, and you may be able to get a higher rate elsewhere. If you’d like to supplement your retirement savings with PNC’s IRA CD, you’ll likely need to speak to a representative for information on current rates. 

You can also deposit money into a PNC Premiere Money Market account if you choose. Money market accounts offer some checking account features, including access to checks and debit cards, but MMA interest rates are often comparable to those you’d see with savings accounts. Unfortunately, rates are usually fairly unimpressive on PNC’s Premiere Money Market account, with many competitors offering higher-rate options. 

Compare Savings Account Rates

In the News

Today’s CD rates are higher than we’ve seen in 16 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame inflation. With another increase announced July 27, 2023, the Fed has hiked the federal funds rate to 5.25%-5.50%. Since CD rates closely follow the fed funds rate, rates may continue to trend slightly higher. It’s currently unknown if the Fed will implement any further increases this year, but if it does, that could nudge CD rates higher still.

Pros and Cons of PNC Savings Accounts

Pros

• Large ATM network

• Full-service banking options

• Good customer satisfaction ratings

• Good rates on high-yield savings

• In-person branches available in some states

Cons

• Monthly fees may apply

• Poor mobile app ratings

• Availability varies by ZIP code

• Limited number of monthly withdrawals

Pros Explained

• Large ATM network: You’ll be able to access a network with 60,000 PNC and partner ATMs across the country for cash withdrawals, including ATMs at retail locations.
• Full-service banking options: Unlike some banks that only offer savings accounts, PNC Bank offers just about all of the financial services you’ll need in one convenient place. 
• Good customer satisfaction ratings: PNC Bank was rated as above-average in most regions in the U.S. according to independent J.D. Power rankings in 2023.
• Good rates on High Yield Savings account: PNC savings account interest rates are generally very low except for its High Yield account, which offers relatively high rates. Still, they’re not usually as good as the very best high-yield savings account rates available.
• In-person branches available in some states: If you’re hoping to access a local branch to speak with someone in person, PNC Bank operates branches in about half of U.S. states.

Cons Explained

• Monthly fees may apply: Some of PNC Bank’s savings accounts come with monthly service charges, which you can avoid if you’re diligent about meeting the waiver requirements. 
• Poor mobile app ratings: If you’re hoping to manage your account via mobile, you may want to give PNC Bank a pass, given that it ranked near the bottom of the list in J.D. Power’s 2023 survey of customer satisfaction with banking apps.
• Availability varies by ZIP code: The types of savings accounts and the rules that apply to them vary depending on where you live, meaning your options may be different from those presented here.
• Limited number of monthly withdrawals: You’ll only be able to make six monthly withdrawals from your savings account, with a $3 penalty fee applying for each withdrawal thereafter.

Important

Banking regulations mandated a monthly six-withdrawal limit from savings accounts, but those rules were suspended during the pandemic. Now it’s optional, and many banks—unlike PNC Bank—are no longer enforcing this rule.  

Alternatives to PNC Savings Accounts

PNC Bank may be a mixed bag when it comes to offering a good selection. Here are a few different options that may work better for you:

• Online savings bank: Many online-only banks and fintech companies specialize in offering high-yield savings accounts and nothing else, allowing them to pay you higher rates with minimal hassle.
• Certificates of deposit (CDs): PNC Bank’s CDs aren’t really worth your time given their low rates, but many other banks offer higher rates on CDs at various term lengths.
• Money market accounts: Again, PNC Bank’s rates aren’t that great, but most banks offer higher rates on money market accounts that function similarly to savings accounts but usually offer the added advantage of being able to write checks directly from the account.
• Treasury bills and bonds: These options, purchased directly from the U.S. government or on the secondary market, offer a secure way to earn returns that are often higher than many savings accounts. 
• Investment brokerage: If you have an appetite for risk, you can try investing in the market to earn a higher return (but with a higher potential for losing money, too). Browse our picks for the best online investment brokers to get started.

Warning

Make sure you’ve fully weighed the risks and rewards of investing before opening an investment account. Any money you invest is not protected by FDIC insurance against losses like it is at a bank.

Does PNC Have a High-Yield Savings Account?

PNC does offer a high-yield savings account, but it’s only available in 29 states. Other savings products may be available if you don’t live in an eligible state, though this bank’s savings rates are fairly low.

How Often Does Interest Compound for PNC Savings Accounts?

Interest is compounded and credited monthly to PNC savings accounts. If you have an interest-bearing checking account or MMA with PNC, your interest will also be compounded and credited monthly.

Is PNC Bank FDIC-Insured?

Yes, your deposits with PNC Bank are FDIC-insured up to $250,000.

Is PNC Bank Good for Savings?

If PNC’s high-yield savings account is available to you, it could be a good choice because it has a relatively high rate, no monthly fees, and no minimum balance required to earn the highest APY. But this bank’s standard savings accounts, CDs, and MMAs don’t offer the best rates on the market. It’s smart to compare options from other institutions if you’re interested in opening a new account.

What Is the Minimum Deposit for a PNC Savings Account?

Minimum deposit requirements vary depending on which PNC savings account you’re opening. Its high-yield savings account has no minimum deposit to open the account, while its standard savings account requires a minimum deposit of $25.

Can I Withdraw Money From a PNC Savings Account?

Yes, you can make up to six withdrawals per month from a PNC savings account. After that, you’ll have to pay a $3 fee per withdrawal.

Where Is PNC High-Yield Savings Available?

PNC Bank’s High-Yield Savings is available in 29 U.S. states across the country: 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, Vermont, Washington, West Virginia, and Wyoming.

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