PNC Savings Account Interest Rates - July 2024

PNC savings account interest rates

PNC offers a high-yield savings account with an APY of 4.65%. Unfortunately, this account is available everywhere.

If you don’t live in an area where the PNC High Yield Savings account is available, the bank offers other types of savings accounts. These, however, have comparatively low rates. The Standard Savings account has an APY that ranges from 0.01% to 0.03%, and the youth-minded S is for Savings account has an APY of 0.01%.

You can see how these accounts compare in the following table.

PNC Savings Accounts

*Rates are correct as of July 2024. Rates may vary by location. APYs are for California. **Monthly fees may be waived if account holders meet certain criteria.

PNC also offers the Virtual Wallet Checking Pro, which combines your savings and checking accounts. There’s no minimum initial deposit requirement, minimum balance, or monthly service charge. You can choose to use Spend (checking account features) only or add savings, planning solutions and asset protection. The wallet’s Low Cash Mode helps you avoid overdraft charges, and digital tools make money management a cinch.

PNC High Yield Savings

PNC High Yield Savings is an account designed to “make your money work harder for you.” With an APY of 4.65%, this account is competitive and stacks up well against other online-only banks known for their high-yield offerings.

Other key perks of the PNC High-Yield Savings account include:

• No fees or service charges
• No minimum opening balance
• No minimum balance threshold
• Minimum balance to earn interest is just $1.00
• Transactions are limited to six per monthly statement period; excess transactions may incur fees
• FDIC-insured to the maximum amount allowed by law
• Digital tools allow you to manage your account online or via the PNC mobile app

PNC Standard Savings Account

PNC Standard Savings is a traditional low-yield account. It’s much like what you’d find at almost any other brick-and-mortar bank in the United States.

Key features of the PNC Standard Savings account include:

• An APY of 0.01% to 0.03%
• No minimum deposit to open
• Monthly service charge of $5
• Unlimited deposits and up to six fee-free withdrawals per month (extra withdrawals may incur a small fee)
• Online and mobile account access to manage funds on the go
• Some transactions are subject to other fees ($3 per transaction at out-of-network ATMs, for instance)
• Insured by the FDIC to the maximum amount allowed by law

The bank waives monthly service fees if you meet one of the following requirements:

• Maintain an average monthly balance of $300
• Link an approved checking account at the same bank
• Set up an automatic transfer from checking to savings of at least $25 each month
• Are age 18 or under

Standard Savings accounts are eligible for higher APY if you qualify for something called “relationship rates.” These rates are variable and can change, but they’re slightly higher than the standard rate (0.02-0.03% instead of 0.01%).

To qualify, you must first link your savings account to a Standard Checking account or Virtual Wallet with Performance Spend, Performance Checking or Performance Select Checking.

You then must tick at least one of the following boxes:

• Complete five or more debit or credit card transactions during the previous month
• Have at least $500 in direct deposits to your linked checking account in the previous month
• Tally up at least $5,000 in direct deposits to your Virtual Wallet with Performance Select or Performance Select Checking over the previous month

PNC S is for Savings

PNC S is for Savings was created to empower parents to teach their kids about personal finance and how to save money. The primary difference between this account and a Standard Savings account is how the online dashboard is structured. It’s interactive and kid-friendly.

When you deposit money, it appears on the virtual “table” where it can be sorted into one of three “jars”: saving, sharing or spending. Your child can move the money around as much as they want, gradually building an understanding of how they can allow for certain purchases and save for the future. Sesame Street characters increase the fun factor even further.

As for the details of the account itself, they should look pretty familiar:

• 0.01% APY
• No minimum deposit to open
• No minimum balance requirement
• $1.00 minimum balance to earn interest
• Unlimited deposits and up to six free withdrawals each monthly statement period (withdrawals beyond that number are subject to fees)
• Monthly service charge of $5
• Insured by the FDIC for up to $250,000 per account, per depositor

As with a Standard Savings account, monthly fees may be waived for account holders under the age of 18, if the account has a minimum $300 balance or if there’s an automatic monthly transfer of $25 from a linked checking account to the savings account.

How much can I earn with a PNC savings account?

PNC compounds interest daily, maximizing the amount of money you can earn on your account balance.

Compounded interest is preferable to simple interest because you’re earning based on principal plus interest, not just interest. That interest is credited to your account once per month.

The total amount you can earn after signing up for a high-yield savings account depends on several factors, including the size of your initial deposit, how long the money sits in the account untouched, your APY and whether you make additional deposits along the way.

Say you have about $3,000 you’d like to put into a brand-new savings account. Here’s how that money might grow under the auspices of PNC over the next handful of years.

Total Amount in Savings, Including Interest Earned on $3,000 Initial Deposit

Figures are correct as of July 2024. The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.

With a high-yield account, you stand to earn around $784 more over five years than you would if you just had a standard account. It’s a huge difference that grows more apparent if you have a higher initial deposit or if you make other deposits over time.

To learn more about how much you could earn, check out our savings calculator.

How the PNC bank savings account interest rate compares

PNC Bank’s High-Yield Savings comes with an interest rate of 4.65%. That’s far higher than the national average, which the Federal Deposit Insurance Corporation (FDIC) lists as 0.45%. This underscores the account’s high-yield status, which means account holders can expect a comparatively high return on their money.

On the other hand, the standard savings option has a standard APY of just 0.01%, which is far lower than the national average. There may be other benefits to the account that call to you, such as the low minimum balance requirement and the ability to access your account on the go thanks to online banking, but you could lose out on a lot of income by settling for a lower interest rate.

You can see how the PNC savings account interest rate compares to other banks in America in the table below.

PNC Savings Account Interest Rate vs. Other Banks

*Rates are correct as of July 2024. Rates may vary by location. Chase and PNC APYs are for California.

Is a PNC savings account right for me?

Deciding whether a PNC savings account is the best savings account for you is a personal decision that hinges on your geographic area and account availability, as well as your unique needs and preferences.

As you weigh your options, consider these pros and cons.

How to apply for a PNC savings account

Depending on where you live, you may be able to open a savings account with PNC in person or online.

Before you begin, it’s important to gather all the paperwork you might need to establish your identity and residency. Start with a government-issued ID, like a driver’s license or passport. A state or military ID is also acceptable. For proof of address, a recent utility bill works well. You’ll need this information for everyone listed on the account.

Since this is an interest-bearing account, you’ll also need to provide information related to taxes. That would be your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).

Next, you’ll apply for the account at a PNC branch or online. Just follow the steps as listed, providing information and verifying data as prompted. You’ll finalize the process by funding your account. There’s no minimum deposit requirement to abide by, but you need at least $1 in your account to start generating interest.

You can add money in one of three ways:

• Deposit cash (really only works if you’re at a branch in person)
• Write a check
• Transfer money into your new account from an existing account

Other savings options at PNC Bank

PNC Bank offers other savings options beyond checking and standard savings accounts.

The biggest are probably their short-term and long-term certificates of deposit (CDs). PNC’s Fixed Rate CD requires a minimum deposit of $1,000 to open and offers terms of seven days to 10 years. The Fixed Rate IRA CD is eligible for tax savings and requires just $250 to open, with terms ranging from six months to 10 years. Standard interest rates for PNC CDs are just 0.01%, but promotional rates can meet or even exceed 5.00%.

Money market accounts combine the features of savings and checking accounts. Interest rates are slightly higher than you’d get for a straight Standard Savings account (0.02-1.25%), but you’ll need a higher balance to get those rates. The monthly service fees are also higher.

PNC offers treasury bills and bonds and investment brokerage services, too. Options vary depending on your location and state regulations.