PNC High Yield Savings
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PNC's High Yield Savings account features a strong APY with no required balance. Sounds too good to be true, right? Read on to know all the details.
Overall Score | 4.0 | ||
Savings | 3.0 | ||
Fees | 4.5 | ||
Mobile App | 4.5 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Competitive APY
- No monthly fees
- Not available in all states
Bottom Line
Savings account with solid APY and no hidden fees
PNC Bank's High Yield Savings account has an impressive APY for savers to enjoy.
You can also manage and grow your money through their seamless online banking platforms, making them a convenient choice.
However, not everyone is eligible to sign up for their high-yield savings account. Read on to find out more.
What Is PNC High Yield Savings
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PNC Bank's High Yield Savings account boasts a high 4.15% APY with no minimum balance. Among their various savings products, this one has the highest APY rate.
PNC Bank: High Yield Savings Account - 4.15% APY
- Minimum Deposit to Open: $0
- Balance Requirement: No minimum balance requirement; $1 minimum balance to earn interest
They have no minimum opening deposit or monthly maintenance fees, meaning you won't have to worry about any surprise charges.
Your money is also secure with them because they are FDIC-insured up to the max amount allowed by law.
If you're interested in making your money work harder, PNC's High Yield Savings account is a good option.
Fees To Look Out For
Though PNC has no monthly charges, they do have fees for the following services and transactions:[1]
- $25-$30 for outgoing domestic wire transfers
- $40-$50 for outgoing international wire transfers
- $15 for incoming international wire transfers
- $3 for every excess transaction past the 6-transfer limit
Digital Banking Features
Since PNC's high yield savings account is mostly online, they offer various digital banking services for your convenience.
You can do a lot of things through the PNC website and mobile app, such as accessing your account, checking your balance, transferring money, and the like.
If you want to save money more efficiently, you can also set up PNC's auto-savings plan, which will automatically transfer funds from your PNC checking account to your savings account.[2]
Pros and Cons
Pros
- Competitive APY on entire balance
- No monthly fees or service charges
- No minimum opening deposit
- Comes with ATM card and access
Cons
- Not available in all states
- Limited to 6 transfers per billing statement
Who Is Eligible to Open a PNC High Yield Savings Account?
At the time of writing, only those who live in the following states are eligible to open a PNC High Yield Savings account: AK, AR, AZ, CA, CO, CT, HI, ID, IA, KS, LA, ME, MS, MT, NE, NM, NV, NH, ND, OK, OR, RI, SD, TX, UT, VT, WA, WV, WY, and Online and in a PNC Solution Centers in MA, MN, TN and in the greater Kansas City area in MO.
Who Should Open a PNC High Yield Savings Account?
PNC Bank's High Yield Savings account is best for those who want a good APY rate with no minimum balance. This is because you can save money at your own pace and still earn interest.
It is also a good option for consumers who want a great digital banking experience along with access to ATMs across the US.
There are several ways you can make a deposit, such as online banking transfer, mobile check deposit, wire transfer, or mail check deposit.
Is PNC Safe?
Yes, PNC is a safe bank for your money. They are a member of the FDIC (Certificate #6384) which means deposits are insured up to $250,000 per depositor, per ownership category.
How PNC High Yield Savings Compares to Other Banks
PNC's High Yield Savings account offers a high APY, especially compared to traditional banks. But how does it stack up against other online options? Check out the table below:
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| Get Deal | Get Deal | Get Deal | |
PNC Bank: High Yield Savings Account - 4.15% APY | CIT Bank Platinum Savings - 4.55% APY | Ally Bank: Online Savings Account - 3.85% APY | |
|---|---|---|---|
High Yield Savings Account - 4.15% APY - | CIT Bank Platinum Savings - | Online Savings Account - 3.85% APY - | |
Summary | |||
|
| $0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account. | |
| APY | 4.55% APY with a balance of $5,000 or more | ||
| Minimum Deposit to Open | |||
| How to Get Highest APY | Maintain a balance of $5,000 or more | ||
| Monthly Fee | |||
| Get Deal | Get Deal | Get Deal | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. | |||
Use this calculator to compare your potential earnings with PNC and other high-yield accounts.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
High-Yield Savings Account - 4.45% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Other PNC Savings Products
Aside from High Yield Savings, PNC Bank offers other savings products: Virtual Wallet Growth, which is part of the Virtual Wallet bundle, Standard Savings, S is for Savings, and Premiere Money Market account, which is available in select markets.
PNC's Virtual Wallet is a combination of online checking and savings accounts in one that allows you to earn interest. It's best for those who want a one-stop shop for all their financial management needs.
PNC Virtual Wallet Student
- Minimum Deposit to Open: $0
- Perks: Up to $5 ATM fee reimbursement per statement cycle; One automatic courtesy refund of any Overdraft Item fees for the first overdraft event on the Spend account
PNC's Standard Savings is their most basic savings account. Though the rates are low, it serves as a good option for those in the early stages of their budgeting journey.
PNC's S is for Savings account is an online banking experience for children. It aims to teach kids how to manage their finances in a simple, fun, and interactive way.
PNC's Premiere Money Market account is a relationship-based savings account and is accessible only in eligible markets. You can earn higher rates when you link to a select PNC checking account and meet transactional requirements.
Bottom Line
PNC's High Yield Savings account features a competitive APY rate with no minimum balance required. It is a great option for those with limited funds but still want to earn interest.
They also have a good digital banking system that allows you to manage your finances wherever you are. The downside is this product is limited to certain states only.
So, if you are eligible to get a PNC High Yield Savings account, make sure to check it out!
References
- ^ PNC Bank. Consumer Schedule of Service Charges and Fees, Retrieved 9/27/2023
- ^ PNC Bank. Auto Savings, Retrieved 10/8/23
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