If you need a place to stash your savings, PNC Bank offers a high-yield savings account with a rate of up to 3.95%. However, it’s not available everywhere. While PNC does offer another savings account with wider availability, it has comparatively low rates. Given this, PNC might be worth considering if you live in an area where its 澳洲幸运5官方开奖结果体彩网: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 vehiꦡcles.

Compare PNC Savings Account Rates

PNC's highest yielding savings account can provide competitive returns if you live in an area where it's available. However, you may be still be able to get a higher rate on your savings account by shopping around. Be sure to compare terms and fees as you choose the account that's best for your needs.

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.

Pros and Cons of PNC Savings Accounts

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 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 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.

About PNC Bank: Other Savings Options

In addition to its savings accounts, PNC Bank also offers 澳洲幸运5官方开奖结果体彩网: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. Rates are usually fairly unimpressive on PNC’s Premiere Money Market account, with 澳洲幸运5官方开奖结果🐽体彩网:many competitors off♎ering higher-rate options.

Alternatives to PNC Savings Accounts

PNC Bank may be a mi꧙xed bag when it comes to offering a good selection. Here are a few different options th♊at may work better for you:

• Online savings bank: Many online-only banks and fintech companies specialize in offering 澳洲幸运5官方开奖结果体彩网:high-yield savings accounts and nothing else, allowing them to pay you higher rates with minimal hassle.
• Certificates of deposit (CDs): 澳洲幸运5官方开奖结果体彩网:PNC Bank’s CDs aren’t really worth your time given their low rates, but many other banks offer 澳洲幸运5官方开奖结果体彩网: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 澳洲幸运5官方开奖结果体彩网: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 澳洲幸运5官方开奖结果体彩网:best online investment brokers to get started.
  

Frequently Asked Questions (FAQs)

Your Guide to Savings Accounts

• 澳洲幸运5官方开奖结果体彩网:What Is a Savings Accou☂nt and How Doe💦s It Work?
• 澳洲幸运5官方开奖结果体彩✤网:What Is a High-Yield Savings Account?
• 澳洲幸运5官🐻方🧸开奖结果体彩网:How to Open a High-Yield Savings Account
• 澳洲幸运5官方开奖结果体彩网:How to Close a Savings Account
• Besides🤡 a Savings Account, Where Is the Safest Plac🦂e to Keep My Money?
• 澳洲幸运5官方开奖结果体彩网:How Many꧑ Savings Accounts Shoul♐d I Have?
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• 澳洲幸运5官方开奖结果体彩网:How Is a Savings Account Taxed?
• Money 🍃Market Fund vs. MMA vs. Savings Account: What’s the Difference?
• Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Bet♒ter for You?
• 澳洲幸运5官方开奖结果体彩网:4 Savings Accounts for Investors
• 澳洲幸运5官方开奖结果体彩网:Best High-Yield Savings Accounts
• 澳洲幸运5官方开奖结果体彩网:Best Savings Accountꦐs for Kid⭕s and Teens