June 2023's PNC Savings Account Interest Rates

In case you're in search of a repository to stash your hard-earned money, PNC Bank presents an enticing high-yield savings account that boasts a notably generous rate. However, before jumping on board, it's important to note that this opportunity may not be available everywhere. Although this bank does indeed provide alternative savings accounts, they do come with relatively lower rates. As a result, considering PNC might only be worthwhile if you happen to reside in an area where their high-yield savings account is accessible.

Now, onto the crucial details regarding PNC savings account rates and features, as well as their other savings offerings.

Please keep in mind that the APYs listed are accurate as of the publication date of this piece. We make it a point to meticulously review the bank's savings account rates every fortnight, subsequently updating the information presented below to reflect any changes.

PNC Savings Accounts

Account Name

Minimum Balance Required for Highest APY

Range of APY

Range of Interest Rates

Monthly Fee

High-Yield Savings

$1

4.50%

4.41%

None

Standard Savings

$2,500

0.01%–0.03%

0.01%–0.03%

Up to $5

S for Savings

$1

0.01%

0.01%

Up to $5

Now, let's delve into the key features of the PNC High-Yield Savings Account:

Range of APY

4.50%

Minimum Balance Required to Earn Highest APY

$1

Minimum Opening Deposit

$0

Withdrawal Limit

You are entitled to six free transfers per service period; however, keep in mind that transfer fees will be applicable thereafter.

Monthly Service Fee

None

At present, the PNC High-Yield Savings account can be availed in 33 states, namely Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, and Wyoming. When compared to competitor accounts, this particular option provides a fair share of enticing perks. Noteworthy features include an exceedingly attractive APY, zero requirements for a minimum deposit, and an absence of any monthly service charges. While the specific monetary withdrawal limits are not explicitly stated, it is crucial to remember that all PNC savings accounts offer you the liberty of six complimentary transfers per month; however, fees will be imposed subsequent to exceeding this limit.

And now, let's take a closer look at the key features of the PNC Standard Savings Account:

Range of APY

0.01%–0.03%

Minimum Balance Required to Earn Highest APY

$2,500

Minimum Opening Deposit

$0 if opened online; otherwise, $25.

Withdrawal Limit

You can make up to 6 free transfers per service period, but fees will apply for additional transfers.

Monthly Service Fee

There is a $5 monthly service fee.

If PNC's high-yield account is not available in your state, you may consider opening a PNC Standard Savings account. This account does not require a minimum initial deposit when opened online. However, its APYs are not impressive, and there is a monthly service fee of $5 unless you meet the requirements to have it waived. To earn the highest APY available, you will need to maintain a balance of $2,500.

To avoid the monthly service fee, you must be under 18 years old or maintain an average monthly balance of $300. Existing customers can also avoid the fee by linking and making transfers from qualifying accounts.

Key Features of PNC S for Savings Account

- APY Range: 0.01%

- Minimum Balance to Earn Highest APY: $1

- Minimum Opening Deposit: $0 when opened online; $25 otherwise

- Withdrawal Limit: You can make up to 6 free transfers per service period, but fees will apply for additional transfers

- Monthly Service Fee: There is a $5 monthly service fee

Similar to the Standard Savings account, PNC's S for Savings account offers a very low APY and has a low minimum deposit requirement. It also has a monthly service fee of $5. This account was designed to help parents teach their children about saving money. PNC will waive the monthly fee if the account holder is under 18 years old, maintains a $300 average monthly balance, or makes transfers from a qualifying account.

Opening a savings account for your child and encouraging them to contribute can be a valuable way to teach them about financial responsibility. However, it is always wise to compare different options. You can explore the best savings accounts for kids on our website.

In addition to savings accounts, PNC Bank also offers certificates of deposit (CDs) and money market accounts (MMAs). However, the availability of these products may vary. For example, if you want to open a new CD, you may need to do so at a physical branch as online opening is not an option.

A CD can be an excellent choice for long-term savings goals. PNC offers a standard fixed-rate CD with flexible terms. However, their standard CD rates may not be as competitive as other options. If you are interested in supplementing your retirement savings with PNC's IRA CD, it is recommended to contact a representative for information on current rates.

You also have the option to deposit money into a PNC Premiere Money Market account. Money market accounts offer some features similar to checking accounts, such as access to checks and debit cards. However, the interest rates on PNC's Premiere Money Market account are often unimpressive compared to other competitors offering higher-rate options.

Does PNC Provide a High-Yield Savings Option?

PNC does extend the opportunity for individuals to opt for a high-yield savings plan, although it is solely accessible in 33 specific states. In case you do not reside in one of these approved states, alternate savings alternatives may still be within reach; it is important, however, to bear in mind that this bank's savings rates tend to be comparatively moderate.

What is the Frequency of Interest Compounding for PNC Savings Accounts?

The compounding and crediting of interest for PNC savings accounts takes place on a monthly basis. If you currently possess an interest-bearing checking account or a MMA (Money Market Account) with PNC, rest assured that your interest will likewise undergo monthly compounding and be credited accordingly.

Does PNC Bank Have FDIC Insurance?

Absolutely, without any doubt. Your deposits with PNC Bank are entirely safeguarded by FDIC insurance, covering amounts up to $250,000.

Is PNC Bank a Good Choice for Savings?

Should the availability of PNC's high-yield savings account extend to your region, it could potentially prove to be a prudent selection due to its comparatively higher interest rate, lack of monthly fees, and exemption from the necessity of maintaining a minimum balance in order to attain the highest APY (Annual Percentage Yield). Nevertheless, it is important to note that this bank's standard savings accounts, CDs (Certificate of Deposit), and MMAs are not highly competitive in terms of the rates they offer. Consequently, it would be wise to assess alternatives from other financial institutions if you are contemplating the initiation of a new account.