PNC Savings Accounts Review 2024: Features, Benefits, and Rates

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PNC Bank (Member FDIC) has two savings accounts: the PNC High Yield Savings Account and PNC Bank Standard Savings Account. These accounts are very different, and your eligibility for each depends on where you live.

Introduction to PNC Savings Accounts

PNC High Yield Savings Account

The PNC High Yield Savings Account is an online account.

You can open this account if you live in Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Utah, Washington, or Wyoming.

You can also open an account in person if you visit a PNC Solutions Center in Massachusetts, Minnesota, Tennessee, or the greater Kansas City area in Missouri.

PNC Bank Standard Savings Account

To open the PNC Bank Standard Savings Account, you must live in an area with PNC branches. The account pays a low interest rate. You’ll earn a slightly higher rate if you link the account to a PNC checking account and meet some other requirements — but even this relationship rate is low.

PNC Savings Rates

The savings account interest rate for PNC’s high-yield savings account is 4.65% APY (Annual Percentage Yield), which is comparable to the best high-yield savings accounts. If your goal is to earn a high interest rate, it’s a strong choice.

Here are what the rates look like for the PNC Bank Standard Savings Account:

PNC also has the PNC S is for Savings® Account, which is for children and available in areas with PNC branches. It pays 0.01% APY.

Key Features and Benefits of PNC Savings Accounts

PNC Bank National Branch Accessibility

Residents of Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, DC, West Virginia, or Wisconsin have access to PNC Bank branches.

If you don’t live in one of these states, you won’t have access to branches and must open an online-only account.

Current PNC Savings Accounts and How They Compare

The PNC Bank Standard Savings Account pays 0.01% to 0.03% APY. That’s less competitive than savings accounts from other banks. The average savings account rate is 0.45% APY, and small online financial institutions have 5% interest savings accounts.

The PNC High Yield Savings Account pays 4.65% APY, which is more competitive than the average savings account rate. You might find a couple of small financial institutions with better savings account rates. That said, PNC Bank still has a competitive, high-yield savings account, particularly for a popular brand.

PNC Savings Account Monthly Service Fees

The PNC High Yield Savings Account has no monthly service fee. Hence, it’s a good option if you’d like to open a free savings account and avoid worrying about monthly bank maintenance fees.

The PNC Bank Standard Savings Account has a $5 monthly service fee, but it’s automatically waived for anyone under the age of 18. You can also waive the fee by keeping an average $300 monthly balance, linking an eligible PNC checking account, or receiving Auto Savings transfers of $25 or more each month.

PNC Savings Account FDIC Insurance and Security

PNC savings accounts are federally insured, so your money is secure even if the bank fails. The FDIC insures up to $250,000 per depositor, per ownership category in savings accounts. If the bank shuts down, the FDIC will make sure you have access to your insured deposits after — your money will either be moved to another bank or a check will be sent to you.

PNC Bank Online and Mobile Banking

PNC Bank’s mobile banking app is rated 4.8 out of 5 stars in the Apple store based with over 1.5 million ratings and 4.5 out of 5 stars in the Google Play store based on over 250,000 reviews.

On the PNC mobile app, you can use standard banking features, like mobile check deposit, Zelle, and online bill pay.

PNC Bank Customer Service and Support

You can call a PNC representative Monday through Friday between 8 a.m. to 9 p.m. ET, or on weekends from 8 a.m. to 5 p.m. ET.

Depending on where you live, you can also go to a PNC branch for customer support. Hours will vary by area, but generally, PNC branches are open 9 a.m. to 5 p.m. on weekdays in your time zone.

How to Open a PNC Savings Account

PNC Savings Account Eligibility Requirements

PNC savings accounts vary depending on where you live.

For example, if you live in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, Wisconsin, or Washington, DC, you can only get the PNC Bank Standard Savings Account. You aren’t eligible to open the PNC High Yield Savings Account.

If you live in a different state from the ones mentioned above, you can get the PNC High Yield Savings Account.

Step-by-Step Guide to Opening a PNC Savings Account

You can apply for a PNC High Yield Savings Account online or in a PNC Solution Center in Massachusetts, Minnesota, Tennessee, or the greater Kansas City area in Missouri.

The PNC Bank Standard Savings Account can be opened online, at a branch, or by phone.

To open a savings account online, you must be at least 18 years old and either a U.S. citizen or permanent resident. A government-issued ID will be required to verify your identity, so you’ll need to have a driver’s license or passport at hand. The online application will also ask personal questions about your date of birth, address, and Social Security number.

If you apply by phone or at a branch, the bank will follow a similar application process, but you can talk to a representative and ask questions.

Managing Your PNC Savings Account

Tips for Maximizing Savings at PNC Bank

To maximize your savings at a PNC Bank, know which savings accounts are available in your area. Then, review each account’s features and choose the one that pays the best rate while also matching your savings goals and needs.

If you don’t need immediate access to your money, it may benefit you to open a PNC CD instead of a savings account. PNC CD rates are competitive if you qualify for a promotional CD.

Meanwhile, the PNC High Yield Savings Account is a good place for growing an emergency fund. Since it pays a higher interest rate than a traditional savings account, you’ll be able to earn more interest over time. It also offers more account accessibility than a CD, so you’ll need to withdraw money at any time for an emergency.

Understanding PNC Bank Fees and Charges

PNC Bank monthly service fees vary depending on which savings account you get. The bank’s high-yield savings account doesn’t charge any monthly service fees, while the standard savings account has a monthly service fee, and you’ll need to meet certain requirements to waive the fee.

The bank’s other common bank fees are pretty similar for the two savings accounts. You’ll need to be mindful of out-of-network ATM fees, overdraft fees, and excess transaction fees.

PNC Savings Pros and Cons

PNC Savings Rates FAQs

How PNC Savings Rates Compare

PNC Savings vs. Ally Savings

The best option for you will likely depend on where you live. If you live in a state that offers the PNC High Yield Savings® Account, then PNC is a great option to earn a higher savings rate.

However, if you live near a PNC branch and aren’t eligible for the PNC High Yield Savings® Account, Ally may be a more appealing option. Ally savings rates are pretty good overall, and much better than the average savings account. You also won’t have to worry about any monthly service fees on the Ally Savings Account. Meanwhile, the PNC Bank Standard Savings does have a monthly service fee to be mindful of.

Ally Bank Review

PNC Savings vs. Capital One Savings

Deciding between PNC Bank and Capital One 360 may ultimately hinge on whether you’re eligible for the PNC High Yield Savings® Account. If you’re not, Capital One savings rates are stronger. 

Capital One 360 Performance Savings pays 4.25% APY. This is a bit lower than PNC Bank’s high-yield savings account, but significantly higher than PNC Bank Standard Savings.

Also, Capital One 360 doesn’t charge monthly service fees on any bank account. In comparison, PNC Bank Standard Savings does have monthly service fees if you can’t meet the monthly requirements.

Capital One Bank Review

Is a PNC Bank Savings Account Right For You?

PNC Bank pays a great savings rate on its high-yield savings account but a low rate on its regular savings account.

Since you can only open a PNC High Yield Savings® Account if you live in certain parts of the U.S., your decision on banking with PNC Bank may ultimately depend on where you live. You might like banking with PNC Bank if you qualify for its high-yield savings account, but if you can only get the standard savings account, the best online banks have stronger savings options. 

Why You Should Trust Us: How We Reviewed PNC Savings Accounts

We rate bank accounts on a scale from zero to five stars. For our PNC saving rates review, we used our bank account methodology, which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to rate both savings accounts.