| PNC S for Savings Account Key Features | |
|---|---|
| APY Range | Not disclosed |
| Minimum Balance to Earn Highest APY | $1 |
| Minimum Opening Deposit | $0 when opened online; $25 otherwise |
| Withdrawal Limit | 6 free transfers per service period; transfer fees apply after that |
| Monthly Service Fee | $5 |
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.
Opening a savings account for your child and having them contribute can be helpful for teaching financial responsibility. But it’s smart to compare options; see the best savings accounts for kids for our top picks.
About PNC Bank: Other Savings Options
In addition to its savings accounts, PNC Bank also offers 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. Unfortunately, rates are usually fairly unimpressive on PNC’s Premiere Money Market account, with many competitors offering higher-rate options.
Compare Savings Account Rates
In the News
Today’s CD rates are higher than we’ve seen in 16 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame inflation. With another increase announced July 27, 2023, the Fed has hiked the federal funds rate to 5.25%-5.50%. Since CD rates closely follow the fed funds rate, rates may continue to trend slightly higher. It’s currently unknown if the Fed will implement any further increases this year, but if it does, that could nudge CD rates higher still.
Pros and Cons of PNC Savings Accounts
Pros
Large ATM network
Full-service banking options
Good customer satisfaction ratings
Good rates on high-yield savings
In-person branches available in some states
Cons
Monthly fees may apply
Poor mobile app ratings
Availability varies by ZIP code
Limited number of monthly withdrawals
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 customer satisfaction ratings: PNC Bank was rated as above-average in most regions in the U.S. according to independent J.D. Power rankings in 2023.
- 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 very best high-yield savings account rates 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.
Banking regulations mandated a monthly six-withdrawal limit from savings accounts, but those rules were suspended during the pandemic. Now it’s optional, and many banks—unlike PNC Bank—are no longer enforcing this rule.
Alternatives to PNC Savings Accounts
PNC Bank may be a mixed bag when it comes to offering a good selection. Here are a few different options that may work better for you:
- Online savings bank: Many online-only banks and fintech companies specialize in offering high-yield savings accounts and nothing else, allowing them to pay you higher rates with minimal hassle.
- Certificates of deposit (CDs): PNC Bank’s CDs aren’t really worth your time given their low rates, but many other banks offer 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 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 best online investment brokers to get started.
Make sure you’ve fully weighed the risks and rewards of investing before opening an investment account. Any money you invest is not protected by FDIC insurance against losses like it is at a bank.
Does PNC Have a High-Yield Savings Account?
PNC does offer a high-yield savings account, but it’s only available in 29 states. Other savings products may be available if you don’t live in an eligible state, though this bank’s savings rates are fairly low.
How Often Does Interest Compound for PNC Savings Accounts?
Interest is compounded and credited monthly to PNC savings accounts. If you have an interest-bearing checking account or MMA with PNC, your interest will also be compounded and credited monthly.
Is PNC Bank FDIC-Insured?
Yes, your deposits with PNC Bank are FDIC-insured up to $250,000.
Is PNC Bank Good for Savings?
If PNC’s high-yield savings account is available to you, it could be a good choice because it has a relatively high rate, no monthly fees, and no minimum balance required to earn the highest APY. But this bank’s standard savings accounts, CDs, and MMAs don’t offer the best rates on the market. It’s smart to compare options from other institutions if you’re interested in opening a new account.
What Is the Minimum Deposit for a PNC Savings Account?
Minimum deposit requirements vary depending on which PNC savings account you’re opening. Its high-yield savings account has no minimum deposit to open the account, while its standard savings account requires a minimum deposit of $25.
Can I Withdraw Money From a PNC Savings Account?
Yes, you can make up to six withdrawals per month from a PNC savings account. After that, you’ll have to pay a $3 fee per withdrawal.
Where Is PNC High-Yield Savings Available?
PNC Bank’s High-Yield Savings is available in 29 U.S. states across the country: Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Mississippi, Montana, Nebraska, New Mexico, Nevada, New Hampshire, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Texas, Utah, Vermont, Washington, West Virginia, and Wyoming.
Your Guide to Savings Accounts
- What Is a Savings Account and How Does It Work?
- What Is a High-Yield Savings Account?
- How to Open a High-Yield Savings Account
- How to Close a Savings Account
- Besides a Savings Account, Where Is the Safest Place to Keep My Money?
- How Many Savings Accounts Should I Have?
- How Savings Account Interest Rates Are Determined
- How Interest Works on Savings Accounts
- 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 Better for You?
- 4 Savings Accounts for Investors
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids and Teens
