Updated October 25, 2024

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.

5-point scale (the higher, the better)

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

PNC Bank's High Yield Savings account boasts a high 4.25% APY with no minimum balance. Among their various savings products, this one has the highest APY rate.

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.

In order to earn the APY rate being offered, you must have a minimum daily balance of at least $1 in your account.

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

PNC provides banking cards for all their savings accounts at no additional cost. This gives you easy access to your money through their ATM network.

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.

How do I deposit to my PNC High Yield Savings account?
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:

Use this calculator to compare your potential earnings with PNC and other high-yield accounts.

Compound Interest Calculator

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'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

  1. ^ PNC Bank. Consumer Schedule of Service Charges and Fees, Retrieved 9/27/2023
  2. ^ PNC Bank. Auto Savings, Retrieved 10/8/23
Chase
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Bank of America
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Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 3/13/2025

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 4.70% APY

  • 4.70% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

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CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

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