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PNC Savings Accounts Review 2024: Features, Benefits, And Alternatives

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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.

PNC Savings Account Overviews 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 Pros

  • PNC High Yield Savings℠ Account pays a high interest rate
  • Low minimum opening deposit requirements
  • No monthly service fees on PNC High Yield Savings
  • PNC Savings Cons
  • Low interest rate on PNC Bank Standard Savings Account
  • Standard Savings charges a monthly fee, unless you qualify to waive it
  • PNC High Yield Savings Account is only available in select markets
  • 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. 

    PNC Savings Account Alternatives

    Featured Nationally Available High-Yield Savings Account

    Savings accounts offering at least 5% are considered competitive. 

    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

    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.

    PNC Savings Rates FAQs

    You can open 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. To be eligible for the high-yield savings account at PNC Bank, you must 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.

    The PNC High Yield Savings Account has no monthly service fee, but there are out-of-network ATM fees, overdraft fees, and excess transaction fees.

    You can maximize your earnings with a PNC High Yield Savings® Account by storing your emergency fund in the account and setting up automatic transfers to help you save for other goals.

    Sophia Acevedo

    Banking Editor

    Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She's inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
  • Bank accounts
  • Savings and CD rate trends
  • Budgeting
  • Saving
  • How banks operate
  • EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon. Read more Read less

    Evelyn He

    Compliance and Operations Associate

    Top Offers From Our Partners Chime® Checking Account Set up Direct Deposit and get your paycheck up to 2 days before your coworkers.** No overdraft fees. No monthly fees.

    PNC Bank Mortgage Review

    If you don't have a high credit score and minimal debt, you're unlikely to qualify for a mortgage with PNC Bank. Its underwriting criteria are the strictest of the 18 lenders Fox Money evaluated.

    If you're highly qualified, PNC may be a good choice due to its reasonable interest rates, especially if you're looking for a jumbo, renovation, or construction loan in certain states.

    Best for quick closing time

    Easy to see mortgage rates

    Provides online prequalification

    Offers mortgage options that require low down payment

    Doesn't have branches nationwide

    Doesn't offer loans for home renovations

    No live-chat feature

    Overview

    PNC Bank is a national commercial bank offering a variety of home mortgage products. While the minimum credit score requirements are toward the higher end, the lender also offers some loan programs with a down payment as low as 3% and special loan programs that allow for a down payment of 0%.

    Loan Type

    Conventional

    Yes

    FHA

    Yes

    VA

    Yes

    USDA

    Yes

    Jumbo

    Yes

    ARM

    No

    To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

    Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology. 

    icon

    Pros

  • Refinancing options: PNC Bank offers fixed or adjustable rates and loan types including conventional, FHA, VA, and jumbo loans (up to $5 million).
  • Branches in 28 states and D.C.: Loans are available in all 50 states. You can meet with a loan officer in person if you live in an area with a PNC branch.
  • Biweekly automated payments: If you enroll in this program, PNC will automatically deduct half of your monthly payment every two weeks.
  • Construction, renovation, and lot loans: PNC offers these loans in eight states: Alabama, Arizona, California, Colorado, Florida, New Mexico, Texas, and Washington.
  • Competitive rates and points: PNC Bank offers competitive rates and discount points for qualified buyers.
  • Fast pre-approvals: You can get pre-approved for a mortgage from PNC Bank within minutes.
  • icon

    Cons

  • No online pre-approval : You can start the application online, but you have to talk to a loan officer to complete your pre-approval.
  • Complicated website: While PNC's website aims to provide educational information for first-time buyers, it isn't written in plain language that the average person can easily understand and doesn't tell borrowers what PNC actually offers.
  • Unreliable live chat: PNC Bank's website has a live chat box that appears on some pages but it doesn't always open when clicked. You can enter your questions and wait to connect with a loan officer, though response times can vary.
  • Poor Trustpilot score: Out of 5 stars, PNC Bank's Trustpilot score is just 1.3. However, this rating is based on reviews of the business as a whole, not just mortgages.
  • Higher credit score requirements: PNC Bank's credit requirement for an FHA loan is 600 — much higher than the 500 to 580 set by the Federal Housing Administration.
  • Debt-to-income ratio (DTI) of 33%: Some lenders allow a DTI as high as 50%. With a max DTI of 33%, it may be hard to qualify for a mortgage with PNC Bank unless you have little to no existing debt.
  • Before applying, you should assess whether you're financially prepared. Here's what to consider:

  • Credit score: The credit score you need to qualify for the lowest rates can vary by lender and with overall economic conditions, but 760 is a good target. Make sure the information in the report is correct. Credit information can get misreported, and people's reports do get mixed up.
  • Tax returns: Lenders will pull transcripts of your tax returns from the IRS to verify your income. If you haven't filed, it's time to catch up.
  • Income: Lenders want to see a history of stable income going back one or two years. They also want to know that your income is reliable.
  • Debt: Monthly payments on existing debts, especially ones with high interest rates, can make it harder to qualify for and afford a mortgage.
  • Here's what to expect when you apply for a mortgage from PNC Bank:

  • Gather documents: Lenders will want to review documents that show your identity, income, and assets. Create a digital or physical folder with your two most recent W-2s, 1099s, tax returns, and bank statements. You'll also need a valid state or federal ID such as a passport or driver's license. 
  • Provide personal information: Submit your name, address, phone number, and so on. When asked about your income and assets, refer to the documents you gathered previously. 
  • Get pre-approved: Once PNC Bank has the information it needs to make a pre-approval decision on your application, you may get an answer within minutes. If you're pre-approved, you'll get a letter showing the maximum amount you can borrow, the interest rate you qualify for, and the fees associated with this loan.
  • Make an offer and sign a purchase agreement: When you find the right home, it will be time to make an offer. Your pre-approval lets the seller's agent know you're conditionally qualified. If the seller accepts your offer, you'll go under contract with them.
  • Complete the application: The lender conditionally approved your finances during pre-approval, but now it needs to approve the home you want to buy — which will secure your loan. You'll need to submit a copy of your purchase agreement along with the most recent proof of your income and assets.
  • Go through underwriting: During the underwriting process, PNC Bank will order a third-party appraisal. A professional or a computer model will assess the home's condition and market value to make sure you don't borrow more than the home is worth. Also, the lender will ask a title company to look for outstanding liens against the property. Finally, the lender will examine your finances, making sure that your credit score hasn't gone down, you haven't taken out new loans or received unusual deposits, and your income hasn't decreased.
  • Loan requirements can differ from lender to lender, even for the same type of mortgage. Here are the conventional loan qualifications from PNC Bank:

  • Credit score: 620
  • Debt-to-income ratio: 33%
  • Down payment: No- and low-down-payment programs are available for low- to moderate-income borrowers in certain locations
  • pin Icon

    Note:

    If you only meet the minimum requirement in one category, you'll usually need to be above the minimum in another category. In other words, you're more likely to get approved with a 33% DTI if your credit score is 760 instead of 620.

    Refinancing is similar to taking out a mortgage to buy a home, except that you already know where you'll be living and you don't have to deal with a seller. Also, since you aren't trying to move by a certain date, you probably won't feel as stressed about closing on time.

    Here's how refinancing works:

  • Set refinancing goals: Understand why you want to refinance. Are you trying to reduce your monthly payment, even if it means paying more in the long run? Is your main goal to reduce your long-term costs, even if it means a higher monthly payment?
  • Complete the application: It's best to apply with several lenders so you can compare offers and get a better deal. 
  • Go through underwriting: The lender you choose will thoroughly review your finances, the property's history, and its value to make sure the loan is sound.
  • Close on your new loan: Before signing your closing documents, compare your loan estimate against your closing statement to make sure you're getting the terms you were expecting. Also, don't be afraid to ask a real estate attorney or independent financial adviser to review the transaction details and documents with you. 
  • tip Icon

    Tip:

    When you refinance your home, you'll have closing costs similar to when you applied for your initial loan such as underwriting, appraisal, and other charges. Plan on spending 2% to 6% of the loan amount on closing costs.

    If you have low debt and a high credit score, PNC Bank might be a good fit. It has slightly higher credit requirements for some of its loan types and a low DTI limit that could pose a challenge to some buyers. If you don't meet the requirements in one category, but exceed in another, you could still qualify for a mortgage — it's a good idea to check with a PNC Bank loan officer to find out if you're eligible.

    You can also shop around to find the best interest rates, terms, and loans. See how PNC Bank compares to other lenders.  

    Meet the contributor:

    Amy Fontinelle

    Amy Fontinelle is a personal finance journalist with work featured in Forbes Advisor, The Motley Fool, Investopedia, International Business Times, MassMutual, and more.


    PNC Financial Services Group Inc PNC

    Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor's point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

    To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

    Read our editorial policy to learn more about our process.






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