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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 AccountThe 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 AccountTo 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 RatesThe 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 AccessibilityResidents 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 CompareThe 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 FeesThe 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 SecurityPNC 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 BankingPNC 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 SupportYou 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 RequirementsPNC 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 AccountYou 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 BankTo 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 ChargesPNC 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 ConsPNC Savings Pros
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 AlternativesFeatured Nationally Available High-Yield Savings Account
Savings accounts offering at least 5% are considered competitive.
PNC Savings vs. Ally SavingsThe 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 SavingsDeciding 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 AccountsWe 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 FAQsYou 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:Evelyn He
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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.
Pros
Cons
Before applying, you should assess whether you're financially prepared. Here's what to consider:
Here's what to expect when you apply for a mortgage from PNC Bank:
Loan requirements can differ from lender to lender, even for the same type of mortgage. Here are the conventional loan qualifications from PNC Bank:
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:
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
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