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How PNC products compare
PNC High Yield Savings℠ Account
PNC Bank Virtual Wallet®
PNC Fixed Rate CD
PNC Premiere Money Market Account
Editor's Rating
4.5/5
Annual Percentage Yield (APY)
4.65%
Minimum Deposit
None
Editor's Rating
4.25/5
Annual Percentage Yield (APY)
up to 4.00%
Rates and APYs may vary in different PNC Bank markets and may change after account opening. 4.00% APY is only available in AZ, CA, CO, NM and TX. 0.01% APY for any other states.
PNC Bank pays a great savings rate on its high-yield savings account, but a low rate on its regular savings account. You can only open a PNC High Yield Savings℠ Account if you live in certain parts of the US.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.65%
Minimum Deposit Amount
None
Editor's Rating
4.5/5
4.5 out of
5 Stars
Pros & Cons
Pros
Competitive APY
No minimum opening deposit or account balance
No monthly service fees
Mobile check deposit
Cons
Only available for residents of states where there are no PNC Bank branch locations, with some exceptions
Limited customer service hours
Highlights
More Information
Only available online or at PNC Solution Centers in KS, MA, MN, MO, or TN
This account is only available online, but not everyone is eligible to open an account. Youmay not eligible to open a PNC High Yield Savings Account if you live in one of the following states:
Alabama
Delaware
Florida
Georgia
Illinois
Indiana
Kentucky
Maryland
Michigan
Missouri
New Jersey
New York
North Carolina
Ohio
Pennsylvania
South Carolina
Virginia
Washington, DC
Wisconsin
PNC does offer other savings accounts for in-person bankers, but rates are significantly lower, and there are monthly maintenance fees.
Rates and APYs may vary in different PNC Bank markets and may change after account opening. 4.00% APY is only available in AZ, CA, CO, NM and TX. 0.01% APY for any other states.
Rates and APYs may vary in different PNC Bank markets and may change after account opening. 4.00% APY is only available in AZ, CA, CO, NM and TX. 0.01% APY for any other states.
PNC Bank's strongest products are its digital accounts, but your options will depend on where you live.
Details
Fees
$7, $15, or $25 monthly service fee
Annual Percentage Yield (APY)
up to 4.00%
Rates and APYs may vary in different PNC Bank markets and may change after account opening. 4.00% APY is only available in AZ, CA, CO, NM and TX. 0.01% APY for any other states.
Show more
Minimum Deposit Amount
$0 or $25
Editor's Rating
4.25/5
4.25 out of
5 Stars
Pros & Cons
Pros
No minimum opening deposit to open online
Possible to waive monthly service fees
Budgeting tool
Access to Spend (checking account), Reserve (interest checking account), and Growth (savings account)
Performance Spend reimburses up to $5/month in out-of-network ATM fees charged by providers
Reserve and Growth funds can act as overdraft protection for the Spend account
Low Cash Mode® helps prevent overdraft fees on Spend account
Cons
$3 out-of-network ATM fee for the basic Virtual Wallet product
$7, 15, or $25 monthly service fee
Limited customer service hours
Highlights
More Information
1 Virtual Wallet® is actually 3 accounts: Spend (checking), Reserve (interest checking), and Growth (savings)
Low Cash Mode gives you at least 24 hours to bring your available account balance to $0 before you're charged overdraft fees on your Spend account
You can just have Spend, or choose to add Reserve and Growth at no extra cost
To waive the monthly service fee you must meet certain requirements
Earn $100 if you open a Virtual Wallet® and receive $500 in direct deposits in first 60 days, $200 if you open a Virtual Wallet® with Performance Spend and receive $2,000 in direct deposits in first 60 days; $400 if you open a Virtual Wallet® with Performance Select and receive $5,000 in direct deposits in the first 60 days
PNC calls its everyday checking features Spend. At no extra cost, you can also open a PNC Bank Virtual Wallet® package with two additional buckets: Reserve (interest checking) and Growth (long-term savings). You'll earn a high interest rate on your Growth balance. You can also earn a slightly higher interest rate on your Growth balance if you qualify for a relationship rate.
Terms ranging from 7 days to 10 years; promotional terms ranging from 9 to 61 months
Only CDs with terms between 3 and 36 months can be opened online
Branches in 29 US states and Washington, DC
For terms under 3 months, early withdrawal penalty is all the interest earned; from 3 months to less than 1 year, early withdrawal penalty is 3 months interest; for terms greater than 1 year, early withdrawal penalty is 6 months interest
PNC offers more types of CDs than most banks, including regular term CDs and a Ready Access CD, which doesn't charge a penalty if you withdraw funds before the CD matures.
However, CDs are only available to residents of states where there are branches, so if you don't live an eligible state, you're out of luck.
The PNC Premiere Money Market Account might be a decent choice depending on where you live. In certain markets, you can earn up to 1.75% APY on account balances of $1 million or more.
You'll want to be mindful of monthly service fees on the account, though. You may have to maintain a $5,000 balance to avoid the $12 monthly service charge.
How PNC Bank works
PNC Bank has around 2,400 branches across 29 US states and Washington DC. Here are the states with brick-and-mortar locations:
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
West Virginia
Washington, DC
West Virginia
Wisconsin
Your decision to bank with PNC could largely depend on whether you live near a branch. For example, you can only access high-yield savings options if you live in an eligible market. Otherwise, you'll have to open a standard savings account.
PNC received 4.8 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store.
PNC has a feature for its Spend account to help avoid overdraft fees called Low Cash Mode. The perk, available through the bank's mobile app, gives you at least 24 hours to bring your account balance to $0 before you're charged overdraft penalties. You also have the option to pay or return individual checks and payments made using your checking account when your balance is negative.
To contact customer support, call Monday through Friday between 7 a.m. and 10 p.m. ET, or on weekends from 8 a.m. to 5 p.m. ET. The bank also has a live chat function, but you'll have to check back later if all representatives are busy; there's no way to queue.
The Better Business Bureau gives PNC Bank an A+ rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Despite PNC's great BBB score, the bank has had one recent public scandal. In 2019, PNC was accused of aiding a man in carrying out a fake debt relief project, which cost customers a total of $85 million. In 2014, PNC had suspected the man of running a scheme and closed his bank accounts. But nine months later, the bank let him open more accounts.
PNC Bank vs. Capital One 360
We've compared PNC with Capital One, another bank with physical and digital banking capabilities.
You may like PNC Bank if you're able to get the accounts you want in the state that you live in. For instance, if you live in a state that offers the bank's high-yield savings account it may be a worthwhile option for you to explore.
If you want to get money market account, PNC Bank will have to be your default option. Capital One 360 doesn't offer one.
PNC Bank vs. Wells Fargo
We've also compared PNC to Well Fargo because both banks have branches in many of the the same parts of the US
You also may prefer PNC if you want to get money market account. The PNC Premiere Money Market Account may not be its strongest product, but Wells Fargo doesn't have a money market account at all.
Wells Fargo is a brick-and-mortar bank. Although it has online banking capabilities, there aren't any online-specific accounts. Wells Fargo has branches in more states than PNC, so if you prefer in-person banking and live near a Wells Fargo branch, you may prefer it to PNC.
You might have to pay a monthly service fee on the bank's standard savings and checking accounts in some states if you don't meet certain minimum balance requirements.
If you don't live near a branch, you may be eligible for the PNC High Yield Savings℠ Account, which doesn't charge any monthly service fees.
What is the interest rate on a savings account at PNC Bank?
The PNC High Yield Savings℠ Account pays 4.65% APY. You may qualify for this savings account if you live in the following states: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, and Wyoming.
Meanwhile, the PNC Bank Standard Savings Account offers a standard rate of 0.01% APY. If you have a checking account and meet the requirements for a relationship rate, you'll earn 0.02% APY on account balances under $2,500 and 0.03% APY on account balances over $2,500.
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
Betterment Cash Reserve Account
New Customer Offer: Earn 5.50% (variable) APY* when you open your first cash account with qualifying deposit
*The annual percentage yield (APY) on the deposit balances in Betterment Cash Reserve (Cash Reserve) is 4.75% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the Program Banks) and is current as of August 1, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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