What is PNC Interest Rate on Savings Accounts? Does PNC Bank Charge for a Savings Account?

What is the PNC Interest Rate on Savings Accounts?

PNC offers a range of savings account options, each with its own interest rate. Here’s a table of PNC savings accounts with their interest rates,

PNC Standard Savings Account:

• Account Type: PNC Standard Savings Account
• Minimum Deposit Requirement: None
• Monthly Service Fee: $5
• Fee Waiver Options:
  • Maintain an average $300 monthly balance
  • Link the account to a PNC checking account
  • Schedule recurring deposits of at least $25
• Fee Waiver for Account Holders Under 18: Account holders under 18 years old qualify for a fee waiver, regardless of balance or account activity.

PNC High Yield Savings:

• Availability: Only open to residents of specific states
• Interest Rates: Competitive
• Minimum Deposit Requirement: None
• Monthly Fees: None
• Account Opening: Accounts can be conveniently opened online, providing easy access for eligible customers.

PNC 'S' is for Savings®:

• Target Audience: Designed for children
• Financial Literacy: Offers financial literacy training with Sesame Street themes
• Minimum Deposit Requirement: None
• Monthly Fees: None for account holders under 18
• Online Application: Available for applicants aged 17 or under
• Custodian Oversight: Required for applicants under 18 to open the account

Standard Savings (with PNC checking relationship):

• Eligibility: Available to customers with a PNC checking account
• Benefit: Account holders can earn relationship interest rates
• Interest Rates: Vary based on the account balance
• Relationship Requirement: To qualify for these rates, customers need to have a PNC checking account and meet specific criteria, such as maintaining a certain balance or making regular deposits.

Does PNC Bank Charge for a Savings Account?

PNC Bank offers a Standard Savings Account with no required minimum balance for individuals under 18 years old and no ATM fees at PNC ATMs. While there is a monthly service charge of $5, this fee can be waived by meeting specific criteria, such as maintaining an average monthly balance of $300, linking the account to a select PNC checking account, setting up a monthly Auto Savings transfer of $25 or more from a PNC Checking account, or being under 18 years old.

Additionally, there is no minimum deposit required to open the account online, making it accessible to a wide range of customers. It's important to note that certain transaction fees may apply if the monthly withdrawal limits are exceeded, and the account also offers the potential to earn relationship rates based on specific requirements. Therefore, while there are some fees associated with the Standard Savings Account, customers have the opportunity to minimize or eliminate them based on their banking activity and eligibility.

How Much Does It Cost to Open a PNC Savings Account?

To open a PNC Savings Account, an individual typically needs a minimum deposit of $25. However, if they choose to open the account online, the minimum deposit requirement is waived, allowing them to open the account with no initial deposit.

Additionally, the account may have a monthly service charge of $5.00, but this fee can be avoided if the account holder meets certain criteria, such as maintaining a $300 average monthly balance or linking the account to a qualifying PNC Bank checking account.

It's important for potential account holders to note that fees and account requirements are subject to change, and they should verify the most current information with PNC Bank before opening a savings account.

PNC High Yield Savings Account

The PNC High Yield Savings Account presents an appealing option. It boasts a competitive annual percentage yield (APY) while delivering the reliability and accessibility associated with a reputable banking institution.

Key Features:

1. Impressive APY: The standout characteristic of the PNC High Yield Savings Account is its attractive APY, currently set at 4.65%. Notably, this account does not require a minimum balance for account initiation, making it accessible to a broad range of savers.

2. Fee-Free Maintenance: PNC Bank extends the courtesy of no monthly maintenance fees for the High Yield Savings Account, ensuring that account holders retain a more substantial portion of their savings.

3. Accessibility: The extensive branch network and robust online banking services offered by PNC Bank grant customers convenient access to and management of their savings accounts from virtually anywhere.

4. Competitive Edge: In comparison to high-yield savings accounts provided by online banks, the PNC High Yield Savings Account is a compelling alternative, offering both competitive returns and the stability associated with a brick-and-mortar institution.

5. Linking Advantages: Account holders can further enhance their savings by connecting this account to a PNC checking account, potentially securing more appealing interest rates while consolidating their checking and savings accounts for streamlined management.

PNC Savings Account Minimum Balance

PNC Bank offers a variety of savings account options to cater to different needs, and their minimum balance requirements vary accordingly. For their Standard Savings Account, there is no minimum deposit required to open the account, but it does come with a $5 monthly service fee.

However, this fee can be waived by maintaining an average monthly balance of $300, linking the savings account to a PNC checking account, or setting up recurring deposits of at least $25 from a PNC checking account. Additionally, account holders under the age of 18 qualify for a fee waiver.

The 'S' is for Savings Account, designed for children, has no minimum deposit requirement, and charges no monthly fees for account holders under 18. These varying minimum balance requirements provide flexibility for customers seeking to open a PNC savings account.

Where are PNC High Yield Savings Available?

PNC High Yield Savings accounts are exclusively available to residents of select states, including Arizona, California, Colorado, New Mexico, Texas, and West Virginia.

For individuals residing in these states, PNC Bank's High Yield Savings account offers competitive interest rates, with no minimum deposit requirement and no monthly fees, making it an appealing savings option for eligible customers.

How Does PNC's Savings Compare to Top-yielding Banks?

PNC Bank's savings accounts offer a competitive range of options. Their high-yield savings account presents a favorable rate, comparable to standard savings accounts at other traditional brick-and-mortar banks, although it falls short when compared to the more attractive rates provided by leading online banks.

For individuals seeking the most advantageous place to grow their savings, it is advisable to conduct a comprehensive comparison of savings account rates, as doing so can expedite the achievement of their financial objectives.

What Are the Alternative Savings Options Available at PNC?

PNC Bank offers a range of alternative savings options beyond its standard and high-yield savings accounts. These options cater to various financial goals and preferences. For those looking to educate their children about savings, PNC provides the "S is for Savings" account, which features interactive tools and Sesame Street characters, albeit with a modest interest rate.

Additionally, PNC offers a digital checking account known as the Virtual Wallet, which can be bundled with a savings account for a comprehensive banking experience. Savers looking for more diverse options can explore PNC's money market account and certificates of deposit (CDs), designed to help individuals achieve both short-term and long-term savings objectives.