With a 4.0% APY, no monthly maintenance fees, and a low cash mode function that warns you if you're on the verge of overdrawing your account, the PNC High Yield Savings account is fantastic.
The PNC Virtual Wallet is particularly useful because it provides several budgeting, saving, and spending options that can make managing your funds simpler. If you retain at least $1 in your account, it earns a respectable interest rate and has no monthly maintenance fees.
It works well for qualified customers looking for the highest savings account interest rate. This account can only be opened online, and not everyone is qualified to do so. Sadly, you can only open this account if you reside in a state with a PNC branch. There are now just 32 states that could qualify. But keep this account on your shortlist if you're one of the fortunate few who qualify.
If you reside in one of the following states, you might not be qualified to open a PNC High Yield Savings Account:
- Alabama
- Delaware
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Maryland
- Michigan
- Missouri
- New Jersey
- New York
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Virginia
- Washington, DC
- Wisconsin
Other savings accounts are available from PNC to in-person bankers. But the rates are much lower and there are maintenance costs.
Pros
- Comparable APY
- No minimum down payment or upkeep charges
- Overdraft defense
- An online wallet with savings capabilities
Cons
- Restricted accessibility
- Several service charges
Who Benefits Most From a PNC High-Yield Savings Account?
For those who live in a state that is eligible for the account and desire one of the highest interest rates available on the market, the PNC High Yield Savings account is the ideal option. For people who reside in a state with a physical branch, PNC's savings account offers are significantly less profitable.
Customers who wish to use one bank for all of their financial accounts and who reside or work close to a local branch should choose PNC. If you reside in a state that allows access to its high-yield savings account, it's also a wise choice.
Review of Checking Accounts
You have the choice to open a checking account only or a checking account along with a savings account when you open a Virtual Wallet account. There are three distinct account tiers to choose from.
- Virtual Wallet. A basic account designed for the majority of users. If you have at least $500 in direct deposits or are 62 years of age or older, you can avoid the $7 monthly service fee. When you open an account and satisfy the qualifying direct deposit conditions, you can earn up to $50.
- The $15 monthly service fee for the Virtual Wallet with Performance Spend account is waived if you receive $2,000 or more in direct deposits each month. Or maintain a balance of at least $10,000 across all of your PNC consumer accounts. This account provides access to the Virtual Wallet, but it also carries a $15 monthly service fee. When you open your account and satisfy the qualifying direct deposit requirements, you can receive a bonus of up to $200.
- Using Performance Select with a virtual wallet. Maintain a minimum of $25,000 in all of your PNC accounts, or make at least $5,000 in monthly direct transfers (including investment accounts). If not, you're responsible for the $25 monthly service charge. When you open this account and satisfy the qualifying direct deposit conditions, you can receive a bonus of up to $400.
How Do I Start a Savings Account With PNC?
On the PNC website, you may start PNC savings account in just a few easy steps. Before applying, you must provide your ZIP code to see if the product is offered in your state. If so, you can choose Apply Online to get on with the application. You must have a US residential address, a Social Security number, and be a US citizen who is at least 18 years old.
Review of Savings Accounts
PNC offers a variety of savings choices, including the use of its Virtual Wallet, which combines checking and savings. The "S" is for Savings account is a savings account for children, while the ordinary savings account is suitable for the majority of individuals. Another alternative is a high-yield savings account, although it's only accessible in a few places and has an APY of up to 4.00%.
What Distinguishes the PNC High Yield Savings Account
The competitive 4.0% APY, the absence of a minimum deposit requirement to open the account, and the absence of monthly fees are PNC's major advantages. Its excellent value makes the account reasonably straightforward to set up and administer. Additionally, it provides overdraft protection with the PNC app's Low Cash Mode. This feature notifies users when their balance is low and gives them up to 24 hours to reverse an overdraft.
PNC High Yield Savings’ Shortcomings
Only states without physical branches can access PNC's High Yield Savings account. To be eligible to apply, you must reside in one of the 32 eligible states.
In comparison to the competitors, PNC also charges a very wide range of extra service costs. Such as multiple ATM fees and stop payment fees.
While selecting a savings account, examine alternative options if a high-interest account that is offered in your area is what you like.
PNC Savings can be compared to other high-yield savings accounts. To choose the high-yield savings account that best meets your needs, compare them.
The Best Savings Accounts, in Comparison
Investigating different savings accounts is necessary. If you don't compare prices, you can find yourself paying lots of fees while receiving little interest.
The finest savings account maximizes the potential of your funds. Therefore, check the interest an account earns to start your search.
Secondly, evaluate bank charges to determine how much money is required to get going. Your ideal account should not have a minimum deposit requirement.
Don't forget to look at a bank's online and mobile capabilities, particularly if you plan to manage your account while on the go.
The bottom line is that you need an online savings account that makes it simple to deposit checks, check your balance, and transfer money. And you ought to be able to perform these fundamental tasks without paying anything.
Capital One vs. PNC Bank 360
We contrasted PNC with Capital One, another bank that offers both traditional and online banking services.
If PNC Bank offers the accounts you seek in the state where you reside, you might appreciate it. For instance, you might want to consider the bank's high-yield savings account if you reside in a state that makes such an account available.
However, if you don't reside in a state where the PNC High Yield Savings Account is available, the Capital One 360 Performance Savings might be a better choice. There are no monthly maintenance fees and a 3.40% (as of 02/02/23) APR with Capital One 360 Performance Savings.
PNC Bank must be your first choice if you wish to open a money market account. One is not provided by Capital One 360.
Wells Fargo vs. PNC Bank
Because both banks have branches in many of the same areas in the US, we've also compared PNC and Well Fargo.
If you wish to open a money market account, you might also prefer PNC. Even though the PNC Premiere Money Market Account isn't its best offering, Wells Fargo doesn't offer any money market accounts at all.
A physical branch of Wells Fargo is a bank. There are no accounts designed specifically for use online. Despite having online banking features. If you like in-person banking and live close to a Wells Fargo branch, you might prefer it to PNC. Wells Fargo has locations in more states than PNC.
Tools for Extra Savings
PNC Bank also provides money market accounts and certificates of deposit. Which are unlike conventional savings accounts (CDs). Larger amounts are intended to qualify for greater interest rates offered by money market accounts. For balances under $100,000, you will only receive between 0.02% and 0.04%, depending on your region, balance, and other PNC accounts.
A PNC Fixed Certificate of Deposit is your best choice if you don't need frequent access to your money and don't meet the requirements for the PNC High Yield Savings account. The 13-month fixed-rate CD offered by PNC has an APY of 2.00%. However, it does have a $1,000 minimum initial balance requirement.
Moreover, PNC Bank provides a hybrid checking and savings account. There are four types of Virtual Wallet accounts available, one of which is for students. Customers that qualify for a relationship rate by fulfilling a monthly transaction or direct deposit criteria can earn anywhere from 0.02% to 1.25% APY. All in addition to the normal rate for all Virtual Wallets, which is APY.
CD Account Analysis
A fixed-rate CD and a fixed-rate IRA CD are the two main types of CD accounts that PNC offers. There are various tax and retirement savings advantages to the added IRA component.
Pros
- You can profit from promotional deals to the tune of 3.60 APY (currently offered for 13-month terms).
- Up to 10 years are available as flexible terms.
Cons
- Not accessible to all clients.
- To open, one must go to a physical branch.
- Its CD APYs are modest unless you acquire a special rate.
How Do CDs Operate?
As long as you don't touch the money for a predetermined period, a CD is a form of savings account that pays a fixed rate of interest. You can take both your money and the interest you've earned out when the predetermined period, or term, has passed. If you take it out early, you'll have to pay a penalty.
Depending on the length of the term, the original deposit, and the type of CD, interest rates can be paid monthly, quarterly, or annually. Many times, CDs with longer periods and greater minimum deposits will have higher annual percentage yields (APYs) than CDs with shorter terms.
How Does the Federal Funds Rate Impact CD Rates, and What Is It?
This target interest rate is determined eight times a year by the Federal Open Market Committee of the Federal Reserve. This has an impact on the CD's APY or annual percentage yield. Interest rates on CDs rise in response to increases in the federal funds rate and vice versa.
Are CDs a Wise Choice for Savers?
Compared to riskier assets like stocks, certificates of deposit (CDs) at federally insured banks and credit unions offer a secure environment to grow your funds at a fixed interest rate.
However, accounts with longer periods and higher minimum deposits typically have higher rates. A five-year CD is a reliable way to generate interest on your savings. Especially if you're okay with keeping your money in a savings account for several years.
A high-yield savings account is a better choice if you want to routinely deposit money and have access to it whenever you need it. Yet in line with market conditions, savings interest rates might also change. So, if the Fed lowers interest rates, your savings rates may as well.
How to Locate CDs With the Best Pricing
The greatest method to discover the best return on your investment is to compare shops. You may get a thorough understanding of the rate environment by comparing rates from big banks, credit unions, neighborhood banks, and online lenders. You should also take into account other aspects, such as the terms, fees, and minimum deposit amount.
Features of Money Market Accounts
PNC offers money market accounts in a few locations. Although the account comes with an ATM card, you can only use it for ATM transactions. You cannot use it to make debit card purchases. You may be eligible for relationship rates, which could result in a higher interest rate if you hold many PNC accounts.
Pros
- Deposits are limitless.
- Use a banking card to access ATMs quickly.
Cons
- In comparison to other money market account rates, higher interest rates are only offered for extremely high account balances.
- Not offered in all states or places.
- $5,000 is the high minimum balance needed to maintain an account (or link another PNC account to avoid the monthly service fee).
- Cannot use your card to make debit purchases.
Banking Knowledge of PNC
Online or at one of the more than 2,600 branches spread throughout 29 states in the US, you can open an account. You must provide your zip code while looking at accounts online because not every bank offers every product. PNC will have the opportunity to pre-populate the site with information specific to your area.
Default Fees
PNC Bank offers some simple, cost-free solutions to prevent its exorbitant overdraft costs. A maximum of four times per day can be charged for the fee of $36 per item. Especially if a transaction results in your account going more than $5 in the negative.
Yet the maximum drops to one charge each day for clients who sign up for PNC's Low Cash Mode program. If you link an account as a backup, PNC doesn't charge for overdraft transfers.
Customers also have a 24-hour grace period while using Low Cash Mode to raise negative balances to $0 or higher to avoid overdraft penalties. Also, although the bank retains the last word in how transactions are handled, customers can choose whether specific transactions should be reimbursed. Or returned to prevent balances from falling negative. Accounts with Virtual Wallets are compatible with the Low Cash Mode application.
Mobile and Online Banking
This high-yield savings account is only available online. Because of this, you must be able to manage your account online. This is made simpler with PNC Bank's online banking resources.
Whether you choose mobile or online banking, you may easily and comfortably manage your account around the clock from any place.
Following the creation of your savings account:
- Join the online account management program.
- Keep the website in your browser's favorites.
- Install the PNC Bank app on your smartphone (s)
- Features for managing accounts
- Every saving account should have a certain set of essential features
Electronic Transfers
Setting up automatic transfers is the finest thing you can do with this savings account.
A great approach to boost your savings faster is to put your account on autopilot.
Check Deposit on the Go
Check deposits are also made simpler with mobile banking. This is because there isn't a bank branch nearby. The days of mailing a check in are long gone, as is the trouble.
You can deposit a check from anywhere at any time by taking a snapshot of it with your phone or tablet.
There is a cap on mobile deposits:
- Customers having open accounts for at least 30 days. $5,000 per month and $2,500 per day
- Clients having open accounts for fewer than 30 days. $1,000 daily and $2,500 monthly.
Phone and Text Banking
The option of text banking is also available. You might not be familiar with this functionality, but it's really easy to use.
Register your phone for SMS banking once you've signed up for internet or mobile banking. You can use this tool to SMS PNC Bank commands from your phone.
Voice banking is an additional benefit available to you. This is helpful if a customer support agent isn't accessible and you need help.
With voice banking, you may check your account balance, transfer money, or analyze recent activity.
Additional Expenses to Consider
PNC Bank also provides various freebies in addition to not charging a monthly service fee.
For instance, getting a PNC banking card is free. This gives you access to your savings account funds if you travel to a place with physical branches. Moreover, printed statements are free.
The cost for each replacement banking card you request if you lose yours is $7.50. Delivery via express is $25.
A PNC Bank ATM can be used for nothing. Yet in the US, Canada, Puerto Rico, and US Virgin Islands, there is a $3 cost for using an ATM that is not owned by PNC Bank. Using a non-PNC Bank outside of the United States will cost you $5 per transaction. PNC Bank does not pay the ATM fee charged by another financial institution, in contrast to several banks.
Verify that high-yield online savings account from PNC Bank is the appropriate account for you before starting one.
FAQs About PNC Bank’s High Yield Savings Account
Do you still have concerns regarding the High Yield Savings account from PNC Bank? View the questions that are being asked online and our answers below.
Is There a Health Savings Account Offered by PNC Bank?
Yes. There is a health savings account provided by PNC Bank.
Can I Open a Money Market Account With PNC Bank?
Yes, but the yields are extremely low (between 0.02% and 0.05% APY). And to avoid a $12 monthly service charge, you'll either need to keep a minimum balance of $5,000. Or have it connected to a PNC Bank checking account?
How Frequently Does PNC Bank Issue Statements for Savings Accounts?
Every month, PNC Bank issues statements for savings accounts. When your statement is ready to see, you will receive a notification through email.
What Is the Minimum Deposit Amount to Create a Savings Account With Pnc Bank?
You may start a High Yield Savings account online with just a dollar. To earn the claimed APY, however, a minimum balance of $1.00 is required. When an account is opened but not funded for 180 days, PNC Bank has the right to close the account.
Customer Service
Consumers that are eligible for the PNC High Yield Savings account attest to the product's high caliber. But are mindful that just a few states and zip codes are eligible for the highest APY.
There are three ways to contact customer service for a high-interest savings account:
- Phone. On weekdays from 7 a.m. to 10 p.m. ET or weekends from 8 a.m. to 5 p.m. ET, dial 888-762-2265.
- Email. Fill out a secure online form from your PNC online account to request an email response from customer support.
- The internet. Ask a question on PNC's Twitter page to receive a response from the customer service department.
About PNC
The largest bank in Pennsylvania was created in 1983 when Pittsburgh National Corporation and Provident National Corporation, both based in Philadelphia, merged.
PNC has bought several banks throughout the years in different East Coast states. More recently, in 2021, PNC bought BBVA. The bank has its headquarters in Delaware and is ranked as the sixth-largest bank in the country by the Federal Reserve.
The bank oversees $551 billion worth of domestic assets collectively. Almost 2,600 branches are available from PNC in 28 states and the District of Columbia. 60,000 ATMs across the country are also available for you to access your money.
The Conclusion From Notebanks
The Federal Reserve must adjust interest rates in response to factors that affect the whole economy, such as inflation and supply chain backlogs.
Even if it is impossible to forecast how current events will affect the economy, you can increase your savings by investing in a product that promises a fixed rate of growth while taking advantage of the rising rate environment. How long you can afford to keep your money invested without taking a withdrawal to avoid early withdrawal fees will determine how lengthy your term should be. Your situation and long-term financial objectives must be taken into account while making these judgments.
Contact Notebanks if you have any more questions