PNC Savings Account Interest Rates Of May 2024

PNC Bank offers several savings account options with different features, fees and interest rates. While its basic savings accounts pay negligible interest, its high-yield savings accounts offer rates competitive with the best online savings accounts.

Here’s an overview of PNC savings account interest rates and how much you can earn. Rates are accurate as of May 16, 2024, and may vary by location.

Account Name	Balance	Interest
PNC Standard Savings Account	$1 and above	0.01%
PNC ‘S’ is for Savings®	$1 and above	0.01%
PNC High Yield Savings℠	$1 and above	4.65%

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For the PNC Standard Savings Account and PNC ‘S’ is for Savings® accounts, we used the New York City ZIP code 10001. For the two high-yield savings accounts, we used Los Angeles ZIP code 90001 and Boston ZIP code 02108. Check PNC’s website or visit a branch near you for rates in your area.

The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico, Texas and West Virginia.

PNC bank offers relationship interest rates on Standard Savings accounts when the account holder also has a PNC checking account.

Account Name	Balance	Interest
Standard Savings	$1 – $2,499.99	0.02%
Standard Savings	$2,500 and above	0.03%

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By comparison, the national average savings account interest rate is 0.46% as of April 15, 2024, according to the FDIC.

Overview of PNC Savings Accounts

All PNC savings accounts are insured to the maximum amount permitted by law. All savings accounts are limited to six withdrawals per billing statement, and additional withdrawals will result in a fee. Your savings account must have a minimum of $1 balance to earn interest.

PNC Bank also provides bank cards at no charge allowing you to deposit or access your savings funds at ATMs nationwide.

There are a variety of savings accounts to choose from at PNC Bank.

Standard Savings Account

PNC’s Standard Savings account is typical for a large national bank. There is no minimum deposit to open the account, and it charges a $5 monthly service fee. To avoid this fee, you can maintain an average $300 monthly balance, link a PNC checking account or schedule recurring $25 deposits from your PNC checking to your savings account.  Account holders under 18 also qualify for a fee waiver.

You must be 18 or over to open an account online. Younger customers can open an account in person at a local branch.

PNC High Yield Savings

By far, the best PNC savings accounts are the High Yield Savings, but these accounts are only available to residents in select states. If you live in one of these states, you qualify for a PNC savings account rate that’s competitive with the best high-yield savings accounts. This savings account has no minimum deposit requirement and charges no monthly fees.

Accounts can only be opened online. Applicants must be at least 18 years old and a resident of a qualifying state.

‘S’ is for Savings

This savings account is designed for children and offers Sesame Street-themed financial literacy training. The interactive online banking experience allows kids to visually deposit and allocate funds to spend, save and share accounts.

Accounts require no minimum deposit to open and charge no monthly fees for account holders under 18. You can apply online if the applicant is 17 or under and the custodian on the account is over 21. Otherwise, you’ll need to open an account at a local branch.

Additional Savings Tools

While not traditional savings accounts, PNC Bank also offers money market accounts and certificates of deposit (CDs). Money Market accounts are designed to offer higher interest rates for larger balances. However, depending on location and additional PNC accounts, you may only earn between 0.02% and 1.00% on your balance, which is not particularly competitive.

If you don’t need to regularly access your savings and don’t qualify for the PNC High Yield Savings account, a PNC Fixed Rate Certificates of Deposit is your best option. PNC offers 4.25% APY on a 7-month fixed-rate CD, but does require a minimum opening balance of $1,000.

PNC Bank also offers Virtual Wallets that combine a checking and savings account. You can choose between four Virtual Wallet account options, including one designed for students. The standard rate for all Virtual Wallets is 0.01% APY, but customers who qualify for a relationship rate by meeting a monthly transaction or direct deposit requirement can earn higher rates. Customers in some locations may also be able to earn higher rates by holding a larger balance.

How Much Can You Earn With PNC Savings Account

It helps when comparing savings accounts to calculate exactly how much you can earn. Plug your starting balance, any monthly contributions and the PNC savings rate into the calculator below to get an estimate of what you can earn with a PNC savings account.

How the PNC Savings Accounts Stack Up

If you live in one of the ten states where PNC issues High Yield Savings accounts, PNC Bank savings rates are among the highest available.

PNC Standard Savings interest rates are comparable to large national banks like Chase, Bank of America and U.S. Bank. However, this Standard Savings interest rate falls far short of other banks like Capital One or Marcus Goldman Sachs. So if you’re not eligible for the PNC High Yield Savings accounts, there are much better savings account choices to help maximize your interest earnings.

About PNC

In 1983, PNC was formed from a merger between Pittsburgh National Corporation and Provident National Corporation based in Philadelphia, forming the largest bank in Pennsylvania. Over the years, PNC acquired a number of banks across various states along the East Coast. Most recently, PNC acquired BBVA in 2021. The bank is headquartered in Delaware and, according to the Federal Reserve, it’s the sixth-largest bank in the U.S.

Collectively the bank manages over $551 billion in domestic assets. PNC offers over 2,600 branches in 28 states and the District of Columbia. You can also access your funds from 60,000 ATMs available nationwide.