PNC does not offer a dedicated high yield savings account

PNC Bank's standard savings account earns interest, but the rate is substantially lower than what you would find at online banks or credit unions that specialize in high yield products. As of early 2024, PNC's regular savings account rates sit well below 1% annual percentage yield (APY), while high yield savings accounts at other institutions routinely offer 4% to 5% APY or higher.

PNC does offer a Money Market Account, which typically pays a higher rate than their basic savings account, but it still does not compete with dedicated high yield savings products. The Money Market Account requires a higher minimum balance to open and maintain, and the rate varies based on your balance tier.

If you bank with PNC for checking or other services and want to keep your savings there, the Money Market Account is the closest option. If your primary goal is earning the highest possible interest on savings, you would need to look outside PNC.

Key Takeaways

  • PNC's standard savings account earns less than 1% APY, which is significantly lower than high yield accounts offered by online banks and credit unions.
  • PNC's Money Market Account pays a higher rate than regular savings but still typically falls short of true high yield rates.
  • Money Market Accounts at PNC require higher minimum balances and tier your rate based on how much you keep in the account.
  • Opening a high yield savings account at a separate institution does not require closing your PNC accounts — you can maintain both simultaneously.

How PNC's Money Market Account works

The Money Market Account combines features of a savings account and a checking account. You can write checks and use a debit card, but the account is designed for savings rather than frequent transactions. PNC limits you to six withdrawals per month (a federal rule that applies to most savings and money market accounts, though enforcement has loosened in recent years).

Your interest rate is tiered, meaning PNC pays different rates depending on your balance. A higher balance earns a higher rate. The exact tiers and rates change periodically, so you would need to check PNC's current rate sheet or call a branch to see what you would earn on your specific balance.

The minimum opening balance for a Money Market Account at PNC typically ranges from $2,500 to $10,000, depending on the account type and your region. This is substantially higher than the minimum for a regular savings account.

Why PNC's rates lag behind high yield alternatives

PNC is a large regional bank with thousands of physical branches and ATMs. Maintaining that branch network costs money, and those costs get passed along in the form of lower deposit rates. Online banks and some credit unions have no physical locations, so they can offer higher rates because their operating costs are lower.

When the Federal Reserve raises interest rates, banks have more room to offer higher yields on deposits. When rates fall, deposit rates fall across the board. But the gap between PNC and high yield providers remains consistent: online banks and credit unions typically offer 3 to 5 percentage points more APY than traditional brick-and-mortar banks.

How to compare PNC savings options to other banks

Start by checking PNC's current rates on their website or by calling a local branch. Write down the APY for both the regular savings account and the Money Market Account, and note the minimum balance required for each.

Then visit the websites of online banks like Marcus, Ally, or Capital One 360, or check your local credit union's rates. Compare the APY you would earn on the same balance at each institution. The difference compounds over time: on $10,000, earning 0.5% versus 4.5% means you would earn roughly $400 more per year at the high yield account.

You do not have to choose between PNC and another bank. Many people keep a checking account at PNC for convenience (branch access, bill pay, ATM network) and maintain a high yield savings account elsewhere specifically for saving money that needs to grow.

Moving money between PNC and a high yield account

Once you open a high yield savings account at another bank, you can transfer money from PNC to that account using external transfer. PNC allows you to link external accounts and move money electronically, typically within one to three business days.

You can also set up automatic transfers if you want to move a fixed amount from PNC to your high yield account on a regular schedule — for example, $500 every payday. This removes the friction of manually moving money and helps you build savings consistently.

Some high yield accounts also allow you to transfer money in the opposite direction, so you can move funds back to PNC if you need them for a bill or unexpected expense.

When PNC's Money Market Account might make sense

If you have a substantial balance — $50,000 or more — and want to keep everything in one place for simplicity, PNC's Money Market Account with tiered rates might earn enough to be worth considering. The higher your balance, the closer the rate gets to what you would find elsewhere, though it still typically lags.

If you value the convenience of a physical branch and the ability to write checks from your savings account, PNC's Money Market Account offers that flexibility. Some people are willing to accept a lower rate in exchange for not having to manage accounts at multiple institutions.

If you are already a PNC customer with direct deposit and bill pay set up, the friction of opening an account elsewhere might feel high. In that case, the Money Market Account is a reasonable middle ground, even if it is not the highest-earning option available.

Frequently Asked Questions

Can I earn more at PNC by opening multiple savings accounts?

No. PNC's rates are set by account type, not by the number of accounts you hold. Opening a second savings account at PNC would earn the same rate as your first one. However, you could open both a regular savings account and a Money Market Account to compare which works better for your situation.

Does PNC offer any promotional rates on savings accounts?

PNC occasionally runs promotional offers on new Money Market Accounts, usually a slightly higher rate for the first few months. Check their website or ask a branch representative about current promotions. These rates are temporary and revert to the standard rate after the promotional period ends.

What happens to my PNC savings if I open an account at another bank?

Your PNC account remains open and earns interest at PNC's rate. You can keep both accounts indefinitely. Many people use PNC for checking and everyday banking while maintaining a high yield savings account elsewhere specifically for money they want to grow.

Is my money safe in a high yield savings account at a different bank?

Yes, as long as the bank is FDIC-insured. Most online banks and credit unions carry FDIC or NCUA insurance, which protects your deposits up to $250,000 per account owner per institution. Check the bank's website to confirm their insurance status before opening an account.

How often do savings account rates change?

Banks can change rates at any time, though they typically adjust in response to Federal Reserve decisions. You might see rate changes monthly or quarterly. High yield accounts tend to adjust rates more frequently than traditional banks because they compete directly on rate. Set a reminder to check your account's rate every few months to see if it has changed.