PNC Bank offers high yield savings accounts, but the rates and features depend on which account you choose

PNC Bank does offer high yield savings accounts, though the term "high yield" varies depending on market conditions and which specific account you open. PNC's main high yield option is the PNC Virtual Wallet with Performance Savings, which pairs a checking account with a savings component that earns interest. The bank also offers a straightforward PNC Savings Account that earns interest, though it typically pays less than the Performance Savings option. The actual rate you receive depends on your account type, balance, and the current interest rate environment—rates change regularly and are not fixed.

The key difference between PNC's savings products is structure: Performance Savings is designed as part of a bundled checking-and-savings system, while the standard Savings Account stands alone. If you already bank with PNC or are considering opening a checking account there, Performance Savings may be worth comparing. If you only want a savings account with no checking component, the standard Savings Account is your option, though you may find higher rates elsewhere.

Key Takeaways

  • PNC's Performance Savings account is part of the Virtual Wallet checking product and typically offers higher interest rates than PNC's standard Savings Account.
  • Interest rates on both accounts change regularly and are not may provide; you should check PNC's website or call a branch for current rates before opening an account.
  • Performance Savings requires you to open a Virtual Wallet checking account, while the standard Savings Account can be opened separately.
  • PNC savings accounts have no monthly maintenance fees, though some account features may require minimum balances or direct deposit.

How PNC Performance Savings works

Performance Savings is the higher-earning savings option within PNC's Virtual Wallet checking account. When you open a Virtual Wallet account, you get a checking component and a Performance Savings component in one product. The savings portion earns interest, and PNC typically tiers the rate based on your balance—higher balances earn higher rates. You can move money between the checking and savings portions of your Virtual Wallet without fees.

To use Performance Savings, you must open the full Virtual Wallet checking account. This means you'll have a debit card, online banking, and bill pay features alongside your savings account. If you don't want a checking account, this product won't work for you. Virtual Wallet also includes features like automatic savings tools and spending tracking, though these are optional to use.

PNC Standard Savings Account details

The PNC Savings Account is a standalone product—you don't need a checking account to open one. It earns interest on your balance, though the rate is typically lower than Performance Savings. Like Performance Savings, the rate changes based on market conditions and is not fixed. PNC does not charge a monthly maintenance fee on the Savings Account.

The standard Savings Account is straightforward: you deposit money, it earns interest, and you can withdraw it whenever you need to. There are no minimum balance requirements to open the account, though some features or rate tiers may require a certain balance to maintain. You can manage the account online, by phone, or at a PNC branch.

Current interest rates and how to find them

PNC's interest rates change regularly and depend on the Federal Reserve's actions and market conditions. The rates offered today will not be the same next month or next year. Because rates vary and are not fixed in this guide, you need to check PNC's website directly or call a branch to see what rate is currently available for Performance Savings or the standard Savings Account.

When you check rates, ask whether the rate is tiered—meaning different balances earn different rates—and what balance you need to reach the highest tier. Also ask whether the rate is promotional (temporary) or standard. Some banks offer higher rates for a limited time to attract new customers, then drop the rate after a few months.

Comparing PNC savings to other banks

PNC's rates may or may not be competitive depending on when you're reading this and what other banks are offering. Online banks and credit unions often offer higher rates than large traditional banks like PNC because they have lower overhead costs. If earning the highest possible interest is your main goal, you should compare PNC's current rates to rates from online banks, credit unions, and other traditional banks before deciding.

The trade-off is convenience and service. PNC has physical branches in multiple states, so you can deposit cash in person or speak to someone face-to-face. Online banks typically have no branches but offer higher rates and lower fees. Credit unions may offer competitive rates and personal service, but you must be a member and membership rules vary. Your choice depends on whether you value branch access and bundled banking services more than the highest possible interest rate.

Fees and account requirements

PNC Savings Accounts have no monthly maintenance fee. The Virtual Wallet checking account (which includes Performance Savings) also has no monthly fee, though some account features may require a minimum balance or direct deposit to avoid fees. Check the current account terms on PNC's website or ask a branch representative about any balance or deposit requirements that explore to the specific account you're considering.

Both accounts allow unlimited deposits and withdrawals, though federal law previously limited savings account withdrawals to six per month. That rule is no longer in effect, but some banks still impose their own withdrawal limits. Ask PNC about any withdrawal limits on the account you're opening.

How to open a PNC savings account

You can open a PNC Savings Account or Virtual Wallet account online through PNC's website, by phone, or in person at a PNC branch. Online opening usually takes 10 to 15 minutes and requires a valid ID, Social Security number, and initial deposit (the minimum varies). You'll need to provide your contact information and choose a username and password for online banking.

If you open in person at a branch, bring your ID and Social Security number. A representative can answer questions about current rates and account features on the spot. If you open by phone, call PNC's customer service number and ask to open a savings account; they'll walk you through the process and mail you any cards or documents you need.

Frequently Asked Questions

Is PNC Performance Savings FDIC insured?

Yes. PNC is a bank, and deposits in PNC savings and checking accounts are insured by the FDIC up to $250,000 per account holder per bank. If you have both a checking and savings account at PNC, each is insured separately up to $250,000.

Can I move money between my PNC checking and savings accounts without fees?

Yes, if you have a Virtual Wallet account with Performance Savings, you can transfer money between the checking and savings portions without fees. If you have a separate standard Savings Account, you can also transfer to and from a PNC checking account without fees.

What happens if I don't meet a minimum balance requirement?

If your account has a minimum balance requirement and you fall below it, PNC may charge a fee or reduce your interest rate. Check your account terms to see what happens. If you're concerned about maintaining a balance, ask PNC whether the account you're opening has a minimum balance requirement.

Can I open a PNC savings account if I don't live near a branch?

Yes. You can open an account online or by phone without visiting a branch. PNC operates in multiple states, so depending on where you live, there may be a branch nearby for deposits or withdrawals, but it's not required to open or maintain the account.

Do I need a checking account to open PNC Performance Savings?

Yes. Performance Savings is part of the Virtual Wallet checking account, so you must open a checking account to access Performance Savings. If you only want a savings account, open the standard PNC Savings Account instead.