PNC does not currently offer a dedicated high yield savings account

PNC Bank's standard savings accounts earn interest, but the rates are much lower than what you would find at online banks or credit unions that specialize in high yield savings. As of now, PNC does not have a product specifically branded or marketed as a high yield savings account. If you are looking for the highest possible interest rate on your savings, you will likely need to look beyond PNC's standard offerings.

This does not mean PNC has no savings options worth considering. The bank offers several accounts with different features, and the right choice depends on what matters most to you — whether that is convenience, branch access, or earning more on your money.

Key Takeaways

  • PNC's standard savings accounts pay interest rates that are typically lower than online banks or credit unions offering high yield products.
  • PNC offers a Virtual Wallet savings feature that bundles savings with checking, which some customers find useful for organizing money even if rates are not the highest.
  • If earning the most interest is your main goal, you may want to compare PNC rates against online banks, which often pay two to five times more on savings.
  • PNC's advantage is in-person branch access and integration with their checking accounts, not in interest rates.

PNC's savings account options and their interest rates

PNC offers a regular savings account and a money market account. Both earn interest, but the rates change based on market conditions and your account balance. You can check the current rates on PNC's website or by calling a branch, since rates vary and are not fixed.

The money market account typically pays slightly more than the regular savings account, but requires a higher minimum balance to open and to avoid monthly fees. Both accounts allow you to withdraw money whenever you need it, though federal rules limit certain types of withdrawals to six per month.

PNC also offers certificates of deposit (CDs), which lock your money away for a set period — usually three months to five years — in exchange for a may provide interest rate. CDs pay more than savings accounts because the bank knows your money will stay there. If you withdraw early, you pay a penalty.

How PNC's rates compare to other banks

Online banks and some credit unions currently offer savings rates that are significantly higher than PNC's rates. The difference matters if you have a large balance or plan to keep money in savings for a long time. For example, if you have $10,000 in savings, the difference between a 0.01% rate and a 4.5% rate means you earn hundreds of dollars less per year at PNC.

The trade-off is that online banks have no physical branches. If you value being able to walk into a location to deposit cash, speak with someone in person, or handle banking face-to-face, PNC's branch network is an advantage that comes with a lower interest rate.

PNC Virtual Wallet and savings features

PNC's Virtual Wallet is a checking and savings bundle that includes a regular checking account, a savings account, and a reserve account. The reserve account is designed to hold money for emergencies or goals, separate from your everyday spending. This structure can help you organize your money without having to open accounts at multiple banks.

Virtual Wallet savings still earn the same low interest rates as PNC's regular savings account. The benefit is organizational — you can see all your accounts in one place and move money between them easily. If your priority is earning high interest, the organizational feature does not make up for the lower rate.

When a PNC savings account makes sense

A PNC savings account is worth considering if you already have a checking account there and want to keep everything in one place. The convenience of managing both accounts through the same app or at the same branch has real value for some people, even if the interest rate is lower.

PNC savings also makes sense if you need to deposit cash regularly. Online banks do not have ATMs or tellers, so if you receive cash payments or prefer to deposit in person, PNC's branch access is a practical advantage. You would be trading a higher interest rate for the ability to handle cash easily.

If you have a large sum you want to lock away for a specific time period, PNC's CDs might be worth comparing against other banks' CD rates. Rates vary, and sometimes PNC's CD rates are competitive even if their savings rates are not.

Where to find higher interest rates

Online banks like Marcus, Ally, and American Express Personal Savings currently offer much higher rates on savings accounts. Credit unions, which are member-owned and often return profits to members through better rates, may also offer higher yields. You can compare current rates across multiple banks on financial websites that track savings rates, though you will need to verify the current rate directly with each bank before opening an account.

If you decide to move money to another bank for a higher rate, you do not have to close your PNC account. Many people keep a checking account at a traditional bank for convenience and a savings account at an online bank for the higher rate.

Frequently Asked Questions

Can I earn more interest by keeping a higher balance at PNC?

PNC's savings rates do not increase significantly with higher balances the way some banks do. The money market account may have a slightly higher rate than regular savings, but the difference is usually small. Check PNC's current rate structure, as it can change.

What happens if I move my savings to an online bank?

You can transfer money from PNC to another bank by providing the new bank with your PNC account number and routing number. The transfer usually takes one to three business days. You can keep your PNC checking account open while moving savings elsewhere.

Are PNC savings accounts safe if the bank fails?

Yes. PNC is a large bank insured by the FDIC, which means deposits up to $250,000 per account type are protected. Your savings account is separate from your checking account for insurance purposes, so you have $250,000 coverage in each.

Do I have to pay a monthly fee on PNC savings?

Regular savings accounts at PNC typically have no monthly fee. Money market accounts may charge a fee if your balance drops below the minimum required. Check the current fee schedule on PNC's website or ask a branch, as fees can change.