PNC does not currently offer a dedicated high yield savings account

PNC Bank's standard savings accounts earn interest rates that are much lower than what you can find at online banks or credit unions. As of now, PNC does not have a product specifically branded as a high yield savings account. If earning more interest on your savings is your main goal, you will need to look at other banks or consider PNC's other options.

This matters because the difference between a standard savings rate and a high yield rate can add up quickly. A high yield savings account at another bank might earn 4% to 5% annually, while PNC's regular savings accounts typically earn less than 0.5%. On $10,000, that difference means hundreds of dollars per year in interest you would or would not receive.

Key Takeaways

  • PNC's standard savings accounts earn significantly less interest than high yield accounts at other banks.
  • PNC offers money market accounts, which sometimes have slightly higher rates than savings accounts, though still below what online banks provide.
  • If you want to keep your money at PNC while earning more, a money market account is your best option within the bank.
  • Online banks and credit unions typically offer high yield savings accounts with rates several times higher than PNC's products.

PNC's savings account options and their interest rates

PNC offers a few different savings products, but none are positioned as high yield. The main option is the PNC Standard Savings Account, which is a basic savings account with a low interest rate. PNC also offers a Money Market Account, which sometimes earns a slightly higher rate than the standard savings account, though the difference is usually small.

Interest rates at PNC change based on the Federal Reserve's decisions and market conditions. Because rates change frequently, the exact percentage PNC is paying right now is not listed here — you can check PNC's website or call a branch to see current rates. What matters to know is that PNC's rates have historically been among the lowest available, even when compared to other large national banks.

If you already have a PNC checking account and want to keep your banking in one place, the Money Market Account is worth looking at. It may earn slightly more than savings, but it usually comes with a monthly fee unless you maintain a minimum balance, which can eat into your earnings.

How PNC's rates compare to other banks

Online banks like Ally, Marcus, and Discover typically offer high yield savings accounts with rates that are 8 to 10 times higher than what PNC pays. Credit unions often offer competitive rates as well, especially if you are a member. The gap exists because online banks have lower overhead costs — they do not maintain physical branches — so they can pass savings on to customers through higher interest rates.

If you have $5,000 in a PNC savings account earning 0.01% annually, you would earn about 50 cents per year. The same $5,000 in a high yield account earning 4.5% would earn about $225 per year. Over five years, that is a difference of over $1,000 in interest you would have earned elsewhere.

Why you might still use PNC for savings

Some people choose to keep savings at PNC even with lower rates because they already have a checking account there and value having everything in one place. If you use PNC's ATM network frequently or prefer to handle banking in person at a branch, the convenience might outweigh the lower interest rate for you.

Another reason is safety. PNC is a large, established bank insured by the FDIC, which means your money up to $250,000 is protected if the bank fails. Online banks are also FDIC insured, so this is not a unique advantage, but it may feel more familiar if you are new to banking or uncomfortable with online-only banks.

Better alternatives if you want high yield savings

If earning more interest is important to you, opening a high yield savings account at an online bank takes about 10 minutes. You will need your Social Security number, a government ID, and a way to link a bank account for transfers. Many online banks let you open an account entirely on your phone or computer.

You do not have to close your PNC account. Many people keep a checking account at a traditional bank for everyday use and bill payments, then keep their savings in a high yield account elsewhere. Money transfers between banks usually take one to three business days, so this works well if you are not moving money constantly.

Credit unions are another option worth exploring, especially if you work in a field that has a credit union, live in a certain area, or have a family member who is a member. Credit unions sometimes offer rates competitive with online banks and may provide more personal service than a large bank.

What to consider when choosing where to save

Interest rate is important, but it is not the only thing that matters. Think about how often you need to access your money. High yield savings accounts are meant for money you are not spending regularly — they are not checking accounts. Most come with limits on how many times per month you can withdraw without a fee.

Also consider the minimum balance requirement. Some high yield accounts require you to keep a certain amount in the account, or they charge a monthly fee. Read the terms carefully so you understand what you are signing up for. A 5% interest rate sounds great until you realize there is a $15 monthly fee that wipes out your earnings.

Finally, think about whether you want all your banking in one place or whether you are comfortable splitting it. There is no wrong answer — it depends on what feels manageable to you.

Frequently Asked Questions

Can I move my money from PNC savings to a high yield account at another bank?

Yes. You can open a high yield account at another bank and transfer your money from PNC. The transfer usually takes one to three business days. You do not need PNC's permission, and you can keep your PNC account open or close it whenever you want.

Will I lose FDIC protection if I move to an online bank?

No. Online banks are FDIC insured just like PNC. Your money up to $250,000 is protected at any FDIC-insured bank, whether it is a large national bank or an online-only bank. You can check whether a bank is FDIC insured on the FDIC's website.

What is a money market account, and is it better than PNC's savings account?

A money market account is a hybrid between a savings account and a checking account. It usually earns more interest than savings but comes with a monthly fee and a minimum balance requirement. At PNC, it may earn slightly more than savings, but the fee often cancels out the extra interest.

Do I need to keep a minimum balance in a high yield savings account?

It depends on the bank. Some high yield accounts have no minimum balance at all. Others require $500 or $1,000 to open the account or to earn the advertised rate. Check the specific bank's terms before opening an account.

How long does it take to open a high yield savings account?

Most online banks let you open an account in 10 to 15 minutes using your phone or computer. You will need your Social Security number, a government ID, and information about a bank account to link for transfers. You can usually start depositing money the same day.