PNC does not offer a dedicated high yield savings account

PNC Bank's standard savings accounts earn interest rates that are much lower than what you will find at online banks or credit unions. As of now, PNC's regular savings accounts pay rates well below 1 percent annually, while high yield savings accounts — accounts designed specifically to pay higher interest — typically pay between 4 and 5 percent or more at other institutions.

If you bank with PNC and want to earn more on money you are saving, you have two realistic paths: move some or all of your savings to another bank that specializes in high yield accounts, or use PNC's money market account, which pays a slightly higher rate than regular savings but still lags behind dedicated high yield options.

The reason PNC's rates stay low is structural. PNC operates thousands of physical branches and ATMs across the country. That infrastructure costs money, and the bank passes some of that cost to customers by offering lower interest rates. Online banks with no branches can afford to pay more because they have lower overhead.

Key Takeaways

  • PNC's regular savings accounts pay less than 1 percent interest, while high yield savings accounts at other banks pay 4 to 5 percent or higher.
  • PNC offers a money market account that pays slightly more than regular savings, but it still does not compete with high yield rates at online banks.
  • The difference between PNC's rate and a high yield rate can mean hundreds of dollars per year on a $10,000 balance.
  • You do not have to close your PNC checking account to move savings elsewhere — many people keep both.

PNC's money market account as an alternative

PNC does offer a money market account, which is a hybrid between a checking and savings account. Money market accounts typically pay higher interest than regular savings accounts, though the exact rate varies by how much you deposit and which PNC branch or region you use.

The catch is that money market accounts usually come with limits on how many withdrawals you can make per month — often six — and may require a higher minimum balance to open. At PNC, these minimums and withdrawal limits vary, so you would need to check with your local branch or PNC's website for current terms.

Even with these restrictions, PNC's money market rate will still be lower than what you can find at an online high yield savings account. A money market account makes sense if you want to stay entirely within PNC and do not mind the withdrawal limits, but it is not a substitute for a true high yield account if your goal is to maximize interest earned.

Why the rate difference matters

The gap between PNC's savings rate and a high yield rate sounds small until you do the math. If you have $10,000 in savings, the difference between earning 0.01 percent at PNC and 4.5 percent at a high yield account is roughly $450 per year — money that stays in your pocket instead of the bank's.

Over five years, that gap grows to more than $2,000 in lost interest. For people saving for a down payment, an emergency fund, or any goal that takes time, that difference adds up fast.

The only reason to keep savings at PNC instead of moving them is convenience — if you use PNC for checking and want everything in one place, or if you value being able to walk into a branch. That is a legitimate choice, but it is worth knowing what it costs you.

How to move money to a high yield account

Opening a high yield savings account at another bank does not require closing your PNC accounts. You can keep your PNC checking account for daily spending and bills, and open a savings account elsewhere just for money you are setting aside.

Most online banks make transfers straightforward. You provide your PNC account number and routing number, and the new bank pulls money directly from your PNC account — usually within one to three business days. You can also transfer money back to PNC whenever you need it, though some people set up a separate account specifically so they are not tempted to dip into savings.

The main online banks offering high yield savings accounts include Ally Bank, Marcus by Goldman Sachs, American Express Personal Savings, and Wealthfront Cash Account, among others. Rates and terms shift frequently, so comparing a few options before you open an account takes 15 minutes and can save you hundreds of dollars over time.

When to keep savings at PNC anyway

There are situations where keeping your savings at PNC makes sense despite the lower rate. If you are saving for something very short-term — a few months away — the interest difference is negligible. If you have a small balance under $1,000, the annual interest difference is only a few dollars.

Some people also value the simplicity of one bank for everything, or they use PNC's mobile app and branch network regularly enough that the convenience outweighs the lost interest. That is a personal choice, not a financial mistake — but it is a choice worth making consciously, knowing what it costs.

PNC's other savings products

Beyond regular savings and money market accounts, PNC offers certificates of deposit (CDs), which are accounts where you agree to leave money untouched for a set period — usually three months to five years — in exchange for a may provide interest rate. PNC's CD rates are also low compared to online banks, but they are fixed, so you know exactly what you will earn.

CDs make sense if you have money you definitely will not need for a specific period and want the security of a may provide rate. But again, online banks typically offer higher CD rates than PNC, so shopping around is worth your time if you are considering this route.

Frequently Asked Questions

Can I have a PNC checking account and a high yield savings account somewhere else?

Yes. Many people keep their checking account at a traditional bank like PNC for convenience and bill pay, then maintain a high yield savings account at an online bank for money they are saving. The two accounts work together — you transfer money between them as needed.

How much higher is a high yield rate than PNC's rate?

PNC's savings rates are typically under 0.1 percent, while high yield accounts pay 4 to 5 percent or more. The exact difference depends on the specific high yield bank and current market conditions, which change over time.

Do I lose FDIC protection if I move my savings to another bank?

No. All banks insured by the FDIC — which includes most major online banks — protect your deposits up to $250,000 per account type. Your money is equally safe at an online bank as it is at PNC.

What if I need to withdraw money from a high yield account quickly?

Online banks process transfers within one to three business days, so you cannot walk in and get cash the same day. If you need when ready access to cash, keep a smaller emergency fund at PNC or another bank with branches, and keep larger savings in the high yield account.

Are there any fees for moving money between banks?

No. Banks do not charge you to transfer money out. Some banks charge fees for certain services, but moving money to another institution is free.