PNC does not offer a dedicated high yield savings account

PNC Bank's standard savings accounts earn interest rates well below what you would find at online banks or credit unions that specialize in high yield products. As of early 2024, PNC's regular savings accounts typically earn between 0.01% and 0.05% annual percentage yield (APY), depending on your account type and balance. That means a $10,000 deposit would earn roughly $1 to $5 per year in interest.

If you are looking for a savings account that pays significantly more—accounts earning 4% to 5% APY are common at online banks—PNC is not the place to find it. The bank has chosen not to compete in the high yield space, likely because its branch network and other services allow it to attract customers without offering top-tier rates.

This does not mean PNC has no savings options worth considering. The bank offers several account types with different features, and the right choice depends on what matters most to you: convenience, branch access, or maximum interest earnings.

Key Takeaways

  • PNC savings accounts earn roughly 0.01% to 0.05% APY, far below the 4% to 5% rates available at online banks.
  • PNC offers a Performance Savings account with tiered rates that increase slightly at higher balances, but the top rate remains under 0.10% APY.
  • If earning interest is your main goal, you will earn more money in a high yield savings account at an online bank, even after accounting for PNC's convenience.
  • PNC savings accounts make sense if you value in-branch service, frequent deposits and withdrawals, or integration with a checking account at the same bank.

PNC's Performance Savings account and its rate structure

PNC's main savings product is called Performance Savings. It uses a tiered rate system, meaning the interest rate increases as your balance grows. The bank publishes these tiers on its website, but the rates change frequently and vary by region.

Historically, PNC's top tier for Performance Savings has peaked around 0.08% to 0.10% APY on balances of $100,000 or more. Lower balances earn less. A $10,000 balance might earn 0.01% to 0.03% APY. These rates shift with the Federal Reserve's actions, but PNC has not moved them significantly higher even as other banks have raised their high yield rates to compete.

The account comes with no monthly fee if you maintain a minimum balance (often $500 to $1,000, depending on the specific product). You can make up to six withdrawals per month before facing a fee, though that limit has become less common across the banking industry in recent years.

How PNC's rates compare to online banks and credit unions

An online bank offering a high yield savings account—such as Marcus, Ally, or American Express Personal Savings—typically pays 4% to 5% APY on all balances, with no tiering and no minimum balance requirement. On a $10,000 deposit, that is $400 to $500 per year instead of $1 to $10.

Credit unions often offer competitive rates as well, sometimes reaching 3% to 4% APY on savings accounts for members who meet certain conditions (like maintaining a checking account or setting up direct deposit). Many credit unions are smaller and more specialized than PNC, so membership rules vary widely.

The gap between PNC and high yield alternatives is substantial. Even if you value PNC's branch network and customer service, the interest difference adds up quickly on larger balances. A $50,000 savings goal would earn roughly $500 per year at PNC versus $2,000 to $2,500 per year at a high yield bank—a difference of $1,500 to $2,000 annually.

When a PNC savings account still makes sense

Despite the low rates, a PNC savings account can be the right choice in specific situations. If you already have a PNC checking account and use the bank's branches regularly, keeping savings at PNC simplifies transfers between accounts and reduces the number of logins you need to manage.

PNC also works well if you make frequent small deposits or withdrawals. Some people use savings accounts as a holding place for money they are about to spend—a buffer between checking and spending. For that use case, the interest rate matters less than convenience, and PNC's branch access wins.

Parents opening a savings account for a child might choose PNC if they want to teach banking habits through in-person visits and statements, rather than managing everything online. The low rate is less important when the goal is education rather than growth.

The hybrid approach: PNC checking plus a high yield savings account elsewhere

Many people use PNC for checking and bill pay—services where the bank is competitive—while keeping their savings at an online bank or credit union. This approach takes advantage of PNC's strengths without sacrificing interest earnings.

The mechanics are straightforward: set up a high yield savings account at an online bank, then transfer money from your PNC checking account when you want to save. Most online banks process transfers within one to three business days. You lose the convenience of same-bank transfers, but you gain hundreds of dollars per year in interest.

This strategy works best if you have a clear savings goal and do not need to access the money frequently. If you are building an emergency fund or saving for a specific purchase months away, the high yield account keeps your money working harder while you wait.

Money market accounts and CDs at PNC

PNC also offers money market accounts and certificates of deposit (CDs), which are worth considering if you want to stay within the bank.

Money market accounts typically pay slightly higher rates than savings accounts—sometimes 0.10% to 0.15% APY at PNC—but come with higher minimum balances and limited check-writing privileges. They are not a solution to the high yield problem, just a modest improvement.

CDs lock your money away for a set term (three months to five years) in exchange for a may provide rate. PNC's CD rates are also low compared to online banks, but they do lock in a rate, which can be valuable if you believe interest rates will fall. Before opening a CD, compare PNC's rates to those at online banks offering the same term length.

Frequently Asked Questions

Can I move money from a PNC savings account to a high yield account without penalties?

Yes. Closing a PNC savings account or transferring money out carries no penalty. You can move your balance to another bank at any time. PNC may ask why you are leaving, but they cannot charge you for the transfer or require notice.

Will PNC ever offer a high yield savings account?

There is no indication PNC plans to launch a high yield product. Large traditional banks like PNC compete on branch access and service rather than rates. If rates become important to you, switching to an online bank is the practical solution.

Is my money safer at PNC than at an online bank?

Both are equally safe for deposits up to $250,000 per account type, because both are covered by FDIC insurance. PNC is a larger institution, but that does not make your deposits more protected. The FDIC may provide is what matters.

What if I need to withdraw money frequently from savings?

PNC allows six withdrawals per month before charging a fee. If you need more frequent access, a regular savings account at any bank (including online banks) is fine. The withdrawal limit is less restrictive than it once was, and most banks no longer enforce it strictly.

How do I know what rate PNC is currently offering?

Visit PNC's website and search for "savings rates" or "Performance Savings." The rates are published by region and update regularly. You can also call a local branch or visit in person to ask about current rates before opening an account.