What you need to open a PNC High Yield Savings account

PNC offers a high yield savings account called PNC Virtual Wallet with Performance Savings. To open one, you need to be at least 18 years old, have a valid government-issued ID, a Social Security number, and an initial deposit. PNC does not require a minimum opening deposit for this account, though you will need money to fund it once it is open.

You can open the account online, by phone, or in person at a PNC branch. The online route is fastest — it takes about 10 to 15 minutes and you can fund the account when ready with a linked bank account or debit card. If you open by phone or in branch, a representative will walk you through the same information but the process takes longer because of verification steps.

Have your ID and Social Security number ready before you start. If you are opening online, you will also need access to an external bank account or debit card to make your first deposit, though you can add money other ways after the account is open.

Key Takeaways

  • PNC Virtual Wallet with Performance Savings is the high yield savings product PNC offers, and you can open it online in about 15 minutes with just an ID and Social Security number.
  • You do not need a minimum deposit to open the account, but you will need a way to fund it — either an external bank account or a debit card.
  • The interest rate on this account changes with the market, so check PNC's current rate before you open because it may be different from what you saw last month.
  • Once your account is open, you can transfer money in and out through PNC's website or mobile app, though transfers to external accounts take one to two business days.

Opening the account online

Go to PNC's website and select "Open an Account" or navigate to the savings account section. You will be asked to choose between opening a new account as an individual or as a joint account. Select the account type that matches your situation — most people choose individual.

Enter your personal information: full name, date of birth, address, phone number, and email. PNC will ask for your Social Security number and will run a soft credit check to verify your identity. This check does not affect your credit score. You will also choose a username and password for online banking.

Next, you will fund the account. PNC lets you link an external bank account (which takes one to two business days to verify) or use a debit card for when ready funding. If you use a debit card, the money appears in your PNC account right away. After you submit everything, PNC sends a confirmation email with your account number and login details.

Opening by phone or in a PNC branch

Call PNC at 1-800-PNC-BANK (1-800-762-2265) to open an account over the phone. A representative will ask the same questions as the online form — your name, address, Social Security number, and how you want to fund the account. The call usually takes 20 to 30 minutes because the representative must verify your identity more thoroughly than the online system does.

If you prefer to open in person, visit any PNC branch with your ID and Social Security number. Bring a debit card or checkbook from another bank if you want to fund the account when ready. The branch representative will complete the paperwork and you will walk out with your account open and funded.

In-branch opening is useful if you have questions or want to set up other PNC products at the same time, such as a checking account or credit card. However, it takes longer than online — plan for 30 to 45 minutes.

Understanding the interest rate and account features

PNC Virtual Wallet with Performance Savings earns interest, but the rate is not fixed. It changes based on what the Federal Reserve does with interest rates. Before you open the account, check PNC's website for the current rate because it may be lower or higher than it was when you first heard about the account.

The account has no monthly maintenance fee and no minimum balance requirement. You can withdraw money whenever you need it — there is no penalty for taking money out. However, federal rules limit you to six withdrawals per month from a savings account. If you exceed that, PNC may charge a fee or convert the account to a checking account.

PNC Virtual Wallet also includes a checking component called "Spend" and a goal-saving tool called "Reserve." You do not have to use these features, but they are available if you want to organize your money into separate buckets within the same account.

Moving money in and out of your account

Once your account is open, you can add money through several methods. You can transfer from another bank account you own (takes one to two business days), deposit a check using PNC's mobile app, or visit a PNC ATM to deposit cash. You can also set up direct deposit from your employer, which is the fastest way to get paychecks into the account.

To move money out, you can transfer to another bank account you own (takes one to two business days), withdraw cash at a PNC ATM, or write a check if your account includes a checkbook. Remember that federal rules limit you to six withdrawals per month, so plan your transfers accordingly if you move money out frequently.

PNC's mobile app and website both show your balance and transaction history in real time. You can set up alerts to notify you when your balance drops below a certain amount, which helps you avoid overdrafts.

What happens after you open the account

PNC will send you a debit card in the mail within 7 to 10 business days if you opened a checking component (Spend). If you opened only the savings account, you will not receive a card because you cannot use a debit card to withdraw from a savings account — you must use transfers, ATM withdrawals, or checks.

Your account is fully functional as soon as you finish opening it online. You can log in to PNC's website or mobile app when ready and see your balance. If you opened by phone or in branch, you may need to wait a few hours for the account to appear in the online system.

If you have questions after opening, you can contact PNC customer service by phone, through the mobile app, or by visiting a branch. PNC also offers online chat support during business hours.

Frequently Asked Questions

Can I open a PNC high yield savings account if I do not have a Social Security number?

No. PNC requires a Social Security number to open any deposit account. If you have an Individual Taxpayer Identification Number (ITIN) instead, contact PNC directly to ask about alternatives, though most banks have similar requirements.

What is the difference between PNC Virtual Wallet and a regular PNC savings account?

Virtual Wallet with Performance Savings earns a higher interest rate than PNC's standard savings account. It also includes the Spend and Reserve tools for organizing money. If you want the highest rate PNC offers for savings, Virtual Wallet is the right choice.

How long does it take for money to show up after I transfer it in?

If you use a debit card to fund the account during opening, the money appears when ready. If you link an external bank account, the transfer takes one to two business days. Direct deposits from your employer usually arrive on the same day as they would to any other bank account.

Can I close the account if I change my mind?

Yes. You can close a PNC savings account at any time by visiting a branch, calling customer service, or using the mobile app. There is no penalty for closing. If your account has a balance, PNC will send you a check or transfer the money to another account you specify.

Do I need to have a PNC checking account to open the savings account?

No. You can open PNC Virtual Wallet with Performance Savings as a standalone account without any other PNC products. However, if you want the full Virtual Wallet experience with the Spend checking component, you can add that at the same time or later.