PNC High Yield Savings℠
APY Savings
Minimum Deposit
Our Rating
Fees
PNC High Yield Savings℠
APY Savings
Minimum Deposit
Our Rating
Fees
The PNC High Yield Savings account is a solid choice for those looking to earn the highest returns on their savings. If you’re not likely to make frequent withdrawals and you’re happy with no branch support, this account is a good option. The interest is compounded daily and credited to your account monthly, so you can watch your savings grow.
There are minimal charges associated with the account and few minimums. Providing you have at least $1 in the account, it will remain open and you can receive interest. You can even use PNC ATMs free of charge to access your funds. This makes the PNC High Yield Savings account worthy of consideration for most savers.
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
Pros | Cons |
|---|---|
No Monthly Fees | Maximum Withdrawals |
Easy Transfers | No Branch Access |
No Minimum Deposit Requirements | Banking Card Charges
|
Mobile and Online Banking | |
Mobile Check Deposit | |
Phone/Text Banking |
What Does The PNC High Yield Savings Account Offer?
Here are the main features you can expect when opening a PNC High Yield savings account:
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No Monthly Fees
Monthly service fees are commonplace in both savings and checking accounts. While it is possible to have a PNC service fee waived with a minimum balance, a certain amount of deposits or other transactions, it does add another layer of complexity to managing your account.
Fortunately, you don’t have to worry about this with the PNC High Yield Savings account as there are no monthly fees.
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Easy Transfers
Additionally, there are no charges when you transfer funds into your PNC High Yield savings account. You can also easily transfer funds by linking your new savings account with an external bank account. This will allow you to transfer funds as and when you like.
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High Rate
The PNC High Yield savings account offers some of the highest rates in the nation, especially when it comes to a traditional bank.
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No Minimum Deposit Requirements
One of the most limitations of savings products is a minimum deposit requirement. Even a small initial deposit can be problematic if you’re starting your savings fund from scratch. However, the PNC High Yield Savings account has no minimum initial deposit requirements or minimum monthly balance requirements.
Just bear in mind that you will need at least $1 in your account to qualify for the high APY offered. If your account remains unfunded for 60 days or more, PNC reserves the right to close your account.
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Mobile and Online Banking
Since this account is online only, you will need to manage your account via the mobile or online banking platform. Fortunately, this does allow you to access your account 24/7. Once you’ve opened your new account you can sign up for online account management or download the app to your device and sign up.
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Mobile Check Deposit
One of the limitations of online only accounts is that depositing funds can be a little problematic. One of the benefits of banking with PNC is that its app does include a mobile check deposit feature. You can take a photo of your check using your device’s camera and deposit it into your account anytime and from anywhere.
However, there are some limitations to the mobile deposit feature. If your account has been opened for less than 30 days, there is a $1,000 daily limit and $2,500 monthly limit. This increases to $2,500 per day and $5,000 in a month when your account has been open for over 30 days.
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Phone/Text Banking
If you’re a little more old school, there is the option of phone and text banking. You can register your phone and it will allow you to send text commands via your phone.
For example, you can text “LAST” to see your most recent transactions or “BAL” for a balance inquiry. There is also voice banking to transfer funds, review transactions and get an up to date balance.
What Are The Limitations?
As with any financial product or service, there are some limitations or drawbacks associated with the PNC High Yield Savings account. These include:
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Maximum Withdrawals
If you know how a high-yield account works, you probably know customers are restricted to a maximum of six outgoing transfers or withdrawals from your account during any statement cycle. There is no monetary limit to the transfer amounts, simply the number of withdrawals.
If you have more than six withdrawals during a statement cycle, a $15 fee applies to each additional withdrawal transaction.
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No Branch Access
As we have previously mentioned, the PNC High Yield is an online only account. This means that you’ll have no branch access. So, if you have a query or issue, you’ll need to rely on the phone and internet support to get help from the PNC team.
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Banking Card Charges
While there is no charge to receive a banking card for your PNC savings account, if you lose your card, there is a replacement fee with additional charge for expedited delivery.
Additionally, while using a PNC ATM is free of charge, there is a non network fee, which includes a $5 per transaction fee if you’re using an international ATM.
PNC High Yield Savings vs. Wells Fargo Platinum Savings
Although the Wells Fargo Platinum Savings account is considered a premium product, it is easily outshone by the PNC High Yield Savings Account. The Wells Fargo account has a tiered interest rate structure, but even with $1,000,000 or more in the account, you won’t get as high a rate as you would with the PNC account.
Additionally, the Platinum Savings account has a $25 minimum initial deposit and there is a monthly service fee, which you would need to maintain a balance of at least $3,500 to waive it.
The only real advantages of the Platinum Savings account is that there is branch access and you can make withdrawals with no transaction limits. However, if you don’t intend to make more than six withdrawals in any month, the PNC account certainly is a better option than the Wells Fargo Platinum account.
PNC High Yield Savings | Wells Fargo Platinum Savings | |
|---|---|---|
APY | 4.65%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
| 0.26% – 2.51% |
Min Deposit | $0 | $25 |
Fees | $0 | $12
can be waived by maintaining a $3,500 minimum daily balance
|
PNC HIgh Yield Savings vs Chase Premier Savings
Again, with a name like Chase Premier Savings, you would expect that this product could stand up favorably in a comparison. But, this is not the case. The Chase account offers a much lower APY if you qualify for the relationship rate. This is far lower than what you can get with PNC High Yield Savings Account.
Additionally, a monthly service fee can only be waived if you have an average daily balance of $15,000 or more or you link a Chase Premier Plus or Sapphire checking account.
However, if the rate is not your biggest priority, there are some advantages to the Chase savings account. You’ll have branch access and you can use the massive Chase ATM network with more than 15,000 machines across the country. You can also link the account with other Chase products to qualify for relationship rates and other perks.
PNC High Yield Savings | Chase Premier Savings | |
|---|---|---|
APY | 4.65%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
| 0.01% |
Min Deposit | $0 | $25 |
Fees | $0 | $25 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
|
How to Deposit and Withdraw Money From PNC Savings
While there is no branch access, there are a number of ways to deposit and withdraw money from your PNC High Yield savings account. The primary way to add or withdraw funds is via transfer with a linked external bank account. You can also deposit checks using the mobile check deposit app feature.
PNC also allows you to send and receive wire transfers using your routing number, but you may incur fees. Finally, you can bank by mail depositing checks with your account details on an included note to the PNC head office in Philadelphia.
In addition to the above methods, you can use your PNC banking card to withdraw from ATMs. Just be aware that if you use a non PNC network ATM, you will incur a transaction fee.
Should I Open a PNC High Yield Savings Account?
If you’re still unsure whether the PNC High Yield Savings account is the right choice for you, there are some questions you should ask yourself to make an informed decision.
- Is a high APY your number one priority? There are some compromises to the PNC High Yield Savings account, but if your number one priority is a high APY, then the PNC account is hard to beat.
- Will you need to make more than six withdrawals per month? While a high APY is great, if you need to make frequent withdrawals, the fees will quickly negate your interest. You can only make six withdrawals or transfers out of your account during any statement period. Additional withdrawals attract a fee.
- Are you happy with internet, app and phone account management? This account does not offer in branch support, so you’ll not be able to access in person support. You will need to be comfortable with internet, app and phone account management.
- Are you comfortable with few account options? If you’re looking to move all of your day to day banking under one roof, you’ll need to be comfortable with just a few different account options. If you prefer to have a choice of many checking accounts or other products, you may find the PNC product line a little limited.
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How to Open a PNC High Yield Savings Account
You can open a PNC High Yield Savings account in a few simple steps on the PNC official website.
- Navigate to the Product Page: You’ll find the High Yield Savings account page under the Personal Products and Services heading, by selecting “Savings.” From this page, you can read through the details for the High Yield Savings account and if you’re ready to proceed, click “Learn More.”
- Confirm your Zip Code: You will be prompted to confirm your zip code, so PNC can tailor your account options to your geographic location.
- Complete the Application Form: This is quite standard and you’ll need to provide your full name, postal address, email, phone number, date of birth and Social Security Number.
- Submit and Await Approval: Once you complete the application form, you’ll need to click submit and await an approval decision from PNC. This is typically immediate, but on occasion you may be waiting a day or two.
Can I Open a PNC High Yield Savings Joint Account?
PNC does allow joint applications and co-owners of its accounts. However, you will need to provide all of the details we discussed above for the second applicant. PNC will also need to verify the applicant identities. This means that you’ll need to provide your driver’s licenses, passports or other government issued photo ID.
FAQs
Does PNC offer an IRA savings account?
PNC does have an investment arm, which includes retirement planning and IRA account options. Additionally, the PNC investment team can assist you in developing strategies to meet your financial goals.
Does PNC offer a health savings account?
Yes, PNC has its BeneFit Plus HSA account which you can use to pay for healthcare expenses and take control of your healthcare spending with a tax advantaged account.
Can you direct deposit into a PNC savings account?
Yes, PNC provides a routing number, so you can arrange to have salary, pension or other direct deposit funds sent to your savings account.
How do you close a PNC Online Savings?
If you want to close a PNC online savings account, you’ll need to call the customer support helpline. A member of the PNC team can then walk you through the closure process.
How much can I withdraw from PNC Online Savings?
PNC does not have monetary limits for the High Yield Savings account, but you are restricted to a maximum of six withdrawals during any statement period. If you have more than six withdrawals, you’ll incur a fee for each additional transaction.
Can I transfer my IRA to a PNC Online Savings account?
Yes, you can transfer your IRA to a PNC High Yield savings account, but you’ll need to discuss the tax implications with your financial advisor to ensure that it is the best option for you.
Compare PNC Bank Savings
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Chase Savings vs PNC Standard Savings
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Savings Account Reviews Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
