When it comes to saving money, choosing the right bank and savings account is crucial. With so many options available in the market, it can be challenging to decide which one is the best fit for your financial goals.
In this article, we will compare Chase and PNC Bank's savings accounts side by side, highlighting their key features, benefits, and drawbacks, to help you make an informed decision on which one to choose for your savings needs.
Compare Savings Account Rates
PNC High Yield Savings | Chase Premier Savings | |
|---|---|---|
Savings Rate | 4.65%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
| 0.01% |
Minimum 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
|
Promotion | None | None |
CD Range | 5.05% | 3.00% – 4.75% |
The table compares the PNC High Yield Savings account and the Chase Premier Savings account across several key features.
Overall, the PNC High Yield Savings account may be a better option for customers who prioritize a high savings rate and no minimum deposit or monthly fees. However, those who value having access to Chase's extensive network of branches and ATMs may opt for the Chase Premier Savings account.
- Savings Rate: This is the most significant factor, and PNC wins without competition. The PNC High Yield Savings account offers a significantly higher savings rate compared to Chase Premier Savings account's rate of 0.01%. This may be a consideration for customers who do not have the minimum amount to open the account.
- Fees: PNC High Yield Savings account has no monthly fees, while the Chase Premier Savings account charges $25 per month. This can be a significant factor to consider as customers would want to minimize fees that can eat into their savings, but you can waive the fee quite easily.
- Promotion: Neither account has a current promotion. Customers may want to keep an eye out for future promotions that can potentially offer additional savings or benefits.
- CD Rates: Both banks offer certificates of deposit (CDs) with varying rates. PNC's CD rates range from 5.05%, while Chase's CD rates range from 3.00% – 4.75%. Customers who are looking to find an alternative to a savings account may want to explore their options with CDs, especially if you're a Chase customer.
Keep in mind that the The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
Compare Savings Account Features
PNC High Yield Savings | Chase Premier Savings |
|---|---|
Easy Transfers | Access to the Chase Network |
Automatic Savings Plans | Automatic Savings Program |
Mobile Check Deposit | Sapphire Banking Perks |
Mobile and Online Banking | Daily Compound Interest |
- Easy Transfers
PNC High Yield savings account allows you to transfer funds into your account with no charges.
You can easily link your new savings account with an external bank account and transfer funds as and when you like.
- Automatic Savings Plans
This account offers automatic savings plans that allow you to set up regular automatic transfers to your High Yield Savings account, making it easier to save money.
- Mobile Check Deposit
Depositing checks is easy and convenient with PNC's mobile app, allowing you to make deposits whenever and wherever you want.
- Mobile and Online Banking
Since the account is exclusively online, you can manage your account through the mobile or online banking platform. With 24/7 access, you can manage your account from anywhere at any time once you sign up for online account management or download the app to your device.
Additionally, PNC's mobile and online banking platform offers a user-friendly interface that makes it easy to manage your account and perform transactions.
- Access to the Chase Network
With the Chase Premier Savings account, customers have access to an extensive network of approximately 4,900 branches and 16,000 ATMs across the United States.
This makes it easy to access funds and manage your account, no matter where you are.
- Automatic Savings Program
Chase Bank's automatic savings program is a useful tool for those who struggle with saving money. By setting savings goals within the Chase mobile app, customers can automate their savings plan and watch as their funds grow over time.
This feature can help make saving money more accessible and achievable for customers.
- Sapphire Banking Perks
Customers who link their Premier Savings account to their Chase Sapphire Checking account can take advantage of exclusive perks, including early ticket sales and special event access.
These benefits make it an excellent option for those who enjoy entertainment and experiences.
- Daily Compound Interest
With the Chase Premier Savings account, interest compounds daily, helping to maximize your earning potential on your account balance.
This means that customers can earn more money over time by keeping their funds in the account and watching their savings grow.
Finding the Best Savings Account Rates
If you are looking for alternative savings accounts to PNC and Chase, here's a comparison table of many other options in the market.
By examining the rates and minimum deposit requirements from different types of financial institutions, you can gain a better understanding of the savings account options available to you.
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
5.00% | $100 | Online Bank | |
4.40% | $0 | Online Bank | |
4.30% | $0 | Online Bank | |
4.35% | $0 | Online Bank | |
4.45% | $0 | Traditional Bank | |
5.21% | $0 | Online Banking | |
4.40% | $0 | Online Banking | |
4.25%
| $0 | Online Bank | |
4.35% | $0 | Online Bank | |
5.00% | $100 | Online Banking | |
4.75% | $0 | Online Bank | |
4.50% | $100 | Online Bank | |
3.06% – 3.10% | $0 | Credit Union | |
4.25% | $0 | Online Bank | |
up to 4.60% | $1,000 – $5,000 | Online Bank |
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Our Savings Accounts Comparison Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
