In this article, we'll compare two popular savings accounts – Discover and PNC – side by side, to help you make an informed decision about where to save your hard-earned money.
We'll take a close look at the features, fees, interest rates, and overall user experience of each account to help you decide which one is right for you.
Compare Savings Account Rates
Discover Online Savings | PNC High Yield Savings | |
|---|---|---|
Savings Rate | 4.25% | 4.65%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
|
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
CD Range | 2.00% – 4.70% | 5.05% |
The table provides a comparison between two popular online savings accounts, Discover Online Savings and PNC High Yield Savings.
In terms of the savings rate, PNC High Yield Savings offers a slightly higher rate compared to Discover Online Savings. Both accounts have no minimum deposit requirements or fees, making them accessible to a wide range of customers. However, it is worth noting that PNC High Yield Savings requires a minimum balance of $1 to earn interest.
Neither account currently offers any promotions, so customers won't receive any bonus for opening a new account. When it comes to CD rates which can be a good alternative to savings account, Discover Online Savings offers higher rates (2.00% – 4.70%) compared to PNC High Yield Savings (5.05%). This may be an advantage for customers who are interested in investing in CDs instead of savings accounts.
Overall, while PNC High Yield Savings offers a higher savings rate, Discover Online Savings may be a better choice for customers interested in investing in CDs due to its wider range of rates. However, the final decision may depend on individual financial goals and preferences.
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Compare Savings Account Features
PNC High Yield Savings | Discover Online Savings |
|---|---|
Easy Transfers | Excellent Mobile App |
Automatic Savings Plans | Automatic Saver Options |
Mobile Check Deposit | Deposit Money Options |
Mobile and Online Banking |
- Automatic Savings Plans
This account offers automatic savings plans that allow customers to set up regular automatic transfers to their High Yield Savings account, simplifying the savings process.
- Mobile Check Deposit
Depositing checks is simple and convenient with PNC's mobile app, enabling customers to make deposits anytime, anywhere.
- Easy Transfers
PNC High Yield savings account provides a hassle-free way to transfer funds into your account with no charges.
Customers can easily link their new savings account to an external bank account and transfer funds as needed, giving them more control over their savings.
- Mobile and Online Banking
PNC's mobile and online banking platform offers a user-friendly interface that makes it easy to manage the account and perform transactions.
- Excellent Mobile App
The Discover Bank app is available for Android and Apple devices, allowing you to manage your account, transfer funds, check balances, and deposit checks.
- Automatic Saver Options
You can schedule regular transfers from your Discover checking account to maximize returns and build your savings fund.
- Deposit Money Options
Discover Online Savings account provides several options for depositing money into your account, including mobile deposit, online transfer, wire transfer, direct deposit, and mailing in a check.
Finding the Best Savings Account Rates
If you are looking for alternative savings accounts to PNC and Discover, you have a wide variety of options to consider. In addition to traditional banks, there are online banks and credit unions that offer competitive rates and minimum deposit requirements.
To help you make an informed decision on which option is best for you, we have compiled a table comparing the savings account rates and minimum deposit requirements of various traditional banks, online banks, and credit unions.
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 | |
4.35% | $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 | |
3.00% | $5 | Credit Union |
Compare Discover Savings
The Discover Online Savings and the Capital One 360 Performance Savings rates are similar. Compare account features, benefits and drawbacks.
Discover Online Savings Account vs Capital One 360 Performance Savings: Compare Side By Side
Discover and American Express offer competitive savings rates and no monthly fees. Compare account features, benefits, and drawbacks.
Discover Online Savings Account vs. American Express High Yield Savings Account
Discover and Ally offer online only savings accounts with several benefits, tools and sometimes even promotions. Here's our full comparison: Ally Bank Savings Account vs Discover Online Savings Account
There is no competition when it comes to savings rates – Discover wins Chase clearly. However, each of them has its own benefits and tools.
Chase Savings vs Discover Online Savings Account: Compare Side By Side
Compare PNC Bank Savings
PNC offers much higher savings rate than Chase, but PNC states are very limited. Here's our full savings account comparison: Chase Savings vs PNC Standard Savings
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.
