PNC savings account interest rates of July 2024

If you’re shopping for a place to park your savings, PNC Bank fails to impress. The rates for savings accounts at PNC are simply uncompetitive in a high-yield environment. However, you’ll have better luck if you go whole hog and embrace its Virtual Wallet, which is a feature that bundles checking and savings accounts and provides budgeting tools.

All rates and terms are accurate as of June 10, 2024. Rates may vary depending on location, these rates were found using the zip code 33966.

Are PNC Bank savings account interest rates worth it?

The interest rates make it barely worth bothering to open a PNC Bank savings account. The annual percentage yield (APY) you can earn on the PNC Standard Savings Account ranges from 0.01% to 0.03%. The PNC Premier Money Market Account offers a more competitive yield of up to 4.00%. 

The one saving grace is the interest rate boost you can gain with PNC’s Virtual Wallet. For many of PNC’s accounts, signing up for the PNC Virtual Wallet feature may score you an APY as high as 3.95% or even 4.00% on the PNC Virtual Wallet with Performance Select. However, some Virtual Wallet rates are as low as 0.01%.

What is Virtual Wallet? It’s a package that combines a primary checking account, a secondary checking account for short-term needs and a long-term savings account. Keep in mind, though, that if you don’t meet certain direct deposit requirements, you face a monthly service charge of $7, $15 or $25.

Bottom line: If you already bank at PNC and just need somewhere to store some cash for the short term, then the convenience might be worth it. However, if you are looking to earn top rates on your savings, you’d do better off looking elsewhere.

Overview of PNC interest rates

Interest rates for PNC’s savings accounts range from 0.01% to 0.03%, depending on the balance and type of account. 

You can get a boost on the Standard Savings Account by receiving relationship status. To qualify you’ll need to link a qualified checking account and make at least 5 point of sale transactions with your debit card, or meet direct deposit requirements that vary depending on which type of checking account you have – but it will be between $500 and $5,000 per month. 

If you have a relationship status and a balance over $2,500 you can earn the highest yield. 

PNC’s savings yields fall far below the national average of 0.45%, as of July 15, 2024, per the Federal Deposit Insurance Corporation (FDIC). 

TYPE OF ACCOUNT	BALANCE	APY	MINIMUM OPENING DEPOSIT	MONTHLY FEE
Standard savings account	$1.00 to $2,499.99 & $2,500 and above	0.01%	$0	$5 (waivable)
Standard savings account with relationship rate	$1.00 to $2,499.99	0.02%	$0	$5 (waivable)
Standard savings account with relationship rate	$2,500 and above	0.03%	$0	$5 (waivable)
S is for Savings account	$1.00 and above	0.01%	$0	$5 (waivable)

See MoreSee Less

To have the monthly fee waived you’ll need to maintain a balance of at least $300, have a $25 monthly automatic transfer from a linked PNC checking account or be under the age of 18. You can also link the savings as a benefit account to your Performance checking, Performance Select checking or Virtual Wallet with Performance Select. 

The money market rates are a little better if you have a high balance. On the standard money market account you’ll earn 0.99% APY if your balance is under $50,000. For balances over $50,000 you’ll earn between 1.04% and 1.74% APY.

Like with the savings account, you can boost your rate by having a relationship status. Those rates are as follows: 

ACCOUNT	BALANCE	APY
Money Market with Performance Select Checking relationship rates		0.02%
Money Market with Performance Select Checking relationship rates		0.03% to 0.04%
Money Market with Performance Checking relationship rates		0.04% to 1.00%
Money Market with Performance Checking relationship rates	$10,000 or more	4.00%
Standard Money Market
Standard Money Market	$50,000 – $99,999	1.05%
Standard Money Market	$100,000 – $249,999	1.50%
Standard Money Market	$250,000 – $499,999	1.60%
Standard Money Market	$500,000 – $999,999	1.65%
Standard Money Market	$1,000,000 or more	1.75%

See MoreSee Less

How much can you earn with a PNC savings account?

How much you can earn will depend on your balance, APY and how long you keep the money in the account. Here’s how much you would earn on a $10,000 balance for either five or 10 years at today’s rates. 

ACCOUNT	DEPOSIT AMOUNT	APY	INTEREST EARNED AFTER 5 YEARS	INTEREST EARNED AFTER 10 YEARS
Standard Savings Account	$10,000	0.01%	$5	$10
Standard Savings Account with relationship rates	$10,000	0.03%	$15	$30
S is for Savings Account	$10,000	0.01%	$5	$10
Standard Money Market	$10,000		$507	$1,040
Money Market with Performance Select Checking relationship rates	$10,000	0.03% to 0.04%	$2,165	$4,799
Money Market with Performance Checking relationship rates	$10,000	4.00%	$1,762	$3,834

See MoreSee Less

How does PNC Bank compare to other banks?

When it comes to interest rates on savings accounts, PNC Bank matches or falls short of national competitors. Each of these banks have physical locations, to find the best savings accounts you often have to look at online banks. 

Here is a look at APYs for basic savings accounts at PNC and four rivals: the Bank of America Advantage Savings, Citigold® Accelerate Savings, Truist One Savings and Wells Fargo Platinum Savings.

BANK	APY FOR BASIC SAVINGS ACCOUNT
PNC	0.01% to 0.03%
Bank of America	0.01%
Citi	4.45%
Truist	0.01%
Wells Fargo	0.25% to 2.50%

See MoreSee Less

Another way to judge PNC compared with other banks is how customers perceive it.

PNC’s scores in the J.D. Power 2023 U.S. Retail Banking Satisfaction Study vary from region to region. For instance, it matches the industry average score of 652 out of 1,000 among banks in Florida. However, it receives a below-average score of 605 out of 1,000 in the Southwest and earns an above-average score of 675 out of 1,000 in the Mid-Atlantic region.

Other savings options at PNC

Aside from savings and money market accounts, PNC also offers certificates of deposit (CDs). 

The PNC Fixed Rate certificates of deposit terms range from one to 120 months and the APYs, depending on the balance of the account, ranging from 0.01% to 0.03%.

The PNC Promotional CDs offer terms from four to 61 months and offers much more competitive rates. For instance, you can earn 5.00% on a seven-month term if you put down at least $1,000. 

The PNC Ready Access CDs have terms of either 3 or 12 months and an APY of either 0.01% or 0.02% 

About PNC

Pittsburgh-based PNC, established in 1804, had $557 billion in assets and $424 billion in deposits as of Sept. 30, 2023. It operates nearly 2,400 branches in 29 states. As of June 30, 2023, it ranked as the sixth largest bank in the U.S. based on total assets.

Frequently asked questions (FAQs)