PNC does offer high yield savings accounts, but only through a separate online division

PNC Bank itself does not offer a high yield savings account at its traditional branches or through its main website. However, PNC owns PNC Bank Virtual Wallet and PNC Bank Online Savings, which are digital-only products with higher rates than standard savings accounts. The rates on these accounts change monthly and are not may provide to stay the same.

If you bank at a PNC branch location, you have a standard savings account with a much lower rate. Moving money to a PNC online savings product requires opening a separate account, but transfers between them happen instantly since they are both PNC products.

The key difference is that high yield savings accounts live online only. PNC's online offerings compete with standalone banks like Marcus, Ally, and American Express Personal Savings, which have no physical branches at all.

Key Takeaways

  • PNC Bank's branch locations offer only standard savings accounts; high yield options are available only through PNC's online divisions.
  • PNC Bank Online Savings and Virtual Wallet are separate products that require opening a new account, but transfers between them and your main PNC account are instant.
  • Rates on PNC's high yield products change monthly and are not locked in, so the rate you see today may be lower next month.
  • If you want to compare PNC's online rates to other banks, check the current rates directly on each bank's website because rates shift frequently.

How PNC's online savings accounts work

PNC Bank Online Savings is a standalone account that you open separately from a checking account. You do not need to have a PNC checking account to open it, though many customers do. Money moves between your PNC Online Savings account and an external bank account through ACH transfers, which take one to two business days. If you already have a PNC checking account, transfers between that account and your savings are instant.

Virtual Wallet is PNC's bundled product that combines checking, savings, and investment tools in one login. The savings portion of Virtual Wallet earns interest, and the rate varies depending on which tier of Virtual Wallet you choose. Virtual Wallet has monthly fees unless you meet balance or deposit requirements, whereas PNC Bank Online Savings typically has no monthly fee.

Both products allow you to withdraw money at any time without penalty, though federal rules limit you to six withdrawals per month from a savings account. If you exceed that limit, the bank may charge a fee or convert your account to a checking account.

Current rates and how they compare

PNC's online savings rates are published on their website and change without notice. The rate you earn depends on your account balance and the specific product you choose. Because rates shift monthly, the best way to know whether PNC's rate is competitive is to check their current offer against other online banks on the same day.

Online banks like Ally, Marcus, and American Express typically publish their rates on their homepages and update them daily. PNC's rates are usually in the same range as these competitors, but not always the highest. Some online banks offer promotional rates for new customers that are higher than their standard rate; PNC occasionally does this as well.

The difference between a 4.5% rate and a 5.0% rate matters over time. On $10,000, the difference is $50 per year. On $100,000, it is $500 per year. If you are comparing banks, calculate the annual earnings at each rate on the amount you plan to deposit.

Fees and account requirements

PNC Bank Online Savings has no monthly maintenance fee and no minimum balance requirement to open the account. Some online banks charge fees if your balance drops below a certain level; PNC does not. You can close the account at any time without penalty.

Virtual Wallet charges a monthly fee that ranges depending on the tier you choose. The basic tier has a $0 monthly fee if you maintain a minimum balance or receive direct deposits. Higher tiers have higher fees but include additional features like investment advisory services. Read the fee schedule on PNC's website before opening a Virtual Wallet account, because the fee structure changes and varies by state.

Both accounts are FDIC insured up to $250,000, which means your money is protected if PNC fails. If you have multiple accounts at PNC, the $250,000 limit applies to each account type separately — so $250,000 in checking and $250,000 in savings are both protected.

How to open a PNC online savings account

You can open PNC Bank Online Savings entirely online through PNC's website. The process takes about 10 minutes and requires your Social Security number, date of birth, address, and phone number. PNC will verify your identity by asking questions about your credit history or by sending a small deposit to an external bank account you provide.

Once your account is open, you can transfer money in from another bank using ACH, which takes one to two business days. You can also deposit checks by taking a photo with the PNC mobile app, though this method takes longer to clear. If you have an existing PNC checking account, you can transfer money instantly between accounts.

Virtual Wallet can also be opened online, but the process is slightly longer because you are setting up multiple account types at once. You will need to choose which tier of Virtual Wallet you want and review the associated fees before confirming.

When a PNC online savings account makes sense

A PNC online savings account is useful if you already bank with PNC and want to earn more interest on money you are not spending immediately. Instant transfers between your PNC checking and PNC savings mean you can move money quickly without waiting for ACH processing. This is helpful if you need to cover an unexpected expense and want to pull from savings without delay.

If you do not have a PNC checking account, opening an online savings account with PNC is still possible, but you lose the instant transfer benefit. In that case, compare PNC's rate to other online banks that do not require you to have a checking account with them. The difference in rate may be worth choosing a different bank.

PNC online savings is less useful if you are looking for the absolute highest rate available. Some online banks consistently offer higher rates than PNC. If maximizing interest earnings is your priority, check multiple banks' current rates before deciding.

Frequently Asked Questions

Can I have both a PNC checking account and a PNC online savings account?

Yes. You can open PNC Bank Online Savings even if you already have a PNC checking account. Transfers between them are instant and free. You can also open a Virtual Wallet account, which combines checking and savings in one product.

What happens if I withdraw money from my PNC savings account more than six times a month?

Federal rules limit savings account withdrawals to six per month. If you exceed this limit, PNC may charge a fee for each additional withdrawal or convert your account to a checking account. Check PNC's current fee schedule for the exact penalty.

Is my money safe in a PNC online savings account?

Yes. PNC online savings accounts are FDIC insured up to $250,000, the same as accounts at any other bank. Your money is protected even if PNC fails. If you have multiple account types at PNC, each type has its own $250,000 protection limit.

How often does PNC change its savings rate?

PNC can change its savings rate at any time without notice. Rates typically move when the Federal Reserve changes interest rates, but banks can adjust independently. Check PNC's website for the current rate before opening an account.

Do I need a PNC checking account to open an online savings account?

No. You can open PNC Bank Online Savings without having a PNC checking account. However, if you do have a PNC checking account, transfers between accounts are instant instead of taking one to two business days.