PNC does not offer a dedicated high yield savings account

PNC Bank's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, PNC offers rates around 0.01% APY on regular savings accounts, which means $10,000 sitting in savings for a year earns about $1. This is far lower than online banks and credit unions, which commonly offer 4% to 5% APY on high yield savings accounts.

PNC does offer a Performance Savings account that pays slightly higher rates if you meet balance requirements, but even this account does not compete with true high yield options. The Performance Savings rate varies by region and balance tier, but typically maxes out around 0.05% to 0.10% APY—still a fraction of what you can earn elsewhere.

If you want high yield savings through PNC, you would need to look at their money market accounts or certificates of deposit (CDs), which offer better rates but come with different rules about access and withdrawal.

Key Takeaways

  • PNC's standard savings accounts pay around 0.01% APY, making them unsuitable for earning meaningful interest on your money.
  • PNC Performance Savings pays slightly more but still falls short of high yield rates offered by online banks and credit unions.
  • If you want high yield savings rates, you will likely need to move your money to a different bank or credit union.
  • PNC money market accounts and CDs offer better rates than savings accounts but restrict how often you can withdraw.

How PNC's savings accounts compare to high yield options

The gap between PNC savings rates and high yield savings rates is substantial. A high yield savings account at an online bank might pay 4.5% APY, while PNC Performance Savings pays closer to 0.05% APY. On $10,000, that difference means earning $450 per year versus $5 per year—a difference of $445 annually.

PNC's rates are low because the bank operates physical branches and pays for the overhead that comes with them. Online banks and credit unions have lower costs and pass those savings to customers through higher rates. If earning interest on your savings matters to you, the rate difference is worth considering before opening an account at PNC.

PNC Performance Savings: the closest option to high yield

PNC's Performance Savings account is the bank's attempt at a better-rate savings product. It requires a minimum opening deposit (typically $500 to $1,000, depending on your region) and pays a tiered rate based on your balance. The more money you keep in the account, the higher your APY, but even the top tier does not reach high yield levels.

Performance Savings also comes with limits on how many times you can withdraw per month without a fee. PNC typically allows six withdrawals or transfers per month before charging a fee. This restriction makes it less flexible than a true high yield savings account, which usually allows unlimited transfers.

If you already bank with PNC and want to earn more than 0.01%, Performance Savings is worth considering—but only if you can meet the balance requirements and do not need frequent access to your money.

Money market accounts and CDs as alternatives within PNC

If you want higher rates while staying with PNC, a money market account or certificate of deposit (CD) may work better than savings. PNC money market accounts typically pay rates higher than savings accounts, though still below what online banks offer. Money market accounts also come with check-writing privileges and debit card access, making them more flexible than CDs.

PNC CDs lock your money away for a set term—usually three months to five years—in exchange for a may provide rate. The longer the term, the higher the rate. If you do not need the money for a specific period, a CD can be a reasonable choice, but you will pay a penalty if you withdraw early.

Neither option matches high yield savings rates, but both pay more than a standard PNC savings account. The trade-off is that you either give up access to your money (CDs) or accept withdrawal limits (money market accounts).

Where to find high yield savings outside of PNC

If you want to earn a competitive rate on your savings, you will need to look at online banks or credit unions. Online banks like Marcus, Ally, and American Express Personal Savings offer high yield savings accounts with rates between 4% and 5% APY, no monthly fees, and no minimum balance requirements. These banks have no physical branches, which is why they can afford to pay higher rates.

Credit unions also offer high yield savings accounts, often called share savings accounts. Rates vary by credit union, but many pay 3% to 5% APY. Credit unions are member-owned, so they return profits to members through better rates and lower fees. You may need to meet membership requirements (such as living in a certain area or working for a specific employer) to join.

You do not have to close your PNC account to open a high yield savings account elsewhere. Many people keep a checking account at their local bank for convenience and move their savings to an online bank or credit union for better rates.

Why PNC rates are so low

PNC's low savings rates reflect the cost of running a traditional bank. PNC operates thousands of branches across multiple states, employs thousands of people, and maintains physical infrastructure. These costs are real, and the bank passes them along by paying lower rates on deposits.

Online banks and credit unions have a different cost structure. They do not maintain branches, so they have lower overhead. They can afford to pay higher rates because they spend less money to operate. This is not a reflection of safety or stability—PNC is a large, well-established bank—it is simply a difference in business model.

If you value having a physical branch nearby and in-person customer service, the lower rates may be a trade-off you accept. If earning interest on your savings is a priority, you will want to look elsewhere.

Frequently Asked Questions

Does PNC offer any account that pays high yield rates?

No. PNC's highest-paying savings product is Performance Savings, which pays around 0.05% to 0.10% APY depending on your balance. This is far below high yield rates of 4% to 5% offered by online banks. If high yield savings is your goal, you will need to move your money to a different bank.

Can I earn more interest by keeping a larger balance in PNC savings?

Yes, but only slightly. PNC Performance Savings pays tiered rates based on your balance, so a higher balance earns a higher rate. However, even the top tier is still well below high yield rates. You would earn significantly more by moving the same balance to an online bank or credit union.

What happens if I withdraw money from PNC Performance Savings too often?

PNC allows six withdrawals or transfers per month without a fee. After six, you typically pay a fee per transaction. This limit is stricter than high yield savings accounts, which usually allow unlimited transfers. If you need frequent access to your money, this restriction matters.

Is it safe to move my savings to an online bank for higher rates?

Yes. Online banks are insured by the FDIC (Federal Deposit Insurance Corporation) just like PNC, so your money is protected up to $250,000 per account. The main difference is that you cannot walk into a branch—you manage everything online or by phone. Many people find this acceptable for a savings account they do not access frequently.

Should I close my PNC account if I open a high yield savings account elsewhere?

Not necessarily. Many people keep a checking account at PNC for convenience and branch access while moving savings to an online bank or credit union for better rates. You can have accounts at multiple banks at the same time.