What you need to open a PNC high yield savings account

PNC offers a high yield savings account called PNC Virtual Wallet with Performance Savings. To open one, you need a valid government ID, your Social Security number, and an initial deposit. PNC requires a minimum opening deposit that varies—check the current requirement on their website or by calling 1-800-762-0623, as it changes periodically. You can open the account online, by phone, or in person at a PNC branch.

The account is available only to U.S. residents with a U.S. address. If you already have a PNC checking account, opening the savings account takes about 10 minutes online. If you are new to PNC, the process takes longer because you must first establish your identity and link a funding source.

You do not need to maintain a separate checking account to hold the savings account, though many people do. The savings account functions independently once opened.

Key Takeaways

  • You can open a PNC high yield savings account online, by phone, or at a branch with a valid ID, Social Security number, and an opening deposit.
  • The account earns interest on your balance, with the rate set by PNC and subject to change—check their website for the current rate before opening.
  • PNC charges no monthly maintenance fee on the Performance Savings account, but you may face fees if you exceed withdrawal limits or maintain a very low balance.
  • Transfers between your PNC accounts happen instantly online, but moving money to or from accounts at other banks takes one to three business days.

Opening the account online step by step

Go to pnc.com and select "Open an Account." Choose "Savings" and then "Performance Savings." You will be asked to enter your email address and create a login. PNC will then ask for your legal name, date of birth, Social Security number, and current address.

Next, you will verify your identity. PNC uses a third-party service to check your information against public records. This usually takes a few minutes. If the system cannot verify you automatically, PNC may ask you to upload a photo of your ID or answer security questions based on your credit history.

Once verified, you will choose your opening deposit method. You can transfer money from another bank account (which takes one to three business days to clear), use a debit card, or, if you have an existing PNC account, transfer from that account instantly. After your deposit clears, your account is active and ready to use.

Opening by phone or at a branch

Call PNC at 1-800-762-0623 to open an account with a representative. Have your ID, Social Security number, and opening deposit information ready. A representative will walk you through the process, which takes about 15 to 20 minutes. They can answer questions about current interest rates and fees in real time.

To open in person, visit any PNC branch with your government ID, Social Security number, and opening deposit. Bring a checkbook or recent bank statement if you plan to fund the account by transfer from another bank. A branch representative will complete the application while you wait, and your account opens the same day.

Interest rates and how money grows in the account

PNC's Performance Savings account earns interest on your balance. The rate PNC pays changes based on market conditions and Federal Reserve decisions—it is not fixed. Before opening, check pnc.com for the current Annual Percentage Yield (APY). The rate you see at opening may be different from the rate three months or six months later.

Interest compounds daily and deposits to your account monthly. This means you earn interest on your interest. If you deposit $10,000 and PNC pays 4.50% APY (as an example), you would earn roughly $450 in the first year, assuming the rate stays the same and you make no withdrawals. The actual amount depends on the exact rate PNC is offering when you open and whether that rate changes.

You can check your current balance and interest earned anytime by logging into your PNC account online or through the mobile app. There is no penalty for withdrawing money, but PNC limits you to six withdrawals per month from savings accounts under federal rules. Withdrawals beyond six in a calendar month may result in a fee or account closure.

Fees and account limits

PNC charges no monthly maintenance fee on the Performance Savings account. However, you may face fees in these situations: exceeding six withdrawals in a calendar month (the fee amount varies by PNC region), falling below the minimum balance requirement (if PNC has one at the time you open), or using certain services like wire transfers.

The six-withdrawal limit applies to transfers to other accounts and payments to third parties, but not to deposits or ATM withdrawals. If you need to move money out of the account frequently, ask PNC whether a different account type might suit you better.

PNC does not charge overdraft fees on the savings account itself because savings accounts cannot overdraw. However, if you link the savings account to a checking account for transfers, overdraft fees on the checking account are separate.

Moving money in and out

Deposits into your PNC savings account can come from another PNC account (instant), another bank account via ACH transfer (one to three business days), or a debit card (instant). You can also deposit cash at a PNC ATM or branch.

Withdrawals work the same way in reverse. You can transfer to another PNC account instantly, transfer to another bank via ACH (one to three business days), or withdraw cash at a PNC ATM or branch. Some PNC ATMs are free; others charge a fee. Check the PNC website or app to find fee-free ATMs near you.

If you need money urgently, moving it to another PNC account is fastest. Moving it to a different bank takes at least one business day, often two or three. Plan accordingly if you are counting on the money arriving by a specific date.

Frequently Asked Questions

Can I open a PNC high yield savings account without a checking account?

Yes. The savings account stands alone and does not require you to have a PNC checking account. However, if you want to transfer money between accounts frequently, having a checking account at PNC makes those transfers instant rather than taking one to three business days.

What happens if I do not meet the minimum opening deposit?

PNC will not open the account without the minimum deposit. The amount changes periodically, so confirm the current requirement before you begin the application. If you cannot meet it now, you can open later when you have the funds available.

How long does it take to open the account?

Online, the process takes 10 to 15 minutes if you are an existing PNC customer and your identity verifies automatically. If you are new to PNC or identity verification takes longer, it can take 30 minutes to an hour. By phone or in person, expect 15 to 20 minutes.

Can I change the interest rate or move to a different savings product later?

You cannot change PNC's interest rate—it is set by the bank and changes on their schedule. However, you can close the Performance Savings account and open a different PNC savings product if one better suits your needs. There is no penalty for closing.

What if I have questions about the account after I open it?

Contact PNC at 1-800-762-0623, visit a branch, or log into your account online to message PNC through their secure portal. You can also use the PNC mobile app to view your balance, transfer money, and access account details anytime.