[📌 Update March, 2023 – PNC Bank has yet to bump up the yield on their High Yield Savings account in 2023. The last time they hiked the rate on this account was in November of 2022 when they raised it from 3.50% APY to the current 4.00% APY. See details below.]

PNC Bank is the 7th largest bank in the United States by assets with nearly $381 billion in total and the 5th largest bank in the US by branch network with 2,459 branches across 21 states and the District of Columbia.

They offer a full suite of banking services for personal, small business, corporate and institutional clients that cover everything from loans and borrowing to savings and wealth management.

For the purpose of this review we will focus on the personal High Yields Savings account.

📍 Please Note – This account is only available online in eligible markets where PNC Bank does not have physical branch locations. Those U.S. states are as follows:

• Alaska
• Arizona
• Arkansas
• California
• Colorado
• Connecticut
• Hawaii
• Idaho
• Iowa
• Louisiana
• Maine
• Massachusetts
• Minnesota
• Mississippi
• Montana
• Nebraska
• Nevada
• New Hampshire
• New Mexico
• North Dakota
• Oklahoma
• Oregon
• Rhode Island
• South Dakota
• Tennessee
• Utah
• Vermont
• Washington
• Wyoming

To see if PNC Bank’s High Yield Savings account is right for you, continue reading our review below.

PNC Bank High Yield Savings Rate + Account Details

PNC Bank is member FDIC and all deposits held at the institution are federally insured up to $250,000 per depositor or $500,000 on joint accounts. There is no minimum deposit requirement to open the account, but you’ll need to have at least $1.00 to start earning interest. If your account remains open and unfunded for 180 days PNC Bank may close the account.

High Yield Savings Rate

To give this yield some context, the current national average for a savings account sits at just 0.35% APY according to FDIC data. That said, top rates from online banks are now rising above the 4.00% APY in anticipation of another rate hike by the Fed this month on March 22, 2023.

How to Open the Account

Setting up your PNC High Yield Savings account, as well as funding and managing it are simple and straightforward and can be done completely online by anyone 18 years old or older.

To get started, navigate here.

Be sure to have the following items handy:

• Driver’s License, State ID or Military ID
• Social Security Number

On top of this, they will also request several pieces of information about yourself such as your full legal name, residing address, telephone number, e-mail address, etc.

How to Fund the Account

Funding the account can be done in four ways. These are as follows:

• Online Banking – Enroll in online banking and schedule recurring deposits to your high yield savings account. This can be set up from an existing PNC Bank account or an external bank account.
• Mobile Banking – Download the PNC banking app (links below) and deposit checks on the go.
• Wire transfer from external bank account. You’ll need your bank or credit union’s routing number plus your bank account number where the funds will come from.
• By Mail – Send physical checks along with your account name and account number to the following address: PNC BANK, P.O. Box 8108, Philadelphia, PA 19101-8101

Once your account is all set up, you can manage it from a mobile phone, tablet or desktop computer using PNC online banking or one of their native apps. You can download their IOS app or Android app using the links provided.

PNC Bank High Yield Savings Account FAQs

Still have questions about PNC Bank’s High Yield Savings account? See what others are asking around the web along with our responses below.

Does PNC Bank offer a health savings account?

Yes. PNC Bank does offer a health savings account. You can learn more about that product here.

Does PNC Bank offer a money market account?

Yes, but the yields are very low (between 0.02% and 0.05% APY) and you’ll either need to maintain a minimum balance of $5,000 or have it linked to a PNC Bank checking account to avoid a $12 monthly service fee. You can learn more about PNC Bank’s money market account here.

How Often Does PNC Bank Issue Savings Account Statements?

PNC Bank issues savings account statements monthly. You will be notified by email when your statement is ready to view.

How much do you need to open a Savings Account with PNC Bank?

The High Yield Savings account can be opened online with $0. It does, however, need a minimum balance of $1.00 to earn the advertised APY. If you open an account and do not fund it for 180 days, PNC Bank may close the account.

Final Thoughts

PNC Bank’s online savings account is currently one of the most competitive offers on the market after being relatively lackluster for a long time.

If you’re looking for a respectable savings rate at PNC Bank, then the high yield savings account is their most attractive offer. PNC Bank’s CD rates, while on the rise, still remain relatively low compared to yields offered by other online banks and nationally available credit unions.