APY GUY: Maximize Your Savings & Earnings

PNC Bank

PNC Bank High Yield Savings Account – Now 4.65% APY!

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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.

đź“Ť 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

Minimum DepositAPY
$04.65%
APY = Annual Percentage Yield

To give this yield some context, the current national average for a savings account sits at just 0.42% APY according to FDIC data. That said, top rates from online banks are inching up to the 5.00% APY mark.

How Does it Compare

Take a look at the table below. We’ve pitted PNC Bank’s high yield savings account rate vs a handful of other popular online banks and their high yield savings account rates.

BankMin. DepositAPY
Apple (via Goldman Sachs)$04.15%
Bask Bank$04.85%
Capital One$04.15%
First Foundation Bank$1,0004.85%
PNC Bank$04.65%
Rates surveyed July 13, 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 more 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.

PNC Bank CD Rates – Now up to 5.00% APY!

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Fact Checked :
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PNC Bank, based out of Pittsburgh, Pennsylvania, is one of the top 10 largest banks in the country by asset size with over $560 billion. They have over 2,600 branches in 27 states as well as Washington D.C.

Some of PNC Bank’s variable rate deposit accounts such as their online savings account can be opened online by consumers in all 50 states, however, all of their CDs (certificates of deposit) must be opened at a local PNC bank branch.

PNC Bank offers Standard CDs, IRA CDs, Promotional CDs and “Ready Access” CDs. The Promotional CDs are the only CD accounts that have competitive yields at the moment and these can be opened as standalone CDs or within IRAs, however, the yields may vary depending on how you open them.

PNC Bank’s CD rates also vary by region. We’ve surveyed PNC Bank’s CD rates in the 2 following cities to give you a better idea of what you can expect:

  • Philadelphia, PA
  • Los Angeles, CA

To see if PNC Bank’s CDs are right for you, continue reading our review below.

PNC Bank CD Rates + Account Details

image credit: pnc.com

PNC Bank CDs require a minimum deposit of $1,000 to open. This applies to both standard CDs and Promotional CDs. If you’re opening either type of CD within an IRA the minimum deposit is just $250.

PNC Bank’s promotional CDs come with 8 oddball terms to choose from ranging from 4 to 61 months. Their standard CDs have terms ranging from 1 month to 10 years and their standard IRA CDs have terms ranging from 6 months to 10 years.

Depending on where you live, higher deposit amounts may receive higher yields. See the tables below.

Promotional CD Rates

The CD rates shown below were surveyed on June 20, 2023 from Philadelphia PA.

CD TermAPY ($1k – $99,999)APY ($100k +)
4 months0.05%5.00%
7 months0.05%0.05%
9 months3.25%3.25%
13 months2.00%2.00%
19 months1.25%1.25%
25 months1.50%1.50%
37 months1.75%1.75%
61 months2.00%2.00%
APY = Annual Percentage Yield

The CD rates shown below were surveyed on June 20, 2023 from Los Angeles, CA.

CD TermAPY ($1k – $99,999)APY ($100k +)
4 months0.05%0.05%
7 months4.80%4.80%
9 months0.05%0.05%
13 months2.00%2.00%
19 months1.25%1.25%
25 months1.50%1.50%
37 months1.75%1.75%
61 months2.00%2.00%
APY = Annual Percentage Yield

To give the yields in the two tables above some context, the current national average for a 6 month, 12 month and 60 month CD sit at 1.19%, 1.59% and 1.37%, respectively, according to FDIC data.

That said, the top yields offered by FDIC-insured, online banks are now inching over the 5.00% and 4.50% APY mark for 12 and 60 month terms.

Standard CD Rates

PNC Bank’s standard CD rates are not competitive at this time regardless of where you live or your deposit size.

The CD rates shown below were surveyed on June 20, 2023 from Los Angeles, CA and Philadelphia, PA.

CD TermAPY
1 month0.02%
3 months0.02%
6 months0.02%
12 months0.02%
18 months0.02%
24 months0.02%
36 months0.02%
48 months0.02%
60 months0.02%
84 months0.02%
120 months0.02%
APY = Annual Percentage Yield

The annual percentage yields shown above assume a deposit size of between $1,000 and $24,999.99. For deposits greater than $25k, you’ll earn an additional 0.01% APY to put the overall APY at 0.03%.

Ready Access CD Rates

Ready Access CDs also come with a minimum deposit requirement of $1,000. As the name implies, Ready Access CDs provide access to your funds at any time after the first 7 days of making your deposit without incurring an early withdrawal fee. We should note that if you choose to make a withdrawal, you must take out the entire amount. No partial withdrawals allowed.

CD TermAPY
3 months0.01%
12 months0.02%
CD rates surveyed on June 20, 2023 in Los Angeles, CA and Philadelphia, PA.

Compounding and Crediting Interest

Interest on all of PNC Bank’s CDs are both compounded and credited back to your account monthly. This is a lower compounding frequency than many online banks which tend to feature daily compounding interest.

By default interest payments are credited back to your CD every month, however you may opt to have the interest payments transferred to another PNC Bank account or mailed to you by check.

đź“Ś Please note – If you choose to have interest payments mailed by check, you will need a minimum deposit of $5,000 rather than the standard $1,000 minimum.

Grace Period and Early Withdrawal Fees

For short term CDs with terms of just 31 days or less, PNC Bank has a 1-day grace period in which you may close out your CD, add/withdraw funds or change its term without incurring any early withdrawal penalty.

For CDs with terms greater than 31 days, you’ll get a 10-calendar day grace period in which you can make any changes to your CD without incurring a penalty.

If nothing is done during the grace period, your CD will automatically renew into the same term with the going APY at that time.

For promotional CDs with oddball terms, your CD will automatically renew into a standard CD with a term that is closest to your original term but shorter.

For example, if you open a promotional CD with a term of 37 months, this will auto renew into a standard 36 month (3 year) CD if nothing is done during the grace period.

If you need access to your funds prior to your CDs maturity and grace period, you will incur an early withdrawal fee.

The early withdrawal fee structure is as follows:

CD TermEarly Withdrawal Fee
Less than 3 monthsTotal amount of interest the withdrawn amount would have earned through maturity.
3 months to 364 days3 months’ interest on withdrawn amount
1 year +6 months’ interest on withdrawn amount

How to Open a PNC Bank CD

At this time, all of PNC Bank’s CDs must be opened in-branch. You can locate a branch near you here.

If you are going to a PNC Bank branch to open a CD, you’ll want to be prepared with the following (at a minimum):

  • Your Social Security number
  • A government-issued ID
  • A valid email address

If transferring funds from another bank, please have:

  • bank or credit union’s routing number
  • bank account number where the funds will be withdrawn from to fund your PNC Bank CD

How Much Can You Make with a PNC Bank CD?

The amount of money you can earn with a PNC Bank CD is going to depend on your deposit size, the CD you select and its APY (annual percentage yield). Take a look at the table below, it shows hypothetical earnings based on an L.A. area location and a $100,000 deposit.

CD TermAPYEarnings
4 months5.00%$1,639.64
9 months3.25%$2,427.73
61 months2.00%$10,590.43
Earnings = Sum of all interest payments made through maturity.

How do PNC Bank CD Rates Compare?

To get a better idea of how PNC Bank’s top CD rate compares with the best CD rates from other well known banks, take a look at the table below.

BankBest CD Rate (APY)
Citizens Bank2.75%
USAA Bank4.75%
WaFD Bank5.00%
PNC Bank5.00%
CD rates surveyed on June 20, 2023.

PNC Bank Checking Account Bonuses – Up to $500!

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Is today the day you open a new business checking account? For a limited time, join PNC Bank as a business customer to earn a cash bonus of up to $500.

Although PNC Bank has many different checking accounts to choose from, only business checking accounts qualify for a bonus at this time. Keep reading to find out if a checking account with PNC Bank is right for you and how to qualify for the $200 and $500 offers.

PNC Business Checking Accounts Bonus Offers

Currently, there are two open checking account offers: $200 for business checking accounts with an average ledger balance of at least $5,000 and $500 for business checking accounts with an average ledger balance of at least $30,000. There are four accounts that qualify for a bonus:

  • PNC Business Checking – $200
  • PNC Business Checking Plus – $200
  • PNC Analysis Business Checking – $500
  • PNC Treasury Enterprise Plan – $500

To get whichever bonus you qualify for, you need to request a coupon by visiting this link. Then, using this coupon, you’ll open your new account. You can do this online or by visiting a branch in person and presenting your offer email. Either way, you have until March 31st to open your new account and still qualify.

You are not eligible to receive the bonus if you already have one of the qualifying accounts, you have closed a PNC checking account of any kind in the last 90 days, or you have already received a promotional bonus for a business checking account.

In the next section, we’ll go over the $200 bonus offer and the accounts eligible for it.

Get $200 With a Business Checking or Business Checking Plus Account

The two accounts that qualify for the $200 cash bonus are the Business Checking account and the Business Checking Plus account. These accounts are ideal for small businesses and entrepreneurs. See the offer details below:

Now through March 31st, 2022, earn a $200 cash bonus when you open a qualifying PNC business checking account and meet balance and activity requirements.

To qualify, you must maintain a minimum average ledger balance of at least $5,000 for the first three months that you have the account. In addition, you need to use your linked PNC Bank Visa Debit Card to make at least 20 qualifying transactions also within the first three months. You do not have to meet the requirements by March 31st, just successfully open your account.

Once you meet these requirements, the bonus will be deposited into your account automatically within 90 days. Failure to fill either of these requirements will disqualify you from receiving the bonus.

PNC Business Checking Account

The Business Checking account is the most basic checking account PNC offers for business owners. There is a $100 minimum opening deposit requirement and a $10 monthly maintenance fee, which you can waive in one of three ways: 

  • Maintaining an average monthly balance of at least $500
  • Using a linked PNC business credit card to make at least $500 in transactions
  • Maintaining a linked PNC Merchant Services account and using this to generate at least $500 in qualifying processing deposits

You must meet these requirements each month to avoid the fee. 

You can make up to 150 transactions from this account for free (this includes deposits, paid items, ACH credits, and received debits) and up to $5,000 in Quick Deposit transactions per statement period at no charge. 

For every PNC business checking account, each transaction over the number included with your account will cost you $0.50 and the fee for every additional $100 you deposit over your account’s maximum is $0.25.

Free features included with the Business Checking account are Bill Pay and Quick Deposit. This is not an interest-bearing checking account.

PNC Business Checking Plus Account

The Business Checking Plus account includes all of the above features and perks but includes higher free deposit and transaction limits, making this a better choice for slightly larger businesses. With this account, you can make up to 500 transactions per month at no cost to you and up to $10,000 in cash deposits into this account.

This account also requires a minimum opening deposit of at least $100, but the monthly maintenance fee is a little higher at $20. To waive this fee, you must do one of the following: 

  • Maintain an average monthly balance of at least $5,000
  • Use a linked PNC business credit card to make at least $5,000 in transactions
  • Maintain a linked PNC Merchant Services account and use this to generate at least $5,000 in qualifying processing deposits
  • Maintain an average collective balance of at least $20,000 between this business checking account and your business money market accounts with PNC

This is not an interest-bearing checking account either.

The requirements you must meet to qualify for the $200 account bonus are the same for both the Business Checking and Business Checking Plus accounts. 

Next, let’s talk about how to qualify for that $500 bonus offer with a Treasury Enterprise Plan or Analysis Business Checking account.

Get $500 With a Treasury Enterprise Plan or Analysis Business Checking Account

First things first, note that this promotional offer is only available to businesses with an annual revenue of less than $5 million. If your business is worth more than this, you, sadly, won’t qualify. 

The two accounts that qualify for the $500 cash bonus are the Treasury Enterprise Plan and the Analysis Business Checking account. These accounts are ideal for larger businesses, enterprises, and established companies.

Now through March 31st, 2022, earn a $500 cash bonus when you open one of these accounts and meet the following requirement: maintain a minimum average ledger balance of at least $30,000 for the first three statement periods you have the account. After meeting this requirement, the $500 will be deposited into your account automatically within 90 days. You can apply online or in-person as long as you have the coupon required to access the offer.

PNC Analysis Business Checking Account

First, let’s talk about the Analysis Business Checking account, since you need one of these if you’re going to open a Treasury Enterprise Plan. The Analysis Business Checking account allows you to link multiple PNC business checking accounts and enjoy higher transaction and deposit limits than the other two accounts we’ve covered. 

The Analysis Business Checking account pays an earnings credit on the portion of your collective balance that is in excess of $125,000 to help offset transaction fees you pay when you bring more money in. Linking multiple accounts with this account gives you the benefit of avoiding service fees for each account and simplifying your banking.

The minimum deposit required to open an Analysis Business Checking account is $100 and there is a $25 monthly maintenance fee. This is the base fee and there is, unfortunately, no way to waive it. 

On top of this, you will incur additional fees depending on which extra services and features you use. For example, using PINACLE Express starts at a rate of $35 per month and gives you additional information reporting, receivables, and transaction initiation features to better manage your cash flow and treasury.

You can also subscribe to a number of different add-ons to improve your payment practices and accelerate your receivables. These include Cash Flow Insight for Payables to manage your bills more efficiently ($15 a month), Cash Flow Insight for Receivables to create and track your invoices ($15 a month), Cash Flow Insight – Sync to link your bill and payment information with account software, and others. Most add-on subscriptions are $20 a month.

Treasury Enterprise Plan

Finally, there’s the Treasury Enterprise Plan. The PNC Treasury Enterprise Plan is a unique product package that combines a business checking and treasury management checking account. It is an optional add-on for your Analysis Business Checking account that brings treasury management features to your banking experience.

You can link multiple business checking accounts to keep track of your expenses and waive the monthly maintenance fees for up to four beneficiary accounts at no added cost to you. This account also comes with an Earnings Credit to help offset fees that is calculated using your collective balance across all linked accounts and applied to the portion of your balance over $125,000.

Like the other accounts, the minimum balance required to open a Treasury Enterprise Plan is $100. There is a $50 monthly maintenance fee, not charged for the first three months you have your account, that you can only waive by maintaining an average monthly collective balance of at least $30,000 across your accounts. 

With the Treasury Enterprise Plan, you can deposit up to $50,000 in cash per month at no additional charge and make up to 2,500 transactions for free per statement period. There are no fees for online Bill Pay, in-network ATMs, or Overdraft Protection.

Enterprise account holders may be eligible for PNC Purchase Payback when they use their cards to make purchases at participating merchants. You may be interested in PNC Merchant Services for next-day funding when processing business transactions.

As part of your treasury management, choose between a Premium Business Money Market account or an MMDA Sweep, which have no monthly maintenance fee, to invest your extra cash. 

PNC Business Credit Cards

If you’re also looking for a business credit card, PNC has five in its suite. We mention this because you can actually link your business credit card with your Treasury Enterprise Plan or Analysis checking account to organize your business spending. All business credit cards are eligible to do this except for the PNC BusinessOptions Visa Signature Credit Card. 

Take a look at the available cards for businesses below:

  • PNC Cash Rewards Visa Signature Business Credit Card – earn 1.5% cash back on qualifying net purchases, no annual fee
  • PNC Visa Business Credit Card – basic business card with 0% APR introductory offer for 13 months, no annual fee
  • PNC points Visa Business Credit Card – earn five points per dollar on qualifying business purchases, no annual fee
  • PNC Travel Rewards Visa Business Credit Card – earn one mile for every dollar in eligible net purchases and two miles per dollar for the first $2,500, no annual fee
  • PNC BusinessOptions Visa Signature Credit Card – includes expense management features and customizable rewards, annual fee of between $0 and $500 (dependent on your balance)

Final Thoughts

Overall, PNC Bank’s business checking accounts, with their low deposit requirements and variety of features, are decent options for many businesses and individuals. There are a few ways to waive account fees and several accounts with bonus offers to choose from.

$200 is pretty average for a checking account bonus and far from the best you’ll find, but it’s not bad and is relatively easy to get. And if you’ve got a larger business and can qualify for the $500 new account bonus, you’d be wise to open an account with PNC. But whether you own a small business or head a larger company, you should be able to find a PNC business checking account to meet your needs. If you’re not sure which one is right for you, you can use the site’s Business Checking Account Selector to easily compare your options.

But there’s no time to waste because these offers expire soon. Act fast to take advantage of these bonuses while you still can. Both offers will end on March 31st, 2022.