PNC’s high-yield savings account, which is called "PNC High Yield Savings®," earns a strong 3.25% annual percentage yield. It is not available nationwide.
The bank’s Virtual Wallet account, however, is offered to customers across its national footprint. Virtual Wallet is a combination checking and savings account — the savings portion is called Growth.
Here’s a look at how both savings accounts measure up.
PNC Bank savings rates and fees
| Interest rate for PNC High Yield Savings® | 3.25% APY. (Available in select states.) |
| Interest rate for PNC Virtual Wallet - Growth | 0.02% APY for accounts with balances below $2,500. 0.03% APY for accounts with balances of $2,500 and above. (Rates may vary by region.) |
| Availability |
|
| How they compare | The average national rate for savings accounts is only 0.38%, so both options are above average. |
| Monthly fees for PNC High Yield Savings® | None. |
| Monthly fees for Virtual Wallet | $7.00. Waived by:
|
| Minimum opening deposit | $0 minimum to open online. (For Virtual Wallet accounts, there is a $25 minimum to open in a branch.) |
» Find this month’s best savings account rates in NerdWallet's list of best high-yield savings accounts
How PNC Bank compares to large banks
PNC is the seventh-largest bank in the U.S. by assets. Like other large banks, it tends to have monthly fees on some of its savings accounts.
But its high-yield savings option has no monthly fee and no minimum deposit requirement to open online. It also earns an attractive 3.25% APY. To compare, savings accounts at some of the largest banks have yields close to 0%.
If PNC's high-yield account is available in your market, it's worth a look. (If not, consider some of the best savings accounts at other banks.)
PNC also has a Virtual Wallet account that combines different features: Spend, Reserve (another spending bucket for occasional expenses) and Growth (savings). Growth rates are generally above average (APY may vary by region), but not as good as PNC’s high-yield account rate.
» Learn more: Read NerdWallet’s PNC Bank review
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