Do you want to learn about all the savings accounts offered by PNC Bank and their respective features? Responsible Economy has conducted an analysis of all the savings accounts provided by PNC Bank. You will also find a comparison of the best savings accounts in the United States. Let’s get started!
PNC Savings accounts
With U.S. Bank, you can open up to 4 different savings accounts, which are listed below:
- Virtual Wallet
- Premiere Money Market
- Standard Savings
- S is for Savings
Virtual Wallet
Virtual Wallet is a PNC Bank account that offers a maximum interest rate of 0.03% APY. It is indeed a relatively low interest rate compared to other savings accounts that are currently offering rates above 5% APY. Therefore, it may not be a recommended account for saving purposes.
Premiere Money Market
Premiere Money Market is a PNC account that offers a maximum interest rate of 1.80% APY. However, in order to qualify for this interest rate, a minimum balance of $1,000,000 is required. Therefore, once again, we cannot recommend this account.
Standard Savings
Standard Savings is a savings account that offers a maximum interest rate of 0.03% APY. Once again, this PNC savings account does not provide favorable conditions as it offers a meager return on our money.
S is for Savings
S is for Savings is a savings account designed for individuals under 18 years old, and it offers a maximum interest rate of 0.01% APY. It is not a competitive or recommended account due to its low interest rate.
Best savings accounts
We have compared the PNC Bank savings account with the best savings accounts available in the United States in 2023. We highlight the key characteristics of each savings account:
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Conclusion
Based on our analysis, our conclusion is that PNC does not offer competitive savings accounts. The highest interest rate they provide is 1.80% APY, but it requires a balance exceeding $1,000,000. In contrast, there are many banks in the United States that offer savings accounts with interest rates above 5% APY.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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