Best Bank Account at PNC: Multiple Ways To Waive Fees on Standard Savings
Written by
Sarah Sharkey
Edited by
Lindsey Kloosterman
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Savers looking to work with PNC might find what they are looking for through PNC Bank’s Standard Savings account. In terms of deposit accounts, the Standard Savings account beats out the other options available at this bank. If you are looking for a new bank account, this is what you need to know about the best PNC savings account available.
PNC Bank’s Standard Savings Account
As a full-service bank, PNC offers a wide range of financial products. It covers both personal and business banking products. For our purposes, we took a look at both PNC bank’s checking accounts and savings accounts to find the best one. GOBankingRates landed on PNC’s Standard Savings account as the winner. Below you’ll find more information about this account.
Easy Ways to Waive Fees
The Standard Savings account comes with a $5 monthly fee. But the good news is that it’s easy to have this fee waived. You must meet one of the following criteria to have the fee waived:
- Maintain an average monthly balance of at least $300
- Link your savings account to an eligible PNC checking account
- Set up an automatic transfer of at least $25 per statement period from your PNC checking account
- Be under 18 years old
With multiple ways to have this fee waived, most savers with this account won’t have to factor a monthly maintenance fee into their budget.
The other fees you might encounter vary based on how you use the account. But a few of the bank fees you might face include a $7.50 card replacement fee, a $5 overdraft balance threshold fee and a $15 income domestic wire fee. Before you sign up for this bank account, read the fine print to ensure you are comfortable with all of the fees you might encounter.
Interest Rate
With your PNC Standard Savings account, you can start earning interest on a balance as small as $1. But the interest rates offered are well below the national average of 0.45%. Instead, you can expect to earn APY on your balances. If you qualify for a relationship rate, you can earn APY on balances between $1 and $2,499.99. For balances over $2,500, savers with the relationship rate will earn APY.
In order to qualify for the relationship rate, you must have a linked Standard Checking, Performance Checking, Virtual Wallet® with Performance Spend, Performance Select Checking, or Virtual Wallet® with Performance Select. Additionally, you must meet one of the following requirements with the linked account:
- Have $500 in qualifying direct deposits to your Standard Checking account
- Have $2,000 in qualifying direct deposits to your Virtual Wallet with Performance Spend or Performance Checking accounts. The amount is reduced to $100 for WorkPlace or Military Banking customers.
- Have $5,000 in qualifying direct deposits in a linked Virtual Wallet with Performance Select or Performance Select Checking account
- Have a combination of 5 or more PIN and/or signature point of sale transactions to your linked account via your PNC Visa Debit Card or linked PNC Visa Credit Card
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It’s relatively complicated to tap into the relationship rates. But if you are already going to meet the relationship rate objections, then you’ll tap into a slightly higher interest rate on your savings.
Branch and ATM Access
If you are looking for a bank with a large physical footprint, PNC is a good option. The bank boasts over 2,400 branch locations. In addition to these bank locations, the bank works with a partner network of over 60,000 ATMs. When you make a withdrawal from an in-network ATM, you won’t face any withdrawal fees.
PNC Bank doesn’t have branches in every single state. But it covers dozens of states. These include Alabama, Arizona, California, Colorado, Delaware, District of Columbia, Florida, Georiga, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.
Perks
PNC Bank’s Standard Savings Account is light on the perks. However, it does offer a way to set up automated savings, which can be a key element of reaching your financial goals. Additionally, the account comes with a free PNC banking card.
Mobile Apps
PNC offers savers the ability to manage their funds on the go through a highly-rated mobile app. The app has earned 4.8 out 5 stars in the Apple App Store and 4.5 out of 5 stars in the Google Play Store. Both versions of the app have earned hundreds of thousands of positive reviews.
FAQ
You have questions about PNC Bank's best account. Here are the answers.- Is my money safe in PNC Bank?
- Deposits held in PNC Bank are insured through the FDIC for up to $250,000 per depositor, per account type. With that, the funds you tuck into a PNC Bank account are safe, up to the FDIC coverage limits.
- Does PNC have a good savings account?
- Yes. PNC Bank offers good savings account options. PNC Bank's Standard Savings Account is a worthwhile option for savers to consider. There is no minimum balance if you're under 18, or ATM fees if you use a PNC ATM. You are also treated to unlimited deposits and up to six free withdrawals each month. You only need $1 in the account to earn interest and there is no minimum deposit to open the account online.
- How much does PNC charge for a savings account?
- The monthly service fee attached to PNC Bank's Standard Savings account is $5. But savers have multiple ways to waive this fee. One option is to maintain an average monthly balance of $300.
Final Take
PNC Bank’s Standard Savings account offers an opportunity for savers to safely stash their funds. PNC Bank has a good reputation and a solid product lineup, which you can learn more about in our full review of the bank. As a saver who already works with PNC Bank, this account might be the right fit for your needs. But take a minute to explore all of your savings account options before jumping in.
More Bank Accounts
Methodology: To determine rankings, GOBankingRates looked at the following factors across all accounts (checking and savings) from each bank (excluding relationship accounts): (1) minimum deposit to open an account; (2) monthly checking fee ratio (percent of the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn interest; (4) APY on the account; (5) overdraft fee amount; and (6) any associated perks advertised with the account. All factors were scored and combined, with the lowest score being best. In final calculations, factor (1) was weighted 0.5x, factor (2) was weighted 2x, and factor (6) was weighted 1.5x, with any cash bonus offer counting as a double perk. Search volume for each account was also taken into consideration. Rates, terms and bonus offers can change from the date of publication.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 13, 2023.
