PNC’s savings products — Standard Savings and the Growth account in Virtual Wallet — pay 0.01%–0.04% APY. These rates are not competitive for customers trying to grow savings. The right use for PNC savings is as a short-term buffer and overdraft protection tool, while substantial savings should be held at an online HYSA paying 4.20%+.
Bottom line: PNC savings pays 0.01%–0.04% APY. Open a separate online HYSA for savings. Use PNC Reserve and Growth only as buffers.
PNC Savings Products Compared
| Account | APY | Monthly Fee | Fee Waiver | Part of Virtual Wallet |
|---|---|---|---|---|
| Standard Savings | 0.01% | $5 | $300 balance | No |
| Reserve (Virtual Wallet) | 0.01% | Included in VW fee | N/A | Yes |
| Growth (base Virtual Wallet) | 0.01% | Included in VW fee | N/A | Yes |
| Growth (Performance Spend) | ~0.02%–0.04% | Included in VW fee | N/A | Yes |
| Growth (Performance Select) | Higher | Included in VW fee | N/A | Yes |
Exact Growth rates vary and change with market rates — verify current rates at pnc.com.
Standard Savings: Features and Fees
PNC Standard Savings is a basic standalone savings account:
- APY: 0.01%
- Monthly fee: $5
- Waiver: $300 minimum daily balance OR linked PNC checking account OR age 18 and under
- Min to open: $25
- FDIC insured: Yes
Best use: A small buffer account linked to PNC checking for overdraft protection, or a starter account for younger customers.
Growth Account Within Virtual Wallet
The Growth account is PNC’s built-in savings within Virtual Wallet. While it earns slightly more than Standard Savings at higher tiers, the rate is still far below online HYSA levels:
On a $15,000 balance:
| Account | APY | Annual Interest |
|---|---|---|
| PNC Growth (base) | 0.01% | $1.50 |
| PNC Growth (Performance Select) | ~0.04% | $6 |
| Ally HYSA | 4.20% | $630 |
| Discover HYSA | 4.25% | $637.50 |
Even at Performance Select rates, PNC Growth earns $6/year vs. Ally’s $630 on the same balance.
The Right Strategy for PNC Customers
Keep at PNC:
- Virtual Wallet Spend account (daily transactions)
- Reserve account ($1,000–$3,000 as overdraft buffer)
- Small Growth balance for short-term goals if desired
Move to an online HYSA:
- Emergency fund
- Medium and long-term savings goals
- Any balance above your immediate spending buffer
How to set it up:
- Open an HYSA at Ally, Discover, or Marcus (takes 10 minutes, no minimum)
- Link HYSA to PNC checking account (enter PNC routing and account numbers)
- Verify the link (1–3 business days via test deposits)
- Transfer savings balance from PNC to the HYSA
External transfers take 1–3 business days — for emergencies, keep $500–$1,000 in PNC checking and transfer from the HYSA afterward.
PNC Savings vs. Comparable Online Options
| Bank | APY | Monthly Fee | Min Balance |
|---|---|---|---|
| PNC Standard Savings | 0.01% | $5 ($300 waiver) | $25 |
| Ally HYSA | 4.20% | $0 | $0 |
| Discover HYSA | 4.25% | $0 | $0 |
| Marcus HYSA | 4.25% | $0 | $0 |
| Capital One 360 Performance Savings | 4.00% | $0 | $0 |
PNC’s savings accounts have a fee that online HYSAs don’t, plus a far lower APY. There’s no scenario where PNC savings beats an online HYSA as a primary savings vehicle.
See also: PNC Bank review | PNC checking account | Best high-yield savings accounts | PNC fees
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