The account requires a minimum of $25 to open. Virtual Wallet gives you the option to set up either checking only (Spend account) or checking and savings in combination. There are three different combinations: Virtual Wallet Depending on which Virtual Wallet you choose, you can be eligible for a sign-up bonus of up to $400. PNC’s primary checking account offering is its Virtual Wallet, which provides digital tools to track your spending. Depositors can earn up to 5 APY on CDs with as little as $1,000 at CIT Bank, while a comparable rate on a PNC CD requires a $100,000 minimum. Why we don’t recommend it: Depositors can get much higher returns on most CD terms and balances through other institutions. Apart from select special promotional term CDs, interest paid on PNC Bank certificates is unremarkable.A very low initial investment of $250 on IRA CDs.High interest paid on select CDs, but the four-month fixed-term CD pays 5% APY on balances of $100,000 and above.The 13-month CD pays 2% APY on all balances. The nine-month CD pays 3.25% APY on balances of $1,000 and above. Even then, the higher rates apply only to select terms and balances.įor example, the four-month fixed-term CD currently pays 5% APY on balances of $100,000 and above. But PNC offers special promotional term CDs paying higher rates. Standard fixed rates range between 0.01% and 0.03% APY. Fixed-rate IRA CDs are available for terms of six months to 10 years, with a minimum of $250 to open. PNC Bank offers fixed-rate CDs with terms ranging from seven days to 10 years, and a minimum of $1,000 to open. For example, CIT Bank currently pays up to 4.95% APY on its high-yield savings (HYSA) account. Why we don’t recommend it: With competing banks paying much higher interest on savings, PNC Bank’s rate spread of 0.01% to 0.03% doesn’t stack up. The interest rate structure is well below what’s available at competing banks.The auto savings feature is an efficient way to build your account balance.The monthly maintenance fee is easy to avoid.No minimum deposit requirement for most depositors.Relationship rates increase to 0.02% APY on account balances below $2,500, and 0.03% APY on balances above. The account is currently paying 0.01% annual percentage yield (APY) on all account balances. The account has a monthly service charge of $5, which can be waived if you are under 18, maintain an average monthly balance of at least $300, link to a Select PNC checking account, or set up auto savings transfers of at least $25 per month from your checking account. You’ll also enjoy online and mobile banking and a PNC Banking card, with no fees at PNC ATMs. The account also comes with unlimited deposits and transfers, and PNC’s auto savings tool so you can establish recurring savings. PNC’s Standard Savings account can be opened online with no minimum deposit required. Review of PNC Bank products PNC savings account The bank pays competitive rates on only a handful of account balances and CD terms. However, PNC Bank is probably not the best choice if you’re looking for high interest on your deposit accounts. If you run a small business, you may also appreciate PNC’s wide service selections for both personal and business customers. It’s also a solid choice if you’re looking for a full-service bank that provides credit cards, loans, and investment services, in addition to banking. PNC will best serve those who are looking for a bank with a local branch office, at least in one of the many states in which the bank operates. Is PNC Bank the right choice for you? Who is PNC Bank for? And as a full-service bank, PNC Bank offers loans, credit cards, and business and commercial banking services. Depositors can take advantage of checking, savings, and money market accounts, as well as CDs and investments. The seventh largest bank in the United States, PNC Bank offers customers access to thousands of branches and in-network ATMs. Since both companies used the abbreviation PNC, the title was carried to the newly-merged bank. What does PNC Bank stand for? The name is the result of a 1982 merger between Pittsburgh National Corporation and Provident National Corporation. PNC Bank is a name well known in the eastern half of the U.S.
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