Have a PNC Savings Account? You Could Be Missing Out on $300-Plus a Year
KEY POINTS
- The PNC Standard Savings account pays an ultra-low APY of up to 0.03%.
- PNC has a high-yield savings account paying 3.95%, but it's not available to everyone.
- Other banks offer savings accounts that pay 3.70% or more with no strings attached.
PNC is one of the biggest banks in the country, with $427 billion in deposits and over 2,000 branches.
PNC may be popular, but the PNC Standard Savings account is one of the absolute worst places to stash your money. It only pays an APY of up to 0.03%, while the best savings accounts pay 3.70% to 4.50% -- that's at least 123 times more interest.
If you have a PNC Standard Savings account, you could be missing out on hundreds of dollars in interest per year. Here's how -- and how you could easily start earning more interest today.
How much is your PNC savings account costing you?
The median balance of Americans' "transaction accounts" (savings, checking, and similar accounts) was $8,000 as of 2022, according to the Federal Reserve.
Our Picks for the Best High-Yield Savings Accounts of 2025
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
CIT Platinum Savings
Member FDIC.
APY
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn
$100 to open account, $5,000+ for max APY
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
|
$100 to open account, $5,000+ for max APY
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
If you had $8,000 in a PNC Standard Savings account, you'd earn a maximum of $2.40 in a year.
If you instead kept that $8,000 in a high-yield savings account paying 4.00%, you'd earn $320 in a year.
After five years, the difference is enough to make you laugh (or cry):
- Earnings in a PNC Standard Savings account: up to $12
- Earnings in a high-yield savings account with a 4.00% APY: $1,733
SoFi Checking and Savings customers can earn up to 3.80%² APY, and new customers can earn a bonus of up to $300 with qualifying direct deposits.¹ Click here to open a SoFi Checking and Savings account today.
Here's where to put your money instead
Fortunately, it's easy to switch to a new savings account and start earning a lot more interest. If you're a PNC Standard Savings customer, here are two good options.
Switch to a PNC High Yield Savings® account if you can
The PNC High Yield Savings® account pays a competitive APY of 3.95% with no monthly fees or account minimums. It's only available to residents of the following states: AK, AR, CT, HI, ID, IA, KS, LA, MA, ME, MN, MS, MT, NE, NV, NH, ND, OK, OR, RI, SD, UT, TN, VT, WA, WY.
If you live in one of those states and have a PNC Standard Savings account, then you could check PNC's website or call customer service to see if you can switch to a PNC High Yield Savings® account.
Open a high-yield savings account at another bank
Switching bank accounts is easier than ever. These days, the best banks have user-friendly websites and mobile apps. You can open a high-yield savings account in minutes.
The highest-earning savings accounts are offered by online-only banks, so you may lose access to a local bank branch when you switch. However, the best high-yield savings accounts also have no monthly fees, and they're FDIC insured. Your money is just as safe with them.
Ready to start earning over 100 times the interest paid by the PNC Standard Savings account? Click here to see our list of the best high-yield savings accounts and open a new account today.
If you can't open a PNC High Yield Savings® account, do not settle for the PNC Standard Savings account. Switch banks and start earning a competitive interest rate ASAP. You'll be earning more money with very little work -- and that's the kind of opportunity you should never pass up!
Our Research Expert
Managing editor for Motley Fool Money. James has worked full-time for The Motley Fool since 2012. A longtime editor and former reporter, James oversees the production and quality of Motley Fool Money's editorial content.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
SoFi disclosure:
Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures
SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.