Now that we've looked at PNC Bank savings account interest rates, here are all the details on fees, deposit and balance requirements, withdrawal limits, and the compounding schedule.
Monthly fees
PNC High Yield Savings® has no monthly service charge, which has become a common perk with the best bank accounts. Its PNC Standard Savings and PNC S is for Savings accounts each have a $5 monthly service fee, but that drops to $0 if you meet any of the following requirements for a fee waiver:
- $300 average monthly balance
- Accountholder is under the age of 18
- At least one monthly auto savings transfer of $25 or more
- For a PNC Standard Savings account: Linking it to a qualifying PNC checking account.
A monthly fee for a savings account is always a drawback, considering there are so many no-fee options available. But it's at least easy enough to avoid the $5 monthly fee.
Minimum deposit
None of the PNC savings accounts have a minimum deposit requirement. This is another good perk that has become fairly common, especially among top high-yield savings accounts.
Minimum daily balance
PNC's savings accounts don't have minimum balance requirements. Note that you do need a balance of at least $1 to earn interest with any of these accounts. If you're looking for a savings account that doesn't require a large amount of money, PNC is a good choice.
Withdrawal limit
You may make up to six fee-free withdrawals from a PNC savings account in a monthly service period. After that, a fee of $3 will apply to each additional withdrawal. While six withdrawals is more than enough for most people, some banks have gotten rid of withdrawal limits entirely.
Compounding schedule
Interest on PNC Bank savings accounts (as well as on PNC Bank CDs) is compounded monthly. This is a standard compounding schedule that many banks follow.
Fact Checked
Eric McWhinnie
