What Financial Products Are Tied To The Fed Funds Rate
Home equity lines of credit , personal lines of credit and credit cards all have variable rates that use the prime rate as their basis, says Lamba. Variable rates on some business loans and credit cards also are calculated using the prime rate. Many banks, including PNC, tie their interest rates to an index published by The Wall Street Journal.
How Do Rising Fed Funds Rates Impact Savings Accounts
Banks adjust their interest rates on eligible deposit accounts based on a number of factors, including the depth of their relationship with a customer and market demand. You should talk to your financial institution to understand your current accounts and what savings opportunities are available to help meet your needs.
Pnc Bank Standard Savings Account Fees
|Returned deposit fee||$12|
Out of all of those fees, the two that you need to pay the most attention are the excess withdrawal fee and the ATM fee.
Federal Regulation D limits you to six withdrawals from a savings account each month.
If you go over that limit, PNC Bank will charge a $15 fee, which can take a big bite out of the interest youre earning.
Besides that, PNC could switch your savings account to a checking account, or close it down altogether if you make excess withdrawals a habit.
While you wont pay any ATM fees at PNC Bank ATMs, PNC charges a $3 fee for withdrawals made at other ATMs in the U.S, Canada, and Puerto Rico. Thats on top of any fee the bank that owns the ATM may charge.
PNC Bank doesnt reimburse any foreign ATM fees either.
At other banks, you may be able to get some of the fees paid back to you.
Ally Bank, for example, reimburses up to $10 in ATM charges per statement cycle. Thats a perk you may want to have if youre worried about getting hit with expensive ATM fees.
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What Are The Benefits Of A Pnc High Yield Savings Account
This savings account might be right for you if you hold another PNC account like its Virtual Wallet or if youre looking for these features:
- Competitive APY. The PNC High Yield Savings account offers a 0.5% APY on all balances over $1.
- No minimum deposit or maintenance fees. Open a savings account with PNC without an initial deposit, but fund it within 180 days to prevent account closure. The account also doesnt come with monthly maintenance fees, so your savings are free to grow.
- Extra tools for overdraft protection. Use PNCs Low Cash Mode in the app, setting up alerts when your money is dwindling and giving you 24 hours to bring your account back to a positive balance.
Pnc Bank Savings Account: Pnc S Is For Savings
|$5 monthly fee, waivable with one of the following
|Current Terms and Rates||Rates based on SmartAsset’s NYC location: 0.01% APY|
This is PNC Banks savings account for kids. Like most childrens savings accounts, this account can help you teach your children about finances and money management. However, PNC Bank offers these tips and resources with characters from Sesame Street®, hopefully making it more enjoyable and useful for your child. You, your child and Sesame Street® can work through activities to build basic money concepts like sharing and saving. You can also set specific savings goals with your child that they can tangibly achieve.
Read Also: What Does It Mean To Raise Interest Rates
Pnc Bank Premiere Money Market Account
PNC Bank offers one money market account, the Premiere Money Market account. This account can help you manage your money easily, especially with free online and mobile access. Plus, you will receive a free PNC Banking card connected to the account, as well.
What Fees Does Pnc Savings Account Charge
PNC savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.
However, you can waive the monthly fees if you have a minimum daily balance of $300.
- Outgoing domestic bank transfers come with a $30 fee.
- Incoming domestic bank transfers come with a $15 fee.
- Outgoing international bank transfers come with a $45 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
- Incoming international bank transfers come with a $15 fee.
- PNC savings account charges a $25 fee for an early account closure. Contact PNC savings account for more details on what is considered an early closure.
- An overdraft on your account will trigger a $36 fee per item.
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Pnc Bank Iras: Fixed Rate Cd Ira And Premiere Money Market Ira
|Current Terms and Rates||See above Fixed-Rate CD and Premiere Money Market rates|
These PNC Bank IRA offerings mimic the banks Fixed-Rate CD and Premiere Money Market accounts. The limits and rates remain the same. You just have to make sure you state you want to open the CD or MMA as an IRA. It is often best to visit a branch to get the most accurate information and an easier application process.
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How Do I Open A Pnc Savings Account
You can open a PNC savings account in a few steps:
Make sure to fund your account within 180 days to avoid PNC closing your account and charging its closure fee. Deposit at least $1, although you can deposit up to $250,000 for the initial deposit.
Open a PNC savings account when you meet these requirements:
- US citizen
- At least 18 years old
- US residential address in an eligible state
- Social Security number
Have this information ready when you go to apply:
- Primary home address
- Drivers license or valid state ID
Message From Pnc Bank
For more than 160 years, we have been committed to providing our clients with great service and powerful financial expertise to help them meet their financial goals. We are proud of our longstanding history of supporting not only our customers but also our communities, employees and shareholders. We believe that our company should serve a greater purpose. Thatâs why weâre committed to the success of our employees, customers and the communities we serve.
Standard Savings Account. An easy and convenient solution to help you jump start your savings routine. Whatever your savings goal – building your emergency fund, saving for something special, or simply starting good savings habits – we provide access to tools and calculators to help you understand how to make the most of your money.
Whats The Process For Opening An Account With Pnc Bank
You can open just about any PNC Bank account that you would like on the banks website. Its as simple as clicking an APPLY NOW button for the account you would like to open and finding yourself on the first page, shown here. You will need to enter your zip code on the website to find the most accurate list of accounts available to you depending on your location. You may have to call the bank at 1-800-762-5684 to open certain accounts.
The application process will typically take around 10 minutes to complete. To apply, youll need to provide personal information like your government issued photo ID, Social Security number, date of birth and addresses. Youll also need to provide existing account information in order to make your initial account deposit.
To apply for a Fixed-Rate CD or Ready Access CD, you will need to print out the contact forms provided on the website to send to the bank. With IRAs, it may also be easier to visit a branch. That way, you can have all the paperwork and terms and conditions in front of you and explained to you.
Who Is Pnc Bank Best For
PNC should appeal to customers who want a full range of services under a single financial institution. It could be a particularly strong fit for those who want:
- To open both a savings and checking account with a single bank
- A one-stop shop for banking and financial services
- To step into a brick-and-mortar location and talk to a human
- To bank with a long-standing, established institution
Pnc Bank Performance Checking Account
|$15, waivable with one of the following
|Current Terms and Rates||Rates based on SmartAssets NYC location: 0.01% APY|
Next up is the PNC Bank Performance Checking account. Youll receive a PNC Bank Visa® Debit Card which you can use to access you money at thousands of PNC ATMs. You also have the liberty of using non-PNC ATMs, without worrying too much about ATM fees since the bank will reimburse you for a portion of those fees.
This is an interest-earning account, but only for balances of $2,000 and over. You can also earn cash rewards through the PNC Purchase Payback® program. Other perks include unlimited check writing, design check discounts, free overdraft protection, safe deposit box discount and one free savings or money market account.
Your Performance Checking account perks extend beyond the account itself, too. Having this account can snag you bonus rewards with your PNC Visa Credit Card and higher savings account interest rates, including CDs and IRA CDs.
Bank Of America Regular Savings Account
Bank of Americas Regular Savings Account is an interest-bearing account and the rate is virtually identical to what PNC offers.
The same goes for the minimum opening deposit and the monthly service fee.
Bank of America makes it easy to save with the Keep the Change program if you have a Bank of America checking account.
The excess withdrawal fee is also $5 less than what PNC Bank charges.
Earn The Highest Interest Rates On Savings Today
Fixed annuities are almost identical to Certificates of Deposit accounts and provide higher interest rates and penalty-free withdrawals for income.
Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this article.
Why Pnc Is Offering Different Rates
Existing PNC customers may ask why is the APY so much higher with the High Yield Savings Account.
Like online banks, this account caters to people who don’t need the resources provided by physical branches.
PNC doesn’t have to deal with the operating costs of running physical locations in these areas — translating to better benefits for these customers.
To attract consumer deposits, PNC is offering an amazing interest rate to people who cannot access a PNC branch.
How Pnc Bank Stands Out
PNC offers several tiers of Virtual Wallet, including the basic and student versions, Virtual Wallet with Performance Spend and Virtual Wallet with Performance Select. With each option, customers get a primary checking account, an interest-bearing checking account and a long-term savings account.
The Virtual Wallet options offer an array of tools to help you manage your funds but they may not be for you if you dont like digital banking. Performance Select Checking is an option for customers who can maintain a combined average monthly balance of at least $5,000 in this account and up to eight eligible linked PNC accounts to avoid the monthly service charge.
Pnc Bank Variable Rate Cd
|Current Terms and Rates||Ties to the 3-month Treasury bill|
PNC Banks Variable Rate CD earns at a rate dependent on the three-month Treasury bill. The bank bills this as an opportunity for peace of mind when saving, knowing that your rate will climb with the Treasury bill.
All PNC Bank Variable Rate CDs come as an 18-month term. When it matures, you can withdraw your funds or leave it alone to renew for another 18 months. You will have to call the bank to open a Variable Rate CD.
How Much Does A Pnc Bank Standard Savings Account Cost
Fees can easily take away from any interest youre earning.
The PNC Bank Standard Savings Account has a $5 monthly maintenance fee. There are, however, some ways of getting around it.
To avoid the fee, you can:
- Maintain a $300 average monthly balance
- Set up an Auto Savings transfer of $25 or more from your PNC checking account to your savings account
- Demonstrate that youre under 18
If youre a high school student, then you wouldnt have to worry about the fee kicking in until you turn 18.
If youre over 18, youd either have to meet the minimum balance requirement or set up an automatic transfer each month.
PNC Bank doesnt make it extremely difficult to avoid the monthly fee.
If youd rather not worry about fees at all, however, an online bank could be the better choice.
Many online banks waive the monthly maintenance fee and they dont require you to maintain a minimum balance.
Pnc Savings Accounts Rates
Heres a closer look at PNC savings account rates. The high-yield savings account isnt available in most of the 28 states where PNC has branches.
Note: Annual percentage yields shown are as of Feb. 17, 2022, and may vary by region for some products. Rates shown are for Massachusetts.
How Pnc Bank Works
PNC Bank has around 2,600 branches across 21 US states and Washington DC. Here are the states with brick-and-mortar locations:
- West Virginia
Your decision to bank with PNC could largely depend on whether you live near a branch. You have to live in a state with branches to open a CD. However, you can only access high-yield savings options if you live in a market where there are no branches.
PNC received 4.8 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store. You’ll download a separate app if you have a Virtual Wallet, and the Virtual Wallet app has 4.4 stars in the Apple store and 4.3 stars in the Google Play store.
PNC has a feature for its Spend account to help avoid overdraft fees called Low Cash Mode. The perk, available through the bank’s mobile app, gives you 24 hours to bring your account balance to $0 before you’re charged overdraft penalties. You also have the option to pay or return individual checks and payments made using your checking account when your balance is negative.
To contact customer support, call Monday through Friday between 7:00 a.m. and 10:00 p.m. ET, or weekends from 8:00 a.m. to 5:00 p.m. ET. The bank also has a live chat function, but you’ll have to check back later if all representatives are busy there’s no way to queue.
Your PNC accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.