Staying Informed: PNC Savings Account Interest Rates for October 2023
Get the latest information on PNC savings account interest rates for October 2023 to make informed decisions about your savings.
Here are the latest details on PNC savings account interest rates as of October 2023:
PNC Bank Savings Accounts
- PNC Virtual Wallet Savings - 0.01% APY
- PNC Standard Savings - 0.01% APY
- PNC Money Market Savings - 0.01% to 0.02% APY depending on balance
Interest Rate Environment
- The Federal Reserve has raised interest rates significantly in 2022 and 2023, up to a range of 3.00% - 3.25% as of September 2022.
- Banks have been slowly increasing deposit account rates, but average savings accounts still pay only around 0.17% APY.
- PNC's savings rates remain very low, typical of large national banks.
What to Consider
- Online banks and credit unions generally pay higher interest rates than national brick-and-mortar banks.
- Shop around for the highest rates by comparing online banks, credit unions, and community banks.
- Be prepared for rates to keep rising modestly as the Fed continues rate hikes.
- Look for promotions to earn an initial rate bonus on a new savings deposit.
Overall, PNC's savings account rates continue to be very low compared to online banks. Consider alternatives if you want to earn a competitive APY during this rising rate environment.
PNC Savings Account Interest Rates: October 2023.
According to the PNC Bank website, the following are the savings account interest rates for October 2023:
| Account | Minimum Balance | Interest Rate |
|---|---|---|
| High-Yield Savings Account | $1 | 4.65% APY |
| Standard Savings Account | $1 | 0.01%–0.03% APY |
| S for Savings Account | $1 | 0.01% APY |
Note that the interest rates for the Standard Savings Account and the S for Savings Account may vary depending on your account balance and relationship with PNC Bank.
To get the highest interest rate available on your PNC savings account, you need to have a minimum balance of $1 in your High-Yield Savings Account.
If you are not able to maintain a $1 balance in your High-Yield Savings Account, you will earn the interest rate for the Standard Savings Account or the S for Savings Account, depending on your account type and relationship with PNC Bank.
You can learn more about PNC savings account interest rates on the PNC Bank website.