The PNC Bank Standard Savings is the bank’s traditional savings account, designed for those who want to save money in a simple way without complex requirements.
This account offers a low (or no) minimum deposit to open, allows unlimited deposits, and is FDIC-insured, ensuring security for the funds saved. Learn more about this option and see whether it’s worth it!
Main Features
With PNC’s Standard Savings, there is no minimum deposit required to open the account when done online. You can make unlimited deposits and transfers into the account without restrictions. That way, makes easier to build an emergency fund or continue saving consistently.
In addition, the account offers the Auto Savings tool, which allows you to set up recurring transfers, ideal for automating your savings.
There is also an overdraft protection option. You can link your Standard Savings to a PNC checking account so the saved funds can cover checking-account payments if needed.
Key Advantages
One of the biggest advantages of the Standard Savings is its accessibility. With no minimum opening deposit required online, it becomes a viable option even for beginners.
The Auto Savings tool is particularly helpful for building financial discipline, since you set automatic contributions and simply let the money grow over time.
The option to link the savings account to a PNC checking account for overdraft protection also provides more financial security, acting as a “safety net” for emergencies. Finally, as a traditional savings account, it’s a good choice for those who want a secure place to store money, without expecting high returns, just stability.
Costs and Fees
The Standard Savings account has a $5 monthly service fee, according to PNC’s fee schedule. However, this fee can be waived if you meet at least one of these requirements. Maintain a $300 average monthly balance, set up an automatic transfer (Auto Savings) of at least $25 per month from a PNC checking account, or if the account holder is under 18 years old.
Additionally, according to Forbes Advisor, the Standard Savings APY (yield) is low, between 0.02% and 0.03%. Other fees depends to the bank’s most updated policies.
Who It’s For
The Standard Savings is ideal for people who are beginning to build their savings. Or who want to set money aside for emergencies or for short-to medium-term goals without relying on high returns.
It is also a good option for those who want to automate their savings through monthly transfers using Auto Savings. On the other hand, if you’re looking for more day-to-day benefits without maintaining a balance, an online account might be a better fit.
How to Open the PNC Standard Savings Account
To open the PNC Standard Savings account, just follow a simple process:
- Visit the bank’s official savings page;
- Select the “Apply Now” option for Standard Savings;
- During the online application process, there is no required minimum initial deposit (when applying through the website), according to PNC’s information.
You can also set up Auto Savings at the time of opening to establish regular automatic transfers, which helps waive the monthly fee if you automate deposits of at least $25.
Is the PNC Standard Savings Worth It?
The PNC Standard Savings can be worthwhile if your goal is simply to save money in an easy, practical way without needing an investment account or high returns.
It’s a good entry point for savings, especially thanks to its simple opening process, the absence of a minimum deposit when done online, and the Auto Savings tool for automating contributions.
For this reason, it is a solid option to consider among basic savings accounts for storing money safely.
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