PNC Increases Savings Account APYs (December 2022)

Summary:

In response to the recent federal funds rate increases, PNC Bank has increased the maximum APY for its Savings and CD accounts.

On December 14th, 2022, Federal Reserve officials raised the federal funds rate, for the seventh time this year. The Fed rate increased by half a percentage point, nudging financial institutions to increase the interest rates they offer savers.

PNC Bank increases its savings account rate to 3.50% APY

PNC Bank increased the APY on its High Yield Savings account to now offer up to 3.50% APY. The PNC’s savings product offers a very competitive annual percentage yield (APY) and requires only $1 to start earning this interest.

At a rate of 3.50% APY, PNC offers some of the most competitive high-yield savings accounts available today.

PNC Bank Virtual Wallet

For those who want to keep their savings and general banking together in one place, PNC Bank offers a competitive checking product with its Virtual Wallet service.

Key takeaways

  • PNC Bank increased the annual percentage yield (APY) on its Savings products.
  • The APY on the PNC High-Yield Savings Account is now up to 3.50%, which requires only $1 to open.
  • To keep all of your banking in one location, consider opening a PNC Bank Virtual Wallet account as well.

About PNC Bank

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.