Kicking off my search for the best savings account rate to place my emergency funds led me away from my current online bank. The bank I’ve been with for years and years had a money market account and also what they called a high earning account (it wasn’t even close to that). It was time to look for something better.
Like most things, I researched it as much as I could — I wanted to make sure that I did my financial diligence. The plan was to setup an account and place a small amount there to see if I’d like it. Then if I like it, consider shifting over emergency funds.
Signing up for the PNC High Interest Savings Account:
I went to the PNC High Yield Savings Account link. You see the below webpage. Note below the “Apply Online” button it says, “Available in Eligble Markets” … this product is typically available in areas without a PNC branch. If you click <Apply Online> it will ask to enter your zip code.
I don’t have a branch close to me so I was brought to the flow that I get the 2.35% and can sign up. A friend lives in Pittsburgh, PA — PNC’s headquarters — and unfortunately he is unable to get this high interest rate. Upon clicking through, I get the start signing up flow. It will eventually ask you to enter standard personal information and verify your identity.
It began asking if I was a US Citizen, and eventually wanted to know if I had an existing account with PNC or wanted a new one. I’m a new customer so they’ll ask me to Apply as a new customer.
Once I click apply, I need to enter personal information and eventually get to the end. It took two days for the account to be approved for the high interest savings account.
I connected this account with my current bank account to enable an ACH funds transfer — electronic transfer to the high interest savings account that’s free. To verify my information, they deposited a few cents into my current account, then asked me to verify the amounts. This is a one time verification. It took about 4 days to transfer the funds from my current account to PNC.
What I like about PNC High Yield Savings:
- Large well known bank
- Competitive high interest rate: (see the current list of high yield savings rates )
- No Fees
- Multi factor authentication for logging in — this is a very important security feature for me
- Website and app are both easy to use
- Bankrate.com rates them 4/5 stars for safety and soundness as of this writing.
What I don’t like:
- Nothing significant.
- There’s at least one bank that has a slightly higher rate. This is insignificant to me at this point.
I like the bank. I’ll stay with them a little while longer to see what their monthly mailed account statement looks like. So far looking good (but maybe I should just go with the highest rate out there….hmm)
What do you think?
My writing is my personal opinion as of the date of this writing. I do my best to provide accurate data but may have missed something (we’re all human 🙂 ).