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PNC Premiere Money Market account review
Link to other PNC accounts to get a relationship APY, but APYs aren’t the best we’ve seen.
finder.com’s rating: 2.3 / 5.0
★★★★★
The PNC Premiere Money Market account is designed to help you save with no minimum opening deposit and tiered APYs. But make sure to nail down what rate you qualify for before you apply — interest rates vary by state.
Up to 0.05%
APY
$12 per month
Fee
$100
Minimum deposit to open
Details
| Annual percentage yield (APY) | 0.05% on balances of $10,000 to $1,000,000 Relationship rates with Performance Checking 0.02% on balances of $1 to $1,000,000 |
|---|---|
| Fee | $12 per month |
| To waive the fee | $5,000 average monthly balance |
| Minimum deposit to open | $100 |
| Minimum balance to earn interest | $1 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
| Fee per transaction over the limit | $15 |
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
Expert review
You won’t need any money to open the PNC Premiere Money Market account, though you’ll want to keep $5,000 on hand to avoid the monthly fee.
However, to get the highest APY, you’ll need to link this account with the PNC Performance Checking account — and you’ll earn the most with a $1 million balance. The interest rates are tiered and not the best we’ve seen on the market.
Its highest Relationship Rate of 0.05% will land you with $2.50 per year if you put $5,000 in the account and nothing more. However, you could earn $42.68 per year by putting the same money in a Quontic Bank Money Market account. The only difference is that Quontic Bank keeps its banking online, though you get access to its 90,000 free ATMs.
You might stick with a PNC account if you already have other accounts and like the in-person banking near you. Otherwise, you can find other top-notch money market accounts with more perks and earnings than this one.
How to open a PNC Premiere Money Market account?
Open this account with PNC by following these steps to apply online. You can also find a branch near you or apply by calling 1-800-762-2265.
- Go to the provider’s site and follow the steps to apply.
- Select the features you’d like to add to your account and Continue.
- Enter your full name, Social Security number, date of birth, email address, residential address and employment information. Select Continue.
- Enter your external bank’s account and routing number to fund your account. You’ll need to make a deposit of at least $100 to open this account.
- Your PNC ATM card will arrive in the mail. In the meantime, log in to your online account from your computer, tablet or mobile device to access your funds.
Eligibility
To be eligible for a PNC Premiere Money Market account, you’ll need to meet a few requirements first.
- Be a US citizen
- Be at least 18 years old
- Have a US residential address
- Have a Social Security number
- Have a valid bank account
Required information
Have the following information on hand before you begin the application process.
- Primary home address
- Valid email address
- Valid phone number
- Social Security number
- Driver’s license or valid state ID
- Bank account number and routing number of the account you plan to use to fund your account
3 benefits of a PNC Premiere Money Market account
Enjoy mobile banking, automated savings from a linked checking account and ATM access. Its other perks include:
- No minimum opening deposit. You won’t need any money to apply for this account. However, most money market accounts require a few hundred or a few thousand dollars to open it.
- Large branch and ATM network. Get access to in-person banking at 2,600 branch locations and over 60,000 ATMs nationwide. In-person banking may not be widely available when you go with an option like Synchrony Bank Money Market Account.
- Cardless ATM access. Make transactions at your closest ATM of the 19,000 ATMs available, using a code sent to your PNC app.
How much you could earn without Relationship Rates:
Use this table to see how much you can earn with your money in this PNC Premiere Money Market account.
Keep in mind that your exact APY depends on where you live. Find out what rate you qualify for by visiting the Interest Rate Center on PNC’s website and entering your ZIP code.
How much you could earn without Relationship Rates:
| APY | Amount in savings | Interest earned in 12 months |
|---|---|---|
| 0.02% without Relationship Rates | $5,000 | $1 |
| 0.02% | $10,000 | $2 |
| 0.02% | $20,000 | $4 |
How much you could earn with Relationship Rates
| APY | Amount in savings | Interest earned in 12 months |
|---|---|---|
| 0.05% | $5,000 | $2.50 |
| 0.05% | $10,000 | $5 |
| 0.05% | $20,000 | $10 |
3 potential drawbacks
The main downfall is that this account doesn’t have competitive APYs compared to the competition, even at its finest interest rate. Other areas to watch for:
- $12 monthly fee. Expect a $12 monthly maintenance fee unless you can maintain a fairly standard monthly balance of $5,000.
- Below-average APY. You’ll start out with a 0.02% APY on balances up to $1 million, or you could earn up to 0.05% if you meet certain criteria. Both rates are two to five times less than the national average for savings accounts.
- Steep requirements to earn mediocre APY. You need to link this account with the Performance Select Checking account to get the best Relationship Rates. Then, you can get their highest APY by keeping a minimum balance of $1 million.
- Link a PNC Virtual Wallet with Performance Spend or Performance Checking account and keep $2,000 in direct deposits ($1,000 for WorkPlace or Military Banking customers)
- Keep $5,000 in direct deposits in the same linked accounts
- Make at least five PIN or signature debit or credit card transactions in the past month
If earning the highest interest possible is on your radar, consider the SoFi Checking and Savings account. This account offers an APY up to 1.25% on your entire balance with no monthly fees. Otherwise, the Quontic Bank High Yield Savings account offers a similarly high APY but locks your money in a savings account not tied to your checking.
Pros not outweighing the cons? Research other money market accounts to find the one with the best rates and features for your needs.
Compare more money market savings accounts
See how the PNC Premiere Money Market account stacks up against other accounts’ APYs, monthly fees and minimum opening deposits.
How to deposit or withdraw money
Access the funds of this money market account in four different ways.
Deposits
Top up your savings account either online, by app or in person.
- Online transfers. Pull money from this money market account to another PNC or external account.
- ATM. Access your funds at over 9,000 surcharge-free in-network ATMs with your debit card.
- Branch location. Search for branch locations near you to withdraw directly from a teller.
Withdrawals
Take funds out of your account through at least three different ways.
- Online transfers. Pull money from this money market account to another PNC or external account.
- ATM. Access your funds at over 9,000 surcharge-free in-network ATMs with your debit card.
- Branch location. Search for branch locations near you to withdraw directly from a teller.
How to get in touch with customer service
Reach out to the PNC customer support team by:
- Phone. Call 888-762-2265 on weekdays from 7 a.m. to 10 p.m. or Saturday and Sunday from 8 a.m. to 5 p.m. ET.
- Email. Log in to your online account on PNC’s website and fill out a secure online form for an email reply from customer service.
- Social media. Post a comment or question to PNC’s Twitter account for a reply from the customer support team within one business day.
- App. The PNC mobile banking app is available for free for Android and iOS. With the app, you can check your account balance, pay bills, transfer funds and deposit checks.
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★★★★★ — Subpar
★★★★★ — Poor
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