PNC ‘S’ is for Savings review

It teaches your kids basic money concepts using Sesame Street — but it only earns 0.01% APY.

finder.com’s rating: 3.6 / 5.0

★★★★★

The PNC 'S' Is For Savings account is best for kids under the age of 13 who need to learn the basics of spending, saving and giving. The account has a $25 opening deposit, a banking card and no monthly fees as long as the account holder is under the age of 18. But the interest rate is almost nonexistent at 0.01%.

0.01%

APY

$5 per month

Fee

$25

Minimum deposit to open

Details

Annual percentage yield (APY)0.01%
Fee$5 per month
To waive the feeOr meet any one of the following:
-Account holder is under age 18
-$300 average monthly balance in this account
-At least one Auto Savings transfer of $25 or more each month from your PNC checking account
Minimum deposit to open$25
Minimum balance to earn interest$1
Interest compoundingDaily
More info

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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The PNC 'S' Is For Savings account is best for young children, as it uses Sesame Street to teach them basic financial skills. Kids can practice saving, sharing and spending through interactive activities. Plus, the account comes with goal tracking features and three virtual piggy banks for Saving, Spending and Giving, which your kid can watch fill up in real-time.

But the account’s APY is only 0.01%, which means your child will earn a single penny for every $100 they keep in the account. By contrast, the Capital One Kids Savings Account earns 0.3% APY, which means they’ll get $0.50 for every $100 they save.

If you’re looking for an account that earns a high APY that will reward your child for saving, this PNC kids account isn’t for you. But if your biggest priority is teaching your kid solid money habits, then it may have the interactive interface you’re looking for. We also wouldn’t recommend this account for teens as the online interface is geared toward younger kids who like Sesame Street and need help learning basic concepts such as saving, spending and giving.

If you’re looking for a savings account designed for teens, PNC’s Virtual Wallet Student savings account is worth checking out, but other accounts offer better APYs.

How do I open a PNC 'S' Is For Savings account?

Sign up for the PNC kids account at a local branch, by phone or online following these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From PNC’s website, hover over Products & Services under the Personal tab and click Savings.
  3. Enter your zip code and click Submit.
  4. Scroll down to the ‘S’ is for Savings section and click Apply Now.
  5. Answer questions about your age, the child’s age and your relationship with PNC and click Apply.
  6. Uncheck the highlighted box if you don’t want a banking card and click Continue.
  7. Enter personal information for you and your child and click Continue.
  8. Follow the prompts to review your application and make your initial deposit.

Eligibility

To open a PNC kids account, custodians must be at least 21 years old and kids must be under the age of 18. You’ll also need to meet these requirements:

  • US citizen or resident alien
  • Valid Social Security number or Taxpayer Identification Number (TIN)
  • Government-issued photo ID
  • $25 opening deposit

Required information

You’ll need this information handy when you open your account:

  • Full name
  • Residential address
  • Date of birth
  • Social Security number or Taxpayer Identification Number (TIN) for you and your child
  • Government-issued photo ID number
  • Employment information

What are the benefits of a PNC 'S' Is For Savings account?

The PNC kids account is classified as a Uniform Transfer to Minors Act (UTMA) account. This means a parent or guardian has full control over the account until the child turns 18, or 21 in some states. It’s FDIC-insured and has these benefits:

  • Interactive banking experience. Your kid learns basic financial skills from Sesame Street and can play interactive activities to practice saving, sharing and spending.
  • Goal-setting features. Set savings goals with your child and they can track their progress as they watch their virtual piggy banks fill up.
  • Free banking card. The PNC kids savings account comes with an optional banking card that gives you ATM access with a $500 daily withdrawal limit and a $5 international withdrawal fee. This card is for ATM access only and cannot be used to make purchases. Technically, your child should only use this card under your supervision, though they’ll be able to use it on their own if they have the PIN.
  • Avoidable monthly fee. You won’t pay the $5 monthly fee if you meet one of these three requirements:
    • Your child is younger than 18
    • Average monthly balance is at least $300
    • At least one Auto Savings transfer of $25 or more from your PNC checking account each month

What should I look out for?

The PNC kids account has several features, but there are also a few drawbacks to watch out for:

  • Low APY. This PNC kids account only earns 0.01% APY. By comparison, the Alliant Kids Savings account earns 0.55% APY and the Capital One Kids Savings account earns 0.3% APY. However, the educational elements of this account may outweigh its poor interest rate depending on your needs.
  • Early account closure fee. Expect to pay $25 if you close your PNC kids account within 180 days of opening.
  • Parents need to be present. Even if your child is 17 years old, they won’t be able to withdraw funds from this account at a PNC branch without you being there with them.

If you’re looking for a kids’ savings account that earns more interest, explore some of your other options.

Compare PNC 'S' Is For Savings with other savings accounts

Compare popular kids’ savings accounts based on their fees, interest rates and minimum opening deposits.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Alliant Kids Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Alliant Kids Savings Account
0.55%
$1 per month
(can be waived)
$5
This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
Capital One Kids Savings Account
Finder Rating: 4.7 / 5: ★★★★★
Capital One Kids Savings Account
0.30%
$0
$0
Kids Savings Accounts are fee-free and don’t require a minimum balance.
BECU Early Saver Youth Account
Finder Rating: 4.7 / 5: ★★★★★
BECU Early Saver Youth Account

2.02% on $0 to $500
0.02% on $500.01+
$0
$0
Offers your child a premium interest rate on the first $500 in deposits.
Justice Federal Credit Union Young Savers
Finder Rating: 4 / 5: ★★★★★
Justice Federal Credit Union Young Savers

0.20% on $20,000+
0.15% on $5 to $19,999
$0
$5
Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.
Bank of America Minor Savings Account
Finder Rating: 3.6 / 5: ★★★★★
Bank of America Minor Savings Account
0.01%
$0
$25
Help a child build a savings account and learn about banking.
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Compare up to 4 providers

How do I deposit or withdraw my money?

PNC’s S is for Savings account is what’s known as a Uniform Transfers to Minors Act (UMTA) account, sometimes called a custodial account. This means that appointed custodians, such as parents, are exclusively able to manage funds kept under a minor’s name. So unless you give your child the ATM card linked to this account, only you can deposit and withdrawal funds from this account until your child turns 18. PNC offers various ways for you to move money into and out of this account.

Deposit

  • Cash or check deposit at a local branch
  • Mobile check deposit in the mobile app
  • Wire transfer
  • Transfers from another PNC account

Withdrawals

  • ATM
  • At a local branch
  • Wire transfer
  • Transfer to another PNC account

How do I contact PNC customer service?

If you have questions or concerns about the PNC kids account, you can chat with a customer support representative one of four ways:

  • Call 888-762-2265 weekdays from 7 a.m. to 10 p.m. ET and weekends from 8 a.m. to 5 p.m. ET.
  • Start a live chat on the website
  • Send a secure message through the online banking portal
  • Visit a local branch

How do I close my child’s PNC kids account?

If you decide the PNC kids account isn’t for you, here’s how to close it:

  • Visit a local PNC branch
  • Call 888-762-2265

If you close your account over the phone, you’ll want to make sure the balance is at $0 first. If you close in person, you can withdraw your money at the branch.

What other savings options does PNC offer?

You’ll find a wide range of savings accounts at PNC, including:

  • Virtual Wallet. PNC’s all-in-one digital account lets you set aside money for spending and saving. There’s a monthly fee starting at $7 that’s waived when you’re 62 or older or have at least $500 in direct deposits or average combined balances.
  • Premiere Money Market. Compared to other money market accounts, this one has a low $100 opening deposit. But you need at least $5,000 to avoid the $12 monthly service charge.
  • PNC Standard Savings. Open with a minimum $25 deposit and avoid the $5 monthly fee when you maintain a $300 minimum monthly balance or set up an automatic transfer of at least $25 each month. It’s free if you’re under 18.
  • PNC High Yield Savings. You can earn up to 0.8% APY, but the account isn’t available in all states.
  • CDs. Offers a mix of fixed- and variable-rate CDs for individuals and businesses with terms ranging from seven days to 10 years.
  • Premium Business Money Market. Open this account with $100 and avoid the monthly fee when you maintain a $2,500 minimum balance.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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