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%.
$5 per month
Minimum deposit to open
|Annual percentage yield (APY)||0.01%|
|Fee||$5 per month|
|To waive the fee||Or 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|
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.
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.
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:
- Go to the provider’s site and follow the steps to apply.
- From PNC’s website, hover over Products & Services under the Personal tab and click Savings.
- Enter your zip code and click Submit.
- Scroll down to the ‘S’ is for Savings section and click Apply Now.
- Answer questions about your age, the child’s age and your relationship with PNC and click Apply.
- Uncheck the highlighted box if you don’t want a banking card and click Continue.
- Enter personal information for you and your child and click Continue.
- Follow the prompts to review your application and make your initial deposit.
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
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 or your child ATM access.
- Avoidable monthly fee. You won’t pay the $5 monthly fee if you meet one of these three requirements:
- Account owner is under age 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, but its educational programs may outweigh this con depending on your needs.
- Early account closure fee. Expect to pay $25 if you close your PNC kids account within 180 days of opening.
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
How do I deposit or withdraw my money?
Unless you give your child an ATM card, you’re the only one who can make deposits and withdrawals from the PNC kids account until they turn 18.
- Cash or check deposit at a local branch
- Mobile check deposit in the mobile app
- Wire transfer
- Transfers from another PNC account
- At a local branch
- Wire transfer
- Transfer to another PNC account
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 $7 monthly fee 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.
- CDs. Offers a mix of fixed and variable rate options 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.
Business CDs. Has a minimum $1,000 deposit and a variety of terms ranging from several days to several years.
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