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yes_its_him t1_je2ngeu wrote

You want to switch to something. There are a lot of places with better rates


ijm5012 t1_je2rn08 wrote

I moved most of my savings from PNC to a HYSA and no-penalty CD at Ally.

They’re paying 3.75% & 4.75% respectively.


Outrageous_Pie_988 t1_je31koi wrote

I did this exact thing from PNC to Ally


iamnotlegendxx t1_je33j4j wrote

Me too omg guys we started a bank run


texpa t1_je3r09b wrote

Haha, I did the same thing a week ago. Moved everything from PNC and giving SoFi a try (4%). Pretty mad at myself for keeping my money at PNC as long as I did.


corrupt_poodle t1_je3du3c wrote

Someone asking this question doesn’t know what a HYSA is, BTW


ijm5012 t1_je3e8he wrote

If you literally type “HYSA” in Google, the first non-sponsored result is from Nerd Wallet, and it literally spells out what HYSA means.

For someone looking at managing their own finances, I would hope they have the fundamental knowledge of knowing how to Google something, and doing a bit of research before making changes to their finances.


urby3228 t1_je2o79y wrote

PNC has a high yield savings account paying just under 4%. If you want to stay at that bank, might want to look at that as an option.


Flopcandy OP t1_je2p6lb wrote

Looks like it's only available in certain states, and unfortunately that doesn't include my state of New York.

They do have money markets & CD's, but both are <= 2.00%.


airportwaiting t1_je2zc6r wrote

Commented elsewhere, but would just like to add - I don’t think that list is accurate as the state I am in is listed as unavailable, but I have the 4%


neuro_turtle t1_je340bd wrote

Did you open it when you lived in a different state? I also have this account and I was having serious problems figuring out the “rules” since what was listed on the website for my zipcode was not actually happening to my account. (I was being charged fees that weren’t listed for my zipcode.) Anyway, I had to call them to figure it out and they told me that it matters where you lived when you opened the account, not where you live now.


airportwaiting t1_je350nm wrote

Weird - no I did not. If they’re giving you this much crap just go to Ally or capital one haha their loss


neuro_turtle t1_je38on6 wrote

I actually called to close my account because I was ticked off, and that’s what caused them to explain. Apparently their Virtual Wallet account has different offerings based on how big PNC’s presence is. It’s a pretty stupid system and it definitely shouldn’t be that hard to find the information.


moody_botanicals t1_je35uek wrote

I have the 3.75% money market PNC account in NY, I don’t think that’s accurate


Mayor__Defacto t1_je2r4f9 wrote

If you’re wanting a CD; Chase has a 3.5% rate on a 3 month CD if you deposit >$10,000 right now. Good balance between long and short term IMO.


WasteProfession8948 t1_je3dnww wrote

There are much better rates available right now - over 5% - with brokered CDs through Schwab and Fidelity. All FDIC insured.


Mayor__Defacto t1_je3ed6x wrote

Yep, they offer them as well. I’m less familiar with their rate schedule though, and I know Fidelity won’t give just anyone a CD, you have to be a brokerage client and that entails a minimum $5k account balance on the brokerage side (you can’t count the CD balance towards that), and they charge a $20 commission in some cases. They also have to be multiples of either $100 or $1000, where traditional CDs can be down to cents if you wish. On top of that, the interest does not go into the CD, it goes back into your brokerage account, where with a traditional CD it would go back into the CD and compound.

So it’s a bit of arbitrage on which is the better option for you. For most people that do not already do business with Fidelity, a traditional CD is the better option.


LarryCraigSmeg t1_je3nf6e wrote

Yeah but there are still multiple savings accounts offering over 4%. Including Wealthfront at 4.3 with no hoops to jump through.

So why go with a CD at 3.5?


Runfish t1_je3f97k wrote

Came here to say this. Brokered cds have better rates without the banks hassle. (Short grace periods to do something with it) Just set up a Fidelity account for my daughter for this purpose.

Also, the cash sitting In Fidelity’s invest accounts makes 4.4% currently. Varies slightly by the day.


[deleted] t1_je2smkj wrote



Mayor__Defacto t1_je2vl00 wrote

That’s an annualized rate, it’s $90 for 3 months.

Additionally the rate is variable based on the amount you put in; I don’t remember the table off the top of my head but I believe the 3 month CD only has the 3.5% rate up to $25k.


misha511 t1_je354s9 wrote

Does anyone have a link to this table? I’ve never heard of these variable rates. As far as I’ve known, it’s always been the same rate no matter how much you deposit


Mayor__Defacto t1_je39x7e wrote

JP Morgan Chase uses them as sort of variable term financing devices for themselves, so the rate offered depends upon duration and amount of money you’re locking up. The rate is basically zero unless it’s what they want you to do, which right now at least in NY is: 2% for 3mo <10k, 3.5% 3 month 10k-100k, 4% 3 month 100k+, 3% 12 month <10k, 3.25% 12 month 10k to 100k, 3.75% 12 month 100k+.

They go all the way out to 10 years, but they don’t want you doing that and that is around 1%.

Even if you don’t want to buy the product, it’s an interesting portal into what america’s largest bank thinks its short, medium, and long term cash needs look like.

The current setup of rates indicates they think their short term cash needs are greater than their medium term needs, that they’ll still need cash over the medium term, but they think that maybe in 3 months they’ll have less need for short term cash.


Psychological_Turn72 t1_je333g6 wrote

Capital one is offering 5 percent APY which is like 4.88% APR right now for 11 month CDs


Infamous-Eggplant-37 t1_je36qj6 wrote

You should call them and ask about it, say you're looking for interest rate options. I am in one of those states and they bumped by interest rate to 4% when I started transferring to discover


miata_only t1_je3id2j wrote

Dude you're my hero. Had no idea PNC had these. I've had a virtual wallet account with them for 15 years and assumed the "growth" account (0.00whatever%) was what they called their HYSA. I've been doing external transfers to a local credit union for their HYSA but if PNC has an actual HYSA offering 4% that's so much more convenient. It's available in my state too. Signing up now. Thanks and cheers!


ijm5012 t1_je3em47 wrote

I’m a PNC customer, in Pittsburgh (what the “P” stands for in PNC), and the 4% rate wasn’t available to me.

Fine by me PNC, I’ll pull the majority of my savings out and put it in another bank.


tbr1144 t1_je3056t wrote

I bank at PNC. I transferred the bulk of my savings to Synchrony. 4% apy. Easy to open. Easy to transfer. Just got my first statement. It’s nice having my money make money. Of course, I’ll be taxed on that interest because we don’t want people getting ahead, amiright?


fly_eagles_fly t1_je2tfcy wrote

The only reason is that you won’t have a physical branch to walk into. Otherwise no reason. Do it please - don’t let PNC steal money from you.


Flopcandy OP t1_je2vnr8 wrote

In fact, I'm not sure when I'd ever need a physical branch to walk into.

But if I did-- Is it okay to keep most of my money in an online bank & transfer it to my PNC account whenever I need a brick-and-mortar? Like is that legal/will there be random charges for this/etc


neuro_turtle t1_je34f09 wrote

I do exactly this between PNC and Ally - it’s not a problem on the PNC side. Just be aware that a lot of online banks with high interest rates have limits on the number of transactions/month. Ally’s limit is 6. So instead of direct depositing into Ally and transferring out, I direct deposit into PNC then transfer a post-bills lump into Ally.


fly_eagles_fly t1_je2y6vj wrote

Absolutely this is a okay. Just be sure you are not going to be charged any account fees with PNC.

I personally have a free local account with my local CU and bank with Ally.


karsh36 t1_je2p85e wrote

Yup, get your emergency fund in an HYSA asap


RussRevengeTour23-24 t1_je2nkss wrote

Online banks and local credit unions offering that as well and up to 5% on CDs. I say switch!


diatho t1_je2pk5c wrote

No reason not to switch. If you want to keep a brick and mortar bank then stick $1k in the pnc account and move the rest.


Flopcandy OP t1_je2pz9k wrote

Just to be clear: Are all of these banks/CU's safe? Does being FDIC-insured (as all of these are) imply that my money is safe no matter what, as long as its <= 250k?

(Just want to make sure none of these are shady + worried after the recent bank failures.)


dweezil22 t1_je2q8me wrote

> Are all of these banks/CU's safe? Does being FDIC-insured (as all of these are) imply that my money is safe no matter what, as long as its <= 250k?

Yes. That's the point. As long as you keep it in an FDIC insured account (for example, a money market account may not be FDIC insured)


Werewolfdad t1_je2qa9f wrote

> Are all of these banks/CU’s safe? Does being FDIC-insured (as all of these are) imply that my money is safe no matter what, as long as its <= 250k?



_Llort__ t1_je2xqo9 wrote

Yes, that's exactly what it means. You're FDIC insured up to $250k at any FDIC member institution, which is almost all of them (verify "FDIC" shows up on their website and/or verify with the FDIC directly).

One caveat is that some banks can be a pain in terms of customer service, or charging fees if your below a minimum balance, etc., so read the fine print and do a quick Google search to make sure they're legit, but for the most part you can't go wrong.

Keep in mind it changes over time which banks have the best rates. They tend to advertise a high rate to bring in customers, then lag over time, and hope people don't notice or don't care.


Dandan0005 t1_je30onw wrote

Yes, FDIC or NCUA (which is the same thing as FDIC but for credit unions) are safe.


Gliese_667_Cc t1_je2wdvs wrote

Betterment has 4.2% on cash reserve and up to $2M individual/$4M joint FDIC coverage because they spread your deposits among their program banks to increase coverage.


iamnotlegendxx t1_je33geg wrote

Just withdrew 80% of my funds from PNC and moved to Ally 4.75% no penalty CD


airportwaiting t1_je2z1r5 wrote

There’s no good reason not to switch and it takes only a few minutes, but if you don’t feel like switching definitely at least email PNC about it.

I recently sent PNC a note that I was switching for more competitive rates (capital one), they told me to call customer service. I did not feel like calling customer service, so I moved all my savings to my capital one. Two weeks later I have an email from PNC saying my new savings interest rate is 4%. So yeah idk just message them lol


jccool5000 t1_je33gef wrote

Vanguard has money market funds like VUSXX. 4.6% and partially state tax free! No fee and you can withdraw within a week - so keep some money in a regular savings for easy access while you take it out for larger needs.


redsoxfan_goboston t1_je34ehx wrote

I have been with Ally for over a decade. They have great rates and good customer service! Check out their CDs.


TickleThePink t1_je2qrw0 wrote

I knew I wanted to move states a few years ago. Decided it was time to prep and switched from a local CU to Alliant. I also have an Ally account. I have savings in both places for different purposes. All my interactions with both companies have been great. Did an auto loan with Alliant and it was great. They were also very much on top of things when it was time to wire money for escrow and the down payment for the house we bought.


jchaven t1_je2yq3c wrote

You don't "switch". You open an additional account (or more). These are where your emergency fund lives, or your new car fund, new refrigerator fund, etc. Your local Savings account is to cover your checking account.


Psychological_Turn72 t1_je32qec wrote

Definitely move your money to a high yield savings account. Look into CDs right now too if you can tie the money up for 11 or 12 months. Those rates are even more favorable. Also look at purchasing I bonds from the government. These will also tie your money up for at least a year.


KRed75 t1_je33yo4 wrote

I use Synchrony. Their HYSA is currently 4%. I keep only what I need to pay bills at my brick and mortar bank. When I sold my house, I deposited a $250K check at my wells fargo branch and they were all over that wanting me to invest with them. I just laughed and told them that the last time I "invested" with them, I lost $9K of my $10K investment and after 10 years, it never recovered. I transferred every penny of that $250K to Synchrony.

There once was a time when the brick and mortar banks paid great interest rates. I was making over 6% on a first union savings account around 2000. Now, they are wells fargo and I'm getting a whopping $.06 / mo on a $10K balance.


Justtryme90 t1_je35t8s wrote

PNC is fine for checking, but for savings I use Ally.


ManufacturerFun1132 t1_je2zfrj wrote

You should switch. Make sure you don’t save more than 250K in a bank.


Planner0811 t1_je35uxf wrote

I recently saw that CIT Bank has a 4.2% HYSA and a 4.4% rate if you keep more than 5k in the account. Pretty good for an emergency fund


mzarc_01 t1_je36kgb wrote

yeah makes sense % wise, but what’s your return on hassle? Do you carry a large enough balance to warrant the switch on a dollars basis? If so, look for an offer that will give you $xxx to open an account and maintain a balance on top of the higher savings rate. But if you like your bank and it’s convenient and you will earn $13 more in interest it may not be worth it.


xboxhaxorz t1_je37m8c wrote

>Capital One is 3.4%. American Express is 3.75%


Best or CFG bank has the same rate


>but feels like I'm losing money by staying put

Your feelings are correct

Banking is about dating around, switch to banks that have better offers, but dont cancel the old account and just keep the minimum balance, cause sometimes their offer/ interest rate gets better

CFG was my ex i was with Bask bank but now CFG is better so i am dating them for now


Mysterious_Bobcat483 t1_je3bcap wrote

I've got an Amex savings account and a 12 month cd. I invested half of the proceeds from my house and am down 6% from 12/21. But I'm making money safely with AmEx. I'm genx and don't trust the online banks since simple.


Anon7416 t1_je3eawe wrote

citizens bank hysa just went up from 4.00 to 4.15%


sliverdragon37 t1_je3emf5 wrote

You can find hysa above 4% right now, go get one of those


Ranch-Boi t1_je3f0bo wrote

I have like 8 different bank accounts and regularly transfer funds between them whenever one has a better interest rate. As long as there are no fees, there isn’t really much downside to this. Right now I’m at 4.3% interest in Wealthfront.


Gardener_Of_Eden t1_je3iheq wrote

You should be able to get 4+% right now if you look. Search for "best high yield savings accounts"


xIllicitSniperx t1_je3od1i wrote

My PayPal is showing 4.13% with a savings acct. I don’t like PayPal as a company unfortunately.


uhcgoud t1_je3pbpo wrote

Capitol One and AMEX has no physical location. PNC does


Codeez_Nutz t1_je3sq25 wrote

I lasted for about a month with PNC after they acquired BBVA. Didn't like anything about them. Rates are pretty bad with them as well.


kirsion t1_je3u19e wrote

I use sofi, it's 4% but requires direct deposit setup from your employer. If you don't want that, ally bank, discover is alright at 3.6% I believe. CDs have higher rates but harder to pull out money typically. Smaller banks might have slightly higher rates but might not be as reliable as bigger ones.