In this article, we'll compare two popular savings accounts – Discover and PNC – side by side, to help you make an informed decision about where to save your hard-earned money.
We'll take a close look at the features, fees, interest rates, and overall user experience of each account to help you decide which one is right for you.
Compare Savings Account Rates
Discover Online Savings | PNC High Yield Savings | |
|---|---|---|
Savings Rate | 4.30% | 4.30%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
|
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
CD Range | 2.00% – 5.00% | 0.01% – 4.80% |
The table provides a comparison between two popular online savings accounts, Discover Online Savings and PNC High Yield Savings.
In terms of the savings rate, PNC High Yield Savings offers a slightly higher rate compared to Discover Online Savings. Both accounts have no minimum deposit requirements or fees, making them accessible to a wide range of customers. However, it is worth noting that PNC High Yield Savings requires a minimum balance of $1 to earn interest.
Neither account currently offers any promotions, so customers won't receive any bonus for opening a new account. When it comes to CD rates which can be a good alternative to savings account, Discover Online Savings offers higher rates (2.00% – 5.00%) compared to PNC High Yield Savings (0.01% – 4.80%). This may be an advantage for customers who are interested in investing in CDs instead of savings accounts.
Overall, while PNC High Yield Savings offers a higher savings rate, Discover Online Savings may be a better choice for customers interested in investing in CDs due to its wider range of rates. However, the final decision may depend on individual financial goals and preferences.
Compare Savings Account Features
PNC High Yield Savings | Discover Online Savings |
|---|---|
Easy Transfers | Excellent Mobile App |
Automatic Savings Plans | Automatic Saver Options |
Mobile Check Deposit | Deposit Money Options |
Mobile and Online Banking |
- Automatic Savings Plans
This account offers automatic savings plans that allow customers to set up regular automatic transfers to their High Yield Savings account, simplifying the savings process.
- Mobile Check Deposit
Depositing checks is simple and convenient with PNC's mobile app, enabling customers to make deposits anytime, anywhere.
- Easy Transfers
PNC High Yield savings account provides a hassle-free way to transfer funds into your account with no charges.
Customers can easily link their new savings account to an external bank account and transfer funds as needed, giving them more control over their savings.
- Mobile and Online Banking
PNC's mobile and online banking platform offers a user-friendly interface that makes it easy to manage the account and perform transactions.
- Excellent Mobile App
The Discover Bank app is available for Android and Apple devices, allowing you to manage your account, transfer funds, check balances, and deposit checks.
- Automatic Saver Options
You can schedule regular transfers from your Discover checking account to maximize returns and build your savings fund.
- Deposit Money Options
Discover Online Savings account provides several options for depositing money into your account, including mobile deposit, online transfer, wire transfer, direct deposit, and mailing in a check.
Finding the Best Savings Account Rates
If you are looking for alternative savings accounts to PNC and Discover, you have a wide variety of options to consider. In addition to traditional banks, there are online banks and credit unions that offer competitive rates and minimum deposit requirements.
To help you make an informed decision on which option is best for you, we have compiled a table comparing the savings account rates and minimum deposit requirements of various traditional banks, online banks, and credit unions.
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
5.05% | $100 | Online Bank | |
4.15% | $0 | Online Bank | |
4.25% | $0 | Online Bank | |
4.30% | $0 | Online Bank | |
4.35% | $0 | Traditional Bank | |
5.07% | $0 | Online Banking | |
4.40% | $0 | Online Banking | |
4.35% | $0 | Online Bank | |
4.50% | $100 | Online Banking | |
4.75% | $0 | Online Bank | |
4.50% | $100 | Online Bank | |
3.10% | $0 | Credit Union | |
4.25% | $0 | Online Bank | |
up to 4.50% | $1,000 – $5,000 | Online Bank | |
3.00% | $5 | Credit Union |
