PNC Premium Business Money Market Account 2024 Review
Each bank may offer one or several business savings accounts. The options can quickly get overwhelming when you’re trying to find the best option for your company.
Here’s what you need to know about the PNC Premium Business Money Market account to see if it’s a good fit for your business’s needs.
The PNC Premium Business Money Market account won’t be a good fit for a business shopping for a stand-alone money market or savings account. Instead, these companies will likely want to find an online business savings account paying a much higher interest rate.
That said, current PNC Bank customers may find this account useful. It allows you to keep all of your business finances at one institution which helps simplify business banking.
PNC Bank Premium Business Money Market Account Pros & Cons
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Find the best business accounts to manage your business funds better and improve your bottom line:
Compared to Other Business Savings Accounts
Live Oak Bank Business Savings Account
The Live Oak Bank Business Savings Account, without a monthly maintenance fee, offers competitive interest rates for businesses okay without branch access or cash deposits, making it an attractive option for businesses that can get by with just digital banking.
Read the full review of the Live Oak Bank Business Savings Account.
Chase Business Total Savings
For the Chase Business Total Savings account, a $10 monthly fee applies, targeting existing Chase customers with its extensive branch network and integration tools, despite offering low interest rates. The fee can be waived under specific conditions.
Read the full review of the Chase Business Total Savings account.
Wells Fargo Business Market Rate Savings
The Wells Fargo Business Market Rate Savings account, featuring a $5 monthly fee (can be waived), appeals to existing customers with its low minimum deposit and check-writing capabilities, though it offers a very low interest rate.
Read the full review of Wells Fargo Business Market Rate Savings.
Bank of America Business Advantage Savings Account
The Bank of America Business Advantage Savings Account imposes a $15 monthly fee, designed for existing customers needing branch access, despite low interest rates, with fee waiver options available.
Read the full review of the Bank of America Business Advantage Savings Account.
Monthly Fee
The PNC Premium Business Money Market account charges a $12 monthly account maintenance fee. You can get this fee waived if you maintain a minimum average monthly collected balance of $2,500.
Monthly Deposit Limits
The account comes with 30 free monthly deposit items. Each additional item deposited over this limit results in a $0.50 fee.
Cash Deposit Limits
You can deposit up to $5,000 of cash in your money market account with no fee each month. Each additional $100 of cash deposited in the account beyond the limit results in a $0.40 fee.
Interest Rates
This money market account technically pays interest using a tiered rate structure. Currently, the rates paid are virtually nothing for all balance tiers.
The rates are among the lowest rates currently offered at brick-and-mortar banks. The interest rates can likely easily be beaten by one of the top online business savings accounts.
Other Account Fees
As with any type of business bank account, you may come across other fees when using this account. Here are a few of the more common fees you may want to watch out for:
Other Service Fees - PNC Bank Premium Business Money Market Account
| Type | Fee |
|---|---|
| Check fee (for each check over six per month) | $25.00 each |
| ACH credit/debit received | $0.22 each |
| Out-of-network ATM fee (domestic and Canada) | $3.00 each |
| Out-of-network ATM fee (international) | $5.00 each |
| Paper statement fee | $5.00 per month |
Account Access and Management
This money market account is extremely basic. You do get access to your account through PNC Bank’s numerous branches and ATMs. You can also access your account through online access.
The account is FDIC-insured up to the maximum limits allowed by law. FDIC insurance considers personal and business accounts separately for insurance limits as long as you aren’t a sole proprietorship.
How to Open
PNC Bank only allows you to apply for the PNC Premium Business Money Market account over the phone or in person at a branch.
The bank does not list what information you need to bring with you when opening an account. That said, most banks require the following types of information.
- Social Security number
- Employer identification number
- Business and personal address
- Business and personal phone number
- The same information as above for all significant owners or managers of the company with signing access
- Date business started
- General statistics about the business
- Articles of incorporation
- Company charter
- Partnership agreement
- Other identifying or business formation documents
How to Choose the Right Business Savings Account
Each business may use a savings account in different ways. That means the best business savings account for one company won’t be the same as another business’s.
You should start by creating a list of needs and wants. Then, you can evaluate potential business savings accounts against that list.
Here are some of the concepts you may want to consider prioritizing when evaluating business savings accounts.
Interest rate
A savings account’s interest rate is often at the top of the short list of concepts businesses consider. This feature determines how much money your money can earn while sitting in the account.
Some accounts have tiered structures that vary depending on the balance you keep in your account. These structures tend to benefit businesses that can keep more money in the account.
FDIC or NCUA insurance coverage
You want your bank or credit union to be an FDIC or NCUA member. This membership means the savings accounts at the bank or credit union are covered by the applicable deposit insurance.
FDIC and NCUA insurance can protect your money up to the insurance limits if your bank or credit union fails. Businesses that plan to deposit more money than insurance limits cover should carefully consider a bank’s financial stability before depositing more funds.
Monthly maintenance fees
While you don’t expect to pay maintenance fees on personal savings accounts, business savings accounts often charge these fees. Ideally, you can find an account that doesn’t charge a maintenance fee or offers an easy way to get the fee waived.
Minimum balance requirements
If a business savings account has a maintenance fee, it can usually be waived by maintaining a minimum balance in the account. Each bank calculates the balance using its own method, so it’s imperative to understand how the minimum is calculated.
Transaction limits and excess transaction fees
Savings accounts almost always limit your withdrawals, but many limit the number of free deposits you can make, too. Each additional deposit above the limit will likely result in a small fee.
Cash deposit limits and excess cash deposit fees
Banks often offer a monthly limit for free cash deposits. After you’ve exhausted your free cash deposits in a month, you must pay a small fee for each additional $100 of cash deposited.
Physical bank locations and hours
Physical banks offer locations for customers to visit. Look for a bank that offers convenient branch locations and operating hours.
Other products
You may be shopping for a suite of banking products. In these instances, it’s often better to consider a bank’s major checking account or loan features. Then, you may want to choose a business savings account at that same bank to keep your business finances simple.
