Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

PNC Bank: Checking, savings, CDs and MMAs

A large bank with many offerings, but you might get hit with monthly fees and decision paralysis.

No reviews yet. Write a review

Our verdict

PNC Bank can be a solid choice for someone who wants a variety of products and services with traditional branch access. It has over 2,300 branches across the country and nearly 60,000 ATMs in its network. There are multiple checking and savings accounts, many CD terms to choose from, a money market account (MMA), business accounts and loans. The PNC High Yield Savings account is a shining star with a 4.65% APY and no opening deposit or monthly fees. However, monthly service fees are on most other accounts unless you can meet balance or deposit requirements. And as many perks as the Virtual Wallet accounts can have, the many variants can feel overwhelming, and it isn’t available in all states.

Best for: Those in need of a full-service bank with a large branch and ATM network.

Pros

  • Large variety of products and services
  • Overdraft protection and Low Cash Mode
  • Checking has many digital tools
  • High Yield Savings with 4.65% APY

Cons

  • Most accounts have monthly fees
  • Products and rates vary by location
  • May face high balance requirements
  • Virtual Wallet in 22 states

Is PNC Bank right for you?

PNC Bank is likely best for someone who prefers a full-service bank. Its flagship products, the Virtual Wallet accounts, are ideal for someone who can meet direct deposit or balance requirements to avoid the monthly fees. The PNC High Yield Savings account is decent, featuring a competitive 4.65% APY with no fees or opening deposit requirements, making it accessible to most. It’s also only best for someone who lives in one of the 22 states it serves.

PNC serves these 22 states

Arizona, California, Colorado, District of Columbia, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New Mexico, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Wisconsin, West Virginia.

How PNC Bank stacks up

Based out of Pennsylvania and founded in 1804, PNC Bank has established itself as a trusted bank with over 200 years in business. It has over $500 billion in assets and is ranked the sixth largest bank in the US by asset size.

PNC is a bit of a trailblazer when it comes to banking innovations. It set an example for digital all-in-one accounts that come with modern, built-in perks like budgeting features. While it’s typical for modern accounts to have these features now, we give credit where credit’s due.

Overall, its savings rates are not the most competitive. The PNC High Yield Savings account has a decent 4.65% APY, but the kids’ savings account has a measly rate of 0.01%. The CDs have decent promotional rates, topping out at 5.05% APY on a 4-month term, but that requires a $1,000 opening deposit, and rates can vary by zip code. Its Virtual Wallet account can be a checking and savings hybrid account, but the APYs are also not something to write home about.

Where it shines

PNC is revered for its innovations in checking and built-in digital tools.

  • Virtual Wallet full of perks. A modern, interest-bearing account with digital budgeting, spending and savings tools.
  • High APY on savings. Its High Yield Savings account offers a competitive 4.65% APY with no fees or balance requirements.
  • Low Cash Mode. A patent-pending feature that is designed to help you avoid overdraft fees. It lets you know how much time you have to bring your account balance out of the negative before being charged, gives you the option to pay or return payments if it’ll put your account in red and sends push notifications if your balance is low.
  • Reward offers. Earn a reward cash offer between $100 and $400 by meeting direct deposit requirements upon opening a Virtual Wallet account.
  • Highly rated app. PNC’s mobile app receives high marks from users, with over 1 million ratings on both the App Store and the Google Play store.

Where it falls short

PNC’s complicated offerings might not be the best fit for everyone, and some of its products aren’t available in all states.

  • Rates and offerings vary. Account availability varies by state, and interest rates also vary by location.
  • Monthly fees. Most PNC accounts have a monthly fee you can waive when you meet certain balance or direct deposit requirements.
  • Accounts can get complicated. Variety can be a good thing, but PNC’s checking accounts almost have too many options to sort through. The Virtual Wallet account has six different variants, and they all come with varying requirements to waive the monthly fee.
  • High CD deposit. While many banks of PNC’s size also typically require at least $1,000 to open a CD, it’s still not ideal for everyone. There are plenty of other competitive CDs with much lower requirements or no minimums at all.
  • High overdraft fee. PNC charges a $36 overdraft fee, so using its Low Cash Mode might be well worth your time.

PNC relationship rates

Many of PNC’s checking accounts and its MMA account are interest-bearing and offer relationship rates that are higher than the standard rates. To qualify for the relationship rates, you must meet one of these three requirements:

  1. Perform at least five transactions per month combined with either your PNC checking account or a PNC consumer credit card you’ve linked to your PNC checking account.
  2. Have $2,000 in qualifying direct deposits ($1,000 for WorkPlace or Military Banking customers) per month in the Virtual Wallet with Performance Spend or Performance Checking.
  3. Have $5,000 in qualifying direct deposits per month into the Virtual Wallet with the Performance Select account or the Performance Select Checking account.

PNC Bank’s checking accounts

PNC has multiple checking accounts to choose from and was one of the first banks to offer an all-in-one bank account.

Virtual Wallet

You can choose to use the Virtual Wallet account as a hybrid checking and savings account or just a checking account, effectively offering seven account variants if you count the student option. All the main variants come with a monthly service fee you can waive when you meet balance or direct deposit requirements.

Each account option has three subaccounts called Spend, Reserve and Growth. You’ll also get digital budgeting tools like spending categories and savings goals to track your progress, an in-app calendar to track bills and paydays and the Low Cash Mode feature.

The accounts are also interest-bearing, but rates vary by location and whether you can get relationship rates, typically ranging from 0.01% to 0.03% APY.

  • PNC Virtual Wallet®. This account comes with a $7 monthly service fee and no opening deposit requirement. Waive the fee by making $500 in direct deposits to your Spend account or by maintaining a $500 combined average monthly balance in your Spend and/or Reserve accounts.
  • PNC Virtual Wallet with Performance Spend. This account has a $15 monthly service fee, which can be waived with $2,000 in direct deposits to your Spend account, or maintain a $2,000 combined average monthly balance in your Spend and/or Reserve accounts. Comes with limited ATM reimbursements and higher interest rates on the Growth account than the core Virtual Wallet account, but rates vary.
  • PNC Virtual Wallet with Performance Select. You’ll pay $25 a month for this account unless you set up at least $5,000 in direct deposit to your Spend account or maintain a combined average monthly balance of $5,000 in your Spend and/or Reserve accounts. You’ll get no PNC out-of-network ATM fees and more ATM reimbursements than the Performance Spend account, higher relationship rates on the Growth account than other account options, and no fees for domestic wire transfers.

Virtual Wallet Student

As the name suggests, the Virtual Wallet Student account is built for college students. It’s essentially the same account as the regular Virtual Wallet but doesn’t charge any monthly service fees for six years if you prove student enrollment status. It also comes with ATM reimbursements and the three subaccounts Spend, Reserve and Growth to sort your funds, as well as budgeting tools and Low Cash Mode.

After six years, the Virtual Wallet Student account converts into a regular Virtual Wallet account.

Foundation Checking

This PNC checking account is less complicated and more traditional than the Virtual Wallet accounts. There’s a $5 monthly service fee and no minimum opening deposit. It has no overdraft fees, free cashier’s checks and offers in-app virtual tools to track your account activity.

However, you must apply for this account at a physical branch.

PNC savings accounts

PNC features a few savings accounts to choose from, but the best one is the High Yield Savings account.

  • PNC High Yield Savings account. This high-yield account earns 4.65% APY, with no monthly fees, no minimum opening deposit and no rate tiers to jump through. The rate is significantly higher than the national average of 0.45%, according to the FDIC.
  • Standard Savings. You’ll pay $5 a month for this account unless you meet one of these four requirements: Maintain a balance of $300, link your savings to a PNC checking account, set up at least $25 in automatic transfers from your PNC checking account or be under 18 years old. There’s no opening deposit requirement, unlimited deposits and transfers, and requires a $1 balance to earn interest. However, the APY is low, around 0.01% to 0.03% APY, which varies based on whether you qualify for relationship rates and your location.
  • 'S' Is For Savings. It’s open to all ages, but the ‘S’ Is For Savings account is heavily designed for elementary-aged kids as it teaches financial literacy concepts using Sesame Street characters. There’s no opening deposit requirement and offers an optional ATM card. There’s a $5 monthly fee, but that’s waived if the account holder is under 18. As great as all that is, the APY is very low at 0.01%.

PNC money market savings account

PNC offers a Premiere Money Market account. This MMA has a $0 opening deposit and a $12 monthly service fee. You can waive the fee by linking the MMA to a PNC checking account or by maintaining an average monthly balance of at least $5,000.

The account allows for up to six withdrawals per month, which is standard for most savings products. Its APY varies depending on whether you qualify for relationship rates and your balance. Rates aren’t the best we’ve seen, ranging between 0.04% to 1.30% APY.

PNC CDs

PNC offers fixed-rate CDs and fixed-rate IRA CDs. The regular fixed-rate CDs require a minimum opening deposit of $1,000, and the IRA CDs require at least $250 to open. You’ll also need to schedule an appointment with a PNC representative or visit a branch to open a CD.

The fixed-rate CD rates can also vary by balance when you renew it. For example, instead of renewing your CD for another $1,000 balance, you can keep a balance as low as $1. The majority of the CD terms have low rates, but there are a few promotional CD terms sprinkled in with decent rates, with the highest being 5.05% APY on a 4-month term. Like other products, its rates vary by location.

CD termAPY for balances $1 to $999 (renewals only)APY for balances $1,000 to $24,999.99APY for balances $25,000+Minimum deposit
1 month0.01%0.02%0.03%$1,000
4 months0.01%5.05%5.05%$1,000
3 months0.01%0.02%0.03%$1,000
6 months0.01%0.02%0.03%$1,000
7 months0.01%4.17%4.17%$1,000
9 months0.01%0.05%0.05%$1,000
12 months0.01%0.02%0.03%$1,000
13 months0.01%1.98%1.98%$1,000
18 months0.01%0.02%0.03%$1,000
19 months0.01%1.25%1.25%$1,000
24 months0.01%0.02%0.03%$1,000
25 months0.01%1.49%1.49%$1,000
36 months0.01%0.02%0.03%$1,000
37 months0.01%1.74%1.74%$1,000
48 months0.01%0.02%0.03%$1,000
60 months0.01%0.02%0.03%$1,000
61 months0.01%1.98%1.98%$1,000
84 months0.01%0.02%0.03%$1,000
120 months0.01%0.02%0.03%$1,000

Other PNC Bank products

PNC offers a variety of business products and lending options.

  • Small business services. Compare business checking, credit cards, merchant services and financing options.
  • Personal lending. PNC has a full suite of lending options, including mortgages, home refinancing, home equity loans, student loans, auto loans, personal loans and construction loans.
  • Investing. PNC’s investment services offer personalized advice on retirement planning based on risk tolerance and different stages of life.

Compare PNC with leading bank accounts

Compare accounts by monthly fee, opening deposit and APY. Select Compare to see up to four accounts side-by-side.

1 - 5 of 26
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
From $0 per month
$0
5.00% on balances of $0 to $1,000,000
PNC Virtual Wallet with Performance Select
Finder Score: 3.4 / 5: ★★★★★
Bonus
PNC Virtual Wallet with Performance Select
$25 per month
(can be waived)
$0
0.01%
Earn $400 when you open a new PNC Virtual Wallet with Performance Select and establish a direct deposit of at least $5,000+ to your Spend account in the first 60 days.
loading
{"visibility":"visibilityTable","ctaLabel":"Calculate","tableCode":"savings_calculator_table","nicheCode":"USFSA","fields":[{"name":"PERIOD","value":"1","options":"","label":"Years to save","suffix":"","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":""},{"name":"INITIAL_DEPOSIT","value":"1000","options":"","label":"Initial deposit","suffix":"$","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":"Select Calculate to see your estimated total balance based on the current APY for each product below"}]}
1 - 6 of 30
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
BrioDirect High-Yield Savings
Finder Score: 4.4 / 5: ★★★★★
BrioDirect High-Yield Savings
Traditional savings

5.30%

Up to $250,000
$25
$5,000
$1,053
Western Alliance HYSA through Raisin
Finder Score: 4.7 / 5: ★★★★★
Western Alliance HYSA through Raisin
Traditional savings

5.27%

Up to $250,000
$0
$1
$1,052.70
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
$1,046
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
$1,043.50
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
Savings app

5.00%

Up to $1 million
$0
$0
$1,050
Bask Bank Interest Savings Account
Finder Score: 4.6 / 5: ★★★★★
Bask Bank Interest Savings Account
Traditional savings

5.10%

Up to $250,000
$0
$0
$1,051
loading
{"visibility":"visibilityTable","ctaLabel":"Calculate","tableCode":"savings_calculator_table","nicheCode":"USFSA","fields":[{"name":"PERIOD","value":"1","options":"","label":"Years to save","suffix":"","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":""},{"name":"INITIAL_DEPOSIT","value":"1000","options":"","label":"Initial deposit","suffix":"$","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":"Select Calculate to see your estimated total balance based on the current APY for each product below"}]}
1 - 6 of 13
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Quontic Bank Money Market
Finder Score: 4.6 / 5: ★★★★★
Quontic Bank Money Market
Money market

5.00%

Up to $250,000
$0
$100
$1,050
Discover® Money Market
Finder Score: 3.9 / 5: ★★★★★
Discover® Money Market
Money market

4.05%

4.00%

Up to $250,000
$1
$2,500
$1,040.50
CIT Bank Money Market
Finder Score: 3.9 / 5: ★★★★★
CIT Bank Money Market
Money market

1.55%

Up to $250,000
$0
$100
$1,015.50
Great Lakes FCU MMA through Raisin
Finder Score: 4.7 / 5: ★★★★★
Great Lakes FCU MMA through Raisin
Money market

2.40%

Up to $250,000
$0
$1
$1,024
Axos Bank High Yield Money Market account
Finder Score: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
Money market

0.25%

Up to $250,000 individual
$0
$1,000
$1,002.50
Axos Bank Business Money Market
Finder Score: 3.6 / 5: ★★★★★
Bonus
Axos Bank Business Money Market
Money market

0.20%

Up to $250,000
$0
$1,000
If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
$1,002
loading
1 - 6 of 13
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.90%
4.40%
$1,000
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
4.95%
N/A
$1
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Bask Bank CDs
Bask Bank CDs
5.35%
5.30%
N/A
$1,000
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.10%
4.50%
4.30%
$500
loading

Customer service experience

A large and long-time bank, PNC has a lot of customer feedback. It holds the highest Better Business Bureau (BBB) rating of A+ and has a little under 2,500 complaints filed in the last three years. On Trustpilot, it has a poor 1.3-star rating out of around one thousand reviews.

The majority of the negative complaints and reviews discuss typical banking issues, such as failed attempts to resolve fraudulent charges, unhappiness with monthly or overdraft fees on checking accounts, and poor customer service at branches. Many reviews specifically complain about PNC’s mortgages, with a few customers saying PNC doesn’t accept partial home loan payments or general issues with loan payments taking a while to clear.

Happy customers say they’ve been with the bank for years with no issues, report responsive customer service and helpful brokers and praise the mobile app. On Reddit, many users say the Virtual Wallet is convenient, and they love its modern budgeting tools and also report the mobile app is easy to use. PNC’s mobile app has a 4.8-star rating on the Apple App Store and a 4.4-star rating on Google Play — combined the apps have over 1.7 million ratings.

Alexa Serrano Cruz's headshot
To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.
Bethany Hickey's headshot
Written by

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise
Bethany has written 392 Finder guides across topics including:
  • Personal finance
  • Banking
  • Auto loans
  • Insurance
  • Cryptocurrency and NFTs

More guides on Finder

Go to site