PNC Virtual Wallet review
- Fee
- $25 per month
- APY
- 0.01%
- Minimum deposit to open
- $0
Our verdict
Get the perks of a checking and savings account in one, though interest rates vary wildly by location.
Best for: Customers who want an all-in-one banking product they can manage from one mobile app.
Pros
-
Expense tracker and money management tools
-
Free overdraft protection
-
Earn up to $400, conditions apply
Cons
-
Most accounts have a monthly fee
-
Only available in 22 states
-
Low interest rates that vary by location
Who is PNC Virtual Wallet best for
PNC Virtual Wallet accounts are best for those who want the convenience and flexibility of checking and savings features in one account. There are five types of Virtual Wallets to choose from, and they each come with free ATM access and mobile banking.
But the products and APYs offered vary significantly by location, so not all customers will enjoy a competitive interest rate. When we spoke to PNC, they told us that the Virtual Wallet accounts are only available in these 22 locations:
- Alabama
- Arizona
- California
- Colorado
- D.C.
- Delaware
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Maryland
- Michigan
- New Jersey
- New Mexico
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Texas
- West Virginia
- Wisconsin
So not all customers will enjoy a competitive interest rate. Plus, most accounts come with a monthly fee, so the Virtual Wallet makes the most sense if you also qualify to waive the fee, which varies depending on which account you choose.
How it works
There are five types of Virtual Wallet accounts to choose from. Each one bears interest and comes with an ATM card. Fees and perks vary by product, so you can hone in on the checking and savings account combo that best fits your needs.
| Account name | Best for | Monthly fee | How to avoid | Features |
|---|---|---|---|---|
| Virtual Wallet | Those who want a no-frills checking account and keep a balance of at least $500 | $25 | Meet one of the following:
|
|
| Virtual Wallet with Performance Spend | Those who periodically use out-of-network ATMs | $15 | Meet one of the following:
| Virtual Wallet features, plus:
|
| Virtual Wallet with Performance Select | Those who regularly use out-of-network ATMs | $25 | Meet one of the following:
| Virtual Wallet features, plus:
|
| Virtual Wallet Checking Pro | Those who don’t want a monthly fee | $0 | Not applicable | Virtual Wallet features, plus:
|
| Virtual Wallet Student | Students | $0 for the first six years, then $7 when it converts to a regular Virtual Wallet account | After six years, you’ll need to meet one of the following:
| Virtual Wallet features, plus:
|
What makes PNC Virtual Wallet shine
The PNC Virtual Wallet breaks the mold of traditional banking by letting you enjoy the best of both worlds with short- and long-term savings along with a checking account. While you can choose to open any Virtual Wallet as a checking account only, you’d be missing out on higher interest rates for your unused cash by not utilizing its Reserve and Growth cash buckets.
You’ll get access to over 9,000 in-network PNC-brand ATMs across the country. While this isn’t as much as some online banks, like Ally Bank, that partner with ATM networks like AllPoint to provide customers access to over 55,000 ATMs, most Virtual Wallet accounts come with ATM reimbursements of up to $20 a month to cover fees for using out-of-network ATMs.
PNC Bank also has useful digital spending tools for managing money. For example, its Money Bar shows you what funds are needed for upcoming bills and what’s free to spend. Its budgeting tools monitor your spending and send you alerts to help you stack on track. And PNC’s new Low Cash Mode has several features that give you more control in handling overdrafts:
- Alerts. Notifications for when your account is near or below zero.
- Extra Time. Deposit money to your account within 24 hours to cover any overdrafts to avoid the overdraft fee.
- Payment Control. Choose whether you want to pay or return checks and ACH transfers when your balance is in the red.
Plus, PNC frequently offers cash rewards of $100, $200 or $400 for new customers that complete specific tasks for the account option you select.
Where PNC Bank Virtual Wallet falls short
The biggest drawback is its product availability. Depending on where you live, you may not be eligible for a specific type of Virtual Wallet tier, or your interest rates may be nearly nonexistent.
Here’s a snapshot of the range of interest rates we’ve found for each Virtual Wallet account across its Spend, Reserve and Growth categories.
| Account | APY range |
|---|---|
| Virtual Wallet | 0.01% to 2.55% APY |
| Virtual Wallet with Performance Spend | 0.01% to 3.6% APY |
| Virtual Wallet with Performance Select | 0.01% to 3.6% APY |
| Virtual Wallet Checking Pro | 4% APY |
| Virtual Wallet Student | 0.01% to 0.03% APY |
For example, PNC Bank doesn’t offer the Virtual Wallet Checking Pro account to New York residents, which means you could be missing out on 4% APY on balances of $1 or more. On the other hand, while New York and California residents both qualify for the PNC Virtual Wallet account, New Yorkers can only earn up to 0.03% APY — that’s lower than the national average of 0.45%, whereas Californians stand to earn up to 2.55% APY.
In other words, if you deposited $100 into your Virtual Wallet account, you’d only earn $0.03 after a year if you lived in New York. But if you lived in California, you’d earn $2.55 — 85 times more than your East Coast counterpart.
Plus, your monthly fee can quickly eat away at your savings — unless you qualify to waive it.
Compare PNC Virtual Wallet with other accounts
Narrow down other checking accounts by features, including APY and ATM access. Select Compare to see how up to four products stack up.
Customer experience
PNC Bank reviews are mixed on the Better Business Bureau, Trustpilot and Reddit. Some customers call out unpleasant experiences with their local customer service agents, while others have nothing but good things to say. The Federal Financial Institutions Examination Council (FFIEC) has given most of PNC Bank’s branch locations an Outstanding or Satisfactory rating.
Customers complaining about PNC Virtual Wallet contend it has low interest rates and high fees. But we also found a few Reddit users that highly recommend the product for its ease of use. And a few customers rave about its budgeting tools, citing the Virtual Wallet as a great way to keep their weekly spending in check and reach long-term savings goals.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Kimberly Finder
Writer
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