PNC’s tiered checking and savings accounts are packed together into its convenient Virtual Wallet. But monthly service fees can get steep if you’re not careful about meeting balance or deposit requirements. And interest rates are only competitive on specific accounts available in select states.
Best for: Those looking for a short-term savings and checking combo to manage their finances.
Pros
Free overdraft protection
Digital tools to track spending
Most accounts offer ATM reimbursements
Cons
Most accounts have monthly fees
Products and rates vary by location
Most accounts have high balance requirements
Is PNC Bank right for you?
PNC Bank has a lot of red tape when it comes to fee waivers on most of its Virtual Wallet products. And with such low interest rates and rigid account requirements for fee waivers, there are few advantages to having an account. But three products stand out if you qualify.
The Virtual Wallet Student account lets you enjoy all the benefits, such as two non-PNC ATM withdrawals and an automatic courtesy overdraft fee refund, for six years with no monthly service charge. Keep in mind that you may be asked to provide proof that you’re enrolled in a qualifying educational institution. And if you ever convert your account to another product, you can’t transfer it back to a student account.
There’s also one attractive nonstudent checking and savings combo reserved for customers that live in a state that offers it: The Virtual Wallet Checking Pro account. You can choose to open just the checking account, but you’d be missing out on its high interest rate of 4% APY. Plus, this is one of the few checking accounts with no minimum balance requirements, no monthly fee and it still qualifies for $20 in ATM fee reimbursements — the highest we’ve seen on any of PNC’s Virtual Wallet accounts.
But if you’re just after a savings account with an impressive interest rate, see if you’re eligible for the PNC High Yield Savings account. This minimalist savings account earns 4.5% APY and has no strict account requirements, like monthly fees or minimum balance hoops to jump through.
How PNC Bank stacks up
PNC Bank is one of the largest financial institutions in the US, with over 2,000 brick-and-mortar locations and about $557 billion in assets. Customers have access to over 9,000 free ATMs nationwide.
Where it shines
PNC Bank’s Virtual Wallet offers a unique product that lets you see and manage your checking and savings accounts in one place. If you’re a one-and-done kind of person, PNC’s full-service offerings allow you to keep it all under one roof. Plus, its different account tiers let you grow with your bank account as your income or financial goals change.
Another helpful feature is its financial management tools that let you conveniently track and strategically organize your money from the mobile app. And transferring cash between your Spending, Reserve or Growth categories only takes a few seconds and is instantly processed.
Where it falls short
Nearly all PNC Bank’s products have monthly service fees with strict fee-waiver requirements. You must have a specific amount of money flowing in via direct deposit each month or sustain a relatively high balance ranging from $500 to $25,000, depending on the account.
And its products availability and interest rates vary widely from 0.01% to 4% APY based on location. So depending on where you live, PNC’s product may have a competitive interest rate or be peanuts compared to a high-yield savings account.
PNC Bank personal banking products
PNC Bank offers both checking and savings accounts as well as a combo product that allows you to spend and save within the same account. There’s no minimum deposit if you open an account online. But if you apply at a branch, you must deposit at least $25 to get started or $100 for the Premiere Money Market account.
PNC checking accounts
When you apply for any PNC Virtual Wallet with Performance Select — excluding the student account — you can lump your checking and savings into one account or open a solo checking account.
The hybrid Virtual Wallet designates your money into three sections:
Spend. A primary checking account. In some tiers, it can earn 0.01% APY.
Reserve. Keep your short-term savings here. Expect an APY of about 0.01% on balances $1 and up.
Growth. Meant for long-term savings and generally earns a higher interest rate than your Reserve account. The standard APY is about 0.01%, but we’ve seen interest rates up to 4% APY depending on your location, balance, account type and whether you qualify for the Relationship Rate.
Where it stands out
Digital tools to track your spending
Alert to fund your Spend account to avoid overdraft fees
Most accounts come with ATM reimbursements
Potential drawbacks
Most accounts have a monthly fee
Product availability and rates vary by location
PNC Bank offers five types of Virtual Wallet accounts, and their availability depends on your ZIP code
Account name
Best for
Monthly fee
Features
Virtual Wallet
Those who want a straightforward checking account and keep a balance of at least $500
$7 or $0 if you meet one of the following requirements:
$500+ in monthly direct deposits to your Spend account
$500+ total monthly balance in your Spend and Reserve accounts
Age 62+
Standard Virtual Wallet features include:
Budgeting tools
Spending and low balance alerts
Two layers of overdraft protection
Virtual Wallet with Performance Spend
Those who occasionally use out-of-network ATMs
$15 or $0 if you meet one of the following requirements:
$2,000+ in monthly direct deposits to your Spend account
$2,000+ total monthly balance in your Spend and Reserve accounts
$10,000+ in total PNC account balances
Receive at least $1,000 in monthly direct deposits and are a military member
Standard Virtual Wallet features, plus:
Free paper statements
2 out-of-network ATM fee reimbursements a month up to $5
Virtual Wallet with Performance Select
Those who frequently use out-of-network ATMs
$25 or $0 if you meet one of the following requirements:
$5,000+ in monthly direct deposits to your Spend account
$5,000+ total monthly balance in your Spend and Reserve accounts
$25,000+ in total PNC account balances
Standard Virtual Wallet features, plus:
Free paper statements
Up to $10 ATM reimbursements for third-party out-of-network ATMs
Virtual Wallet Checking Pro
Those who don’t want a monthly fee, but it’s only available in particular locations
$0
Standard Virtual Wallet features, plus:
Free paper statements
No PNC out-of-network ATM fees
Up to $20 ATM reimbursements for third-party out-of-network ATM fees per month
Virtual Wallet Student
Students
$0 for the first six years, then $7 when it converts to a regular Virtual Wallet account
Standard Virtual Wallet features, plus:
One overdraft fee refund
One free incoming wire transfer per month
Free paper statements
2 out-of-network ATM fee reimbursements up to $5 a month
PNC savings accounts
PNC Bank also offers a handful of savings accounts independent of their checking and combo products. All of its savings products support automatic transfers from your PNC checking account to your PNC savings account and come with an ATM card.
Choose from four PNC savings accounts that all earn interest on balances $1 or more:
Standard Savings. A bare-bones savings account that earns 0.01% APY as the standard rate. If you have a qualifying PNC checking account, you could earn the Relationship Rate of up to 0.03% APY depending on your balance.
High Yield Savings. Earn an impressive 4.5% APY with no monthly fee or account balance requirements: An interest rate that’s about 11 times the national average.
Premiere Money Market. A savings account that offers higher interest rates of up to 3.6% APY than the Standard Savings account, especially if you qualify for the Relationship Rate.
'S' Is For Savings. Designed for kids and teens under 18, you’ll earn 0.01% APY on your cash.
When it comes to savings accounts, interest rates play a critical role in growing your money. At PNC Bank, we’ve seen rates that range from 0.01% APY to 4% APY depending on your account type, whether you qualify for PNC’s Relationship Rate, your balance and where you live. The highest APY we’ve seen is for the PNC High Yield Savings account, but availability is limited to specific locations.
Where it shines
Supports automatic transfers to and from your PNC checking account
Free ATM card
Two accounts are eligible for Relationship Rates
Where it falls short
Most accounts come with a monthly fee
Limited product availability and rates based on location
Account name
Best for
Monthly fee
Features
Standard Savings
Those who have a qualifying PNC checking account to unlock Relationship rates and qualify for a monthly fee waiver
$5 or $0 if you meet one of the following requirements:
Monthly balance of $300
Linked to a qualifying PNC checking account
At least one $25+ automatic monthly transfer from your PNC checking account to your savings account
Age 18 or younger
Eligible for Relationship interest rate
High Yield Savings
Those who don’t want a monthly fee
$0
Standard savings account features, including:
ATM card
Automatic transfers from your PNC checking to your High Yield Savings account
Premiere Money Market
Those who have a qualifying PNC checking account to unlock Relationship rates and qualify for a monthly fee waiver
$12 or $0 if you meet one of the following requirements:
Monthly balance of $5,000
Linked to a qualifying PNC checking account
Eligible for Relationship interest rate
'S' Is For Savings
Kids under 18
$5 or $0 if you meet one of the following requirements:
Account holder is under 18
Monthly balance of $300
At least one $25+ automatic monthly transfer from your PNC checking account to your savings account
Standard savings account features, including:
ATM card
Automatic transfers from your PNC checking to your High Yield Savings account
Other PNC Bank products
Credit cards. PNC Bank offers an assortment of credit cards with different perks, including cash back, low interest rates and travel.
CDs. PNC’s certificates of deposits have terms ranging from seven days to 10 years with a minimum $1,000 opening deposit.
Prepaid Visa. For a $5 monthly fee, the PNC Prepaid Visa card lets you load funds, pay bills and withdraw cash.
Mortgages. Take out a home loan or refinance your current mortgage.
Home equity lines of credit. Choose from a variable or fixed-rate home equity line of credit.
Auto loans. Finance your next vehicle or refinance your existing auto loan.
Personal loans and lines of credit. Borrow money and pay it back through fixed installments with a personal loan or access funds whenever you need to with a PNC personal line of credit.
Student loans. Cover your undergraduate college expenses if you don’t qualify for government loans and financial aid.
Investments. PNC offers a plethora of investment solutions, including individual retirement accounts, brokerage accounts and education accounts.
Compare PNC with leading bank accounts
Compare checking and savings accounts by monthly fee, opening deposit and APY. Select Compare to see up to four accounts side-by-side.
PNC Bank isn’t accredited with the Better Business Bureau (BBB) but holds an A+ rating for addressing customer complaints. But customer reviews on BBB and Trustpilot are extremely poor, averaging 1.1 and 1.3 out of 5 stars, respectively.
While some customers praise their local customer service agents, many report poor experiences, which is expected on review forums. Several negative reviews cite holds on their accounts, website and mobile app issues and difficulties withdrawing their money.
The Federal Financial Institutions Examination Council (FFIEC) has given most of its branch locations an Outstanding or Satisfactory rating, and its online accounts are FDIC-backed. PNC made the Hispanic Network Magazine’s Top Financial and Banking Company list for seven consecutive years starting in 2017.
Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Enjoy no monthly fees, no minimum deposit and a strong APY — but only if you live in an eligible state.
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