Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

PNC Virtual Wallet review

Get the perks of a checking and savings account in one, though interest rates are low.

finder.com’s rating: 3.4 / 5.0

★★★★★

The PNC Virtual Wallet offers the features of a checking account and savings account rolled into one. It’s interest-bearing, comes with ATM access and helps you track your spending through an app. But interest rates top out at 0.06% and monthly fees could eat into your savings.

From $7 per month

Fee

0.06%

APY

$25

Minimum deposit to open

Details

APY0.06% on balances of $1,000,000+ with a Performance Select relationship rate when you meet certain requirements.
FeeFrom $7 per month
To waive the fee• Be a student at a qualifying education institution
• Be 62 or older
• Maintain a $500 combined monthly balance across checking and savings
• Direct deposit at least $500 into your savings account monthly
Minimum deposit to open$25
ATMsFree at more than 18,000 PNC ATMs nationwide
ATM transaction fee$0
ATM fee rebatesUp to $20 fee reimbursement per statement depending on your account type
Out-of-network ATM fee$3
Foreign transaction fee3%

Review by


Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

The PNC Virtual Wallet account offers the convenience and flexibility of checking and savings in one. The account comes with free ATM access, mobile banking and bonus reward points.

But you’ll only earn up to 0.06% APY on balances of $1,000,000. While it’s on par with the the national interest rate average for savings accounts and more than the national average for checking accounts at 0.03% APY, you’ll find other high-yield checking accounts out there that have rates as high as 4% when you meet certain requirements.

Plus, unless you qualify for its monthly fee waiver, you’ll be paying $7 a month.

How do I open a PNC Virtual Wallet account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From PNC’s website, click Products and services in the menu bar and select Virtual Wallet.
  3. Type in your zip code to confirm product availability.
  4. Tap Apply now.
  5. Choose what type of Virtual Wallet you want, including Low Cash Mode, Performance Speed or Performance Select. (If you’re interested in Virtual Wallet Student, you’ll need to apply from PNC’s Student banking page.) Click Apply now.
  6. Enter your full name, Social Security number, date of birth, email address, residential address and employment information.
  7. Indicate the debit card PIN you’d like to use with your account or opt to receive your PIN by mail. Click Continue.
  8. Enter the bank account and routing number of the external account you’d like to use to fund your account. You must deposit at least $1 in your account to activate it.
  9. Your PNC Virtual Wallet debit card will arrive in the mail. In the meantime, access your funds by downloading PNC’s Virtual Wallet mobile app.

Eligibility

You must meet the following criteria to be eligible for a PNC Virtual Wallet account:

  • US citizen
  • At least years old
  • US residential address
  • Social Security number
  • Valid bank account

Required information

Have the following information ready before you apply:

  • Primary home address
  • Valid email address and phone number
  • Social Security number
  • Driver’s license or other state-issued ID
  • Account and routing number of your funding bank account

Choose from four account options

All Virtual Wallet accounts offer overdraft protection and access to nearly 18,000 ATMs across the US. Here’s a quick look at what each Virtual Wallet has to offer:

Account typeMonthly feeAPYFeaturesBonuses
Basic PNC Virtual Wallet$7
  • Spend: None
  • Reserve: 0.01% APY for balances $1 and above.
  • Growth: 0.02% APY for balances between $1 and $2,499.99. 0.03% for balances $2,500 and above.
  • 2 fee reimbursement per statement for out-of-network ATM transactions
  • Up to $5 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Low cash mode to alert you if your account is lower than a specific dollar threshold
$50 if you have $500 or more in qualifying direct deposits to your Spend account
Virtual Wallet with Performance Spend$15
  • Spend: 0.01%
  • Reserve: 0.01%
  • Growth: 0.03% APY for balances between $1 and $99,999.99. 0.04% for balances $1,000,000 and above.
  • 4 fee reimbursement per statement for out-of-network ATM transactions
  • Up to $10 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Digital tools to track your spending
$200 if you have $2,000 or more in qualifying direct deposits to your Spend account
Virtual Wallet with Performance Select$25
  • Spend: 0.01%
  • Reserve: 0.01%
  • Growth: 0.05% APY for balances between $1 and $99,999.99. 0.06% for balances $1,000,000 and above.
  • No fee for out-of-network ATM transactions
  • Up to $20 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Digital tools to track your spending
$300 if you have $5,000 or more in qualifying direct deposits to your Spend account
Virtual Wallet StudentNone
  • Spend: None
  • Reserve: 0.01% APY for balances $1 and above.
  • Growth: 0.02% APY for balances between $1 and $2,499.99. 0.03% for balances $2,500 and above.
  • One courtesy refund for your first overdraft event
  • One free incoming wire transfer per statement
  • 2 fee reimbursement per statement for out-of-network ATM transactions
  • Up to $5 fee reimbursement per statement for ATM surcharges from other financial institutions
  • Low cash mode to alert you if your account is lower than a specific dollar threshold
None

What are the benefits of a Virtual Wallet account with PNC?

In addition to mobile banking, direct deposit and ATM access, you’ll get the following perks:

  • Checking and savings. Enjoy the best of both worlds with short- and long-term savings along with a checking account.
  • Budgeting and money management tools. PNC Virtual Wallet offers nifty tools like a Money Bar to show you how much you already have allotted for bills and what’s free to spend. And its Danger Day feature tells you when your Spend account is inching toward being overdrawn so you can adjust your spending or accounts.
  • Cash bonus. PNC’s latest bonus promises to deposit $50, $200 or $300 into your new account if you complete the qualifications for the account option you select.
  • Free ATM access. Access your funds for free at more than 18,000 ATMs in PNC’s nationwide network.
  • Reward points. If you hold a PNC points Visa Card, your PNC Virtual Wallet account offers a 25% bonus on the base points you earn each billing cycle.
  • No minimum deposit online. Open your PNC Virtual Wallet online to avoid the $25 minimum required at a branch.

What should I look out for?

Prepare to pay a $3 fee each time you use an ATM outside of PNC’s network, along with the following drawbacks:

  • Low interest rates. Earn up to 0.06% APY when you meet certain direct deposit or transaction requirements each month — a rate much lower than other interest-bearing checking accounts.
  • Monthly fee. You’ll pay $7 a month to maintain your basic PNC Virtual Wallet account unless:
    • You’re a student at a qualifying education institution.
    • You’re 62 or older.
    • You maintain a $500 combined monthly balance across checking and savings.
    • You have a direct deposit of at least $500 into your savings account monthly.
  • Early closure fee. If you close your account within 180 days after opening it, you’ll pay a hefty $25 fee.

Review your savings options with other banks to find the strongest rates and benefits for your banking needs.

Compare PNC Wallet with other checking accounts

Explore other checking accounts with features that give PNC Wallet a run for its money, including APY and ATM access.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chase Secure Banking℠
Chase Secure Banking℠
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Chase Secure Banking offers no overdraft services
Douugh
Finder Rating: 4 / 5: ★★★★★
Douugh
N/A
$0
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
loading

Compare up to 4 providers

How do I deposit or withdraw my money?

PNC offers six ways for you to access the money in your account:

  • Online deposit. Transfer funds electronically between your PNC account and an externally linked account.
  • Mobile check deposit. Use the PNC Virtual Wallet mobile app to snap and deposit a check into your account.
  • Direct deposit. Schedule automatic deposits from an external account.
  • ATM. Visit any of PNC’s 9,000 ATMs nationwide and use your debit card.
  • In person. Deposit or withdraw funds during business hours at a PNC bank branch.
  • Zelle. Send and receive money from family and friends with an email address or mobile phone number.

PNC Virtual Wallet reviews and complaints

PNC reviews are mostly negative. It holds a 2.2 out of 5-star rating on Trustpilot out of 55 reviews, as of June 2021. And its Better Business Bureau (BBB) rating isn’t much better with 1.18 out of 5 stars based on 140 customer opinions. Although it’s not accredited with the BBB, it has an A+ rating for responding to customer complaints.

Most users were unhappy with PNC’s fees and the Virtual Wallet’s low interest rates. But a few customers rave about its budgeting tools, citing the Virtual Wallet as a great way to keep their weekly spending in check and ability to reach long-term savings goals.

How can I reach PNC’s customer service?

Get help in three ways:

  • Call 800-352-2255 weekdays from 7 a.m. to 10 p.m. ET or weekends from 8 a.m. to 5 p.m. ET.
  • Complete a secure online form for an email reply from customer service.
  • Reach out on Twitter by messaging @PNCBank_Help for a response from the support team.

What other savings options does PNC offer?

PNC offers a high-yield savings account, a standard savings account, money market accounts, CDs and IRAs alongside its Virtual Wallet account.

Frequently asked questions

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.

Read the full methodology of how we rate checking accounts.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site