PNC Bank Review

Pros Explained

• Sign-up bonuses for deposit accounts: Sign-up bonuses are more common with credit cards and business accounts, but PNC offers one when you open a Virtual Wallet. You can earn either $50, $200, or $400 when you sync your account with a qualifying direct deposit, or other by meeting other requirements, depending on the type of account.
• ATM fee reimbursement: You can either have your non-network ATM fees reimbursed or have them dropped altogether depending on which type of deposit account you sign up for. This might include being reimbursed for several specific ATM fees per statement cycle or receiving up to a certain amount in ATM fees back. 
• Wide range of products and services: PNC offers everything from student loans to auto loans to wealth management to life insurance in addition to deposit accounts.

Cons Explained

• Harder to open a stand-alone account: PNC takes a slight departure from standard banking products in how it packages its deposit accounts. Its Virtual Wallet offers three accounts rolled into one: “Spend" is a primary checking account, “Reserve” is an interest-earning checking account and “Growth" is a savings account. PNC’s unique ecosystem for its deposit accounts can be confusing. Stand-alone checking and savings accounts are offered, but the Virtual Wallet seems to be the de facto type of account, according to PNC's website.

Who Is PNC Bank Best For?

PNC Bank could be a particularly strong fit for some individuals:

• Those who want to open both a savings and checking account with a single bank. 
• Those who want a one-stop shop for banking and financial services.
• Anyone who prefers to step into a brick-and-mortar location and talk to a human because this bank has locations in 28 states and the District of Columbia.
• Those who want to bank with a long-standing, established institution.

What Does PNC Bank Offer?

PNC Bank boasts a wide swath of financial products and services, as you might expect from one of the largest financial institutions in the U.S.

• Savings accounts
• Checking accounts
• Virtual wallets (savings and checking accounts rolled into one)
• Certificates of deposit (CDs)
• Credit cards

PNC's online-only offerings in states where it doesn't have branches are actually better than those in the states where it does have brick-and-mortar locations.

Virtual Wallet

The Virtual Wallet is PNC’s basic account with a handful of features. It includes three accounts that are packaged together. PNC uses different lingo to brand its deposit accounts just as Starbucks uses different words for its beverage sizes.

• Spend: This is a regular checking account that might earn interest, depending on the Virtual Wallet account. The minimum amount to open an account is $25 but it drops to $0 if you open the account online.
• Reserve: This is an interest-bearing checking account. It’s designed for short-term savings goals. You must keep at least $1 in your account for it to earn interest, but there's no minimum amount required to open one.
• Growth: This is a savings account for long-term savings, also with no minimum amount required for opening.

The Virtual Wallet has a $7 monthly maintenance fee. You can drop the fee if you meet one of three criteria:

• Maintain a $500 combined monthly average balance in your Spend and Reserve accounts
• Make $500 in monthly direct deposits to your Spend account
• Are age 62 or older

You can be rewarded with a $50 bonus if you open and use a Virtual Wallet account.

Your Reserve account earns an APY of 0.01%. You’ll have to use either your debit card or PNC Visa credit card to make at least five purchases or set up a monthly direct deposit of at least $500 if you want to snag a slightly higher relationship rate of 0.02%-0.03% (depending on your balance) on your Growth account, otherwise the Growth account will also only earn 0.01%.

PNC accountholders have access to 9,000 ATMs that are free to use. Non-network ATM fees are $3 per ATM visit in the U.S. and $5 for international ATM transactions. There’s also an overdraft fee of $36 per item with a cap of four transactions per day.

Virtual Wallet With Performance Spend

PNC’s Virtual Wallet With Performance Spend requires that you have just $25 in your Spend account to open it, or $0 if you open it online. There’s a $15 monthly maintenance fee that can be dropped if you meet one of the following criteria:

• A $2,000 monthly average balance on your Spend and/or Reserve accounts
• A $10,000 combined average monthly balance across any PNC consumer accounts
• $2,000 in monthly direct deposits to your Spend account

With the Performance Spend Virtual Wallet, all accounts still have a base rate of 0.01%, but you can get a bump in the APY of the Growth account (to 0.03% or 0.04% depending on your balance) if you check one or both of the following boxes:

• You made a combination of at least five or more debit card purchases or credit card transactions during the prior month.
• You have at least $2,000 in direct deposits per month.

You can receive a bonus of $200 if you open and use a Virtual Wallet with Performance Spend account.

You can get a refund for up to two transactions per statement period if you're using a non-PNC ATM. You can get up to $5 reimbursed per statement period for ATM surcharges from other financial institutions.

Virtual Wallet With Performance Select

PNC’s Virtual Wallet With Performance Select also requires only $25 in the Spend account to get started ($0 if you open online), but the amounts to eliminate the monthly service charge are higher. You’ll be charged $25 a month unless you have one of the following:

• A combined total of $5,000 in your Spend account and up to seven other PNC consumer accounts
• A $25,000 combined monthly average across all your PNC or PNCI investment accounts
• $5,000 in monthly direct deposits to your Spend account during each statement period

With Performance Select all three accounts still earn a base rate of 0.01%. The variable interest rate you can earn on money parked in your Growth account can get a bump if you make a combination of five debit card purchases or credit card transactions or you have $5,000 in qualifying direct deposits to your Spend account in a given month. Relationship rates for the Performance Select Growth account are currently 0.04% to 1.25% APY depending on your balance.

You can receive a $400 bonus if you open a Virtual Wallet with Performance Select account.

There's no fee if you use an out-of-network ATM, and you can get up to $10 reimbursed per statement period for ATM surcharges from other financial institutions. There’s also an overdraft fee of $36 per item, with a cap of four transactions per day.

Virtual Wallet Student

PNC’s Virtual Wallet Student comes with a handful of attractive features. You can earn a bit of interest in some of the accounts. There's no monthly maintenance fee, and you're reimbursed for the first two fees from non-network ATMs in a given monthly statement period. You'll also receive one courtesy refund on fees the first time you overdraft for a returned item.

Virtual Wallet Student accountholders also get one free wire transfer per statement period on their Spend accounts. You're reimbursed $5 for non-network fees and surcharges, but there's no sign-up bonus, unlike with the other Virtual Wallet products.

You must show proof that you’re currently enrolled in a qualified educational institution to be eligible for a Virtual Wallet Student account. Your student account will automatically kick over to a regular Virtual Wallet after six years, at which point standard fees and eligibility rules apply.

Fixed-Rate CDs

PNC might offer Certificates of Deposit (CDs), depending on where you live. You could earn a higher interest rate than in a savings or money market account if you commit to leaving your money in a CD for a period of time. The longer you park your money in a CD, the higher the rate usually is. There are also different minimum amounts required to open a CD.

The terms range anywhere from 7 days to 10 years. PNC's Fixed Rate CD minimum is $1,000.

PNC applies standard early withdrawal penalties:

• You'll lose the amount of interest you would have earned if you left your money for the full term of the CD if you withdraw after less than three months.
• The penalty will be three months' interest earned on the amount you take out if you make an early withdrawal from three months to a year.
• You'll be charged six months' interest on the amount withdrawn if you make a withdrawal after a year or more.

Ready Access CDs

You might want to consider PNC's Ready Access CD if you're on the fence about locking your money into a CD. You're only required to commit for 7 days. You're free to access your funds after that. Standard terms are 3 and 12 months. Your CD will be automatically renewed when it matures.

Credit Cards

PNC Bank offers a small handful of credit cards, including a cashback card and a points card:

• PNC Cash Rewards Visa Credit Card
• PNC Core Visa Credit Card
• PNC Points Visa Credit Card 
• PNC Secured Visa Credit Card

Other Financial Products Offered by PNC Bank

PNC also has a robust range of other offerings:

• Purchase mortgages
• Refinance mortgages
• Home equity loans and lines of dredit
• Auto loans 
• Personal loans and lines of dredit
• Student loans 
• Student loan refinancing 
• Individual retirement accounts (IRAs)
• Self-directed trading
• Managed investment portfolios
• 529 plans 
• Custodial accounts 
• Life insurance 
• Financial planning 
• Small business banking 
• Small business loans
• Small business retirement accounts 
• Military banking 
• Workplace banking 
• Private banking

PNC Customer Service

You can get support from PNC in a number of ways. You can visit one of its brick-and-mortar locations, check out its FAQ page, or send customer service a tweet at @PNCBank_Help. Representatives are available by telephone seven days a week. You can reach a representative at 1-888-762-2265 from 8 a.m. to 9 p.m. ET on weekdays and from 8 a.m. to 5 p.m. ET on weekends.

PNC has a handful of mobile banking apps that are available on both iOS and Android devices. You can check your account balances, pay bills, transfer money and deposit checks directly from your mobile device with these apps. They have outstanding ratings. The PNC Mobile Banking app holds a 4.8-star rating in the iOS App Store with over 1.3 million reviews.

How to Bank With PNC

You can apply online to open an account. You can also call PNC and open an account over the phone.

Final Verdict

Banking with PNC can be a bit confusing. You can get a stand-alone checking or savings account, but the bank really pushes their virtual wallet which is a checking and savings solution with three accounts together.

You'll want to spend some time doing your homework before opening an account. Consider combing through the details on the bank's website or speaking to a customer rep to get your questions answered. It could be worth your while to open an account if you find PNC’s Virtual Wallet products appealing and meet the criteria to get the monthly maintenance fee dropped. PNC might be right for you if you prefer to bank with a large financial institution with a host of offerings.

Frequently Asked Questions

What are the pros and cons of PNC Bank?

PNC provides a few perks that can be kind to your wallet, including sign-up bonuses and reimbursement for certain ATM fees with some accounts. That said, you might find it challenging to open a single, stand-alone bank account here because PNC specializes in linked accounts.

Is Chase or PNC better?

Chase has a few things going for it, perhaps the most well-known being its numerous credit card options. It also provides home, home equity, and auto loans in addition to the usual savings and checking accounts. But PNC offers slightly more, including student loans and innovative banking products such as the Virtual Wallet. It's also known for its very good customer service.

In the end, it comes down to what you're looking for in a bank.

Is PNC a stable bank?

PNC is generally considered a stable bank and appears to be in a strong financial situation. It is currently the sixth largest commercial bank in the United States and has over $550 billion in assets. Additionally, the bank has an A+ rating with a stable outlook from Fitch. The bank has also been around since 1852, so it can boast of some reliable longevity.

What kind of ratings does PNC Bank have?

PNC's mobile banking app holds a 4.8-star rating in the App Store. PNC ranked fourth out of nine banks in J.D. Power's 2022 National Banking Satisfaction Study. PNC's score in the study was above average.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks, including products available, interest rates, fees, and accessibility, to ensure that our content helps users make the right decision for their savings and banking needs.