PNC Bank Review: Pros, Cons, And Alternatives

PNC Bank is a full-service online and physical bank. They've become known for offering bundled checking and savings accounts that they call "Virtual Wallets." 

They also offer student loans and we've reviewed their student loans product specifically here: PNC Bank student loans review.

So how does PNC Bank stack up? See how they compare to our list of the best checking accounts, and read our full review below.

What Is PNC Bank?

PNC Bank has been around for over 170 years. It is a full-service bank offering savings, checking, retirement, mortgages, loans, and service for both personal and business customers.

In June 2021, PNC Bank closed its acquisition of BBVA USA. After completing the merger, PNC Bank became one of the largest commercial banks in the United States with almost $560 billion in assets. It also now has a branch presence in all of the top 30 U.S. markets.

What Do They Offer?

PNC Bank’s combines checking and savings in a product called Virtual Wallet. So what exactly is a Virtual Wallet?  Here's what you need to know about it.

PNC Virtual Wallet

PNC Virtual Wallet has three primary features: Spend (checking), Reserve (earning interest on checking), and Growth (savings). In a nutshell, it’s a checking account with an interest-earning option.

To avoid the $7/month fee in the basic Virtual Wallet checking account, you’ll need to do $500/month in qualifying direct deposits, maintain a $500 balance, or be at least 62 years old.

Virtual Wallet with Performance Spend earns interest on balances of $2,000 or more. It has a $15/month fee, but you can avoid it in several ways — $2,000 in qualifying direct deposits, a $2,000 balance, or $10,000 in combined PNC consumer deposits.

Virtual Wallet with Performance Select also earns interest on balances of $2,000 or more. It has a $25/month fee that is waived by $5,000 in qualifying direct deposits; a $5,000 balance (including up to 7 linked checking accounts); or $25,000 in combined balances or PNC consumer deposits, and/or investments. This account is also eligible for the higher relationship rates.

And right now, they have a promotional offer where you can earn up to $400 when you complete qualifying activities. Offer valid through September 3, 2024. Member FDIC. 

Earn $100 with a new PNC Virtual Wallet and you establish total qualifying direct deposits of
$500 or more to the new Virtual Wallet within the first 60 days.

Earn $200 when you establish total qualifying direct deposits of $2,000 or more to the new
Virtual Wallet with Performance Spend within the first 60 days.        

Earn $400 when you establish total qualifying direct deposits of $5,000 or more to the new
Virtual Wallet with Performance Select within the first 60 days.     

What To Know: Virtual Wallet, Virtual Wallet with Performance Spend and Virtual Wallet with Performance Select are available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV.
Virtual Wallet with Performance Select is offered in the state of MO with the exception of the Greater Kansas City area. Offer is contingent on product availability and may vary based on your address and where and how you open your account.

If you’re located in AK, AR, CT, HI, ID, IA, KS, LA, ME, MA, MN, MS, MT, NE, NV, NH, ND, OK, OR, RI, SD, TN, UT, VT, WA, WY, or in MO (only in the greater Kansas City area), you can open the PNC Virtual Wallet Checking Pro account.

Check out the PNC Virtual Wallet here >>

Relationship Benefits

The highest Virtual Wallet APYs are reserved for relationship customers. Relationship customers meet one of the following qualifications:

• Make a combination of 5 or more PIN and/or signature point-of-sale transactions (excluding cash advances) posted during the previous calendar month to your account using your Visa® Debit Card or to your linked Visa® Credit Card.
• Have $500 in qualifying direct deposits in a linked Spend account of a Virtual Wallet during the previous calendar month.
• Have $2,000 in qualifying direct deposits ($1,000 for WorkPlace or Military Banking customers) in a linked Spend account of a Virtual Wallet with Performance Spend during the previous calendar month.
• Have $5,000 in qualifying direct deposits in a linked Spend account of a Virtual Wallet with Performance Select during the previous calendar month.

Unfortunately, all available APYs are currently lower than you could get from other high yield savings accounts whether you're able to earn the relationship rate or not. Right now, the non-relationship rates are between 0.01% - 3.95% APY depending on your account balance while relationship rates top out at 4.00% APY.

High Yield Savings Account

PNC offers a very competitive high-yield savings account that currently earns 4.65% APY. The account has no fees or service charges, and has $0 minimum deposit to open.

You can consistently see the PNC High Yield Savings Account on our list of the best savings accounts.

Mobile Banking

PNC Bank offers digital and mobile banking. You’ll have access to Zelle, mobile check deposits, money transfers, online bill payment, and more.

The mobile app also allows you to access a PNC ATM without having to use your debit card. This is done by using an access code.

See how PNC Bank compares to the other top free checking accounts here.

Are There Any Fees?

Yes — the monthly maintenance fees on PNC's Virtual Wallet accounts range from $7-$25, but they can be waived if you meet certain conditions. 

There is a $36 overdraft fee, with up to one occurrences per day.

Virtual Wallet with Performance Select has free card replacements, but otherwise it costs $7.50 and another $25 if you need to expedite the card.

If you use a non-PNC ATM, you may be charged a $3.00 fee from PNC in addition to any surcharges from the ATM provider. But, as show in the table below, you may be eligible for a certain number of reimbursements or this fee may be waived altogether depending on your account type.

How Does PNC Bank Compare?

We like that PNC's Virtual Wallet includes budgeting and savings components. And its branch and ATM network are both expansive. However, if you're looking for a bank that offers a high yield on savings or never charges monthly fees, you might want to consider an online bank instead. Here's a quick look at how PNC Bank compares:

PNC Promotional Offers

Right now, they have a promotional offer where you can earn up to $400 when you open a Virtual Wallet and complete qualifying activities. Offer valid through September 3, 2024. Member FDIC. 

Earn $100 with a new PNC Virtual Wallet and you establish total qualifying direct deposits of
$500 or more to the new Virtual Wallet within the first 60 days.

Earn $200 when you establish total qualifying direct deposits of $2,000 or more to the new
Virtual Wallet with Performance Spend within the first 60 days.        

Earn $400 when you establish total qualifying direct deposits of $5,000 or more to the new
Virtual Wallet with Performance Select within the first 60 days.     

Learn more about PNC Virtual Wallet here >>

How Do I Open An Account?

You can visit PNC.com to apply for an account. On the application, you'll need to provide a valid U.S. address and Social Security number. You must also be at least 18 years of age and will need to provide a 2nd form of ID (U.S. Driver's License, State Issued ID's, or Military ID).

Is My Money Safe?

Yes — PNC Bank’s Virtual Wallet products are FDIC-secured. Additionally, PNC uses bank-grade encryption.

How Do I Contact PNC Bank?

You can get in touch with PNC's customer support team by calling 1-888-762-2265. Operating hours are Monday - Friday, 8:00 AM - 9:00 PM (ET) and Saturday - Sunday, 8:00 AM - 5:00 PM (ET). PNC Bank's Trustpilot reviews are overwhelmingly negative; however the bank does have an A+ rating with the Better Business Bureau (BBB).

Is It Worth It?

If you want access to a huge nationwide network of branches and ATMs, opening a PNC Bank Virtual Wallet could be right for you. But you'll want to look elsewhere if you're hoping to land the highest APYs or lowest fees.

PNC Bank FAQs

Let's answer a few of the questions that people ask most frequently about PNC Bank:

Does PNC Bank have a high-yield savings account?

Yes, in eligible markets! However, PNC Bank encourages new customers to open Virtual Wallet accounts which combine checking and savings together. 

How many branches does PNC have?

According to the PNC website, the bank has approximately 2,300 branches coast-to-coast. 

What do the letters "PNC" stand for?

The two Pennsylvania banks that merged together to form the bank each had "PNC" as their initials. Those two banks were Pittsburgh National Corporation and Provident National Corporation.

Will my BBVA USA accounts be transferred to PNC?

Yes, all BBVA USA accounts should have been moved over to PNC by October 12, 2021 and will no longer be functional after January 29, 2022.

PNC Bank Features