PNC Bank review 2023

PNC Bank

Blueprint Rating

Products

Checking, savings, CDs, money market

Fees

Monthly maintenance, wire, overdraft, out-of-network ATM

ATM network size

2,4000+

PNC Bank basics

• Checking accounts: Virtual Wallet.
• Savings accounts: PNC Standard Savings.
• Money market: PNC Money Market Account.
• Certificate of deposit (CD): Certificate of Deposit.
• Other Accounts: Credit cards, mortgages, auto loans, personal loans, student loans, lines of credit, investment, retirement. 
• Bank branches or online only: Both.

All rates, annual percentage yields (APYs) and conditions are accurate as of November 28, 2023, and represent the zip code 94565.

About PNC Bank

PNC Bank has a storied history in the financial services industry that dates back more than 170 years. Today, this bank services both individual consumers and small businesses, as well as large corporate and institutional clients. When it comes to personal banking, you can rely on PNC Bank for all your basic checking and savings needs, as well as select credit card, loan and investment services. 

PNC Virtual Wallet

PNC Bank makes it easier to manage both your checking and savings accounts through the PNC Virtual Wallet. When you open a new Virtual Wallet, you can earn up to $400 as a welcome bonus. You can earn up to 4.00% APY on select Virtual Wallet Growth accounts with relationship rates, making it easier to grow your money.

Once you open a Virtual Wallet, your money can go to three separate accounts:

• Spend. A primary checking account.
• Reserve. A secondary checking account for short-term planning.
• Growth. A long-term savings account.

You will pay an account service fee of up to $25 per month, depending on which type of virtual wallet you choose. 

Virtual Wallet – $7 monthly fee; can be waived if you do one of the following:

• have $500 or more in direct deposits.
• a $500 average balance in your Spend or Reserve account.
• are age 62 or over. 

Virtual Wallet with Performance Spend – $15 monthly fee; can be waived if you do one of the following:

• have $2,000 or more in direct deposits to your Spend account.
• have $2,000 combined average balance in your Spend and/or Reserve accounts.
• have a $10,000 combined average balance across linked PNC Bank consumer deposit accounts.

Virtual Wallet with Performance Select – $25 monthly fee; can be waived if you do one of the following: 

• have $5,000 or more in direct deposits to your Spend account.
• have $5,000 combined average balance across linked PNC Bank consumer deposit and/ or investment accounts with PNC Bank.
• have a $25,000 combined average balance across linked PNC Bank consumer deposit accounts.

PNC Checking

PNC Bank includes a standard checking account product as a part of their Virtual Wallet offering that gives you access to banking services at more than 2,300 branch locations. Once your account is active, you won’t have to pay any ATM fees when you use a PNC ATM and will get a free PNC Banking card. 

The account also comes with a feature called Low Cash Mode. This feature alerts you when your balance is low and allows you to reject or allow charges that will overdraft your account. You’ll also have 24 hours to bring your account back to at least zero before you are charged an overdraft fee. 

You can also access a variety of digital money management tools to make overseeing your finances easier.

PNC Savings

You can sign up for a standard savings account outside of the Virtual Wallet product. When it comes to opening a savings account with PNC Bank, you can do so without having to meet any minimum deposit requirements. However, you will need to deposit at least $1 if you want to start earning interest.

There is a $5 monthly service charge unless you have an average monthly balance of $300. It will also be waived if you link your savings account to a select PNC checking account, or set up an Auto Savings transfer of $25 or more each statement period from your PNC Checking account. If you are under 18, you also don’t have to pay a monthly service fee. 

You can manage your account online and can use Auto Savings, which sets up automatic monthly transfers from your PNC checking account to your savings account, to boost your savings.

When it comes to earning interest on deposits, you can earn an APY of 4.65% with the PNC High Yield Savings℠ account or can earn 0.01% to 0.03% (amount varies by account balance) with the Standard Savings account.

PNC CDs

If you want a safe and easy way to invest your money, you can consider opening a PNC certificate of deposit (CD). With a CD, you earn a fixed amount of interest if you agree to deposit a set amount of money into the CD for a predetermined amount of time. 

You can choose between the PNC Fixed Certificates of Deposit (minimum deposit requirement of $1,000) or the PNC Fixed IRA Certificates of Deposit (minimum deposit requirement of $250).

CD rates vary depending on the CD you choose, as well as the CD term and your deposit amount. Rates start at just 0.01%, but PNC Bank does currently have a promotional offer of 5.00% if you choose a seven-month fixed rate CD with a minimum opening deposit of $1,000 or more.

Money market account

Another option for growing your savings is to open a money market account. With the PNC Money Market Account, you will receive an interest rate ranging from 1.00% to 3.50%. However, rates are variable and you should always compare the current rates before choosing a savings account or investment product. 

Like the checking account, the money market account comes with a Free PNC Banking card and gives you free access to PNC ATMs. There is no minimum opening deposit requirement, and you will have to pay a monthly service charge of $12, unless you have an average monthly balance of $5,000 or link the money market account to a PNC checking account.

Credit card

If you want to open a credit card through PNC Bank, you only have one option, the PNC Cash Unlimited℠ Visa Signature® Credit Card. This card doesn’t charge an annual fee or foreign transaction fees and gives you the chance to earn an unlimited 2% cash back on every purchase. Once you earn cash back, there is no rush to redeem it, you won’t have to ever worry about expiration dates.

Loans

Many consumers like to manage multiple areas of their financial life in one place. Conveniently, PNC also offers a variety of loan products and refinancing opportunities, including:

• Mortgage loans.
• Mortgage refinancing.
• Home equity lines of credit.
• Auto loans.
• Personal loans.
• Personal lines of credit.
• Student loans.
• Student loan refinancing.

Investing

Want to invest your money and help it grow? With PNC, you can open the following types of investment accounts:

• Individual retirement accounts (IRAs).
• Brokerage accounts.
• Advisor managed accounts.
• Education accounts.

How PNC stacks up

When choosing a new bank, it’s helpful to compare a few different options to see which one can offer you the types of financial products you need. Here is how a few PNC competitors stack up. 

PNC vs. Truist

In addition to a standard array of checking and savings products, Truist also offers a handful of credit card and loan options ranging from personal loans to auto and other vehicle loans to mortgage loans to lines of credit. 

Truist also offers investing support similar to PNC. Where Truist stands out is its many insurance offerings in partnership with McGriff, Truist Life Insurance Services and BridgeTrust Title Group. You can purchase insurance products such as life, auto, home, long-term care, disability, personal belonging and title insurance. 

PNC vs. Citizens Bank

Another robust banking option worth looking into if you want to manage more areas of your financial life in one place is Citizens Bank. In addition to checking and savings products (including money markets and CDs), you can also apply for a home loan or student loan. Investment services are also available. 

When it comes to credit cards, Citizens Bank offers three different options compared to PNC Bank’s single credit card. One card is pretty comparable, Citizens Bank has a card that offers 1.8% cash back on every purchase with no annual fee, compared to PNC’s 2% cash back on every purchase with no annual fee.  

PNC vs. Zion

Zion also has a larger credit card selection than PNC bank, some of which charge an annual fee in exchange for higher cash-back rates. 

You will find your standard checking and savings accounts here, but with Zion you have to make a minimum opening deposit of $50 to open the Zions Bank Savings Account, whereas PNC doesn’t have this requirement. When it comes to earning interest, you can earn up to 4.65% on savings deposits with PNC, but with Zion you’ll earn from 0.16% to 0.19% APY, depending on your balance.