PNC Bank review 2024: Blending traditional and online banking, with market-specific advantages

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PNC Bank, the sixth-largest bank in the United States, offers a unique blend of traditional banking services and digital products. It’s known for its competitive, high-yield accounts, extensive branch network, and innovative financial management tools.

The bank stands out for its checking and savings account, which has a 4.65% APY and access to 60,000 fee-free ATMs. However, the availability of its best products and rates can vary by location, so depending on where you live, you may not get the best rates. 

In this review, we'll explore PNC Bank's strengths and limitations and determine whether it could be a good fit for your financial goals.

About PNC Bank

Founded in 1852, PNC has become the sixth-largest bank in the U.S., with approximately $566 billion in total assets. The bank operates about 2,300 branches across 28 states and Washington, D.C., providing a strong physical presence.

PNC offers various services, including checking, savings, loans, investments, and wealth management. The bank is known for its unique products, such as Virtual Wallet, which combines checking and savings with financial management tools.

Though it’s a large national bank, PNC has a robust digital presence with highly-rated mobile apps and online banking platforms. So, while some of PNC's most competitive offerings are geographically restricted, many accounts are available nationwide through online banking.

PNC Bank accounts

PNC Bank offers a wide range of accounts, including regular checking, student checking, regular savings, child savings, money market accounts, standard CDs, and IRA CDs. There are no minimum opening deposit requirements for all accounts except for CDs, which have a $1,000 initial deposit requirement. 

It’s important to note that account eligibility and rates may vary depending on your location, so you'll need to enter your zip code on the PNC Bank website to determine what's available to you.

Checking accounts

PNC Bank offers a unique checking account called Virtual Wallet Checking Pro, which combines the benefits of both checking and savings. This account features three sub-accounts: Spend, Reserve, and Growth. You can choose to have all three or just the Spend account if you only need a checking account. 

PNC Bank also offers a welcome bonus of up to $400 for eligible customers who open a Virtual Wallet account. This is quite competitive compared to banks like Chase and Wells Fargo, which typically offer $100-$200 for new checking accounts. You could earn: 

• A $100 reward if you open and use a new Virtual Wallet
• A $200 reward if you open and use a new Virtual Wallet with Performance Spend
• A $400 reward if you open and use a new Virtual Wallet with Performance Select

Here’s a breakdown of the sub-accounts: 

• Spend: This account serves as your primary checking account and includes a feature called Low Cash Mode, which helps you avoid overdraft fees. 
• Reserve: This account acts as a secondary interest-bearing checking account, providing a separate space for managing short-term expenses, such as rent or bills. This can be helpful for budgeting and ensuring you have enough funds set aside for important payments.
• Growth: This sub-account functions as a high-yield savings account, earning an impressive 4.65% APY as long as you maintain a balance of at least $1. This rate is significantly higher than the national average of 0.45% APY for savings accounts.

The Virtual Wallet has no monthly maintenance fees and doesn't require a minimum deposit to open, which makes it accessible to a wide range of customers. Additionally, you can access your money fee-free at 60,000 ATMs nationwide, and PNC Bank will reimburse you up to $20 per statement if another bank's ATM charges you a fee. This extensive ATM network and reimbursement policy is comparable to that of other large banks like Bank of America and Wells Fargo.

PNC Bank also offers a Virtual Wallet Student account designed to help high school and college students learn how to manage their money and make timely payments. However, this student account does not offer the same high APY as the standard Virtual Wallet.

PNC Bank also offers a second chance bank account called the Foundation Checking Account. This account is meant for individuals whose previous banking history prevents them from opening a bank account. There is a $5 monthly service charge for this account. 

Savings accounts

PNC Bank offers two main savings account options: the High-Yield Savings Account and the Standard Savings Account. Here's a comparison of the two:
 

*Rates and account availability may vary by location

The PNC Bank High-Yield Savings Account offers a competitive 4.65% APY with no monthly fees, but it's only available in eligible markets. 

This is a solid choice if you only want a savings account. If you want to do your banking in one place, you may get the same interest rate with the Growth sub-account of Virtual Wallet. 

On the other hand, the Standard Savings Account offers a much lower APY, depending on your account balance and bank relationship status. This rate is below the national average and less competitive than other online savings accounts like Marcus by Goldman Sachs and Ally Bank, which offer over 4.00% APY. 

The Standard Savings Account also charges a $5 monthly service fee if you don't maintain an average balance of at least $300 or meet one of the other waiver requirements.

Money market account 

PNC Bank's money market account offers few unique features compared to its checking and savings accounts. The rates range from 0.02% to around 1.00%, depending on account balance, bank relationship status, and location. 

A promotional 4.00% APY is available if you complete qualifying activities, but this rate only lasts for 12 months before reverting to the standard APY. The account also charges a $12 monthly service fee unless you link a PNC checking account or maintain an average monthly balance of at least $5,000.

CDs

PNC Bank offers a wide range of term lengths for their CDs, from one month to 10 years. However, the standard rates of 0.01% to 0.03% APY are relatively low compared to other banks. For example, Discover Bank offers CD rates ranging from 2.00% to 5.10% APY for three months to 10 years.

PNC Bank offers promotional rates for some CDs, the highest being 5.15% APY for a 4-month CD. However, PNC Bank CD rates may vary by location.

Another potential drawback is the $1,000 minimum deposit required to open a CD. However, some online banks, such as Ally Bank and Marcus by Goldman Sachs, do not require a minimum deposit for their CDs.

Other PNC Bank products and services

As a full-service bank, PNC Bank offers various financial products and services to help you manage every aspect of your finances. Additional products include: 

• Credit cards
• Small business loans and services
• Mortgages and refinancing
• Home equity lines of credit
• Auto loans
• Personal loans
• Student loans and refinancing
• Investing and wealth management

These additional offerings make PNC Bank a solid choice for those looking to keep all their financial accounts and services under one roof. 

PNC Bank fees

Most PNC Bank accounts do not have a monthly service charge, but there are some sneaky fees for certain banking activities, like outgoing wire transfers and excessive transactions.

While most PNC Bank accounts don’t charge monthly fees, there are hidden fees to watch out for. For example, PNC Bank charges a fee for outgoing wire transfers, which can be $30 for domestic transfers and $45 for international transfers. 

Another potential fee to be aware of is the excessive transaction fee. PNC Bank's savings and money market accounts are limited to six withdrawals or transfers per monthly statement cycle. If you exceed this limit, PNC Bank may charge a $15 fee for each additional transaction. 

PNC Bank also charges a $36 overdraft fee. But, the Virtual Wallet comes with a feature called Low Cash Mode, which not only notifies you when your balance is low but also gives you a 24-hour grace period to fix your overdraft and avoid the fee. 

PNC Bank banking experience

Online and mobile banking platform

The PNC Bank mobile app received a 4.5 out of 5.0 stars on Google Play and a 4.8 out of 5.0 stars on the Apple App Store. Many positive reviews highlight the app's user-friendly technology features, such as sending money with Zelle and depositing checks digitally. 

These features are becoming increasingly common among banks. Still, PNC Bank's app stands out for seamlessly integrating bank accounts into a single, easy-to-read dashboard through the Virtual Wallet feature.

Customer service

One of PNC Bank's strengths is its extensive network of physical branches across 28 states and Washington, D.C. 

These states include Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Wisconsin.

In addition to its physical footprint, PNC Bank offers mobile branches that travel nationwide to provide services to underbanked communities. This commitment to accessibility and community outreach sets PNC Bank apart from some online-only banks that may not have a physical presence in many areas.

For customers who don't live near a branch, PNC Bank offers chat support and product-specific phone numbers for customer service. Representatives are available for Virtual Wallet and other personal banking requests from Monday to Friday, 8:00 a.m. to 9:00 p.m. ET, and Saturday to Sunday, 8:00 a.m. to 5:00 p.m. ET. 

Account security

Like all banks insured by the Federal Deposit Insurance Corporation (FDIC), PNC Bank accounts are insured up to $250,000 per person, per account, this means that if PNC Bank were to fail, the FDIC would cover your deposits up to this limit.

In addition to FDIC insurance, PNC Bank provides online resources to help customers better protect their money. These resources include information on adding extra layers of security to your accounts and a step-by-step guide on reporting fraud. While these resources are helpful, they are fairly standard among banks.

How PNC Bank stacks up

PNC Bank does an excellent job competing in the grey area between traditional banks and online banks. 

Compared to other large national banks, PNC Bank stands out for its unique Virtual Wallet account, which offers a competitive APY and a solid welcome bonus. The account's Low Cash Mode feature also sets PNC Bank apart by helping customers avoid overdraft fees.

However, PNC Bank's savings account options are less competitive. The high-yield savings account is only available in select markets, and the standard savings account offers a low APY and potential monthly fees. Online banks like Ally Bank and Marcus by Goldman Sachs offer higher APYs on their savings accounts with fewer fees and requirements.

In terms of customer service, PNC Bank's extensive branch network and mobile branches are a notable advantage over online banks. 

Is PNC Bank right for you?

PNC Bank may be a good fit for you if you value a combination of in-person and online banking. The bank’s extensive branch network and highly-rated mobile app offer the best of both worlds for customers who appreciate face-to-face interactions and digital convenience.

Plus, it’s a solid option if you’re looking for a combined checking and savings account. The Virtual Wallet Checking Pro account offers a competitive 4.65% APY on the Growth sub-account and a welcome bonus, which is rare among traditional banks.

However, PNC Bank may not be the best choice if you primarily want a high-yield savings account. Unless you live in a select market, PNC Bank's savings account options have low APYs and potential monthly fees.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

The bottom line

PNC Bank strikes a strong balance between traditional and online banking. It offers competitive high-yield accounts, a comprehensive product mix, and a robust physical presence. Its digital tools and customer service options are impressive. However, because of the geographical limitations on some of PNCs best offerings, it won’t be the right choice for everyone. 

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.