PNC Bank Review – An Old Dog With New Tricks
- What is PNC Bank?
- How do PNC Bank checking and savings accounts work?
- How much does PNC Bank cost?
- PNC Bank Features
- Who is PNC Bank best for?
- Who shouldn’t use PNC Bank?
- PNC Bank Pros and Cons
- PNC Bank vs. competitors
- The bottom line
What is PNC Bank?
How do PNC Bank checking and savings accounts work?
PNC checking account options
- Virtual Wallet - Best for anyone needing a no-frills, low-cost checking account with ATM access.
- Virtual Wallet with Performance Spend - Best for anyone with slightly higher deposits coming in per month looking to earn interest on money sitting in their checking account.
- Virtual Wallet with Performance Select - Best for high-income earners with high deposits coming in each month looking to open more than one checking account.
- Virtual Wallet Student - Best for students looking for a fee-free checking account with long-term benefits.
PNC savings account options
How much does PNC Bank cost?
Checking account costs
|Checking Account Type||Monthly Fee||Fees are waived if:||Minimum Deposit Amount|
|Virtual Wallet||$7||$500+ direct deposits/monthly balance||$0|
|Virtual Wallet with Performance Spend||$15||$2k+ direct deposits/monthly balance or $10k+ in all accounts||$0|
|Virtual Wallet with Performance Select||$25||$5k+ direct deposits/monthly balance or $25k+ in all accounts||$0|
|Virtual Wallet Student||$0||N/A for 6 years||$0|
Savings account costs
|Savings Account Type||Monthly Fee||Fees are waived if:||Minimum Deposit|
|Reserve||Linked to checking + fees||Checking fees||$0|
|Growth||Linked to checking + fees||Checking fees||$0|
|Standard Savings||$5||$300/mo or $25/mo auto transfer or under 18||$25|
|Kids Bank Account||$0||N/A||$25|
PNC Bank Features
Free accounts for students and seniors
Flexible account options
Easy waiver requirements
Robust digital tools
Who is PNC Bank best for?
High school & college students and seniors
East Coast and Midwestern account seekers
Anyone seeking an affordable checking solution
Who shouldn’t use PNC Bank?
Some account seekers outside of PNC Bank’s range
Anyone looking for high interest rates
PNC Bank Pros and Cons
- Access to 2,600+ branches and 18,000+ fee-free ATMs. PNC certainly falls short in offering branches in all 50 states, but they do still have a good amount of locations and an overwhelming number of no-fee ATMs. This is especially important for anyone banking outside of PNC’s designated service areas.
- No minimum deposit requirements. Another benefit PNC offers is no minimum deposit requirements for many of their accounts. This is especially great if you’re opening your first checking account while waiting to receive your first paycheck.
- Money transferring services. If you need to transfer money to friends and family, or to pay your rent, PNC offers different money transfer options. Members have access to Zelle, where they can send money for free. You also have the option to send money through PNC PopMoney, which allows you to deposit directly into another person’s bank account.
- Cutting edge digital and mobile app features. Every major bank has a mobile app and digital presence now, but PNC’s mobile app and digital features offer more than most competitors. I find their digital interface to be extremely intuitive, visually easy to read, and I love the robust tools they offer members.
- High overdraft fees. No one loves overdraft fees, which is why I’m glad many online banks are limiting these fees or providing additional options and protections. PNC, however, can charge you a steep overdraft fee of $36 as many as four times a day. This can really add up if you’re unaware you do not have the funds to cover purchases you’re making.
- Disappointing interest rates. If you’re looking to earn interest while storing your money in a savings account, I can’t recommend PNC as the best option. This bank’s savings account rates are very low and even its high-yield savings account rates are not as competitive as other national and online banks.
PNC Bank vs. competitors
|Bank||Minimum Deposit||Monthly Fee||Savings APY||Overdraft Fee||Branches|
|PNC Bank||$0||$7 - $25||0.01% - 0.065%||$36 each/4 per day||2,300|
|Wells Fargo||$25||$10||0.01% - 0.04%||$35 each/3 per day||5,400|
|Citibank||$0||$4.50 - $30||0.04% - 0.70%||$34 each/4 per day||700|
PNC Bank vs. Wells Fargo
PNC Bank vs. Citibank
The bottom line
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