PNC Bank Review – An Old Dog With New Tricks
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PNC Bank’s approach to flexible checking and savings accounts and their access to a vast network of fee-free ATMs make it a bank worth considering.
8/10
Cost
8/10
Features
9/10
Ease of use
8/10
Services
9/10
If you’re looking to open a checking and savings account or are considering switching from your current bank, an overwhelming number of banking options are available. What makes this search even harder is that many banks appear to offer the same features, rates, and services. This can make it difficult to find the right checking and savings account for your lifestyle.
To help, I will walk you through one of the top banking options in the country — PNC Bank. I’ll take you through their available checking and savings options, so you can decide if they’re a good fit for your finances.
In this article
What is PNC Bank?
PNC Bank first opened its doors in 1852 as Pittsburgh National Bank. The bank changed names several times and merged with several other banks before officially becoming PNC Financial Corp in 1983.
Today, PNC Bank has over 2,300 branches across 28 states, with most locations in the Midwest and East Coast. They currently offer personal checking, savings, credit cards, personal loans, auto loans, home loans, student loans, home equity products, business services, investing, and retirement services. They provide mobile banking. Of course, a bank this size is FDIC-insured and provides all you need for your financial goals. Learn all about PNC in our PNC bank review.
How do PNC Bank checking and savings accounts work?
PNC offers four checking accounts and three savings accounts to choose from. They also provide access to about 60,000 fee-free PNC ATMs across the country, which is particularly beneficial if you live in a state without a PNC branch.
It’s easy to open a checking or savings account online or in person through PNC. You can open an account by visiting any branch or signing up directly online. You must provide some personal information to open a PNC Bank account, just as you would at all U.S. banks.
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 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.
I’m a big fan of the options PNC provides and the perks each checking account offers. I love that each account comes with a savings account and a reserve account to allow you to manage your money in three separate ways. Best of all, you can opt out of opening a savings and reserve account and only opt into the spend (checking) accounts.
I’m also a big fan of PNC waiving monthly service fees for seniors over 62 on their basic Virtual Wallet Account. Lastly, I love that there is a no-fee student checking account that locks in a no-monthly fee guarantee for six years.
On the downside, I wish PNC had more branch locations spread across the country, though PNC mobile apps and no-fee ATMs might be enough to compensate for lack of a west coast presence.
Better banking is here.
- No account fees
- Earn up to 4.20% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
PNC savings account options
PNC High Yield Savings - As the name suggests, this account offers a high APY of . Plus, you don't need an opening deposit.
Standard Savings - This is your usual run-of-the-mill savings account. It requires an opening deposit of $25 and offers a middling APY of .
But PNC also has special relationship rates on its standard savings account. This requires that you also open a PNC checking account and meet specific other requirements, such as a direct deposit of at least $500 into a checking account.
- Standard Savings with relationship rates: This takes a tiered approach. If you have a balance of up to $2,499.99, you'll earn APY of 0.02%—anything over that amount, and you can expect to fetch an APY of 0.03% on your balance.
In addition, PNC also offers a money market account, a certificate of deposits, and an account called S for Savings that is targeted at minors.
Now that you have a better idea of the types of accounts PNC offers, I’ll show you all of the fees and requirements to open and maintain PNC accounts.
How much does PNC Bank cost?
PNC offers free checking and savings accounts for seniors and students but no free options for anyone in between. On the bright side, PNC makes it easy to waive monthly fees, particularly for its basic accounts.
Checking account costs
Checking Account Type | Monthly Fee | Can the fee be waived? | Minimum Deposit Amount |
Virtual Wallet | $7 | Yes | $0 |
Virtual Wallet with Performance Spend | $15 | Yes | $0 |
Virtual Wallet with Performance Select | $25 | Yes | $0 |
Virtual Wallet Student | $0 | N/A for six years | $0 |
Savings account costs
Savings Account Type | APY | Minimum Deposit |
High Yield Savings | $0 | |
Standard Savings | $0 | |
S for Savings | $0 |
PNC Bank features
Next, I’ll walk you through some of the top features PNC Bank offers so you can see where this bank shines.
Free accounts for students
Finding free checking and savings accounts at traditional brick-and-mortar banks is hard. While PNC does not offer free accounts for everyone, it does provide them for students.
Flexible account options
Another perk I appreciate about PNC is its flexible approach to banking. While they offer a suite of products you can pick from, you can also customize your Virtual Wallet Account to include Spend (checking), Reserve (short-term savings), and Growth (savings) or opt for checking-only options at all tiers.
Easy waiver requirements
I’d have loved it if PNC offered a no-fee basic checking account, but this bank’s low waiver requirements are a plus. You only need a direct deposit of $500 into your checking account each month to waive the basic checking fee or maintain an account balance of $500. Many competitors have much higher requirements.
Robust digital tools
You’ll enjoy PNC’s online experience and mobile app if you love bells and whistles regarding digital products. PNC’s digital tools offer unique features, including a visually pleasing money bar to help you see how much of your money is in each account, money management tools to view where you’re spending your money, and unique savings features. I particularly enjoy their “Punch the Pig” feature, which allows you to click on a piggy bank to transfer a small amount to savings automatically.
Who is PNC Bank best for?
High school & college students
When you’re in school, paying to keep your money safe should be the last thing on your mind. In addition to the free accounts PNC offers, I also think college students, in particular, will benefit from PNC’s digital tools that allow you to assess how much of your money is spent in particular categories so that you can create a better budget.
East Coast and Midwestern account seekers
PNC has thousands of locations across the Midwest and East Coast, so if you want the best of both worlds — streamlined digital tools and in-person banking access — PNC might be a good fit.
Anyone seeking an affordable checking solution
PNC’s monthly fees are very easy to waive, and their basic monthly checking charge is already pretty low at $7. Still, you can avoid this monthly service fee if you receive more than $500 in your account.
Who shouldn’t use PNC Bank?
Some account seekers outside of PNC Bank’s range
Banking no longer requires living in a state where your bank has a physical branch. However, I do understand that having a local branch nearby is important for some individuals. If you’re one of these people and you live in the Southwest, on the West Coast, or the Pacific Northwest, you should seek banking services elsewhere.
PNC Bank pros and cons
Pros
- Access to 2,600+ branches and about 60,000 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.
Cons
- 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.
- Not available in all states. PNC Bank only operates in 28 states and the District of Columbia. If you're not in one of its services states, you may be unable to bank with PNC.
PNC Bank vs. competitors
Bank | Minimum Deposit | Monthly Fee | Savings APY | Overdraft Fee |
PNC Bank | $0 - $25 | $7 - $25 | Up to | $36 each/4 per day |
Wells Fargo | $25 | $5- $35 | $35 each/3 per day | |
Citibank | $0 | $4.50 - $30 | $0 |
PNC Bank vs. Wells Fargo
Wells Fargo is one of the top competitors of PNC Bank. While both banks offer similar services and account types, some key differences exist.
Both PNC Bank and Wells Fargo have free student checking and savings account options, which is not a feature all national banks provide. On the downside, these banks also have high overdraft charges that can quickly add up. But PNC's bank high-interest savings account offers higher APY than Wells Fargo.
In addition, Wells Fargo has minimum deposit requirements for all accounts, making PNC a better choice if you’re not ready to fund your account when opening it.
PNC Bank vs. Citibank
Another top competitor of PNC Bank is Citibank. Like most major national banks, these two financial institutions have some similarities and a few notable differences worth reviewing.
Both Citibank and PNC Bank offer a wide selection of account options, most of which have no minimum deposit requirements. But where Citi beats PNC is the overdraft fees; the latter stopped charging overdraft fees in June 2022.
Better banking is here.
- No account fees
- Earn up to 4.20% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
FAQs
Which PNC Bank account is savings?
If you sign up for PNC Virtual Wallet, you have access to two savings accounts: Reserve for short-term savings and Spend for long-term savings. PNC also has a separate standard savings account, high-yield savings account, and kids' savings account.
Does PNC charge for a savings account?
PNC accounts do come with a monthly charge. If you sign up for Virtual Wallet, your monthly charge will be between $7 - $25, with options to waive these fees. If you sign up for standard savings, you’ll be charged $5 per month, with options to waive these fees.
Does PNC have a minimum balance requirement?
No, PNC does not require minimum balances to keep your accounts open. However, in some cases, a minimum balance might save you from paying monthly fees.
Is PNC Virtual Wallet a checking or savings account?
PNC Virtual Wallet consists of three accounts: Spend (checking), Reserve (short-term savings), and Growth (long-term savings).
The bottom line
PNC Bank is one of the country’s oldest financial institutions, and it continues to be one of the largest banks in the world. I like PNC Bank’s approach to flexible checking and savings accounts and their large access to fee-free ATMs. I’m also a big fan of their free accounts for students, as well as their impressive digital tools and savings features.
You don’t need to live in a state with a PNC Bank branch to enjoy this bank’s features and accounts, and their online tools can make managing your money digitally a breeze. However, I suggest looking elsewhere if you’re looking for competitive savings rates.
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Writer
Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.
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