PNC Bank Review 2024 (2024)

Table of Contents
Checking Savings Money Market CDs FAQs

Banking with PNC—as presented on its corporate website—is somewhat confusing, especially if you are looking for stand-alone accounts. The bank packages three accounts together in what it refers to as its Virtual Wallet. You also will be asked to enter your ZIP code on various pages to be sure you’re viewing the correct interest rates and offers.

There are different iterations of the Virtual Wallet available based on customer needs. Here’s a look at the various accounts available through PNC.

Checking

Two out of three accounts within PNC’s Virtual Wallet are checking accounts. PNC Virtual Wallet with Performance Spend (“Spend”) is the primary checking account and is a fairly standard checking account that does not earn interest. There’s no minimum deposit requirement to open a Spend account online. The account also comes with a free debit card and access to PNC’s fee-free ATM network.

Unlike some banks, PNC does charge a fee for out-of-network ATM use, although it waives the first two fee charges per statement cycle. You’ll also receive a $5 fee reimbursement per statement cycle for ATM fees charged by other financial institutions.

Another interesting feature included with Virtual Wallet is double overdraft protection. If you’re ever at risk of overdraft on your Spend account, PNC will automatically move funds over from your Reserve or Growth account.

PNC Virtual Wallet with Reserve (“Reserve”) is an interest-bearing checking account. It’s designed to help customers save for upcoming or unforeseen expenses. Although it’s an interest-bearing account, it only earns 0.01% APY on all balances over $1.

Versions of PNC’s Virtual Wallet are also available as options for student and military banking. The Student Virtual Wallet comes with extra benefits for up to six years, including no monthly service fees. The military version features reduced qualifying requirements for waived monthly fees.

In certain markets, the package is called Virtual Wallet Checking Pro, and can be configured with just the Spend account or with the Spend, Reserve and Growth accounts.

Savings

The third account that makes up PNC’s Virtual Wallet is the PNC Virtual Wallet with Growth (“Growth”). The savings account earns between 0.01% and 0.03% APY depending on your balance and whether you meet monthly requirements for relationship rates.

Eligible markets also have access to the PNC High Yield Savings℠. This online-only savings account features a more competitive rate currently at 4.65% APY. The account features no minimum opening deposit or ongoing balance and no monthly service charges.

PNC also offers a Standard Savings Account. Like most of the bank’s other deposit accounts, it features relatively low interest rates. There is a $25 minimum deposit required to open the PNC Standard Savings Account.

The PNC ‘S’ is for Savings® is PNC’s savings account for children. A $25 minimum deposit is required to open an account. The savings account earns 0.01% on all balances. Geared toward younger kids, account holders have access to an interactive banking learning center, including tips from Sesame Street characters.

Money Market

The PNC Premiere Money Market Account, available in select markets. Rates range from 2.80% to 3.50% APY, depending on your balance and whether you qualify for relationship rates. The money market account features unlimited deposits and a PNC debit card.

CDs

PNC is also home to two types of certificates of deposit (CDs). PNC Fixed Rate Certificates of Deposit are available in a host of terms ranging from seven days to 10 years. A $1,000 minimum deposit is required to open a Fixed Rate CD. You can open CDs with terms between three months and 36 months online, while opening other length CDs requires visiting one of PNC’s local branches.

PNC’s rates vary depending on your ZIP code. The rates shown are for Fixed Rate CDs with opening deposits of between $1,000 and $24,999.99 in New York’s 10001 ZIP code.

CD TermAPYMinimum Deposit
1 Month0.02%$1,000
3 Months0.02%$1,000
4 Months (Promotional)5.05%$1,000
6 Months0.02%$1,000
7 Months (Promotional)4.25%$1,000
9 Months (Promotional)0.05%$1,000
12 Months0.02%$1,000
13 Months (Promotional)2.00%$1,000
18 Months0.02%$1,000
19 Months (Promotional)1.25%$1,000
24 Months0.02%$1,000
25 Months (Promotional)1.50%$1,000
36 Months0.02%$1,000
37 Months (Promotional)1.75%$1,000
48 Months0.02%$1,000
60 Months0.02%$1,000
61 Months (Promotional)2.00%$1,000
84 Months0.02%$1,000
120 Months0.02%$1,000

PNC Ready Access Certificates of Deposit also come with a fixed rate but offer more flexibility. You can pull funds from a Ready Access CD at any time after the first seven days from account opening. Ready Access CDs are only available in two terms—three months and 12 months. A $1,000 minimum deposit is required to open a Ready Access CD as well as a trip to a local PNC branch since these CDs aren’t available online.

None of PNC’s CDs are among those offering the best CD rates available.

PNC Bank Review 2024 (2024)

FAQs

How safe is PNC Bank right now? ›

All deposit products are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000 per depositor, per account ownership category. Like many large banks, such as Chase Bank and Bank of America, PNC offers relationship rates for customers who meet certain requirements.

Is PNC a good bank reviews? ›

Show Pros, Cons, and More. The PNC High Yield Savings Account is probably the bank's best product. According to our PNC savings account review, PNC's savings rates are good if you keep at least $1 in your account and it doesn't charge monthly maintenance fees.

Is PNC Bank financially stable? ›

Fitch Ratings - New York - 16 Oct 2023: Fitch Ratings has affirmed PNC Financial Services Group, Inc.'s (PNC) and its primary operating subsidiary PNC Bank, NA's (PNCBNA) Long-Term (LT) and Short-Term (ST) Issuer Default Ratings (IDRs) at 'A+'/'F1'. The Rating Outlook is Stable on the long-term IDRs.

What bank is better, Chase or PNC? ›

If access to bank branches is important to you, Chase has more than double what PNC Bank has. Chase also offers better CD rates. However, PNC Bank's Virtual Wallet helps you manage your spending, set money aside for short-term goals, and grow your savings.

Is PNC going to go under? ›

The Probability of Bankruptcy of PNC Financial Services Group Inc (PNC) is 6.4% . This number represents the probability that PNC will face financial distress in the next 24 months given its current fundamentals and market conditions.

Is it safe to keep money in PNC Bank? ›

PNC Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The Federal Deposit Insurance Corporation (FDIC) is a federal agency organized in 1933 that insures depositors' accounts up to the insured amount at most commercial banks and savings associations.

How solid is PNC Bank? ›

PNC Bank is a solid choice for checking, but its most competitive rates aren't available nationwide. Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession.

What country owns PNC Bank? ›

PNC Bank is a subsidiary of The PNC Financial Services Group, Inc., a U.S.-based bank holding company headquartered in Pittsburgh, Pennsylvania, and founded in 1845.

What bank is PNC taking over? ›

The simultaneous conversion of BBVA USA customers and employees to PNC's network and platforms was completed, and BBVA USA branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico reopened October 12, as PNC Bank locations.

What is PNC best known for? ›

The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing. PNC is one of the largest Small Business Administration lenders and one of the largest credit card issuers.

Who is PNC biggest competitor? ›

PNC's primary competitors are Wells Fargo, Bank of America, SunTrust and 18 more.

What was PNC Bank called before? ›

The 1983 merger of Provident National Corporation and Pittsburgh National Corporation to form PNC Financial Services brought together two highly-regarded banks, not just for their business philosophy, but also for their support of their regional culture.

Why are people protesting PNC Bank? ›

A group of about 20 activists and protesters gathered in front of PNC Bank's headquarters Downtown on Wednesday morning to call on the financial giant to divest from companies that manufacture weapons for the nation's military — some of which could be used in the Israel-Hamas conflict, they said.

Is PNC a second chance bank? ›

Second-chance banking can help provide a path to get your finances back on track. Learn more in this informative guide from PNC. If your banking history prevents you from opening a bank account, a second chance banking account could be key to getting you back on a strong financial footing.

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