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 reimbursem*nt 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 Term | APY | Minimum Deposit |
|---|---|---|
| 1 Month | 0.02% | $1,000 |
| 3 Months | 0.02% | $1,000 |
| 4 Months (Promotional) | 5.05% | $1,000 |
| 6 Months | 0.02% | $1,000 |
| 7 Months (Promotional) | 4.25% | $1,000 |
| 9 Months (Promotional) | 0.05% | $1,000 |
| 12 Months | 0.02% | $1,000 |
| 13 Months (Promotional) | 2.00% | $1,000 |
| 18 Months | 0.02% | $1,000 |
| 19 Months (Promotional) | 1.25% | $1,000 |
| 24 Months | 0.02% | $1,000 |
| 25 Months (Promotional) | 1.50% | $1,000 |
| 36 Months | 0.02% | $1,000 |
| 37 Months (Promotional) | 1.75% | $1,000 |
| 48 Months | 0.02% | $1,000 |
| 60 Months | 0.02% | $1,000 |
| 61 Months (Promotional) | 2.00% | $1,000 |
| 84 Months | 0.02% | $1,000 |
| 120 Months | 0.02% | $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.
