PNC Bank can be a solid choice for someone who wants a variety of products and services with traditional branch access. It has over 2,300 branches across the country and nearly 60,000 ATMs in its network. There are multiple checking and savings accounts, many CD terms to choose from, a money market account (MMA), business accounts and loans. The PNC High Yield Savings is a shining star with a 4.65% APY and no opening deposit or monthly fees. However, monthly service fees are on most other accounts unless you can meet balance or deposit requirements. And as many perks as the Virtual Wallet accounts can have, the many variants can feel overwhelming, and it isn’t available in all states.
Best for: Those in need of a full-service bank with a large branch and ATM network.
PNC Bank is likely best for someone who prefers a full-service bank. Its flagship products, the Virtual Wallet accounts, are ideal for someone who can meet direct deposit or balance requirements to avoid the monthly fees. The PNC High Yield Savings account is decent, featuring a competitive 4.65% APY with no fees or opening deposit requirements, making it accessible to most. It’s also only best for someone who lives in one of the 22 states it serves.
Arizona, California, Colorado, District of Columbia, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New Mexico, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Wisconsin, West Virginia.
Based out of Pennsylvania and founded in 1804, PNC Bank has established itself as a trusted bank with over 200 years in business. It has over $500 billion in assets and is ranked the sixth largest bank in the US by asset size.
PNC is a bit of a trailblazer when it comes to banking innovations. It set an example for digital all-in-one accounts that come with modern, built-in perks like budgeting features. While it’s typical for modern accounts to have these features now, we give credit where credit’s due.
Overall, its savings rates are not the most competitive. The PNC High Yield Savings has a decent 4.65% APY, but the kids’ savings account has a measly rate of 0.01%. The CDs have decent promotional rates, topping out at 5.05% APY on a 4-month term, but that requires a $1,000 opening deposit, and rates can vary by zip code. Its Virtual Wallet account can be a checking and savings hybrid account, but the APYs are also not something to write home about.
PNC is revered for its innovations in checking and built-in digital tools.
PNC’s complicated offerings might not be the best fit for everyone, and some of its products aren’t available in all states.
Many of PNC’s checking accounts and its MMA account are interest-bearing and offer relationship rates that are higher than the standard rates. To qualify for the relationship rates, you must meet one of these three requirements:
PNC has multiple checking accounts to choose from and was one of the first banks to offer an all-in-one bank account.
You can choose to use the Virtual Wallet account as a hybrid checking and savings account or just a checking account, effectively offering seven account variants if you count the student option. All the main variants come with a monthly service fee you can waive when you meet balance or direct deposit requirements.
Each account option has three subaccounts called Spend, Reserve and Growth. You’ll also get digital budgeting tools like spending categories and savings goals to track your progress, an in-app calendar to track bills and paydays and the Low Cash Mode feature.
The accounts are also interest-bearing, but rates vary by location and whether you can get relationship rates, typically ranging from 0.01% to 0.03% APY.
As the name suggests, the Virtual Wallet Student account is built for college students. It’s essentially the same account as the regular Virtual Wallet but doesn’t charge any monthly service fees for six years if you prove student enrollment status. It also comes with ATM reimbursements and the three subaccounts Spend, Reserve and Growth to sort your funds, as well as budgeting tools and Low Cash Mode.
After six years, the Virtual Wallet Student account converts into a regular Virtual Wallet account.
This PNC checking account is less complicated and more traditional than the Virtual Wallet accounts. There’s a $5 monthly service fee and no minimum opening deposit. It has no overdraft fees, free cashier’s checks and offers in-app virtual tools to track your account activity.
However, you must apply for this account at a physical branch.
PNC features a few savings accounts to choose from, but the best one is the High Yield Savings account.
PNC offers a Premiere Money Market account. This MMA has a $0 opening deposit and a $12 monthly service fee. You can waive the fee by linking the MMA to a PNC checking account or by maintaining an average monthly balance of at least $5,000.
The account allows for up to six withdrawals per month, which is standard for most savings products. Its APY varies depending on whether you qualify for relationship rates and your balance. Rates aren’t the best we’ve seen, ranging between 0.04% to 1.30% APY.
PNC offers fixed-rate CDs and fixed-rate IRA CDs. The regular fixed-rate CDs require a minimum opening deposit of $1,000, and the IRA CDs require at least $250 to open. You’ll also need to schedule an appointment with a PNC representative or visit a branch to open a CD.
The fixed-rate CD rates can also vary by balance when you renew it. For example, instead of renewing your CD for another $1,000 balance, you can keep a balance as low as $1. The majority of the CD terms have low rates, but there are a few promotional CD terms sprinkled in with decent rates, with the highest being 5.05% APY on a 4-month term. Like other products, its rates vary by location.
| CD term | APY for balances $1 to $999 (renewals only) | APY for balances $1,000 to $24,999.99 | APY for balances $25,000+ | Minimum deposit |
|---|---|---|---|---|
| 1 month | 0.01% | 0.02% | 0.03% | $1,000 |
| 4 months | 0.01% | 5.05% | 5.05% | $1,000 |
| 3 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 6 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 7 months | 0.01% | 4.17% | 4.17% | $1,000 |
| 9 months | 0.01% | 0.05% | 0.05% | $1,000 |
| 12 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 13 months | 0.01% | 1.98% | 1.98% | $1,000 |
| 18 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 19 months | 0.01% | 1.25% | 1.25% | $1,000 |
| 24 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 25 months | 0.01% | 1.49% | 1.49% | $1,000 |
| 36 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 37 months | 0.01% | 1.74% | 1.74% | $1,000 |
| 48 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 60 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 61 months | 0.01% | 1.98% | 1.98% | $1,000 |
| 84 months | 0.01% | 0.02% | 0.03% | $1,000 |
| 120 months | 0.01% | 0.02% | 0.03% | $1,000 |
PNC offers a variety of business products and lending options.
Compare accounts by monthly fee, opening deposit and APY. Select Compare to see up to four accounts side-by-side.
A large and long-time bank, PNC has a lot of customer feedback. It holds the highest Better Business Bureau (BBB) rating of A+ and has a little under 2,500 complaints filed in the last three years. On Trustpilot, it has a poor 1.3-star rating out of around one thousand reviews.
The majority of the negative complaints and reviews discuss typical banking issues, such as failed attempts to resolve fraudulent charges, unhappiness with monthly or overdraft fees on checking accounts, and poor customer service at branches. Many reviews specifically complain about PNC’s mortgages, with a few customers saying PNC doesn’t accept partial home loan payments or general issues with loan payments taking a while to clear.
Happy customers say they’ve been with the bank for years with no issues, report responsive customer service and helpful brokers and praise the mobile app. On Reddit, many users say the Virtual Wallet is convenient, and they love its modern budgeting tools and also report the mobile app is easy to use. PNC’s mobile app has a 4.8-star rating on the Apple App Store and a 4.4-star rating on Google Play — combined the apps have over 1.7 million ratings.
PNC Virtual Wallet Student Checking is free for six years but can then get pricey.
A kids’ savings account with Sesame Street education, but the APY is low.
This flexible account rolls together the best of checking and savings. But it’s coy about interest rates.
Enjoy no monthly fees, no minimum deposit and a strong APY — but only if you live in an eligible state.