PNC Virtual Wallet Review
PNC Virtual Wallet with Performance Select isn't available on Finder right now.
- Fee
- $25 per month
- APY
- 0.01%
- Minimum deposit to open
- $0
Our verdict
Checking and savings in one, but watch out for monthly fees and low APYs.
PNC Virtual Wallet® has four accounts that offer the combined features of checking and savings by organizing your assets into Spend, Reserve and Growth categories. All four offer interest and ATM reimbursements, but most come with monthly fees. Your interest rate also varies depending on your location and account type, with its average rate earning 0.03% APY, which is well below the national average currently at 0.42% APY.(1)
Best for: Those who prefer digital, all-in-one accounts.
Pros
-
Expense tracker and money management tools
-
Free overdraft protection
-
New customer bonuses often available
Cons
-
Monthly fees (can be waived)
-
Limited state availability
-
Low APYs that vary
-
High $36 overdraft fee
Who is PNC Virtual Wallet best for
PNC Virtual Wallet accounts are best for those who want the convenience and flexibility of checking and savings features in one account. There are four types of Virtual Wallets to choose from, and each comes with free ATM access and mobile banking.
Plus, PNC frequently offers cash rewards of $100, $200 or $400 for new customers who complete specific tasks for the account option you select.
However, the products and APYs offered vary significantly by location, so not all customers will enjoy a competitive interest rate. Additionally, we contacted PNC, and they told us that the Virtual Wallet accounts are only available in 21 states and DC.
View available states.
- Alabama
- Arizona
- California
- Colorado
- Delaware
- District of Columbia
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Maryland
- Michigan
- New Jersey
- New Mexico
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Texas
- West Virginia
- Wisconsin
Virtual Wallet plans and costs
There are three main Virtual Wallet account variations and a fourth that’s designed for students. Each has different monthly fees, fee waiver requirements and perks. Additionally, each variation offers fee waivers.
| Account variation | Monthly fee | Features |
|---|---|---|
Virtual Wallet | $7 |
|
Virtual Wallet with Performance Spend | $15 | Virtual Wallet features, plus:
|
Virtual Wallet with Performance Select | $25 | Virtual Wallet features, plus:
|
Virtual Wallet Student | $0 for the first six years, then $7 when it converts to a regular Virtual Wallet account | Virtual Wallet features, plus:
|
What we like about the PNC Virtual Wallet
The PNC Virtual Wallet breaks the mold of traditional banking by letting you enjoy the best of both worlds with short- and long-term savings along with a checking account.
Checking and savings in one
The PNC Virtual Wallet was one of the first “all-in-one” accounts offered. Rather than opening a checking and savings account separately, opening just one Virtual Wallet account means getting the Spend, Reserve and Growth subaccounts for checking and savings together.
Large ATM and branch network
You’ll get access to over 9,000 in-network PNC-brand ATMs across the country. While this isn’t as much as some online banks, like Ally Bank with over 55,000 ATMs, most Virtual Wallet accounts come with ATM reimbursements of up to $20 a month to cover fees for using out-of-network ATMs.
Digital spending tools
PNC Bank also has useful digital spending tools for managing money. For example, its Money Bar shows you what funds are needed for upcoming bills and what’s free to spend. Its budgeting tools monitor your spending and send you alerts to help you stay on track. And PNC’s new Low Cash Mode has several features that give you more control in handling overdrafts:
- Receive notifications when your account is near or below zero.
- Deposit money into your account within 24 hours to cover any overdrafts to avoid an overdraft fee using the Extra Time feature.
- Choose whether to pay or return checks and ACH transfers when your balance is in the red with the feature Payment Control.
Where it falls short
In a market where free checking accounts are abundant, the PNC Virtual Wallet just isn’t as appealing. Besides the student variation, the regular Virtual Wallet, Performance Spend and Performance Select all charge a monthly fee.
On top of that, the Virtual Wallet has limited availability. Depending on where you live, you may not be eligible for a specific type of Virtual Wallet tier, or your interest rates may be nearly nonexistent.
If you’re sold on the account but are worried about the fees, PNC offers fee waivers:
- Virtual Wallet fee waivers, meet one of the following:
- $500+ in monthly direct deposits to your Spend account
- $500+ total monthly balance in your Spend and Reserve accounts
- Age 62+
- Performance Spend fee waivers, meet one of the following:
- $2,000+ in monthly direct deposits to your Spend account
- $2,000+ total monthly balance in your Spend and Reserve accounts
- $10,000+ in total PNC account balances
- Receive at least $1,000 in monthly direct deposits and are a military member
- Performance Select fee waivers, meet one of the following:
- $5,000+ in monthly direct deposits to your Spend account
- $5,000+ total monthly balance in your Spend and Reserve accounts
- $25,000+ in total PNC account balances
APYs might be low
The best rates for the Virtual Wallet savings subaccounts tend to require high balances. For example, the Virtual Wallet with Performance Spend Growth’s 3.00% promotional APY requires a minimum daily balance of at least $10,000.
Here’s a snapshot of some rates we’ve located for the Growth and Reserve accounts.
| Account | Reserve APY | Growth APY |
|---|---|---|
Virtual Wallet | 0.01% | 0.02% to 0.03%, based on balance |
Performance Spend | 0.01% | 0.03% to 3.00%, based on balance and available promotions |
Performance Select | 0.01% | 0.01% to 3.00%, based on balance and available promotions |
Student | 0.01% | 0.01% to 0.03%, based on balance |
Compare PNC Virtual Wallet with other accounts
Narrow down other checking accounts by features, including APY and ATM access. Select Compare to see how up to four products stack up.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.11 out of 5 stars, based on 451 customer reviews |
| Trustpilot score | 1.3 out of 5 stars, based on 1,452 customer reviews |
| App Store Score | 4.9 out of 5 stars, based on 1,700,000 customer reviews |
| Google Play Score | 4.5 out of 5 stars, based on 275,765 customer reviews |
| Customer reviews verified as of | 05 March 2025 |
Like most midsized banks, PNC Bank’s reviews lean negative. Feedback on Trustpilot and the Better Business Bureau (BBB) mostly highlights poor customer experiences, issues with the fraud department or dissatisfaction with branch closures.
Customers complaining about PNC Virtual Wallet contend it has low interest rates and high fees. However, a few customers rave about its budgeting tools, citing the Virtual Wallet as a great way to keep their weekly spending in check and reach long-term savings goals.
What do people on Reddit say?
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
PNC Virtual Wallet with Performance Select is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 3.80% APY on savings
- $0 account or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
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Bethany Finder
Banking editor
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