Money Banking
Article updated on Jan 13, 2023
Despite a notable high-yield savings account, PNC has relatively low savings rates and isn't available in all states.
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Written by Dori Zinn Contributing Writer Dori Zinn loves helping people learn and understand money. She's been covering personal finance for a decade and her writing has appeared in Wirecutter, Credit Karma, Huffington Post and more.
Edited by Courtney Johnston Senior Editor Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statementOur Experts
Written by Dori Zinn Contributing Writer Dori Zinn loves helping people learn and understand money. She's been covering personal finance for a decade and her writing has appeared in Wirecutter, Credit Karma, Huffington Post and more.
Edited by Courtney Johnston Senior Editor Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statementWhy You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict. This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .
Table of Contents
- Who is PNC suited for?
- PNC banking experience
- How to contact PNC’s customer service
PNC Bank
Overview
PNC Bank has been around for 170 years and is one of the10 largest banksin the country. It offers credit, banking, borrowing and investment services both online and in-person. PNC has more than 2,600 branches and 60,000 ATMs and partner locations, particularly throughout the Midwest, Mid-Atlantic, and southern US.
You might consider PNC Bank if you’re looking for strong digital banking features combined with in-person service. And if its high-yield savings account is available in your area, it offers a high 4.00% APY. But with limited locations and otherwise lackluster savings accounts, PNC is not a bank that will work for everyone.
What we like
- Strong online and mobile banking: PNC offers robust digital banking products and services.
- Branch locations in 29 states:There are thousands of branches in select states throughout the country.
- Competitive high-yield savings account:The high 4.00% APY for its high-yield online savings account is one of the best we’ve seen (in select areas only).
- Expansive suite of banking services:This bank has all-encompassing products, including credit, checking, mortgages and auto financing.
What we don’t like
- Not available in allstates: Though it spans 29 states, it does not offer nationwide banking services.
- Account availability varies by location:Not all products are available in every location. Its high-yield checking account, for example, is only available in select areas.
- Low APY on most savingsaccounts: PNC Bank’s standard savings accounts won’t earn you much interest.
Who is PNC suited for?
PNC is best for consumers who want to find one bank for all of their financial accounts and who live or work near a local branch. It’s also a good option if you live in a state that has access to its high-yield savings account.
PNC Bank products
Compare top checking rates
Overview
When you open a Virtual Wallet account, you can choose between three different account levels, each with the option to only open a checking accountoropen a checking and savings account.
- Virtual Wallet:Introductory account made for most people. Avoid the $7 monthly service charge by making at least $500 in direct deposits or if you’re 62 years of age or older. You can earn up to $50 when you open an account and meet the qualifying direct deposit requirements.
- Virtual Wallet with Performance Spend:This account offers Virtual Wallet access, but comes with a $15 monthly service charge that’s waived if you receive $2,000 or more in monthly direct deposits or you keep a balance of at least $10,000 between all your PNC consumer accounts. You can earn up to a $200 bonus when you open your account and meet the qualifying direct deposit requirements.
- Virtual Wallet with Performance Select:Make at least $5,000 in monthly direct deposit or keep $25,000 in all of your PNC accounts (including investment accounts). Otherwise you’re on the hook for the $25 monthly service fee. You can earn up to a $400 bonus when you open up this account and meet the qualifying direct deposit requirements.
Checking Account Features
| Checking account | APY | Minimum opening deposit | Monthly service fee* | Overdraft fee |
|---|---|---|---|---|
| Virtual Wallet | 0.01% | $0 | $7 | $36 |
| With Performance Spend | 0.01% | $0 | $15 | $36 |
| With Performance Select | 0.01% | $0 | $25 | $36 |
Pros
You can combine checking and savings into one account.
There are Virtual Wallet options for different income earners and students.
PNC’s low cash feature gives you extra time to avoid overdraft fees.
Cons
High overdraft fee at $36.
Not all products are available in all locations.
Overview
You have a few different savings options with PNC, including using its Virtual Wallet, which pairs checking and savings together. The standard savings account is good for most people and the ‘S’ is for Savings account is a savings account for kids. There’s also a high-yield savings account option that can earn you up to 4.00% APY, but it’s only available in select locations.
Savings Account Features
| Savings account | APY | Minimum opening deposit | Monthly service fee* |
|---|---|---|---|
| Virtual Wallet | 0.01% | $0 | $7 |
| Standard Savings | 0.02% | $0 | $5 |
| ‘S’ is for Savings | 0.01% | $0 | $5 |
| High Yield Savings | 4.00% | $0 | $0 |
Pros
If you have multiple accounts at PNC, you could qualify for higher relationship interest rates.
No minimum balance to open an account.
Kid-friendly options to encourage savings at a young age.
Competitive 4% APY on high-yield savings account (if available in your area).
Cons
Minimal interest earnings on most savings accounts.
Its high-yield savings account is offered in limited locations.
Not all savings account options are available in all locations.
Overview
PNC offers two different types of CD accounts: a fixed-rate CD and fixed-rate IRA CD. The additional IRA component offers some tax and retirement savings advantages.
CD Account Features
| CD accounts | Minimum to open | Terms | APY |
|---|---|---|---|
| Fixed Rate CD | $1,000 | 7 days to 10 years | 0.01% to 0.03%; some months run promo offers |
| Fixed Rate IRA CD | $250 | 6 months to 10 years | 0.01% to 0.03%; some months run promo offers |
Pros
Promotional offers allow you to earn up to 3.60 APY (currently offered for 13-month terms).
Flexible terms as high as 10 years.
Cons
Not available to all customers.
Must visit a physical branch to open.
Unless you receive a promotional rate, its CD APYs are low.
Overview
Money market accounts are available at PNC at select locations. While an ATM card comes with the account, you can’t use it to make debit card purchases -- you can only use it for ATM transactions. If you have multiple PNC accounts, you might qualify for relationship rates, which could earn you a higher interest rate.
- APY:0.02% to 1.80%, depending on your account and balance
- Minimum to open:$0
- Monthly service charge:$12 (waived if certain conditions are met)
- Overdraft fee:$36 per item, up to 4 a day
Pros
Unlimited deposits
Banking card for easy ATM access
Cons
Higher interest rates reserved for very high account balances, and are lower than other money market account rates.
Not available in all states or locations.
High minimum balance requirement -- $5,000 -- to maintain an account (or link another PNC account to avoid monthly service fee).
Cannot make debit purchases with your card.
PNC banking experience
You can open an account online or at one of themore than 2,600 branchesacross 29 states in the US. Not every bank offers every product, and when exploring accounts online you’re prompted to input your zip code. This gives PNC the chance to prepopulate the site that’s tailored to what’s available near you.
Virtual Wallet and personal banking assistance are available Monday through Friday from 7:00 a.m. to 10:00 p.m. ET and Saturday through Sunday from 8:00 a.m. to 5:00 p.m. ET. Call PNC at 1-888-PNC-BANK (762-2265).
PNC doesn’t offer live chat or secure email correspondence -- the best way to get in touch is to call.
