PNC Bank has been in business for 160 years. It is worth $367 billion and serves 12 million customers in the Mid-Atlantic, Midwest, Southwest, and Southeast. The bank provides a comprehensive range of banking and lending services to both consumers and companies.
Its internet presence, on the other hand, is just as strong as its old banking strategy. If you prefer to perform your banking on your phone, the PNC mobile app allows you to do so. With PNC Purchase Payback, you may deposit checks, check your balance, transfer funds, mail money, and get cash back on debit card transactions.
PNC Bank Features
PNC Bank offers one-stop shopping for banking services such as checking, savings, and money market accounts, as well as credit cards, mortgages, auto loans, and student loans. The reviews of the top significant features that follow take a closer look.
PNC Bank’s interest rates aren’t its most notable characteristic, although the financial institution does pay interest on deposits. The APY on virtual wallets and savings accounts is 0.01%. Higher relationship rates are, nevertheless, available. Money market accounts have higher interest rates, which begin at 0.02% and increase with a higher balance or relationship rate. CDs earn 0.02% on balances ranging from $1,000 to $24,999.99, with a lower rate on amounts less than $1,000 and a higher rate on balances of $25,000 or more.
If you are 62 or older, or have a minimum of $500 in direct deposits or a monthly balance requirement, you can avoid the monthly statement fees on PNC Bank’s checking accounts.
The PNC mobile app includes a Low Cash Mode function that alerts you when your balance is low and gives you alternatives for dealing with it.
If you overdraw your account, you will have 24 hours to bring it down to zero before overdraft fees are assessed. If you have many goods that, when added together, will result in a negative balance on your account, you can specify which ones you want paid and which ones you want returned.
PNC Bank Checking Accounts
PNC Bank’s Virtual Wallet has been rated a Best Checking Account for 2022 by GoBankingRates. PNC Bank consolidates all of its customers’ accounts into a “virtual wallet.” Spend, the checking account, serves as the foundation of this wallet.
Spend, Performance Spend, and Performance Select are the three levels. If certain requirements are completed, the monthly service price for each of these accounts can be waived.
You must have a $500 monthly direct deposit into your Spend account, a monthly balance of at least $500 in Spend + Reserve, or be over the age of 62 to qualify for Spend. Your monthly service charge is $7 if you do not meet one of these requirements.
You must have at least $2,000 direct deposited monthly — or $1,000 for WorkPlace Banking or Military Banking customers — or $2,000 in Spend + Reserve, or $10,000 total in PNC bank accounts to qualify for Performance Spend. If you do not, you will be charged $15 every month.
Unless you have at least $5,000 in monthly direct deposits, a $5,000 monthly balance in Spend + Reserve, or a combined $25,000 in all PNC accounts, including investment accounts, your Performance Select account will cost you $25 per month.
Each of these accounts comes with free access to PNC’s network of over 18,000 ATMs, as well as reimbursement of other banks’ ATM costs, as well as up to $5 every statement period for Spend, up to $10 for Performance Spend, and up to $20 for Performance Select.
Your Reserve or Growth account also provides overdraft protection. These accounts also offer Low Cash Mode, which alerts you if your account is going to be overdrawn.
PNC Bank Savings Accounts
You can save money by adding a Reserve or Growth account to your Virtual Wallet. The Reserve account is designed for short-term savings for an approaching occasion or bill. Growth is designed to be used for long-term savings toward a larger aim.
Reserve and Growth accounts begin at 0.01% APY but may increase based on the type of Spend account you have and whether you qualify for Relationship Rates, which require minimum balances and/or direct deposits. However, if you open a Virtual Wallet Checking Pro account — which includes Reserve, Growth, and Spend accounts — you will be eligible for a competitive 0.50% APY.
PNC Bank Money Market Account
PNC Bank provides a Premier Money Market Account, which is also included in your Virtual Wallet. Interest rates are determined on your balance, checking account type, and whether you qualify for Relationship Rates.
If you have a Performance Select Checking account and qualify for Relationship Rates, you can earn 0.04% APY on balances up to $999,999.99 in your money market account.
If you have a Performance Checking Account and qualify for Relationship Rates, you can earn 0.03% APY on your money market account if your balance is less than $1,000,000.
For accounts of any size, standard money market rates are 0.02%.
You must have a connected checking account or Virtual Wallet and complete one of the following qualifying transactions to qualify for Relationship Rates:
- 5 or more POS transactions from your associated PNC debit or credit card from your checking account
- Direct deposits of $2,000 or more – $1,000 for WorkPlace or Military banking customers — in your Virtual Wallet Performance Spend or connected checking account, or $5,000 in your Virtual Wallet Performance Select Spend or linked Performance Select Checking account.
If you met the conditions for Relationship Rates the previous month, you will receive that rate the following month. If you do not qualify, your rate will be reduced to the Standard rate the next month.
The Premier Money Market Account from PNC Bank has been named a GoBankingRates Best Money Market Account for 2022.
PNC Bank Customer Service
Banking does not imply that you must simply visit your local branch. You can bank with PNC in a variety of ways:
Locate the nearest ATM and location.
More alternatives are available at the Customer Service Center.
Visit the Secure Message Center online.
Using the smartphone app
How PNC Bank Stands Out
PNC provides numerous Virtual Wallet tiers, including the basic and student editions, Virtual Wallet with Performance Spend, and Virtual Wallet with Performance Select. Customers receive a primary checking account, an interest-bearing checking account, and a long-term savings account with each option.
If you dislike internet banking, the Virtual Wallet alternatives provide a variety of solutions to assist you in managing your finances. Customers who maintain a combined average monthly balance of at least $5,000 in this account and up to eight eligible linked PNC accounts can avoid the monthly service charge with Performance Select Checking.
How To Apply PNC Bank
The most convenient way to open a PNC Bank account is online. Begin by selecting the Virtual Wallet level. Once you’ve made your decision, click Apply Online and input your personal information, including your name, date of birth, and Social Security number.
To fund the account, make a transfer using an existing bank account number and routing number.
Who PNC Bank is Best For
PNC Bank is suitable for customers who live in chosen Midwest, Northeast, or Southern states with physical branches.
Aside from its regional bank designation, anyone interested in “bundling” multiple bank accounts to obtain additional perks like relationship rates and lower overdraft fees will like banking with PNC.
If you live in one of PNC Bank’s service zones or prefer to bank entirely online, it’s a good option. If you’re looking for a new bank, the variety of its product offerings and innovative technologies make it worth considering.