Are you looking for a reliable and trustworthy bank that can meet all your financial needs? Look no further than PNC Bank, a renowned financial institution with a strong presence in the eastern half of the United States. With its history dating back to the merger of Pittsburgh National Corporation and Provident National Corporation in 1982, PNC Bank has become the seventh largest bank in the country.
Who is PNC Bank for?
PNC Bank caters to a wide range of customers, especially those who value having a local branch. If you’re looking for a full-service bank that offers not only checking and savings accounts but also credit cards, loans, and investment services, PNC Bank is an excellent choice. Small business owners will also appreciate the extensive options available for both personal and business banking needs.
However, if you’re primarily focused on high-interest rates for your deposit accounts, PNC Bank may not be the best fit. While they offer competitive rates on select account balances and CD terms, other banks may provide higher returns.
Review of PNC Bank Products: PNC savings account
PNC Bank’s Standard Savings account is easily accessible, with no minimum deposit required. You can take advantage of unlimited deposits and transfers, as well as PNC’s auto savings tool to establish recurring savings. The account also provides online and mobile banking services and a PNC Banking card with no fees at PNC ATMs.
Currently, the account offers a modest annual percentage yield (APY) of 0.01% on all balances. Relationship rates increase to 0.02% APY for balances below $2,500 and 0.03% APY for balances above.
Pros:
- No minimum deposit requirement for most depositors.
- Easy-to-avoid monthly maintenance fee.
- Auto savings feature to build your account balance efficiently.
Cons:
- Interest rates are below what other banks offer.
Why we don’t recommend it: With other banks offering much higher interest rates, PNC Bank’s rate spread of 0.01% to 0.03% falls short. For example, CIT Bank currently pays up to 4.95% APY on its high-yield savings account.
PNC CDs
PNC Bank offers fixed-rate CDs with terms ranging from seven days to 10 years, with a minimum deposit of $1,000. IRA CDs are also available with terms ranging from six months to 10 years, requiring a minimum deposit of $250.
Standard fixed rates range from 0.01% to 0.03% APY. However, PNC Bank occasionally offers special promotional term CDs with higher rates. These rates apply only to select terms and balances.
For instance, the four-month fixed-term CD currently offers 5% APY on balances of $100,000 and above. The nine-month CD offers 3.25% APY on balances of $1,000 and above, while the 13-month CD offers 2% APY on all balances.
Pros:
- High interest rates on select CDs, such as the four-month fixed-term CD.
- Low initial investment of $250 for IRA CDs.
Cons:
- Interest rates on most CDs are unremarkable.
Why we don’t recommend it: Other financial institutions offer higher returns on various CD terms and balances. For example, at CIT Bank, you can earn up to 5% APY on CDs with as little as $1,000, compared to PNC Bank’s $100,000 minimum requirement.
PNC checking
PNC Bank’s primary checking account is the Virtual Wallet, which offers various tools to track spending. Depending on your needs, you can choose between different Virtual Wallet options, each with its own benefits.
Virtual Wallet: With a minimum opening deposit of $25, this account provides checking services. You can also choose to combine checking and savings, with the additional Reserve account for short-term planning and the Growth account for long-term savings. The Spend account does not earn interest, while the Reserve and Growth accounts offer APY rates between 0.01% and 0.03%.
Virtual Wallet with Performance Spend: Similar to the Virtual Wallet option, this account also offers the combination of checking and savings. However, it provides additional benefits such as a sign-up bonus of up to $200 and reimbursement for the first two domestic or international out-of-network ATM fees each statement cycle.
Virtual Wallet with Performance Select: This option offers the combination of checking and savings, along with a higher sign-up bonus of up to $400. The Growth account provides better APY rates, ranging from 0.04% to 1.25% on various balances.
Virtual Wallet Student: Designed for students, this account allows for the combination of Spend, Reserve, and Growth accounts. It comes with no monthly service charge and offers certain perks like an automatic courtesy refund of an overdraft fee and free incoming wire transfers.
Pros:
- Low minimum deposit requirement of $25 for opening an account.
- Overdraft protection with two accounts for Virtual Wallet with Performance Spend and Performance Select.
- Affordable monthly service fees for Virtual Wallet accounts.
Cons:
- Interest rates are uncompetitive, except for the Growth account for Virtual Wallet with Performance Select.
Why we don’t recommend it: Compared to other banks, the interest rates offered by PNC Bank’s checking accounts are not competitive. For example, Axos Bank pays up to 3.30% APY on checking account balances.
PNC Premier Money Market
To earn interest with PNC Bank, you can consider their Premier Money Market account. There is no minimum deposit requirement to open the account online, but you must have at least $1 on deposit to start earning interest.
The Premier Money Market account offers various APY rates for different balance ranges. Balances between $100,000 and $499,999.99 can earn 1% APY, while balances of $500,000 or more currently earn 1.25% APY. Balances below $100,000 have lower interest rates, ranging from 0.03% to 0.04% APY.
Pros:
- No deposit required to open an account online.
- Start earning interest with as little as $1.
- Possibility to waive the monthly service fee by linking to a Select checking account.
Cons:
- Interest rates are minimal on balances under $100,000 and only slightly better on higher deposits.
Why we don’t recommend it: Other financial institutions offer higher returns on money market accounts. For example, CIT Bank’s money market account currently pays 1.55% APY.
Other PNC products
PNC Bank provides a wide range of financial products and services to meet your needs. Apart from checking, savings, and money market accounts, they offer credit cards, home loans, auto loans, personal loans, student loans, and more. They also provide business banking services like checking accounts, credit cards, merchant services, and loans.
Additionally, PNC Bank offers comprehensive investment products and services, including brokerage accounts, advisor-managed accounts, and private banking for individuals with high net worth.
Review of Overall Features
Low Cash Mode
PNC Bank’s Virtual Wallet checking accounts offer a feature called Low Cash Mode, which helps you avoid overdraft fees. It includes a combination of protections, such as no non-sufficient funds fee, a maximum of one $36 overdraft item fee per day, customizable alerts for low balance notifications, and 24 hours to bring your balance to at least zero to avoid overdraft charges.
Bank Fees Overdraft
For the Spend Account, the overdraft fee is $36. If the account is overdrawn by $5 or less after all transactions are posted for the day, any overdraft fees are automatically refunded. The Reserve and Growth accounts allow up to four overdraft fees per day.
Non-sufficient funds: PNC Bank eliminated non-sufficient funds fees on all accounts in August 2022.
Monthly maintenance: Monthly maintenance fees vary depending on the specific account type. Virtual Wallet has a $7 fee, Virtual Wallet with Performance Spend has a $15 fee, Virtual Wallet with Performance Select has a $25 fee, Virtual Wallet Student has no fee, and Premier Money Market has a $12 fee.
Wire fees: Domestic incoming wires cost $15, self-service outgoing wires cost $25, and agent-assisted outgoing wires cost $30. For international wires, incoming wires cost $15, self-service outgoing wires cost $40, agent-assisted outgoing wires cost $45, and self-service international money transfers cost $5.
CD early withdrawal fees: PNC Bank charges early withdrawal fees based on the term of the CD. Terms less than three months and from three months to less than one year have a three months’ interest fee, while terms of one year or more have a six months’ interest fee.
Other fees: PNC Bank charges various fees for services such as non-PNC ATM usage, return item, paper statements, collection items, counter checks, over-limit transactions, stop payments, cashier’s checks, and more.
Customer Experience
PNC Bank offers customer support by phone on weekdays from 8 a.m. to 9 p.m. and on weekends from 8 a.m. to 5 p.m. (Eastern time). All PNC Bank accounts and products are accessible through online banking and the mobile banking app. The mobile app has received high ratings from both iOS and Android users for its functionality and user experience. PNC Bank ensures a secure banking environment with EV SSL certificates, firewalls, and additional login verification options.
More about PNC Bank
PNC Bank has a long-standing history that dates back to 1845. It weathered the 2008 financial crisis better than many other financial institutions and was one of the first banks to repay TARP funds received from the U.S. Treasury during that time. PNC Bank is a member of the FDIC, ensuring that deposit accounts are protected up to $250,000 per depositor. With over 2,600 branches and more than 9,500 ATMs spread across 27 states and the District of Columbia, PNC Bank offers a strong network for its customers.
How does PNC Bank compare?
In evaluating PNC Bank, we considered their primary products, including checking, savings, and money market accounts, as well as CDs. We took into account interest rates, fees, the number of branches, and the availability of in-network ATMs.
Frequently Asked Questions (FAQs)
How do I close a PNC bank account? You can contact customer service or close your account online. Make sure to cancel any recurring transactions and cover any outstanding balances before closing your account.
Is PNC Bank in financial trouble? No, PNC Bank is not in financial distress or danger of failing.
What is the 800 number for PNC Bank? PNC Bank has different 800 numbers for different product categories, including Virtual Wallet, personal credit cards, personal banking accounts, mortgages, student loans, investments, business banking accounts, and business credit cards.
Does PNC Bank use payment apps like PayPal or CashApp? Yes, PNC Bank allows you to link your PNC Visa card with PayPal through their mobile app. Other payment services like Zelle, CashApp, and Venmo can also be used to make payments from your PNC Bank accounts.
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE