PNC Review

How does your bank stack up?

  • Financial Rates: 2.5 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon


  • Virtual Wallet rates are competitive
  • Relationship Rates offer higher rates
  • Student accounts offered
  • Business accounts are available


  • Low interest rates for other accounts
  • Accounts have monthly fees
  • High required balances to avoid fees
  • Must open CDs at branch locations

What You Need to Know

Opening PNCs Virtual Wallet accounts earn competitive interest rates. This includes three specific accounts: the Spend, Reserve, and Growth accounts. The Spend account is your checking account for everyday spending. The Reserve account is a short-term savings account. It offers overdraft protection for the Spend account. The Growth account is for longer-term goals, like a down payment, car, or vacation. Virtual Wallet accounts offer interest rates that are competitive with other online accounts. You must link these accounts together to earn competitive rates.

Some Growth savings accounts offer slightly higher rates with Relationship Rates. You must qualify to earn the Relationship Rates. To qualify, you must have a set amount directly deposited into the Spend account. Making five debit transactions also qualifies you. The amounts of direct deposits vary from $500 to $5,000 depending on the account. If you qualify, your money will earn even higher interest rates.

PNC offers accounts for college students. With proof you are enrolled in college, the monthly fee is waived. This account offers a debit card and online and mobile banking. The same features of Virtual Wallet are available for the college account. Parents can sign up to receive alert texts when balances are low or overdrawn. Some colleges offer other perks with the account. For example, one college allows you to use your student ID card as a PNC ATM card.

PNC offers small and commercial business accounts. Checking, savings, and money market accounts are available. CDs, credit cards, and online services for your business are available. Bill pay, remote check deposits, and online payroll are services offered.

PNC standard account interest rates are low. To earn the competitive rates on Virtual Wallet accounts, you must meet the set requirement. If you open a standard account or do not meet the requirements, interest rates are low. To earn the competitive rates, be sure you open the right accounts and meet the requirements.

Most PNC accounts have a monthly fee. The fees range from $5 to $25 depending on the account. There are ways to waive the fees. Having a set amount in the account or in qualifying PNC accounts will waive the fees. Direct deposits of a set amount or if you are 62 years or older will waive some fees. As of March 2019, PNC loan and investment balances are not included to waive monthly fees.

The amounts required to have in PNC accounts to waive the monthly fees are high. The money market account requires $5,000 to avoid the monthly fee. Virtual Wallet accounts require $500 to $5,000 to waive the fee or $10,000 to $25,000 across all PNC deposit accounts. After March 2019, loans and investment balances will no longer count toward the total amount to waive fees. Their standard savings account only requires $300 to waive monthly fees.

Customers must open PNC CDs at a branch location. Most PNC CDs required $1,000 to open. The CDs with terms of seven to 89 days require $5,000 to open. PNC has branch locations in 19 states and the District of Columbia.

Cool Things

Savings Engine

The Savings Engine provides options to help you save money. You choose the “pay days” for your account. Money is then automatically transferred from your Spend account to your Growth account. You can transfer money into your Growth account when you pay bills with the Virtual Wallet calendar. You can also “Punch the Pig.” You “punch” the piggy bank to have the money transferred into your Growth account.

Overdraft Protection

PNC offers built-in overdraft protection for checking accounts. There is no set up required if you open accounts with Virtual Wallet. There are no fees to transfer the money from your Reserve account into your Spend account. If you do not have enough money in your Reserve account money will be drawn from your Growth account. Standard checking accounts can have overdraft protection with a savings account.


PNC started in 1845. The bank was originally named Pittsburgh Trust and Savings Company. Even though the bank was founded in 1845, it was not fully open and operating until 1852. In 1858, the bank moved to the corner of Fifth Avenue and Wood Street in Pittsburgh. Headquarters are still located at that location today.

In 1959, Pittsburgh Trust Company had merged with a variety of different banks over the years. The name changed to Pittsburg National Corporation. The current PNC name comes from the Pittsburgh National Corporation and Provident National Corporation. These two banks merged in 1983.

Today, PNC has over 2,600 branch locations in 19 different states. They are the fifth largest bank by number of branch locations. PNC is the eighth largest bank in the United States by total amount of assets. Headquarters for PNC is at the Tower at PNC Plaza in Pittsburgh, Pennsylvania. PNC is a sponsor of Sesame Street.

Awards and Recognition

  • "World’s Most Admired Companies" by Fortune Magazine in 2018
  • "Best-of-the-Best for Top Disability-Friendly Companies" by DIVERSEability magazine in 2017
  • "Top 10 Military-Friendly Companies" by G.I. Jobs in 2016
  • "Top 20 Most Generous Companies of the Fortune 500" by Fortune Magazine in 2016

Giving Back

PNC has contributed $250,000 to arts organizations in Missouri and Illinois. They have a 10-year commitment to the local visual and performing arts. PNC Arts Alive provides grants to local nonprofit arts groups. This program has provided $2.5 million in grants to different cultural organizations.

The PNC Foundation supports organizations that benefit communities. One aspect they focus on is early childhood education. Grow Up Great is a cause that started in 2004. This program has created a $350 million initiative over multiple years. The money helps children prepare from the time they are born to when they are five years old. As part of this program, PNC recently partnered with Together they provide new resources to head start and preschool classrooms.

Frequently Asked Questions

Is PNC FDIC insured?

Yes. PNC is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With checks, debit or ATM cards, electronic transfers, mobile pay, or by visiting a local branch.

Does PNC offer mobile banking?

Yes. With the mobile app, you can check your balance, pay bills, and transfer funds. You can send money to others and deposit checks. The Virtual Wallet app allows you to see your accounts, track your spending, and set up budgets.

Is PNC free?

No. Most PNC accounts have a monthly fee. The fees range from $5 to $25 a month. Waive those fees by meeting certain requirements. The requirements vary depending on the type of account you open.

Is PNC a good bank?

PNC offers a variety of different accounts, including business accounts. Virtual Wallet accounts offer competitive rates if you meet set requirements. Not all interest rates are competitive with other online accounts. Most all PNC accounts have a monthly fee. Waive the fees by meeting certain requirements.

Is PNC secure online?

Yes. PNC monitors for fraudulent activity. You can receive alerts for certain account activity. PNC offers financial security software to help protect your information. Their accounts are password protected.

Does PNC offer competitive interest rates?

PNC Virtual Wallet accounts offer competitive interest rates. You must qualify to earn competitive rates. PNC standard accounts do not offer competitive interest rates. Those rates are similar to typical bank rates.

Can I use PNC for my business accounts?

Yes. PNC offers accounts for small or commercial businesses. Checking, savings, and money market accounts are available. Loans, credit cards, and business services are available.

How is PNC's online banking different from the online banking my bank offers?

Virtual Wallet accounts offer more competitive interest rates than typical bank rates. You must meet the specific qualifications to earn competitive rates.

Do PNC's checking accounts pay interest?

The Virtual Wallet with Performance Select and Performance Spend checking accounts earn interest. You must meet set qualifications to earn competitive interest rates. Most checking accounts also require a balance of $2,000 to earn interest.

How do I reach customer service?

By phone, email, Twitter, online chat, or by visiting a local branch.

Does PNC offer bill pay?

Yes. PNC offers bill pay with all their checking accounts. Bill pay is only free if you have an eligible account. Other fees for online banking may apply.

Can I deposit cash?

Yes, at a branch location. There are over 2,600 branches in 19 different U.S. states.

How long do transfers take?

Cash and direct deposits are available the same day. Wire transfers and checks from a different PNC account are also available the same day. One hundred dollars of other deposits are available the same day. The rest of the deposit is available the next business day.

Can I sign up for direct deposit to PNC accounts?

Yes. Signing up for direct deposit to PNC accounts is one way to have the monthly fees waived. Different accounts require different amounts to waive the fee.

Bank Contact Information

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