5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.
5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.
There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.
Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.
To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.
5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.
5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.
Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.
Virtual Wallet is three different accounts: the Spend account, the Reserve account, and the Growth account. 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 savings goals; like a down payment, car, or vacation. Only the Growth account earns interest. Virtual Wallet also offers budgeting tools, bill pay, and mobile banking. Money can be automatically transferred between these three accounts.
The Growth savings account offer Relationship Rates. The interest rates are much higher if you qualify for 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.
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 offered. Bill pay, remote check deposits, and online payroll are services offered.
Interest rates for PNC accounts are low. They compare to your typical brick and mortar rates. PNC rates are not competitive with other online-only accounts.
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.
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. The checking accounts require $2,000 to $5,000 to waive the fee or $15,000 to $25,000 across all PNC deposit accounts and loans.
PNC CDs must be opened 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.