Applied Bank VS PNC

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.10%APY
Savings/MMA
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Pros:

  • Variety of different personal accounts
  • Low opening required amounts
  • Checking and saving rates are not tiered
  • Business accounts offered

Cons:

  • Accounts have low-interest rates
  • Jumbo CDs do not offer higher rates
  • Accounts have monthly fees
  • High interest in MMA requires a large sum
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Virtual Wallet
  • Relationship Rates for Growth account
  • Student accounts offered
  • Business accounts are available

Cons:

  • Low interest rates
  • Accounts have monthly fees
  • High required balances to avoid fees
  • CDs must be opened at branch locations
Applied Bank Review

Applied Bank has a variety of different personal accounts. There are basic savings, checking, and money market accounts. Checking accounts for people over 50 are available. There are specific savings accounts for youth and specific goals like a vacation. CDs, loans, and credit cards are available through Applied Bank.

Most Applied Bank accounts have a low opening required amount. The savings and checking account requires $100 to open. The club savings account only requires $10 to open. The money market account requires $500 to avoid a fee and earn interest. The CDs require $1,000 to open. The checking account for those over 50 does not have required amounts.

The interest rates for Applied Bank checking and savings accounts are not tiered. The savings account only requires $100 to earn the most competitive rates. The Club Savings account only requires $10 to earn competitive rates. The checking account requires $1,000.

Applied Bank offers business accounts. They offer checking accounts, loans, and lines of credit for businesses. They also offer merchant processing options in select states. Online banking is available for business accounts.

Interest rates for Applied Bank accounts are low. The rates are similar to your typical brick and mortar bank rates. Even the CDs rates are low. The most competitive interest rates are the Club and youth saving accounts. Those rates are higher than the other savings account. They are still much lower than other online-only accounts.

Applied Bank offers jumbo CDs. These CDs require at least $95,000 to open. The interest rates for the jumbo CDs are not any higher than the regular CD interest rates. The jumbo CD terms range from six-months to five-years. Those CDs are available for businesses, nonprofits, and personal deposit accounts.

Applied Bank accounts have a monthly fee if you do not keep a minimum amount in the accounts. The amounts required to avoid the fee are low. The checking and savings accounts require $100. The money market requires $500. The monthly fee is $10 per account per month if minimum balances are not met. The only fees for CDs are for withdrawing money before the maturity date.

The highest interest rates for the Applied Bank money market account requires a large sum. To earn the most competitive rate requires $25,000 in the account. Amounts over $500 earn interest, just a much lower rate. Any amount over $25,000 earns the highest rate.

Read the full Applied Bank review.

PNC Review

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.

Read the full PNC review.

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Capital One 360
MMA 12/11/2018
APY 2.00%
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American Express National Bank
Savings 12/11/2018
APY 2.00%
Rate 1.98%
For APY $1
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Checkbook No
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E*TRADE Bank
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For APY $1
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Checkbook No
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