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.

Read the full PNC review.

VirtualBank money market accounts have a low required opening deposit. The required amount is only $100. That opening deposit is for the eMoney Market and the Jumbo eMoney Market.

The interest rates on VirtualBank accounts are competitive with other online-only accounts. You only need one penny in the eMoney Market account to earn interest. To earn the highest interest on the Jumbo eMoney Market, you must keep at least $250,000 in the account. Anything over $0.01 earns interest, just not the highest rates.

The eMoney Market account offers a competitive introductory rate. New customers to VirtualBank receive a higher interest rate for the first year of the account being open. After the first year, the rate drops considerably. The lower rate is still much higher than your typical brick and mortar bank rates. Money already in a VirtualBank account does not qualify for the higher rate.

All VirtualBank accounts come with online and mobile banking. With online banking, you can see account balances, transfer funds, and receive e-Statements. Everything that can be done online can be done through mobile banking. You can also deposit checks through the app.

The eMoney Market and the Jumbo eMoney Market account have a monthly fee. The fee is $5. To waive the monthly fee, you must keep $100 in the account.

The Jumbo eMoney Market requires $250,000 to earn the highest interest rate. You still earn interest on any amount less than $250,000. To earn the highest amount, you must have that balance. This account only requires $100 to open. The eMoney Market account earns the same amount of interest not matter how much you have in the account.

VirtualBank CDs require $10,000 to open. The CDs range from a one-month term to a five-year term. There are 11 different CDs between those term lengths. The interest rates for each different term are competitive. The longer the term, the higher the interest rates.

VirtualBank does not offer checking accounts. They used to offer an eChecking account, but it no longer available. Because no checking accounts are offered, there are no ATM or debit cards. Bill pay is not available. You can have money directly deposited into VirtualBank money market accounts.

Read the full VirtualBank review.