PNC Bank is a large and diversified financial services company in the United States. As well as personal banking, it also provides corporate and institutional banking, asset management and residential mortgage banking. As of September 2015, PNC operates in 21 states and has $351 billion in assets. It has its headquarters in Wilmington, Delaware, and was established in 1804. PNC has an A+ rating with the BBB and a four-star rating with Bauer Financial. It is a national bank insured by FDIC.
What Are PNC Bank’s Checking and Savings Accounts Like?
PNC Bank offers full-service checking and savings accounts with access to a variety of investment options, such as CDs, money markets and IRAs. PNC is also receiving attention for its online services, particularly its Virtual Wallet account.
Virtual Wallet Checking Account
Virtual Wallet provides a checking and savings account in one convenient package. It is made up of a Spend account, for your basic checking account features, a Reserve account for short-term savings and a Growth account for long-term savings. It has a $7 monthly service fee, but this fee is waived if you have $500 in direct deposits, have an average monthly balance of $500, or you’re a student. The interest rate is 0.01% APY. There is no fee charged for PNC ATMs.
PNC also offers a Performance Checking account for those who want more rewards and a broader relationship with the bank. The monthly service fee is $15 but it’s easy to get it waived. This account offers bonus rates on select CDs and IRA CDs. However, the interest rate is still 0.01% APY
Performance Select checking account is PNC’s premium account. It has the highest level of reward and gives customers access to premiere money markets but it also has a higher monthly service fee:$25. However, the fee is waived is you have an average balance of $5,000 in a linked checking account, $5,000 in monthly direct deposits, or a $25,000 combined balance.
PNC offers a variety of savings products, such as “S” is for Savings, standard savings accounts, Premiere Money Markets, Certificate of Deposit and IRAs.
“S” is for Savings is an account to teach children about saving, sharing and spending. It has no service fee for account holders under 18 and you only need $1 to open.
The standard savings account only requires $25 and offers preferential relationship rates to holders who meet its minimum requirements. All holders receive 0.01% APY. Users with a balance of $2,500 and above can receive a relationship rate of up to 0.10%.
What Are The Advantages And Disadvantages of PNC Bank’s Checking And Savings Accounts?
PNC is a solid choice for people looking for an established bank with a strong online presence that offers cutting edge online tools but that also has a large branch network.
Here is what we like about PNC:
- Wide selection of financial products
- Excellent online tools
- Flexible and innovative virtual wallet account combines savings and checking accounts.
- Low fees and low minimum balances.
We don’t like this about PNC:
- Low-interest rates
- Minimum balances and direct deposit requirements to waive fees
One PNC Plaza 249 Fifth Ave
Pittsburgh, PA 1522 USA
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Other Services by PNC Bank
- Washington, DC
- New Jersey
- New York
- North Carolina
- South Carolina
- West Virginia
|APY Minimum Balance||$1|
|Minimum Direct Deposit to Avoid Monthly Fee||$25|
|Minimum Balance to Avoid Monthly Fee||$25|
|Monthly Fee||$0 - $5|
|International ATM Surcharge||$5|
|Early Account Closure||$25|
|Returned Deposit Fee (Domestic)||$12|
|Wire Transfer Fee - Domestic (Outgoing)||$30|
|Wire Transfer Fee - International (Outgoing)||$45|
|Bauer Financial A+/A Rating|
|Bank Account Features||
|APY||0.01% - 0.1%|