PNC Bank Bank Review
- Virtual Wallet account comes with helpful digital tools to manage money wiser
- Low interest rates on personal loans
- Convenient mobile banking app with useful money management tools and features
- Deposit accounts offer very little interest earnings
- Lacks free checking (except for students)
About the Bank
PNC Bank has earned a spot as one of the nation’s biggest banks, with more than 2,300 branches and 9,000 ATMs located across 19 states. Those locations stretch along the East Coast from Florida to New York, and into the Midwest, including Illinois, Ohio and Michigan.
PNC Bank specializes in four key areas: banking, lending, investing and wealth management. Its clients include consumers, as well as business and institutions. From a banking perspective, PNC Bank caters to a wide range of customers, including students and members of the military. Their range of banking products and services covers:
- Checking accounts
- Savings accounts
- Money market accounts
- Certificates of deposit
- Individual retirement accounts
- Credit cards
- Prepaid debit cards
For checking and savings accounts, you can opt for PNC Bank’s traditional options, or you can become a Virtual Wallet customer. On the traditional checking side, you’ve got Standard Checking, Performance Checking and Performance Select Checking accounts to choose from.
Standard Checking is your basic checking, no-frills checking account. Performance and Performance Select Checking are interest-bearing accounts that come with extra perks like bonus rewards if you have an eligible PNC Bank credit card and ATM fee reimbursement.
For savers, the traditional options include a Standard Savings account, a Premier Money Market account and CDs, including IRA CDs if you’re interested in saving for retirement. There’s also a savings account designed especially for kids who want to get a head start on saving.
Virtual Wallet Account
Virtual Wallet is PNC Bank’s comprehensive money management solution. When you open a Virtual Wallet account, you get a Growth account for savings that offers higher relationship rates than the standard savings options.
You also have a Reserve account for short-term savings and a Spend account, which is your checking account. You can choose to open a Virtual Wallet account with any of PNC Bank’s checking account options, including student checking.
Your Virtual Wallet account includes numerous tools to help simplify your money management. Those tools, which are available online and through the Virtual Wallet app, include a calendar for scheduling online bill payments, a Money Bar which shows you at a glance how much you have to spend, a Wish List for creating and tracking financial goals, a budget and spending tracker and Punch the Pig, which lets you transfer money instantly from your Spend account to your Growth account. You can also use the app to send money to almost anyone with Zelle.
In addition to checking and savings, PNC offers several credit cards designed for different kinds of spenders. The PNC Cash Rewards Visa, for example, offers generous cash back rewards on gas and dining purchases, along with cash back on everything else.
There are also cards for travelers, spenders who’d rather earn points on purchases and those seeking low interest balance transfers.
If you need a spending alternative to a credit card or a checking account, PNC Bank offers prepaid debit card accounts. These cards allow you to pay bills and make purchases for a low flat monthly fee.