Personal Finance Banking Savings
Written by Sophia Acevedo; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
- Overall bank rating
- Pros and cons
- Savings
- Checking
- CD
- Money market account
- How PNC Bank works
- Is PNC Bank trustworthy?
- PNC Bank vs. Capital One 360
- PNC Bank vs. Wells Fargo
- Frequently asked questions (FAQ)
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Overall bank rating
| Feature: | Personal Finance Insider rating (out of 5) |
| Savings | 4.5 |
| Checking | 4.25 |
| CD | 3.5 |
| Money market | 3.25 |
| Trustworthiness | 5 |
| Total | 4 |
Pros and cons
| Pros: | Cons: |
|
|
How PNC products compare
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PNC High Yield Savings® Account
-
PNC Bank Virtual Wallet®
-
PNC Fixed Rate CD
-
PNC Premiere Money Market Account
Editor's Rating
4.5/5
Annual Percentage Yield (APY)
4.65%
Minimum Deposit
None
Editor's Rating
4.25/5
Annual Percentage Yield (APY)
up to 4.00%
Rates and APYs may vary in different PNC Bank markets and may change after account opening. Virtual Wallet Growth rate earning up to 4.00% is only available in AZ, CA, CO, NM and TX. For all other markets, please check PNC Rates table for further information.
Show more
Minimum Deposit
$0
Annual Percentage Yield (APY)
0.01% to 5.05% (vary by location)
Minimum Deposit
$1,000
Editor's Rating
3.25/5
Annual Percentage Yield (APY)
0.02% to 3.50% (varies by location)
Minimum Deposit
$0
On PNC Bank's website
On PNC Bank's website
Start saving
PNC Bank, FDIC Insured
On PNC Bank's site. PNC Bank, FDIC Insured
PNC High Yield Savings® Account
PNC High Yield Savings® Account
On PNC Bank's website
Insider’s Rating
4.5/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.65%
Minimum Opening Deposit
None
Pros
- Competitive APY
- No minimum opening deposit or account balance
- No monthly service fees
- Mobile check deposit
Cons
- Only available in select locations but it can only be opened online
- Limited customer service hours
Insider’s Take
PNC Bank pays a great savings rate on its high-yield savings account, but a low rate on its regular savings account. You can only open a PNC High Yield Savings® Account if you live in certain parts of the US.
Product Details
- Offer is only available online in the following states: AK, AR, AZ, CA, CO, CT, HI, ID, IA, KS, LA, ME, MS, MT, NE, NM, NV, NH, ND, OK, OR, RI, SD, TX, UT, VT, WA, WV, WY
- Offer is available online and in a PNC Solution Centers in MA, MN, TN and in the greater Kansas City area in MOMinimum account balance of $1 to earn APY
- No monthly maintenance fee
- No minimum opening deposit
The PNC High Yield Savings Account is probably the bank's best product. It pays solid interest rate if you keep at least $1 in your account and doesn't charge monthly maintenance fees.
This account is only available online, but not everyone is eligible to open an account. You may noteligible to open a PNC High Yield Savings Account if you live in one of the following states:
- Alabama
- Delaware
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Maryland
- Michigan
- Missouri
- New Jersey
- New York
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Virginia
- Washington, DC
- Wisconsin
PNC does offer other savings accounts for in-person bankers, but rates are significantly lower, and there are monthly maintenance fees.
Read Personal Finance Insider's guides to the best savings accounts and the best high-yield savings accounts »
PNC Bank Virtual Wallet®
PNC Bank Virtual Wallet®
On PNC Bank's website
Insider’s Rating
4.25/5
Perks
Earn up to $400: Earn $100 if you open Virtual Wallet® and establish total qualifying direct deposits of at least $500 in the first 60 days, $200 when you open Virtual Wallet® with Performance Spend and establish total qualifying direct deposits of at least $2,000 in first 60 days, or $400 when you open Virtual Wallet® with Performance Select and establish total qualifying direct deposits of at least $5,000 in direct deposits in the first 60 days (offer ends 07/01/2024)
Fees
$7, $15, or $25 monthly service fee
Annual Percentage Yield (APY)
Rates and APYs may vary in different PNC Bank markets and may change after account opening. Virtual Wallet Growth rate earning up to 4.00% is only available in AZ, CA, CO, NM and TX. For all other markets, please check PNC Rates table for further information.
up to 4.00%
Minimum Opening Deposit
$0
Bonus
Earn up to $400: Earn $100 if you open Virtual Wallet® and establish total qualifying direct deposits of at least $500 in the first 60 days, $200 when you open Virtual Wallet® with Performance Spend and establish total qualifying direct deposits of at least $2,000 in first 60 days, or $400 when you open Virtual Wallet® with Performance Select and establish total qualifying direct deposits of at least $5,000 in direct deposits in the first 60 days (offer ends 07/01/2024)
$100, $200, or $400
Pros
- No minimum opening deposit to open
- Possible to waive monthly service fees
- Budgeting tools
- Access to Spend (checking account), Reserve (interest checking account), and Growth (savings account)
- Performance Spend reimburses up to $5/month in out-of-network ATM fees charged by providers
- Performance Select reimburses up to $10 per statement period for other financial institutions' ATM surcharge fees and there are no charges for PNC and non-PNC Bank ATMs
- Reserve and Growth funds can act as overdraft protection for the Spend account
- Low Cash Mode® helps prevent overdraft fees on Spend account
Cons
- $3 out-of-network ATM fee for the basic Virtual Wallet product
- $7, $15, or $25 monthly service fee if they do not meet the qualifications to waive
- Limited customer service hours
Insider’s Take
PNC Bank's strongest products are its digital accounts, but your options will depend on where you live.
Product Details
- 1 Virtual Wallet® is actually 3 accounts: Spend (checking), Reserve (interest checking), and Growth (savings)
- Low Cash Mode gives you at least 24 hours to bring your available account balance to $0 before you're charged overdraft fees on your Spend account
- You can just have Spend, or choose to add Reserve and Growth at no extra cost
- To waive the monthly service fee you must meet certain requirements
- Earn $100 if you open a Virtual Wallet® and receive $500 in qualifying direct deposits in first 60 days, $200 if you open a Virtual Wallet® with Performance Spend and receive $2,000 in direct deposits in first 60 days; $400 if you open a Virtual Wallet® with Performance Select and receive $5,000 in direct deposits in the first 60 days
- Branches in 29 states and Washington, DC
- Access to about 60,000 PNC and Partner ATMs
- FDIC insured
PNC has an online checking account called PNC Bank Virtual Wallet®. Even though it's a digital product, you can open a PNC Bank Virtual Wallet® if you live in a market with branches.
PNC calls its everyday checking features Spend. At no extra cost, you can also open a PNC Bank Virtual Wallet® package with two additional buckets: Reserve (interest checking) and Growth (long-term savings). Right now, you'll earn a high interest rate on your Growth balance. You can also earn a slightly higher interest rate on your Growth balance if you qualify for a relationship rate.
PNC Fixed Rate CD
PNC Fixed Rate CD
Start saving
PNC Bank, FDIC Insured
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
0.01% to 5.05% (vary by location)
Minimum Opening Deposit
$1,000
Pros
- Terms up to 10 years
- Low-to-standard early withdrawal penalties
Cons
- Low APY
- $1,000 opening deposit
- Only available for residents of certain states
Insider’s Take
PNC Bank CD rates are pretty low overall, unless you choose a promotional term that pays the highest rate — and the best promotional term depends on where you live. If your priority is earning a high CD rate, you're better off opening a CD at one of the best online banks.
PNC Fixed Rate CD review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Terms ranging from 7 days to 10 years; promotional terms ranging from 4 to 61 months
- Only CDs with terms between 3 and 36 months can be opened online
- Branches in 29 US states and Washington, DC
- For terms under 3 months, early withdrawal penalty is all the interest earned; from 3 months to less than 1 year, early withdrawal penalty is 3 months interest; for terms greater than 1 year, early withdrawal penalty is 6 months interest
PNC offers more types of CDs than most banks, including regular term CDs, which doesn't charge a penalty if you withdraw funds before the CD matures.
However, CDs are only available to residents of states where there are branches, so if you don't live an eligible state, you're out of luck.
PNC Premiere Money Market Account
PNC Premiere Money Market Account
Insider’s Rating
3.25/5
Fees
$12 monthly service fee
Annual Percentage Yield (APY)
0.02% to 3.50% (varies by location)
Minimum Opening Deposit
$0
Pros
- Comes with a banking card/ATM card
- Earn a higher rate with higher balances if you have a Performance Select Checking account
Cons
- Low APY
- No paper checks
- $12 monthly service charge
- Limited customer service hours
Product Details
- Minimum balance of $1 to earn APY
- Avoid the $12 monthly service charge when you maintain a $5,000 average monthly balance or linked to select PNC checking account
- Earn Relationship Rates with Performance Checking
The PNC Premiere Money Market Account might be a decent choice depending on where you live. In certain markets, you can earn up to 3.50% APY on account balances of $1 million or more depending where you live.
You'll want to be mindful of monthly service fees on the account, though. You may have to maintain a $5,000 balance or have a select PNC checking account to avoid the $12 monthly service charge.
How PNC Bank works
PNC Bank has around 2,400 branches across 29 US states and Washington DC. Here are the states with brick-and-mortar locations:
- Alabama
- Arizona
- California
- Colorado
- Delaware
- Florida
- Georgia
- Illinois
- Indiana
- Kansas
- Kentucky
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- New Jersey
- New Mexico
- New York
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Virginia
- Washington, DC
- West Virginia
- Wisconsin
Your decision to bank with PNC could largely depend on whether you live near a branch. For example, you can only access high-yield savings options if you live in an eligible market. If you don't live in an eligible market for the high-yield savings, you can open a Virtual Wallet bundle (includes growth savings account), the Premiere Money Market or the Standard Savings account.
PNC received 4.8 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store.
PNC has a feature for its Spend account to help avoid overdraft fees called Low Cash Mode. The perk, available through the bank's mobile app, gives you at least 24 hours to bring your account balance to $0 before you're charged overdraft penalties. You also have the option to pay or return individual checks and payments made using your checking account when your balance is negative.
To contact customer support, call Monday through Friday between 8 a.m. to 9 p.m. ET, or on weekends from 8 a.m. to 5 p.m. ET. The bank also has a live chat function, but you'll have to check back later if all representatives are busy; there's no way to queue.
Your PNC accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.
PNC Bank trustworthiness and BBB rating
The Better Business Bureau gives PNC Bank an A+ rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Despite PNC's great BBB score, the bank has had one recent public scandal. In 2019, PNC was accused of aiding a man in carrying out a fake debt relief project, which cost customers a total of $85 million. In 2014, PNC had suspected the man of running a scheme and closed his bank accounts. But nine months later, the bank let him open more accounts.
PNC Bank vs. Capital One 360
We've compared PNC with Capital One, another bank with physical and digital banking capabilities.
You may like PNC Bank if you're able to get the accounts you want in the state that you live in. For instance, if you live in a state that offers the bank's high-yield savings account it may be a worthwhile option for you to explore.
Otherwise, the Capital One 360 Performance Savings may be a better option if you don't live in state that offers the PNC High Yield Savings® Account. Capital One 360 Performance Savings pays 4.25% APY and doesn't charge monthly maintenance fees.
If you want to get money market account, PNC Bank will have to be your default option. Capital One 360 doesn't offer one.
PNC Bank vs. Wells Fargo
We've also compared PNC to Well Fargo because both banks have branches in many of the the same parts of the US
You also may prefer PNC if you want to get money market account. The PNC Premiere Money Market Account may not be its strongest product, but Wells Fargo doesn't have a money market account at all.
Wells Fargo is a brick-and-mortar bank. Although it has online banking capabilities, there aren't any online-specific accounts. Wells Fargo has branches in more states than PNC, so if you prefer in-person banking and live near a Wells Fargo branch, you may prefer it to PNC.
Frequently asked questions (FAQ)
What is the minimum deposit for PNC Bank?
You don't need to make an initial deposit if you open the PNC High Yield Savings® Account. The PNC Bank Virtual Wallet® also requires $25 to open at a branch or $0 online.
Does PNC have a monthly fee?
You might have to pay a monthly service fee on the bank's standard savings and checking accounts in some states if you don't meet certain minimum balance requirements.
If you don't live near a branch, you may be eligible for the PNC High Yield Savings® Account, which doesn't charge any monthly service fees.
What is the interest rate on a savings account at PNC Bank?
The PNC High Yield Savings® Account pays 4.65% APY. You may qualify for this savings account if you live in the following states: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, and Wyoming.
Meanwhile, the PNC Bank Standard Savings Account offers a standard rate of 0.01% APY. If you have a checking account and meet the requirements for a relationship rate, you'll earn 0.02% APY on account balances under $2,500 and 0.03% APY on account balances over $2,500.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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