PNC Bank
Overview
PNC Bank is the seventh-largest banking organization by assets, with regionally-based banks in the northeastern, Midwest, and southern United States. The full-service bank offers many account types, including personal, commercial, and business banking products. They are well-known for their excellent customer service and above-average online banking experience. PNC Bank has headquarters in Pittsburg.
PNC Account Types
| Account Type | Key Features |
| Business Checking | $100 minimum deposit to open an account
$10 monthly maintenance fee 150 transactions per month at no charge |
| Business Checking Plus | $100 minimum deposit to open an account
$20 monthly account maintenance fee 500 transactions per month at no charge |
| Treasury Enterprise Plan | $100 minimum deposit to open an account
$50 monthly account maintenance fee 30 items deposited at no charge Balance earns a variable interest rate |
| Analysis Business Checking | $100 minimum deposit to open an account
Monthly account maintenance fee $25 MMDA Sweep monthly maintenance fee $30 Account balance may be moved to an account with a competitive interest rate |
| PNC Virtual Wallet Growth | Savings account
Can earn higher interest if certain conditions are met |
| PNC Virtual Wallet Reserve | Savings account
Earns 0.01% APY |
| PNC Virtual Wallet Spend | Checking account
$7 monthly fee Schedule bill reminders Track balance Set up budgets |
| PNC CD | 1-year APY 0.02%
Minimum deposit $1,000 |
PNC Business Checking
The PNC Business Checking account has a low minimum initial deposit requirement of $100. You can avoid paying the $10 per month maintenance fee by using a linked PNC business credit card to make at least $500 in eligible purchases or by maintaining a PNC Merchant Services account that generates at least $500 in qualifying monthly processing deposits.
With this account, you’ll get access to 150 monthly transactions at no charge. Additional transactions have a $0.50 fee.
PNC Business Checking Plus
With a PNC Business Checking Plus account, your monthly fee jumps to $20. PNC Bank waives the fee during the first three months that you own the account. You won’t pay a fee if you maintain an average monthly collected balance of at least $5,000 or $20,000 in a linked checking account. You can also avoid the fee by making at least $5,000-worth of eligible purchases during each billing cycle with your PNC business credit card or by maintaining a PNC Merchant Services account generating at least $5,000 in deposits each month.
PNC Treasury Enterprise Plan
The monthly fee for a PNC Treasury Enterprise Plan is $50, but PNC bank waives the fee during your first three months as an account holder. There’s no fee when you maintain a $30,000 average combined monthly collected balance across all of your PNC checking accounts. With this account, you’ll get 2,500 monthly transactions at no charge.
You can choose to connect a Treasury Enterprise Plan money market account or a Treasury Enterprise MMDA Sweep Account to help you earn interest on your balances.
PNC Analysis Business Checking
The PNC Analysis Business Checking account has a $25 monthly account maintenance fee, which could be offset by certain earnings credits applied by the bank. Each transaction inside this account incurs a small fee:
- Deposit ticket: $0.95
- Check paid: $0.25
- ACH credit or debit received: $0.20 per item
- Item deposited: $0.20 per item
- Cash deposited at a physical branch: $0.20 per $100
PNC Virtual Wallet Growth
The PNC Growth account behaves like a savings account and can be included in your Virtual Wallet bundle. The Growth account offers a slightly higher interest rate on your balance if you meet qualifications. To get a higher interest rate, you must have at least five debit card transactions post to your Spend checking account each month or have at least $500 in qualifying direct deposits in your Spend account.
PNC Virtual Wallet Reserve
This account is also a savings vehicle, but it is for short-term savings, only. This account earns just 0.01% APY. The national average APY across all savings accounts is 0.06% APY.
PNC Virtual Wallet Spend
Although the PNC Spend account has a $7.00 per month maintenance fee, you can get the fee waived if you have average combined balances of at least $500 or monthly direct deposits totaling at least $500.
This account includes tools to help you track your balance so you can see how much money you have left over after your scheduled bills. You can also set up alerts and budgets within the PNC app with a Spend account.
PNC Certificate of Deposit (CD)
The PNC CD pays a low 0.02% APY for a one-year term, three-year term, and a five-year term. They have promotional rates for non-traditional CDs, however. The minimum deposit to open a PNC CD is $1,000.
The average interest rate on CDs in November of 2021 was 0.14% for one-year terms and 0.27% for five-year terms.
PNC Bank’s CD rates are a fraction of competitor’s rates. Pentagon Federal Credit Union has a one-year CD that pays 4% APY, and Quontic Bank has a five-year CD that pays 1.11% APY.
| Account Type | Interest Rate |
| Savings Account (with PNC checking account) | 0.02% APY up to $2,499.99; 0.03% APY $2,500 and up |
| CD 9 months | 0.04% APY |
| CD 13, 19, 25, 37, or 61 months | 0.03% APY |
| CD 1, 3, or 5 years | 0.02% APY |
What Is PNC Bank Account Best For?
With PNC Bank, you can open a business account, stand-alone savings account, or a Virtual Wallet, which includes a personal checking and savings account packaged into one product. They also offer CDs, but you can do much better by shopping for higher-interest CD rates among PNC competitors.
The bank’s business accounts seem complicated, and PNC competitors offer more straightforward options with lower fees. Overall, PNC Bank may be best for personal checking and savings accounts. Their suite of budgeting tools and the ability to see how much money you’ll have leftover after you pay scheduled bills at a glance from the app makes on-the-go money management simple.
Overdraft Fees
Like most banks, PNC charges overdraft fees if you can’t cover a check or debit charge with your balance. However, they also have a Low Cash Mode setting that works with the PNC Virtual Wallet. You’ll pay a maximum of one $36 overdraft fee per day, and you’ll get customized alerts when your balance runs low. PNC provides “Extra Time” of 24 hours to bring your balance to zero before overdraft fees kick in.
Dedicate 100 words to describe the bank’s overdraft fees and restrictions.
Opening An Account at PNC Bank
You can open a PNC bank account of any type online or at one of the bank’s branch locations. You’ll need a form of government-issued ID, proof of address, and the minimum deposit amount to get started. You must be at least 18 years old and have a valid Social Security number. PNC Bank may request personal information to help verify your identity such as your date of birth and former mailing addresses.
Pros and Cons
Pros:
- Extra Time helps avoid overdraft fees
- Strong mobile and online tools to help manage money
- 18,000 fee-free ATMs and branches in 20 states
Cons:
- CD rates are low compared to competitors
- Savings account rates are low
- Business accounts may be complicated
Comparison to similar bank accounts
| Bank | Promotions | Savings Account APY | Main Benefits |
| PNC Bank | Up to $500 for opening a qualifying account and meeting specific criteria | 0.02% APY up to $2,499.99; 0.03% APY $2,500 and up |
|
| Discover | $150 or $200 bonus with $15,000 or $25,000 deposit into a new account | 0.04% APY |
|
| American Express | None | 0.04% APY |
|
PNC Bank Promotions
PNC Bank offers a number of promotions:
Their current $200 promotion is for new business account holders. “When you open a new Business Checking or Business Checking Plus account by 12/31/21.”
Other criteria include maintaining a minimum average ledger balance of $5,000 for each of your first three statements and making at least 20 total qualifying PNC Bank Visa Debit Card transactions during that same timeframe.
There’s also a $500 promotion for those who open a new qualifying Treasury Enterprise Plan or Analysis Business Checking account by December 31, 2021. New account holders must maintain a minimum balance of $30,000 for each of the first three statements to be eligible.
PNC Bank has more than 2,600 physical branches across the United States and 19,000 PNC Bank and partner ATMs. There are no surcharges when a PNC Bank account holder uses a PNC-owned ATM. PNC recently acquired BBVA USA Bank, and although BBVA USA Bank account holders can now use PNC-owned ATMs without paying a fee, they may be charged a fee when they use PNC partner ATMs.
Disclaimer
Personal accounts may be eligible for a $50 bonus. To be eligible, new PNC Bank customers must open a Virtual Wallet, which is a checking account or a checking combined with a savings account. The Spend Account (checking) is eligible for a $50 bonus when you receive at least $500 in total qualifying direct deposits during the first 60 days. If you choose a Virtual Wallet with a Performance Spend account, you may receive a $200 reward after you receive at least $2,000 in qualifying deposits within the first 60 days. If you choose a Virtual Wallet with Performance Select, you may receive a $300 reward after you receive at least $5,000 in qualifying deposits within the first 60 days. These promotions are subject to the local branch where you open your account and your primary address. If you open an account online, PNC Bank will use your zip code to determine your eligibility for promotions. If you open an account at a physical PNC Bank branch, the branch must participate in the promotion for you to receive the reward.
