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PNC Bank has 2,600 branches across 21 US states and Washington DC.
PNC Bank; Alyssa Powell/Business Insider
The bottom line: PNC High Yield Savings℠ Account strongest products are its digital accounts, but you can’t access all of them if you live in a market with PNC branches.
Overall bank rating
Feature:Insider rating (out of 5)Savings4.5Checking4.25CD3.5Money market3.25Trustworthiness5Total4
Pros and cons
Pros:Cons:
High interest rate on your savings
Cash bonus for opening an account
Variety of CD term options
Strong mobile app
If you live near a branch, you can’t sign up for the PNC High-yield Savings AccountLow APY on money market accountMoney market account does not come with paper checksCDs are only available if you live in a state where there are branches
Savings
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, and only to residents of states where there are no PNC branches. You aren’t eligible to open a PNC High Yield Savings Account if you live in one of the following states:
AlabamaDelawareFloridaGeorgiaIllinoisIndianaKansasKentuckyMarylandMichiganMissouriNew JerseyNew YorkNorth CarolinaOhioPennsylvaniaSouth CarolinaTexasVirginiaWashington DCWest VirginiaWisconsin
PNC does offer other savings accounts for in-person bankers, but rates are significantly lower, and there are monthly maintenance fees.
Checking
PNC has an online checking account called PNC Bank Virtual Wallet Checking Pro. Even though it’s a digital product, you can open a PNC 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 Checking Pro package with two additional buckets: Reserve (interest checking) and Growth (long-term savings). You’ll earn a high interest rate on your Growth balance.
CDs
PNC offers more types of CDs than most banks, including regular term CDs and a Ready Access CD, 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 in one of 21 states or DC, you’re out of luck.
Money market
The PNC Premiere Money Market Account isn’t a very strong product. Rates are low, and your opening deposit must be between $100 and $10,000. You also have to maintain a $5,000 balance to avoid the $12 monthly service charge.
How PNC Bank works
PNC Bank has around 2,600 branches across 21 US states and Washington DC. Here are the states with brick-and-mortar locations:
AlabamaDelawareFloridaGeorgiaIllinoisIndianaKansasKentuckyMarylandMichiganMissouriNew JerseyNew YorkNorth CarolinaOhioPennsylvaniaSouth CarolinaTexasVirginiaWashington DCWest VirginiaWisconsin
Your decision to bank with PNC could largely depend on whether you live near a branch. You have to live in a state with branches to open a CD. However, you can only access high-yield savings options if you live in a market where there are no branches.
PNC received 4.8 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store. You’ll download a separate app if you have a Virtual Wallet, and the Virtual Wallet app has 4.4 stars in the Apple store and 4.3 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 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 7:00 a.m. and 10:00 p.m. ET, or weekends from 8:00 a.m. to 5:00 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.
Is PNC Bank trustworthy?
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.
How PNC Bank compares
We’ve compared PNC with one bank that has both physical and digital banking capabilities (Capital One), and one bank with branches in the same parts of the US as PNC (Wells Fargo).
Choosing between these three financial institutions may ultimately come down to where you live, and what type of banking experience you’re going for.
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.
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 Capital One and Bank of America don’t have a money market account at all.
Capital One is primarily an online bank, but it does have branch locations in eight US states and Washington DC. Unlike PNC, Capital One doesn’t have rules about what you can access if you live in a market with or without branches. It pays competitive rates on savings accounts and CDs, and unlike PNC, it lets you open a standalone checking account.
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 nearby a PNC branch, you may be eligible for the PNC High Yield Savings℠ Account, which doesn’t charge any monthly service fees.