Ranked as the sixth-largest bank in the United States, PNC Bank boasts assets exceeding half a trillion dollars. Its vast network comprises 2,300 branches primarily situated east of the Mississippi River, with its headquarters located in Pittsburgh. With over 60,000 PNC and partner ATMs nationwide, customers can conveniently access their accounts regardless of their proximity to a physical branch.
Our evaluation centers on PNC Bank’s personal banking offerings, encompassing checking, savings, and certificates of deposit (CDs). As of March 21, 2024, all rates and fees provided are current but subject to potential changes.
PNC Bank rates and products
PNC Bank offers a full suite of deposit products, including high-yield checking, savings, and CDs.
| PNC Bank product | APY |
| Checking accounts | 4.65% |
| Savings accounts | 4.65% |
| MMA | 0.05% |
| CDs | Up to 4.25% |
Checking accounts
Similar to numerous banks emphasizing online banking, PNC Bank presents a complimentary checking option named Virtual Wallet, requiring no minimum initial deposit and waiving monthly fees upon meeting specific criteria. Securing a free checking account with an opening bonus is a rarity, but PNC Bank’s Virtual Wallet extends up to $400 to customers funding via direct deposit.
Furthermore, PNC provides a conventional account called Foundation Checking, which necessitates in-person opening and is not universally accessible to all customers.
| PNC Bank Virtual Wallet features | |
| Account opening bonus | Up to $400 |
| Minimum opening deposit | $0 |
| Monthly fees | $25, waived with qualifying activity |
| Top APY | Up to 0.03% on Growth account |
Savings accounts
As reported by the Federal Deposit Insurance Corp. (FDIC), the average APY for savings accounts stands at approximately 0.47%. PNC Bank typically trails behind this average, providing a mere 0.03% APY on balances exceeding $2,500 for its standard savings accounts.
While certain markets may offer rates as high as 4.65% APY for high-yield savings, prospective customers must input their zip code to ascertain whether a nearby PNC branch qualifies for this option.
| PNC Bank savings account features | |
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 0.03% |
PNC Bank savings rates compared to current top rates*
While PNC Bank offers attractive rates to certain markets, some institutions have better APYs available nationwide. Compare this APY against current high-yield savings accounts.
MMAs
A money market account (MMA) typically provides less liquidity than a savings account but offers a higher APY compared to traditional savings accounts. While PNC Bank does offer a money market account, its APY falls significantly short in comparison to rates offered by most competitors. Customers earn a meager 0.04% APY on balances under $100,000 and are required to deposit substantially more to qualify for the maximum rate.
For a comparison of the best MMA rates, refer to this list.
| PNC Bank MMA features | |
| Minimum opening deposit | $0 |
| Monthly fees | $12 |
| Top APY | 1.25% on balances over $500,000 |
| Conditions to avoid monthly fee | Must maintain an average monthly balance of $5,000 or link your MMA to your Performance Checking, Savings, or Virtual Wallet with Performance Select |
CDs
A Certificate of Deposit (CD) locks in your funds in a savings account, yielding a higher interest rate compared to a standard savings account, albeit typically lower than that of a high-yield savings account. The funds must remain in the CD for a predetermined period, known as the term length, or else incur an early withdrawal penalty.
PNC Bank’s CD rates are underwhelming, particularly when compared to rates offered by top competitors, which often exceed PNC’s rates by more than double.
| PNC Bank CD features | |
| Minimum opening deposit | $1,000 for new CDs and $1 to $999 for renewals; $250 for fixed-rate individual retirement account (IRA) CDs |
| Available term lengths | 7 days to 10 years |
| Top APY | 4.25% APY promotional 7-month term |
Listed below are several standard CD rate terms along with the rates provided by PNC. It’s important to keep in mind that rates are subject to frequent changes, and PNC often presents higher rates for unconventional term lengths. For instance, while a 6-month CD may yield only 0.01%, a 7-month promotional CD could offer as much as 4.25% APY. For further information, please refer to the PNC website.
PNC CD rates by term length
| 1 MONTH | 0.02% |
|---|---|
| 3 MONTHS | 0.02% |
| 6 MONTHS | 0.02% |
| 9 MONTHS | 0.02% |
| 1 YEAR | 0.02% |
| 18 MONTHS | 0.02% |
| 2 YEARS | 0.02% |
| 3 YEARS | 0.02% |
| 4 YEARS | 0.02% |
| 5 YEARS | 0.02% |
| 10 YEARS | 0.02% |
Other services PNC Bank offers
Personal Loans: PNC Bank provides customers with the opportunity to secure a collateral-free personal installment loan ranging from $1,000 to $20,000 (with a $10,000 maximum in California) at a fixed rate.
Credit Cards: PNC Bank offers five credit card options tailored to various needs, featuring perks such as unlimited 2% cash back on purchases, 0% introductory rates, and secured cards aimed at enhancing credit scores.
Student Loans: PNC Bank extends multiple student loan options, catering to both refinancing needs and initial borrowing. These offerings encompass nontraditional loans, including assistance for expenses related to the bar exam, interview costs, and relocation for medical residency.
Investments: PNC Bank provides diverse investment opportunities for future financial growth, including brokerage accounts, IRAs, advisor-managed accounts, and education accounts.
Insurance: PNC Bank offers life insurance and long-term care (LTC) insurance through PNC Insurance Services, LLC.
Mortgages: Utilize PNC Bank’s Mortgage Scenario Builder to compare rates and explore various mortgage options across different loan types. Additionally, customers can opt for mortgage refinancing or leverage their home equity through loans.
Estate Planning: PNC Advisors offer assistance with estate settlement and trust management, guiding clients in safeguarding their assets and planning their legacy.
Online banking
Top-notch banks and credit unions prioritize convenient account access, and PNC Bank is no exception. It offers both a mobile app and online banking platform, empowering customers to manage their accounts anytime, anywhere. Through these platforms, users can check balances, lock cards, receive alerts, conduct transfers, and earn rewards. PNC Bank’s mobile app also facilitates money transfers via Zelle and allows for check deposits without requiring a visit to a physical branch.
The PNC Bank platform and customer support
PNC Bank distinguishes itself by offering extended customer service hours compared to many other banks. Depending on the specific product or service, customers can connect with a representative during evenings and weekends. For personal banking accounts, Virtual Wallet, and mortgages, support is accessible Monday through Friday from 8 a.m. to 9 p.m. Eastern time, and Saturday through Sunday from 8 a.m. to 5 p.m. ET.
For assistance with student loans, support is provided Monday through Friday from 8 a.m. to 5 p.m. ET, while investment inquiries are addressed from 8 a.m. to 6 p.m. ET. Automated account information is available round-the-clock for personal credit cards.
Although chat support is not offered, customers can seek assistance via Twitter or visit a branch in person for additional support.
Is PNC Bank secure?
Although PNC Bank has not experienced any large-scale breaches, it faces the ongoing challenge of safeguarding individual accounts against fraudulent activities. For instance, there have been reports from customers of 10,683 instances of fraudulent activity involving unauthorized payments through Zelle, totaling over $10.6 million. Regrettably, only a small fraction of affected users, fewer than 1,500, received refunds amounting to just $1.46 million, leaving the majority without any recourse.
PNC Bank user reviews
It’s important to acknowledge that individuals are more inclined to leave reviews when they’ve had negative experiences with a service provider, although their feedback remains valuable. Consumer reviews of PNC Bank predominantly express dissatisfaction, citing issues such as difficulty accessing funds, subpar customer service, unexpected fees, concerns regarding data privacy, and instances of fraudulent transactions.
On Trustpilot, out of 1,067 reviews, a staggering 88% awarded PNC Bank a single star, resulting in an overall rating of only 1.3 stars out of 5. Similarly, ConsumerAffairs features 1,538 reviews, with 75% of them granting just 1 star, resulting in an overall rating of 1.7 stars out of 5 for PNC Bank.
Compare PNC Bank alternatives
| PNC Bank | SoFi | Chase Bank | Ally | |
| Standard checking account bonus | $200 | $300 | $300 | $0 |
| Top CD APY | 2.00% | Doesn’t offer | 5.00% | 4.75% |
| Online banking | Yes | Yes | Yes | Yes |
Is PNC Bank right for you?
If you value a bank that offers a variety of personal and business banking products, PNC Bank is an excellent choice. However, its low APYs on its CDs and MMAs could be better, and the vast number of negative reviews is enough to give anyone pause.
