PNC Bank Review (original) (raw)
PNC Bank has branches in roughly half the states in the country and provides traditional banking services in person and online. One of the bank’s defining features is its Virtual Wallet checking and savings accounts that include cash flow management capabilities that go beyond simply categorizing expenses.
In this PNC Bank review, we at the MarketWatch Guides team evaluate the company’s reputation and services so you can make the best choice for your banking needs.
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FEATURED
Lending Club
4.3
APY 3.50%
Bonus N/A
Min. Deposit Amount $0
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SoFi Checking + Savings
4.8
APY 3.80%
Bonus Up to $300
Min. Deposit Amount $0
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either 50(withatleast50 (with at least 50(withatleast1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR 300(withatleast300 (with at least 300(withatleast5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
UFB Portfolio Savings
4.6
APY 4.01%
Bonus N/A
Min. Deposit Amount $0
Unlock up to 4.21% APY, Combine Freedom Checking with Portfolio Savings to boost your savings APY by up to 0.20%
Discover
4.6
APY 3.75%
Bonus N/A
Min. Deposit Amount $0
Our PNC Bank Ratings
We give PNC 4.1 out of 5 stars after evaluating factors including its branch availability, online banking capabilities, account fees, interest rates and customer support. Here’s how the company scores in each of our review categories:
*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to PNC for a comment on its certificate of deposit rating but did not receive a response.
Overview of PNC Bank: Pros and Cons
PNC Bank is a regional bank based in Pittsburgh. It’s also the sixth largest commercial bank in the country with over $557 billion in assets, according to the Federal Reserve. Branch locations for PNC are in 28 states, including California, Florida, New Jersey, New York and Pennsylvania, along with Washington, D.C., so there could be a PNC near you.
Like many of the largest banks in the U.S., PNC Bank comes from a long line of financial institutions that merged over the decades. Its earliest predecessor, Pittsburgh National Bank, was founded in 1852. Most recently, PNC Bank acquired Banco Bilbao Vizcaya Argentaria’s U.S. banking business in 2021 to expand its physical reach.
Pros
Mobile banking app: It includes a calendar for planned expenses and deposits, budgeting features and savings goal trackers.
Easy access: PNC has 60,000 fee-free ATMs and 2,300 branches spanning 28 states and Washington, D.C.
High-yield savings account: Available in select markets, this account offers a competitive savings rate.
Customer satisfaction: Customers in six regions gave PNC above average scores in a J.D. Power banking study.
Cons
Overdraft fees: Most PNC checking accounts charge a 36feeifyouaren’toptedintooverdraftprotectionandoverdrawyouraccountbymorethan36 fee if you aren’t opted into overdraft protection and overdraw your account by more than 36feeifyouaren’toptedintooverdraftprotectionandoverdrawyouraccountbymorethan5.
Low savings APYs: The standard savings account pays little interest even at relationship rates.
Low money market APYs: Rates on this PNC account only beat the national average if you deposit at least $100,000.
PNC Bank Accounts
PNC Bank has several ways to deposit and earn interest on cash. This includes CD, checking, savings and money market accounts. All deposit products are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000 per depositor, per account ownership category.
Like many large banks, such as Chase Bank and Bank of America, PNC offers relationship rates for customers who meet certain requirements. You need to link your PNC savings or money market account to your PNC checking account and meet monthly transaction or direct deposit requirements to reach and maintain relationship status.
PNC Bank also offers credit cards, home loans, auto loans, personal loans and student loans.
| PNC Bank Account | Standard APY* | **Relationship APY* | Minimum Opening Deposit |
|---|---|---|---|
| Virtual Wallet | 0.01% to 4.65% in select markets** | 0.02% to 0.03% | $0 |
| Virtual Wallet with Performance Spend | 0.01% | 0.03% to 0.04% | $0 |
| Virtual Wallet with Performance Select | 0.01% | 0.04% to 1.00% | $0 |
| Virtual Wallet Student | 0.01% | 0.02% to 0.03% | $0 |
| Standard savings | 0.01% | 0.02% to 0.03% | $0 |
| S is for Savings | 0.01% | N/A | $0 |
| Fixed-rate CD | 0.01% to 4.30% | N/A | $1,000 |
| Fixed-rate IRA CD | 0.01% to 4.00% | N/A | N/A |
| Premiere money market | 0.02% | 0.03% to 0.04% (with a balance below 100,000)∣100,000) | 100,000)∣0 |
*APY accurate as of November 14, 2024. Rates listed are for Pittsburgh and vary by location.
PNC Bank Customer Ratings
The Better Business Bureau (BBB) gives PNC Bank an A+ rating, but it isn’t accredited by the organization. Bauer Financial rates PNC Bank 4 out of 5 stars.
Mobile banking with PNC has strong reviews as well. PNC Bank’s mobile app has an average rating of 4.8 out of 5 stars on the App Store based on more than 1.5 million reviews. Over 248,000 reviewers on Google Play give the app average of 4.5 out of 5 stars.
PNC Bank places above the regional average in the J.D. Power 2023 U.S. Retail Banking Satisfaction Study in the Illinois, Mid-Atlantic, North Central, New York Tri-State, Pennsylvania and Southeast regions.
PNC Bank Customer Satisfaction Survey
In our December 2023 MarketWatch Guides consumer banking survey, 57% of respondents who use PNC as their primary bank reported being extremely satisfied with their overall banking experience, while 34% said they’re moderately satisfied. Other large banks, such as Bank of America, Chase and Wells Fargo, received similar survey results.
PNC vs. Other Top Banks
Despite being a regional bank, PNC holds its own in terms of physical presence. This is especially true for its massive ATM network. The bank also offers many of the same financial products typically available from national banks.
| PNC | Truist | Citibank | Wells Fargo | |
|---|---|---|---|---|
| Our rating | 4.1 | 4 | 4.2 | 3.8 |
| Number of branch locations | 2,300 | 2,000 | 650 | 4,600 |
| Number of ATM locations | 60,000 | 3,000 | Access to more than 65,000 fee-free ATMs included in the MoneyPass and Allpoint ATM networks | 11,000 |
| Available deposit products | Checking, savings, CDs, money market accounts | Checking, savings, CDs, money market accounts | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes |
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
PNC Bank vs. Truist Bank
PNC has a wider physical footprint than Truist, with branches in 28 states and 60,000 ATMs. Truist has branches in Washington, D.C., and just 15 states, mostly in the Southeast, and has a small network of about 3,000 ATMs. But Truist beats PNC on checking accounts because it doesn’t charge overdraft fees and offers much better perks — such as bonus credit card rewards — as your balance increases.
While PNC’s high-yield savings account has a much higher APY than Truist’s two savings accounts, it’s not available in every market PNC covers. Truist’s money market account has a much better standard APY than PNC’s. But PNC doesn’t have minimum opening deposits for its savings, checking, and money market accounts, while Truist requires 25to25 to 25to2,500 depending on the type of deposit account.
PNC Bank vs. Citibank
Citi is the fourth largest bank in the U.S. as measured by assets and has more than 65,000 ATMs, while PNC ranks sixth and has 60,000 ATMs. Citi’s checking and savings accounts have lower monthly fees than most of PNC’s accounts, but the two banks offer similar options for getting those fees waived.
Citi accounts also have better perks for customers with high balances, such as financial planning. Both PNC and Citi offer competitive high-yield savings accounts in limited areas, but Citibank doesn’t offer money market accounts.
PNC Bank vs. Wells Fargo
Wells Fargo has roughly twice the number of branches PNC does, but PNC has more than five times as many ATMs. For checking, both banks have similar fees that are easy to get waived, but PNC’s Virtual Wallet Student account has no monthly service fee for the first six years.
PNC’s savings offerings are better — Wells Fargo doesn’t have a high-yield savings account, and its savings APYs are paltry in comparison. The Wells Fargo CDs available online offer higher rates than PNC’s, but Wells requires a 5,000minimumdepositforitsmostcompetitiveCDrate,whilePNC’sminimumis5,000 minimum deposit for its most competitive CD rate, while PNC’s minimum is 5,000minimumdepositforitsmostcompetitiveCDrate,whilePNC’sminimumis1,000.
>> Related: Learn more about the largest banks in the U.S.
The Bottom Line: Is PNC Right for You?
PNC Bank offers great tools for everyday transactions, especially with PNC’s Virtual Wallet Low Cash Mode. There’s lots of branch locations, but only in 28 states. Fortunately, there’s even more in-network ATMs, rivaling the biggest banks in the country.
Some of its promotional rate CDs are strong, but most PNC savings products have low APYs. Additionally, there are some account service fees and overdraft fees that you could incur if you aren’t careful. Otherwise, PNC Bank is a solid choice.
FAQ: PNC Reviews
The pros of PNC are that it has a great mobile banking app and high customer satisfaction scores. On the other hand, PNC bank’s cons are that it charges high overdraft fees and doesn’t have physical branch locations in all states.
PNC can be better than Chase in some ways but not others. Chase has more branch locations than PNC, but PNC has more ATM locations. Both banks have a similar low APY for savings accounts.
There’s no fees to open an account, but be mindful to avoid account monthly service fees.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
35% Savings and money market accounts
30% Checking accounts
20% Certificates of deposit
15% Banking experience and access
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
Checking accounts
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Certificates of deposit
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Data accurate at time of publication.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.