(A qualifying direct deposit is a recurring electronic deposit made by an employer or an outside agency. Have $5,000 in qualifying direct deposits in a linked Virtual Wallet with Performance Select or Performance Select Checking during the previous calendar month.Make a combination of 5 or more PIN and/or signature point-of-sale transactions (excluding cash advances or linked PNC Visa Credit Card) posted during the previous calendar month to your Checking account using your Visa® Debit Card or to your linked Visa Credit Card.The standard APY is about 0.01%, but we’ve seen interest rates up to 4% APY depending on your location, balance, account type and whether you qualify for the Relationship Rate.In order to qualify for a Relationship Rate for Premiere Money Market, you must have a linked checking account (for the Performance Select Checking Relationship Rate, you must have a linked Performance Select Checking or Virtual Wallet with Performance Select) and meet one of the following requirements: Meant for long-term savings and generally earns a higher interest rate than your Reserve account. Expect an APY of about 0.01% on balances $1 and up. The hybrid Virtual Wallet designates your money into three sections: When you apply for any PNC Virtual Wallet with Performance Select - excluding the student account - you can lump your checking and savings into one account or open a solo checking account. But if you apply at a branch, you must deposit at least $25 to get started or $100 for the Premiere Money Market account. There’s no minimum deposit if you open an account online. PNC Bank offers both checking and savings accounts as well as a combo product that allows you to spend and save within the same account. So depending on where you live, PNC’s product may have a competitive interest rate or be peanuts compared to a high-yield savings account. You must have a specific amount of money flowing in via direct deposit each month or sustain a relatively high balance ranging from $500 to $25,000, depending on the account.Īnd its products availability and interest rates vary widely from 0.01% to 4% APY based on location. Nearly all PNC Bank’s products have monthly service fees with strict fee-waiver requirements. And transferring cash between your Spending, Reserve or Growth categories only takes a few seconds and is instantly processed. Plus, its different account tiers let you grow with your bank account as your income or financial goals change.Īnother helpful feature is its financial management tools that let you conveniently track and strategically organize your money from the mobile app. If you’re a one-and-done kind of person, PNC’s full-service offerings allow you to keep it all under one roof. PNC Bank’s Virtual Wallet offers a unique product that lets you see and manage your checking and savings accounts in one place. Customers have access to over 9,000 free ATMs nationwide. PNC Bank is one of the largest financial institutions in the US, with over 2,000 brick-and-mortar locations and about $557 billion in assets. This minimalist savings account earns 4.5% APY and has no strict account requirements, like monthly fees or minimum balance hoops to jump through. Plus, this is one of the few checking accounts with no minimum balance requirements, no monthly fee and it still qualifies for $20 in ATM fee reimbursements - the highest we’ve seen on any of PNC’s Virtual Wallet accounts.īut if you’re just after a savings account with an impressive interest rate, see if you’re eligible for the PNC High Yield Savings account. You can choose to open just the checking account, but you’d be missing out on its high interest rate of 4% APY. There’s also one attractive nonstudent checking and savings combo reserved for customers that live in a state that offers it: The Virtual Wallet Checking Pro account. And if you ever convert your account to another product, you can’t transfer it back to a student account. Keep in mind that you may be asked to provide proof that you’re enrolled in a qualifying educational institution. The Virtual Wallet Student account lets you enjoy all the benefits, such as two non-PNC ATM withdrawals and an automatic courtesy overdraft fee refund, for six years with no monthly service charge. But three products stand out if you qualify. And with such low interest rates and rigid account requirements for fee waivers, there are few advantages to having an account. PNC Bank has a lot of red tape when it comes to fee waivers on most of its Virtual Wallet products.
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