PNC Virtual Wallet Review 2024: All-In-One Checking and Savings

Who should get the PNC Virtual Wallet?

We recommend PNC Virtual Wallet if you’re looking for an everyday money management solution accessible via in-person branches, mobile apps, and web browsers. This is especially important if you frequently deal with cash. With companies like Chime® and SoFi, you often have to pay a fee to deposit cash.³⁴ That’s not the case with PNC.

PNC Virtual Wallet provides multiple ways to access your bank accounts. If you prefer in-person banking, PNC has branches in dozens of states. However, you won’t find in-person branches in every state, so check for branch locations first if that’s a concern for you.

PNC Virtual Wallet doesn’t make sense, though, if you want high interest rates or can’t meet the requirements to waive the monthly service charge. Even the highest annual percentage yield rates (APY) offered on a virtual wallet account for those who qualify (0.01%-0.04% (as of May 8, 2024)) is nowhere near the APY offered by many high-yield savings accounts.⁵

For example, if you meet the qualifications, you can earn a 0.50% (as of May 29, 2024) on SoFi’s checking account and up to 4.60% on SoFi’s savings account.^{6 7}

We don’t see Virtual Wallet as the best option for storing money over long periods of time as the APY rates are low. It’s also unfortunate that there are monthly fees. The fees can be waived, but it’s still something to consider.

PNC Virtual Wallet overview

The standard Virtual Wallet product has three separate bank accounts: Spend (checking), Reserve (checking), and Growth (savings). You can choose to apply for both the checking and savings or just the checking.

The PNC Virtual Wallet APY rates are virtually pointless because of their low value. With the highest possible rate (0.01%-0.04% (as of May 8, 2024) APY) and a $10,000 balance, you could earn around $3 of interest in a year.

Earning interest isn’t the point of a product like this. The many services, locations, and ease of use are. You can easily access your money from just about anywhere and have ample access to thousands of in-person branches and ATMs with PNC Virtual Wallet.

There are waivable fees, but you don’t have to pay a minimum deposit upon opening an account.

Why we like it

Multiple accounts in one: Your PNC Virtual Wallet includes up to three separate bank accounts for more control over your funds. That’s one primary checking account, a secondary checking account for short-term planning, and a long-term savings account. The secondary checking account is a unique option that you don’t see with other banks.

We especially like how easy it is to move money between these three accounts, especially with automatic transfers. This is a popular feature with other users as well.

For example, this Reddit user:

In-person locations: PNC has over 2,300 in-person locations in 28 states nationwide as well as the District of Columbia. PNC branches are found in:

If you’re someone who values in-person customer service, this a compelling reason to choose PNC over an online-only bank like SoFi.

ATM access: You can access about 60,000 PNC and partner ATMs around the country. This is more ATMs than SoFi (55,000+) and about the same as Chime (60,000+).⁹

Low Cash Mode²: While balance alerts are a common bank feature, the PNC Virtual Wallet takes things a step further. You can receive real-time alerts about low balances and then choose whether you want to pay or return certain transactions. Low Cash Mode gives you a minimum of 24 hours to bring your account out of the negative to avoid overdraft fees.

If you’re someone who struggles to keep track of your account balances and occasionally dips into the red, this feature could be a lifesaver.

What we don’t like about this account

Monthly fees: All three of the PNC Virtual Wallet options have monthly service fees. You can waive these fees by meeting certain requirements, but we prefer accounts that don’t have any monthly fees at all. You can find some of these options on our list of the best checking accounts.

Low APY rates: The PNC Virtual Wallet APY rates aren’t impressive. For options with better APY rates, check out our list of the best savings accounts.

No early pay option: Many, if not most, banks have an option to get employer direct deposits one or two days early. PNC does not.

How to apply 

To open a PNC Virtual Wallet account, you can visit an in-person branch or complete the process online. We found the online process to be quick and straightforward. Here’s how to get started.

1. Visit the PNC Virtual Wallet product page and choose one of the Virtual Wallet products. Then select an option below the features to apply for your choice.
2. Go through the application process. You will need a government-issued photo ID and personal information, such as your Social Security number and date of birth. If you are an existing PNC customer, you can log in to your account.
3. At the end of the application process, if you’re approved, you can start banking with PNC Virtual Wallet.

The PNC Virtual Wallet application process is nothing out of the ordinary. We found it to be intuitive and quick.

We didn’t experience any trick questions or surprises. You have to be at least 18 and a U.S. citizen or resident alien. You also have to fill out general fields with your personal information. We assume there’s a spot at the end to fund your account, though PNC Virtual Wallet doesn’t have a minimum required deposit.

Alternatives 

SoFi

The SoFi Checking and Savings⁶ account has no monthly maintenance fees and no minimum opening deposit requirement. And if you want to earn interest on your stored money, the up to 4.60% APY⁷ with direct deposit¹⁰ blows PNC Virtual Wallet away.

Visit SoFi | Read our full SoFi review

Chime

Chime doesn’t charge monthly service fees or overdraft fees and doesn’t have minimum balance requirements.¹¹ You can set automatic round-ups on debit card purchases to help grow your funds,¹² and you can earn 2.00% (as of Oct. 25, 2023) APY on savings.¹³

Visit Chime | Read our full Chime review

FAQs

Bottom line

We recommend PNC Virtual Wallet because it’s a multi-account financial product that makes it easy to manage your money on a daily basis. We like that you can quickly and easily sign up for a combined checking and savings product with one application. It’s also nice to have the flexibility of thousands of in-person branches and highly rated mobile apps.

We don’t love the low APY rates and potential monthly fees that come with PNC Virtual Wallet. But for a simple everyday money management solution, it can definitely get the job done.

If PNC Virtual Wallet doesn’t seem like the right fit for you, check out more products on our list of the best banks.