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PNC Virtual Wallet, Premium Money Market, Statement Savings, "S" Savings Account Review
PNC Virtual Wallet, Premium Money Market, Statement Savings, S savings accounts review 2024: bank fees, APR/APY interest rates.
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PNC Bank: Saving Accounts
PNC Bank – a subsidiary of PNC Financial Services – is a national bank that ranks eighth among the top ten US banks in terms of total assets. With a strong regional focus on the East Coast (featuring brick-and-mortar operations in 19 states), PNC offers 2700 retail branches and more than 15000 ATMs where patrons can receive service.
In order to accommodate their customers, PNC offers a variety of personal banking options that provide an array of services based on the financial needs of each individual. A comparatively vast number of branches and ATMs also allows customers to experience a level of in-person interaction that other regional banks may lack. Moreover, PNC’s online banking services have been the recipient of numerous accolades within the industry; their Virtual Wallet services, designed to target a change in spending habits evident in generational evolution, is often hailed as the progenitor of the spend-tracking and budgeting features now commonly associated with mainly online banking accounts.
Selecting the Right Savings Account for You
PNC Bank offers four primary savings account options for a variety of customers:
Virtual Wallet
Minimum to Open: $0
Monthly Fee: $7
The innovative Virtual Wallet account, launched by PNC in 2008, features three linked accounts – one checking (Spend), one short-term saving (Reserve), and one long-term saving (Growth). The Spend & Reserve accounts are designed for daily usage, keeping account holders accountable for their everyday spending habits. The Growth account is a long-term savings fund bearing interest at any APY up to .35% (with qualifying transactions) at the Performance Spend level. The Spend & Reserve account have no transfer/withdrawal limits, while the Growth account features a more standard limit of six fee-free withdrawals per month. Moreover, Virtual Wallet has no minimum to open and a monthly fee that is easily avoided by using ATM and debit transactions; alternatively, account holders can eliminate the monthly fee with a $500 monthly direct deposit or $500 minimum balance.
Premium Money Market
Minimum to Open: $100
Monthly Fee: $10
As a standard money market option, this account offers a tiered interest yield (ranging from .03%-.16%) depending on the account balance. Users can also take advantage of automatic saving transfers from a linked checking account. This option has no charge for transfers or withdrawals, and the monthly service fee is waived with a minimum account balance of $1000.
Statement Savings
Minimum to Open: $25
Monthly Fee: $4
PNC’s Statement Savings account is the companion to their standard tier of checking accounts, offering a low-minimum saving option that can be linked to an individual’s checking account for benefits like Overdraft Protection and Automatic Transfers to build your savings. This account yields interest at an APY of .01% and offers up to three free withdrawals per month. The monthly fee is waived if the account maintains a minimum balance of $400 or has an Automatic Transfer of at least $25 per month.
“S” is for Savings
Minimum to Open: $25
Monthly Fee: $4
When it comes to youth savings account, PNC stands out as an exceptional opportunity for savings education from an early age. Interest-bearing at balances over $1 (at an APY of .01%), this account also features resources ranging from tips provided by Sesame Street characters to an interactive online experience. Additionally, the online banking platform for this account includes a goal setting module, which can be useful in educating users on how to establish plans for short- and long-term savings. The only downside is the $4 monthly service fee, which can be waived if account holders maintain a minimum balance of at least $400.
Fees & Service Charges
When it comes to account fees and service charges, PNC takes a serious hit in its ratings. With an Overdraft & NSF fee of $36 (well beyond the national average and that of comparable banks), a $2.50 out-of-network ATM fee, and a stop payment charge of $33, PNC can be significantly more costly than other financial institutions.
Pros
- Highly diverse portfolio of accounts and resources
- Great interest rates on certain accounts
- Large presence of retail branches and ATMs (within regional limits)
Cons
- Exceptionally high account fees and service charges
- Low-number of monthly savings withdrawals for most accounts
PNC Savings Accounts Review Summary
Like most other national financial institutions, PNC offers its customers an incredibly wide array of services and options to meet their financial needs. Their innovative Virtual Wallet product has set a new standard for personal finance tracking and has had a significant impact on the face of online banking products throughout the industry. Where PNC falls short is in account fees and service charges; with nickel-and-dime charges that range from marginally to significantly higher than their competitors, PNC can be a dangerous place to bank for an absent-minded individual who often overdrafts or uses non-PNC ATMs. In short, opening a savings account with PNC is likely a better option for more financially stable individuals or those who want access to great personal finance resources, with the understanding that mistakes can be quite costly.
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