PNC Bank Review

PNC Bank Review [Loans, Mortgages, & Credit Cards 2022]

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PNC Bank Review

PNC Bank, previously known as Pittsburg Trust and Savings, is now one of the largest banking institutions in the US. It has an extensive physical presence in the South, Northeast, and the Midwest. Its main customers are from the retail industry, focusing on small businesses. With numerous digital banking tools, PNC Bank brings plenty of advantages to its customers. The following sections introduce you to an extensive PNC Bank review and why it may be worth your attention. 

Onto our PNC Bank review!

What Does PNC Bank Stand For?

The PNC Bank is the result of a merger between Pittsburg National Corporation and Provident National Corporation. These two institutions merged in 1983, turning to what we call “PNC Bank”, so its name is a reference to its predecessors. The two previous institutions worked in different sectors, so the merger helped to create one of the largest banks in the US. 

Features and Advantages

PNC Bank stands out from the crowd in different areas, depending on your needs. Its annual interest rates are often more affordable compared to other lenders. In short, you can get a very competitive rate, but you must have a good credit score and a relatively low debt-to-income ratio, among other requirements. 

Joint loans are another excellent offering. If you add a co-borrower with a higher credit score, both of you can benefit from a larger loan or a lower interest rate. In terms of repayments, all borrowers enjoy flexibility as you can choose from any term ranging from 6 months to 5 years. 

Finally, PNC has smaller loans than other banks. This recommends it for individuals who need to cover small expenses starting at $1,000 and up to $35,000.  

PNC Bank Offerings

PNC Bank offers an exclusive destination for banking services and products, including checking, savings, and money market accounts, as well as a variety of additional beneficial services and products. Some of them are discussed in further depth later in the article. However,  in order to gain a better grasp of each feature, the Virtual Wallet is explained first.

Virtual Wallet

This virtual money reserve ensures that consumers manage their money properly in order to meet their financial objectives. Their many accounts are synchronized in a single virtual wallet, including a checking account and two savings accounts.

Despite being different accounts, this wallet ensures that all accounts actually function together.

Checking Accounts

The purpose of a PNC Bank checking account is to allow for unrestricted spending. The three account levels are Spend, Performance Spend, and Performance Select, and each of these accounts has the option of waiving the monthly service fee if particular requirements are met.

You must make a $500 monthly direct transfer into your Spend account to activate the waiver. If you have a monthly balance of $500 or more in Spend + Reserve and are over the age of 62, you will also be eligible for a waiver.

You’ll require a monthly deposit of $2,000 in Spend + Reserve, or a total of $10,000 in PNC bank accounts for a waiver in Performance Spend.

A waiver for a Performance Select account is available if the account has at least $5,000 in monthly direct deposits, a $5,000 monthly balance in Spend + Reserve, or a total of $25,000 in all PNC accounts, including investment accounts.

Savings Accounts

The Reserve and Growth accounts are two PNC Bank savings accounts that can be added to the Virtual Wallet. The former is appropriate for short-term savings, such as covering expenses for an upcoming event or just paying bills. Longer-term loans are preferable for long-term savings, thus the latter is intended to service them.

On deposits, you can earn between 0.01 percent and 0.05 percent APY depending on the type of Spend account you have. This threshold is also affected by whether or not you are eligible for Relationship Rates.

Money Market Account

The Premier Money Market Account is a part of your Virtual Wallet. Depending on your amount, the type of checking account you have, and whether you qualify for Relationship Rates, you may be given interest rates on the account.

Owners of Performance Select Checking accounts who qualify for Relationship Rates earn 0.05 percent APY on balances up to $999,999.99 and 0.06 percent APY on balances exceeding $1,000,000.

If you have a PNC Bank Performance Checking Account that qualifies for Relationship Rates, your money market account will earn 0.03 percent APY if your balance is less than $1,000,000 and 0.04 percent APY if your balance is more than $1,000,000.

PNC Bank Loans

The terms for loans depend on your personal circumstances. With a repayment term ranging from 6 months to 5 years, you do not have to accept a higher loan than you need, which translates to responsible borrowing. However, shorter loans often come with higher monthly payments, while longer loans have higher interest rates. The best approach would be to choose the length that allows you to make each monthly payment comfortably, but also has a lower total cost. 

PNC personal loans are highly accessible for current customers with good credit scores, usually above 700. The interest rate starts at a very low percentage – 7.49% -, and there are no application fees. To apply, you must live in one of the 19 qualifying states and you cannot take a PNC Bank loan higher than $35,000. This makes it unsuitable for large projects or businesses. 

PNC Bank Pros And Cons

Here are some of the pros and cons of banking with PNC. 


  • Deposit Accounts Receive A Bonus Upon Registration: Banks frequently provide sign-up bonuses for credit cards and business accounts. PNC Bank, on the other hand, offers even more bonuses, including on deposit accounts. When you sync your account with a qualifying direct deposit, you can receive a bonus of $50, $200, or $300, depending on the type of account you have.
  • Multiple Branches: PNC Bank is a well-known bank with a strong branch network. This is beneficial for in-person banking services because it is easy to find a branch to do business with, wherever you happen to be. 
  • Reimbursement of ATM Fees: It’s not always easy to get an ATM charge returned, but PNC Bank makes it possible. In most cases, you will be charged an ATM fee for using another bank’s ATM. Fortunately, PNC bank will either compensate you for an ATM fee or stop the claim altogether. This is dependent on the type of bank account you have. The waiver can take the form of being reimbursed for a set number of ATM fees per statement cycle or obtaining a refund of up to a set amount of ATM charges.
  • Wide Range Of Products And Services Are Available: Deposits aren’t the only thing that PNC bank does. It provides services such as student loans to scholars who are unable to afford their studies and who meet certain criteria. It’s the same with vehicle loans and life insurance. Wealth management, among other things, is another service provided by the organization.


  • More Difficult To Start A Stand-Alone Account: With some banks, you can open a stand-alone deposit account in as little as a day, sometimes even online. This is not the case with PNC Bank. PNC Bank does things a little differently than other banks, especially when it comes to the deposit account products. It can take up to three weeks to start a stand-alone checking and savings account, and you must do so over the phone. Aside from that, it isn’t the bank’s actual sort of account. If information on the bank’s website is to be trusted, the Virtual Wallet is the de facto account type. The wallet combines three separate accounts into a single unit. The bank’s primary checking account is “Spend,” an interest-earning checking account is “Reserve,” and a savings account is “Growth.” It’s crucial to understand how each of them works before deciding one is ideal for you. As a result, you must dedicate yourself to learning how the one you choose operates. If it’s a stand-alone account, expect to put in some time and work to get it set up.
  • Interest Rates Are Low: Deposit interest rates are low, favoring persons with larger amounts.
  • Fees For International Transfers Are Extremely High: Incoming foreign payments cost $15 USD, while external international transfers cost $45 USD, both of which are more expensive than what many other banks charge. 
  • There Are A Few Exceptions To Terms: The bank does not automatically provide certain perks and waivers. To get a relationship rate, you must, for example, link qualifying PNC accounts to your Virtual Wallet. Additionally, to get a monthly charge waived or a favorable interest rate, you’ll have to follow a few rules.

PNC Bank VS Chase

Chase is also one of the biggest banking institutions in the US, just like PNC. You can choose from a wide range of account options with different benefits, but PNC Bank is well-known for its digital budgeting tools; even more, their mobile phone app is ranked #59 on iOS out of all the Finance apps. 

If you are considering whether you should open a bank account with Chase or PNC Bank, there are some differences, although both institutions offer all banking services you might be interested in. PNC stands out due to its waivable monthly fees and numerous banking tools, while Chase is renowned for its generous sign-up bonuses and customizable account options. 

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PNC Bank VS Bank of America

Bank of America has much wider coverage than PNC, but the deposit accounts are not as broad. In other words, if you are interested in depositing large amounts of money, PNC might be more suitable because it offers numerous account tiers with enhanced benefits. Also, PNC’s standard checking accounts have a lower fee and you only need to deposit $500 to completely waive it. 

PNC Customer Service

PNC support is available through different channels. Apart from visiting one of its physical branches, you can contact PNC customer service representatives via live chat or phone from Monday to Friday, 7 AM to 10 PM; they are also available during the weekend, from 8 AM to 5 PM. If you need to take care of your banking needs using PNC BANK’s online banking, all you need to do is download the mobile phone app; this provides access to all transactions and functions. 

PNC Bank VS SunTrust

SunTrust has more than 1,400 branches in the Southeast, while customers only need $100 to open a checking account. Similar to PNC Bank, there are different methods that allow you to waive the fees, and it also has numerous offerings regarding CDs and savings accounts. Unfortunately, SunTrust has lower online transparency, while interest rates, including CDs, are quite low. Despite this, SunTrust has a Loyalty Cash bonus that could make up for these shortcomings. 

Frequently Asked Questions (Faq)

Can I Open PNC Bank Account Online?

Although you can visit the nearest PNC branch, applying online remains the most convenient method if you consider opening a bank account. To apply, you have to confirm that you are a US citizen, then you must provide your name and address, employment information, and contact information. In most cases, you will be required to make the first deposit, then your account will be available to you. 

Is PNC Bank FDIC Insured?

Similar to many other US banks, PNC Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a result, PNC Bank is FDIC insured according to the current legislation. 

What is the location of PNC Bank Headquarters?

The headquarters of PNC Bank is located in Pittsburgh, Pennsylvania. It has locations in the mid-Atlantic, Midwest, Southeast, and Southeast of the United States.

Bottom Line

All in all, PNC is a good banking choice if you have a good credit score. If you live in one of the qualifying states and you can maintain a balance of at least $500, its checking account is up to expectations. Fortunately, the more products you use, the higher your rewards will be. 

It also has a solid digital presence with an award-winning app and a virtual wallet. These help you with your budget management needs, so you can meet both short and long-term savings goals. If you keep lower balances or you do not live in the area, PNC may not be suitable for your needs. In this case, you should choose a banking service that has a broader coverage area. 

Learn More About PNC Bank

Head to the PNC Bank website to find out if they are a good fit for your banking needs.


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