PNC Bank review 2024: A full service bank based in the Midwest

In a nutshell

PNC Bank is a national bank headquartered in Pittsburgh, Pennsylvania, that was founded in 1845 and has been operational since 1852.

• PNC Bank boasts a coast-to-coast branch network with approximately 2,300 branches and 60,000 PNC and partner ATMs.
• PNC is a full-service bank that offers personal banking services as well as mortgages, personal loans and business banking.

PNC Bank checking

PNC Bank's checking accounts vary by location. Check to see what is available in your area. In this section, we will review the main checking product, which is called Virtual Wallet. Depending on your location (when you go to PNC's checking landing page it tells you it is "loading your page experience," probably based on your computer's IP address) you may see variations on the Virtual Wallet. Some of these include Virtual Wallet with Performance Spend, Virtual Wallet Checking Pro with Spend, Reserve & Growth and Virtual Wallet with Performance Select.

Students may be eligible for the Virtual Wallet Student checking account that is tailored for students and does not have a monthly service charge for the first six years. This account offers a $5.00 reimbursement per pay period for fees associated with using another bank's ATM. The APY on these accounts is nominal; the PNC virtual wallet's real draw is its comfortable user interface.

PNC Bank savings

PNC Bank has two main savings accounts, the PNC Standad Savings account and the Virtual Wallet Checking Pro mentioned earlier, which combines checking and savings.

The Standard Savings account has a variable APY based on your location, which is in line with other standard savings accounts. The account does not charge a monthly service fee and does not have a minimum monthly balance requirement. The Standard Savings account is FDIC-insured, you don't need a deposit to open the account, and it earns interest if it has even $1 in it. There is no service charge if one of the following conditions is met: You have an average monthly balance of $300, you savings account is linked to a select PNC checking account, you set up an Auto Savings transfer of $25 or more each statement period from your PNC Checking account to your Savings account, or you are under 18 years old.

The bundled savings account in the Virtual Wallet has some cool features like reimbursements available for some non-PNC ATM fees or no PNC charges for using other banks' ATMs and increased reimbursements available on other banks' fees depending on the tier you choose. But you must maintain minimum balances to waive maintenance fees, and the APY on these savings accounts is never more than 0.03%.

PNC Bank personal loans

PNC Bank has unsecured loans that can be used to pay off credit cards, cover moving expenses, finance "big ticket" purchases, make home improvements or pay for a wedding or a vacation.

The bank offers personal loans with a limit between $1,000 and $35,000, and the borrower can access funds once in a lump sum. There's no collateral needed for a personal loan with PNC Bank. The fixed rate depends on the term and the loan amount.

PNC Bank mortgages

PNC Bank has several tools to help you learn the basics of buying a home, calculate your purchasing affordability and understand the basic terms and processes that come with buying a home. To check current rates in your area, you can get started online by adding the home value, the down payment amount you plan to make, your credit score and your zip code.

PNC Bank credit cards

PNC Bank offers a variety of credit cards.

The PNC Cash Unlimited Visa Signature Credit Card is a card for those who want to earn cash back on purchases. It offers 2% cash back on every purchase and does not cap how much the cardholder can earn back on purchases. The cash back does not have an expiration date, meaning you do not have to use your cash back immediately. The card also does not charge foreign transaction fees. Its introductory offers include a 0% intro APR on purchases and balance transfers for the first 12 billing cycles following the account opening. After that 12-month period, a variable APR on purchases and balance transfers will sit between 19.24% to 30.24%, based on your credit score. The rate varies with the market based on the prime rate.

Another card for those who want to maximize their cash back rewards is the card_namePNC Cash Rewards Visa Credit Card. This card has an introductory bonus offer of $200 after using the card for $1,000 or more during the first three billing cycles. The card offers a 1% cash back on all purchases. For the first $8,000 annually used in grocery stores, restaurants or gas stations, the card bumps up the cash back to 2%, 3% and 4%, respectively.

PNC Bank auto loans

PNC offers auto loans for those shopping for new or used cars. The loans are valid whether the person is buying a car directly from a dealer, a private party or buying out a lease. To check for a current auto loan rate applicable to you, go to the bank's website and add your zip code and the loan amount.

PNC Bank business banking

For small businesses, PNC Bank has a variety of services and products. These include checking accounts, credit cards, merchant services (such as point-of-sale payment devices), loans, lines of credit and online and mobile banking solutions.

The business checking accounts include Business Checking, Business Checking Plus, Treasury Enterprise Plan and the Analysis Business Checking account. The foundational Business Checking account is for those who need a checking account but do not anticipate making a lot of transactions. The Business Checking Plus is for those businesses with more volume in transactions and a variety of transaction types. The Treasury Enterprise Plan is similar to the Business Checking Plus, but also offers tools to manage and track the cash flow. Lastly, the Analysis Business Checking account is for businesses that want to have multiple checking accounts and want to earn credit for the balance in all the accounts. It offers tools to do easier bookkeeping, as well.

PNC Bank also offers checking accounts specialized for non-profit organizations.

PNC's business credit cards are the PNC Cash Rewards Visa Signature Business Credit Card that offers 1.5% cash back on net purchases and does not have a ceiling on how much cashback you earn. It also offers employee cards at no cost and cash back on their spending as well. The card does not have an annual fee.

Among the business cards that PNC Bank offers, the PNC Travel Rewards Visa Business Credit Card offers miles towards air travel and hotel stays. This card does not have an annual fee and does not charge foreign transaction fees. The rewards include earning one mile for every dollar spent in eligible purchases, as well as earning double miles on the first $2,500 in eligible purchases.

For small businesses, PNC Bank offers unsecured small business loans from $20,000 to $100,000 with no collateral required and monthly payments automatically deducted from the borrower's PNC business checking account.

PNC Bank's customer experience

Overall, reviews are positive for PNC Bank.

PNC Bank has an A+ rating and accreditation from Better Business Bureau (BBB), which reviews licensing, advertising, government actions, bankruptcy and mail returned.

According to J.D. Power's 2023 U.S. Retail Banking Satisfaction Study, customers in the New York tri-state were satisfied with the bank, and the bank appears as the third highest ranking. (The satisfaction study is done by region.)

As of January 2024, the bank's mobile banking app has a rating of 4.8 and 4.5 on Apple App and Google Play stores, respectively.

How does PNC Bank compare?

PNC Bank vs. Citizens Bank

Their most common aspect is that both of these banks offer a variety of checking and savings account options.

Citizens, on the one hand, has five types of checking accounts ranging from Private Client Checking to Student Checking, for those who are new to banking.

PNC Bank, on the other hand, has the Virtual Wallet that is customizable to bundle in savings and for students and seniors.

In terms of its other products, Citizens offers savings accounts, credit cards, MMAs, CDs, mortgages and small business banking products with APYs that are similar enough to PNC's to be unremarkable.

PNC Bank offers savings accounts, credit cards, mortgages and small business products, too, as well as personal loans and auto loans, which Citizens does not offer.

PNC Bank has more products, so if you are looking for a variety of financial services, PNC may be best for you. If you're looking for more private client offerings, then Citizens would be the best choice.

PNC Bank vs. Credit One Bank

A main differentiator is their savings offerings. Credit One Bank only offers Jumbo CDs ($100,000 minimum deposit) with high APYs (between 4.30% and 5.40% APY depending on the product), whereas PNC Bank offers regular CDs ($1,000 minimum deposit) based on your region. Credit One has a high-yield savings account with a 5.05% APY, whereas PNC Bank's high-yield savings account has an APY of 4.65%*.

As for its other services, Credit One Bank is more straightforward and focuses only on CDs, high-yield savings accounts and credit cards (including credit cards for those with bad credit or no credit history at all). The bank does not have physical branches.

PNC Bank vs. Chase

PNC's strong suit is that it offers a combined checking and savings account, which Chase does not have. Chase, though, has eight checking account offerings, based on a variety of life stages (including those who are new to banking or students), and offers two different types of savings accounts, called Chase Savings and Chase Premier Savings.

Methodology

By employing this comprehensive review methodology, we aim to empower consumers like you to make informed decisions when choosing a consumer bank that aligns with your financial goals and preferences. We evaluate key factors such as interest rates, fees, minimum balance requirements, access to funds and more to help you make informed decisions. Please note that our reviews are based on publicly available information, and we recommend verifying the latest details directly from the respective financial institutions.

Frequently asked questions (FAQs)

Is PNC Bank FDIC insured?

Yes, for example, with the High Yield Savings Account, the account is FDIC insured to the maximum permitted by the law.

Is PNC Bank a good or bad bank?

PNC Bank has a variety of products and services that have many benefits. For example, the combined checking and savings account may be ideal if you are looking to simplify your banking experience. The high-yield savings account is also a good option if you want to set money aside and increase your savings. Overall, PNC Bank is reputable.

Is PNC Bank a good bank for beginners?

PNC Bank has products that are simple when it comes to checking, savings, business checking and credit cards, auto loans and mortgages. Most of PNC Bank's consumer products have at least one tier that is created for beginners who favor simplicity. The bank's online banking tools are also useful for those who are starting off and want to gain a firm understanding of how much they can afford to borrow for a car loan or mortgage, for example.

Who owns PNC Bank?

PNC Bank is a subsidiary of the PNC Financial Services Group and it is publicly traded with the ticker PNC in the New York Stock Exchange.

*As of March 14th, 2024.