PNC Bank review: functional checking and savings but terrible CD and money market account rates

Our review focuses on the personal banking products offered by PNC Bank, including checking, savings, and certificates of deposit (CDs). All rates and fees are current as of March 21, 2024, and are subject to change. 

PNC Bank rates and products

PNC Bank offers a full suite of deposit products, including high-yield checking, savings, and CDs. 

Checking accounts 

Like many banks with a strong online banking presence, PNC Bank offers a free checking account called Virtual Wallet with no minimum opening deposit, and no monthly fees with qualifying activity. It’s not easy to find a free checking account that offers an account opening bonus, but Virtual Wallet from PNC Bank offers up to $400 to customers funding the account via direct deposit.

PNC also offers a more traditional account known as Foundation Checking, but this account must be opened in person and is not available to all customers.

Savings accounts

According to the Federal Deposit Insurance Corp. (FDIC), the average savings account rate is currently around 0.47% APY. PNC Bank often falls short of the mark here, offering only 0.03% on balances over $2,500 on standard savings accounts.

Some markets may offer rates up to 4.65% APY on high-yield savings, but interested customers will need to plug in their zip code to see if there is a qualifying PNC branch near them.

PNC Bank savings rates compared to current top rates*

While PNC Bank offers attractive rates to certain markets, some institutions have better APYs available nationwide. Compare this APY against current high-yield savings accounts.

MMAs 

An MMA offers less liquidity than a savings account in exchange for a higher APY than a traditional savings account. PNC Bank offers a money market account but its APY is abysmal compared to most rates you can find at its competition. Customers earn just 0.04% on balances under $100,000 and must deposit exponentially more to earn the maximum rate.

See this list of the best MMA rates to compare.

CDs

A CD holds your money in a savings account in exchange for a higher interest rate than you’d find in a standard savings account, although this rate is often less than a high-yield savings account. You must keep this money in your CD for a specific period of time, known as the term length, or face an early withdrawal penalty. 

PNC Bank’s CD rates aren’t great, considering the best CD rates are more than double what it offers. 

Below are some of the most common CD rate terms and the rates PNC offers. Please note that rates change frequently, and PNC typically offers higher rates on unusual term lengths. For example, you’ll only earn 0.01% on a 6-month CD but can earn 4.25% on a 7-month promotional CD. For more details, please visit the PNC website.

Other services PNC Bank offers 

• Personal loans: With a personal installment loan, PNC Bank customers can borrow between $1,000 and $20,000 (unless you’re in California, and that maximum is $10,000). This is collateral-free and has a fixed rate.
• Credit cards: With five credit card options, PNC Bank has options for features like unlimited 2% cash back on purchases, 0% introductory rates, and secured cards to help you grow your credit.
• Student loans: Whether you’re refinancing or taking out your first student loan, PNC Bank offers several options. These include nontraditional loans, such as for those who need to pay for the costs of the bar exam or interview and relocation for medical residency.
• Investments: With PNC Bank, you can invest in a variety of accounts for your future. These include brokerage accounts, IRAs, advisor-managed accounts, and education accounts.
• Insurance: PNC Bank offers both life insurance and long-term care (LTC) insurance through PNC Insurance Services, LLC. 
• Mortgages: Use PNC Bank’s Mortgage Scenario Builder to compare rates and mortgage options for a variety of loan types. You can also refinance your mortgage or take a loan on your home equity.
• Estate planning: Whether you need help with estate settlement or trusts, PNC Advisors can help you strategize how to protect your assets and plan for your legacy.

Online banking

The best banks and credit unions provide a way for customers to access their accounts on the go, and PNC Bank is no different. It offers a mobile app as well as the ability to access your account online. Here, you can check your balance, lock your card, get alerts, make transfers, and earn rewards. With its mobile app, you can send money with Zelle and make check deposits without ever entering a branch.

The PNC Bank platform and customer support 

PNC Bank offers extended hours compared to most banks. Depending on the product you’re calling about, you can reach a customer service representative in the evenings and on weekends. For personal bank accounts, Virtual Wallet, and mortgages, representatives are available Monday through Friday from 8 a.m. to 9 p.m. Eastern time and Saturday through Sunday from 8 a.m. to 5 p.m. ET. 

Student loan help is available Monday through Friday from 8 a.m. to 5 p.m. ET, and investment support is available from 8 a.m. to 6 p.m. ET. Automated account info is available 24/7 for personal credit cards.

While it doesn’t offer chat support, you can Tweet or stop into a branch for additional support.

Is PNC Bank secure?

While no widespread breaches have occurred with PNC Bank, it isn’t immune to the challenges of keeping individual accounts secure from fraudsters. For example, its customers reported 10,683 cases of fraudulent activity with Zelle with unauthorized payments in excess of $10.6 million. Fewer than 1,500 users were refunded just $1.46, and the rest were left with no recourse.

PNC Bank user reviews

It’s worth noting that most people will only leave a review if they have a negative experience with a provider, although it’s still important to take their experiences into consideration. Consumer reviews of PNC Bank are overwhelmingly negative, with reviewers complaining about inability to access funds, poor customer service, unexpected fees, data privacy, and fraudulent transactions. 

Out of 1,067 reviews on Trustpilot, 88% of them are 1 star, giving it a total rating of 1.3 stars out of 5. On ConsumerAffairs, it has 1,538 reviews, of which 75% of them are 1 stars, giving it a total rating of 1.7 stars out of 5. 

Compare PNC Bank alternatives

Is PNC Bank right for you?

If you value a bank that offers a variety of personal and business banking products, PNC Bank is an excellent choice. However, its low APYs on its CDs and MMAs could be better, and the vast number of negative reviews is enough to give anyone pause.

Frequently asked questions

Is Chase or PNC Bank better?

If access to bank branches is important to you, Chase has more than double what PNC Bank has. Chase also offers better CD rates. However, PNC Bank’s Virtual Wallet helps you manage your spending, set money aside for short-term goals, and grow your savings. Compare rates and fees against what’s most important before deciding which bank to choose.  

Is PNC a “too big to fail” bank?

If measured by the “too big to fail” standard detailed by the Financial Stability Board’s list of Global Systemically Important Banks (G-SIBS), PNC Bank is not on this list as of its latest report (November 2023). With $557 billion in assets, PNC Bank is the sixth largest in the United States, although even the fourth largest, Citibank, more than triples that amount. While significant, PNC’s scale doesn’t place it in the same “too big to fail” category as the giants on the G-SIBs list.

What does PNC stand for?

PNC gets its name from the merger of two banks: Pittsburgh National Corporation and Provident National Corporation.