PNC Virtual Wallet Review [2025]: Best for Branch Banking Fans

What is PNC Virtual Wallet?

PNC Virtual Wallet is a banking package that includes a primary checking account called a Spend account, a secondary checking account called a Reserve account, and a savings account called a Growth account. 

For this package, there are three service tiers to choose from: Virtual Wallet, Virtual Wallet with Performance Spend, and Virtual Wallet with Performance Select. Higher tiers include more perks, like waived banking fees and better interest rates on deposit accounts, but also come with higher maintenance fees.

All PNC Virtual Wallet accounts have a waivable monthly service fee of $7 to $25. There are many features that make this banking package stand out from other products, but unless you're interested in going all-in with PNC banking, we wouldn't recommend it.

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. 

PNC Virtual Wallet APYs are virtually pointless because of their low value. With the highest possible rate (0.01%-0.04% (as of 12/16/24) APY) and a $10,000 balance, you could earn around $3 of interest in a year. The rate for the Growth savings account is extremely poor compared to the best savings accounts, and even the national average rate of 0.41% (as of 1/21/25), according to FDIC data.

The many services and locations are the primary draw of this account. You can easily access your money from just about anywhere and have ample access to thousands of in-person branches and ATMs with PNC.

Who should get the PNC Virtual Wallet?

We recommend PNC Virtual Wallet if:

• You want to be able to visit in-person branches or bank digitally.
• You need the option to make fee-free cash deposits.
• You want to keep multiple bank accounts under one roof and are a fan of PNC.

If you frequently deal with cash, PNC could be good for you. With companies like Chime®⁵ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> and SoFi®, you often have to pay a fee to deposit cash.⁶ <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p> 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 over 2,600 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. You also might like this account if you're comfortable sacrificing better perks and APYs for the convenience of having your checking and savings accounts with one bank, but we'd recommend many other banks first unless you already know you want to work with PNC.

Who should consider different options?

PNC Virtual Wallet doesn't make sense if you want high interest rates or can't meet the requirements to waive the monthly service charges. Even the highest annual percentage yield (APY) offered on a Virtual Wallet account is very poor, which defeats the purpose of a savings account. Many top high-yield savings accounts provide APYs of 3.50% or more, and some checking accounts also offer interest on your balance.

We don't see Virtual Wallet as the best option for storing money over long periods of time as the APY rates are low. There are also more than enough free checking accounts to choose from to justify paying PNC's high fees. Overall, we recommend against the PNC Virtual Wallet account for many people. Here are a few checking accounts we much prefer.

Featured Checking Account

4.5

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Discover® Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.⁷ <p>See website for details.</p> No minimum deposit or balance. FDIC Insured.

Learn More

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 3.80% APY⁸ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.⁹ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> FDIC Insured.¹⁰ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

Learn More

4.6

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Chime® Checking⁵ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> - No Monthly Fees¹¹ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> + Get paid up to 2 days early with direct deposit¹² <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p>

Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.

Open 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 2,600 in-person locations in 27 states and the District of Columbia. PNC branches are found in:

ATM access: You can access about 60,000 PNC and partner ATMs around the country. This is comparable to the ATM access offered by many online banks.

Low Cash Mode² <p>Low Cash Mode is only available on the Spend account of your Virtual Wallet® product.</p> : 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.

Alternatives to PNC Virtual Wallet

SoFi®

The SoFi Checking and Savings⁸ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> account has no monthly maintenance fees and no minimum opening deposit requirement.¹³ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> And if you want to earn interest on your stored money, the up to 3.80% APY⁹ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit¹⁴ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> blows PNC Virtual Wallet away. SoFi is a Member, FDIC ¹⁰ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

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 <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> You can set automatic round-ups¹⁵ <p class="">Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.&nbsp;<br></p> on debit card purchases to help grow your funds, and you can earn 2.00% (as of Sept. 9, 2024) APY on savings.¹⁶ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p>

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.