PNC Virtual Wallet Review 2024

PNC Virtual Wallet logo

PNC Virtual Wallet

9.0 rating

Expert Take

PNC Virtual Wallet is best for anyone who wants digital budgeting and savings tools while being able to manage their money online. Having two checking accounts and one savings account makes it easy to manage your funds, reach your financial goals, and stay organized.


  • Yields interest
  • Helps you avoid overdraft fees
  • Earn a bonus with qualifying direct deposits


  • Limited availability

PNC Virtual Wallet logo

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at PNC Virtual Wallet

You have many options when opening a bank account online, and the PNC Virtual Wallet offers the best of both worlds.

You get an online bank account – three to be exact – with the option to bank in person if you live near a PNC branch.

In this PNC Virtual Wallet review, I help you understand how the PNC Virtual Wallet works and if its features are something you could use.

What Is PNC Virtual Wallet?

PNC Virtual Wallet combines a checking and savings account while providing helpful budgeting tools to help you reach your financial goals.

With approximately 2,400 locations and 60,000+ PNC and affiliate ATMs, it’s easy to access your funds or see a teller if you have banking questions.

However, the point of the PNC Virtual Wallet is to provide digital money management tools:

  • Calendar: To help plan your budget.
  • Savings Goals and Rules: To help you set and reach financial goals.
  • Spending Categories: To give you a better view of how you spend your money.

How Does PNC Virtual Wallet Work?

With PNC Virtual Wallet, you get three accounts:

  • Spend: This is your standard checking account that includes an ATM debit card for easy access to your cash.
  • Reserve: This is an interest-bearing checking account for short-term savings, such as money you want to put away for a sporadic bill or money you put aside for holiday spending.
  • Growth: This is a traditional savings account with limits on monthly withdrawals and higher interest rates.

As an added perk, you can earn a bonus when you open a PNC Virtual Wallet account and meet the qualified direct deposit requirements.

PNC Bank LogoPNC Virtual Wallet® up to $400 July 1, 2024
  • Direct Deposit
see all bonuses

Types of PNC Virtual Wallet Accounts

You also have three options for a PNC Virtual Wallet. The right PNC Virtual Wallet depends on the amount you deposit in your accounts.

1. PNC Virtual Wallet

PNC Virtual Wallet is the basic PNC offering with a Spend, Reserve, and Growth Account.

To avoid the $7 monthly fee, you must have at least $500 in direct deposits to your Spend account monthly or carry a combined balance of $500 between both checking accounts.

The Growth account pays relationship rates slightly higher than the basic rate earned on Reserve balances of $1 or more. Currently, the Reserve APY (annual percentage yield) is 0.01%, and the Growth APY is 0.02% on balances up to $2,499 and 0.03% on balances over $2,499.

2. PNC Virtual Wallet With Performance Spend

PNC Virtual Wallet with Performance Spend pays interest on the Spend account and a slightly higher APY on Growth.

It has a higher monthly maintenance fee of $15 per month, but you can waive it with $2,000 in direct deposits monthly or a combined balance between the two checking accounts of $2,000.

You also get reimbursements on up to two non-PNC ATM transaction fees charged by PNC and up to $5 per month on other bank ATM fees for using a non-network ATM.

Like the basic PNC Virtual Wallet account, you’re eligible for relationship rates on the Growth account. You can also earn interest on your Spend balance, which is currently 0.01%, no matter your balance.

The Reserve account also earns 0.01% on any balance, and the Growth account earns 0.03% on any balance. However, there are sometimes different promotions, but they are specific to regional/state designation.

3. PNC Virtual Wallet With Performance Select

PNC Virtual Wallet with Performance Select offers the highest relationship rates but also has the highest balance requirements.

To waive the $25 monthly maintenance fee, you’ll need direct deposits of at least $5,000 or a combined $5,000 between your checking accounts.

There are also no fees from PNC for using a non-network ATM, and PNC will reimburse up to $10 in other bank non-network ATM fees.

The Performance Select account also pays 0.01% APY on all Spend and Reserve balances. But on the Growth account, you can earn higher APYs, depending on your balance.

Balances up to $99,999.99 earn 0.04% APY and balances over $100,000 earn 1.29%. Though, dependent upon your specific state, your rate may be higher, so it’s best to check the PNC site for your current offered rate.

These aren’t nearly as high as online high-yield savings accounts but are attractive interest rates for brick-and-mortar banks.


Besides the slightly higher APYs depending on your chosen account, what else can PNC Virtual Wallet do for you?

Here are the features that make it stand out.

Calendar and Online Bill Pay

Your cash flow hub is the calendar and online bill pay feature. It’s also how you keep track of your due dates and pay your bills on time.

You can schedule recurring payments or set up one-time bills. You can also track any expenses automatically withdrawn from your account, such as your mortgage or a subscription. Finally, you can input any checks you’ve written that still need to be cashed.

You can also track your paydays to see how much money you have and if there are any ‘Danger Days’ – days your account is at risk of going over its balance.

Spending Tools

PNC Virtual Wallet includes the option to set up budget categories and to keep an eye on how much you have left to spend for the month.

You can set up custom alerts to learn when you’re nearing a limit, and you can link your PNC credit card if you want a full picture of your spending from all accounts.

The Money Bar

The Money Bar is a bar graph visual of your free cash flow and any money scheduled to be paid out. It also shows the money you’ve set aside in your Reserve account for upcoming bills or Growth savings for long-term goals.

Fund Transfers

It’s easy to transfer funds to or from your PNC Virtual Wallet with Zelle – internal or external transfers.

If you want to send money to friends, family, or a business, all you need is their email address, phone number, or QR code to send the money for free via Zelle instantly.

You can do so instantly online or on the mobile app if you need to transfer money from one Virtual Wallet account to another, such as Spend to Growth. You can also link an external account and send money as needed.

Savings Tools

PNC Virtual Wallet makes it easy to save money. You can manually transfer funds to your Reserve or Growth account. You can also set up savings goals in PNC Virtual Wallet for almost anything and track your progress.

You also have the option to create Savings Rules to automatically move money from spending to savings. You can set goals in various increments, including weekly, bi-weekly, or monthly. You can also set them according to your payday or bill due date. These rules automatically become a part of your scheduled out funds.

Low Cash Mode

Low Cash Mode enables you to avoid overdraft fees by providing text messages to inform you of the danger of over drafting. It also includes ‘Extra Time,’ which is usually an additional 24 hours to bring your balance to at least $0 to avoid the overdraft fees.

However, be careful about the type of deposit you make to bring the account current, as typical deposit timelines prevail. The fastest way to ensure the balance is at least $0 is to send an electronic transfer from another PNC or external bank account.

User-Friendly Interface

The PNC mobile app and online program are easy to use. It takes only a few minutes to get set up. PNC walks you through all the features, whether you want to set goals, use Low Cash Mode, or any other PNC Virtual Wallet features.

Customer Support

You can visit a local PNC branch or call 1-888-762-265 to speak to a customer service representative. PNC also offers a robust online customer service platform that answers the most commonly asked questions.

PNC Virtual Wallet Student

PNC Virtual Wallet Student is the basic PNC Virtual Wallet account but is built for high school and college students and their parents. Parents can monitor a child’s spending and instantly transfer funds.

Students have access to Low Cash Mode and Payment Control, which allows students to reverse payments made that will bring the account negative.

PNC Virtual Wallet includes a Spend, Reserve, and Growth account, and the following for the first six years from the date of account opening:

  • No monthly fees
  • One courtesy overdraft fee refund
  • One free incoming wire per statement period
  • Free online banking and statements
  • Reimbursement of up to two non-PNC ATM fees charged by PNC
  • Up to $5 reimbursement on other bank fees for non-PNC ATM use


PNC Virtual Wallet fees are easily avoided if you choose the right account. Don’t choose an account you can’t meet the minimum direct deposit or balance requirement, or you’ll be stuck paying a monthly fee.

Other charges include:

  • $36 overdraft fee per item
  • $3.00 per paper statement
  • $5.00 per paper statement with check images
  • $15 incoming wires
  • $10 cashier’s checks

What To Look for When Choosing a PNC Virtual Wallet

You have a few options when choosing a PNC Virtual Wallet. To determine which is right for you, consider the following.

Account Features

All PNC Virtual Wallet accounts have the same features, but each account has different account balance requirements to waive the monthly fee. As you climb the tiers, the main difference is how many non-PNC ATM transactions get reimbursed and whether they charge for wires.

The APYs are a little higher between accounts, but you must maintain much higher balances, so always base your account on the amount you know you can deposit monthly.

Fees and Costs

The monthly maintenance fees are the largest fees to consider when choosing an account. The fees increase as you climb the tiers but can be waived if you meet the minimum balance requirements.


PNC is an FDIC member, so your deposits are insured up to $250,000 per depositor should something happen.

They also have many other ways they protect your security, including:

  • Requesting an ID before accessing your account
  • Uses bank-level encryption online
  • Zero liability if your PNC card is stolen
  • ATM withdrawal limits for your protection

Who Is PNC Virtual Wallet Best For?

The PNC Virtual Wallet is best for anyone who wants digital budgeting and savings tools while being able to manage their money online.

Having two checking accounts and one savings account, makes it easy to manage your funds, reach your financial goals, and stay organized.

Pros and Cons


  • Earn a bonus with qualifying direct deposits
  • Yields interest
  • Helps you avoid overdraft fees


  • Limited availability

Frequently Asked Questions

Is PNC Virtual Wallet a Real Bank Account?

Yes, the PNC Virtual Wallet account has three bank accounts, two checking accounts, and one savings account. You can manage the accounts online or in person at a local PNC.

What Are the Benefits of PNC Virtual Wallet?

PNC Virtual Wallet provides many tools, including spending categories, online bill pay, calendars, and money bars. These tools allow you to see your money scheduled out. With Low Cash mode, you get notified you’re in danger of over-drafting while providing extra time to bring the balance to $0 to avoid fees.

Does PNC Virtual Wallet Have Overdraft Fees?

Yes, there is a $36 overdraft fee per item, with one daily fee. However Low Cash Mode and alerts make it easy to avoid overdraft fees.

Can I Deposit Checks With PNC Virtual Wallet?

Yes, you can deposit checks at your local PNC bank with a teller or ATM or use the mobile deposit feature to deposit checks 24/7.

Is PNC Virtual Wallet a Checking or Savings Account?

The PNC Virtual Wallet consists of two checking accounts and one savings account. The savings account earns interest, and one of the two checking accounts does too.

How Do I Fund My PNC Virtual Wallet?

You can fund your account with a bank teller, at a PNC ATM, or via electronic transfer from an external or internal PNC account. You can also use the mobile app to make a mobile deposit.

What Is PNC Virtual Wallet’s Interest Rate?

The interest rate varies by account, but the rates range from 0.01% to 0.03%.

Can I Use PNC Virtual Wallet for Business Banking?

PNC Virtual Wallet is for personal use, but PNC offers many small business bank accounts to help with your business banking needs.

Can I Pay Bills Through PNC Virtual Wallet?

Automatic or one-time bill pay is easy to use in PNC Virtual Wallet. You can have your bills paid directly from your PNC Virtual Wallet account.

Does PNC Virtual Wallet Have Overdraft Protection?

You don’t need overdraft protection with a PNC Virtual Wallet account. If you overspend from your Spend account but have money in your Reserve or Growth account, PNC will automatically transfer the funds so you don’t incur overdraft fees.

However, they also offer Overdraft Coverage. If you opt-in, PNC can cover ATM or one-time debit card transactions, but you’ll pay an overdraft fee. If you opt-out, the transactions will be declined, and the overdraft coverage won’t apply to recurring charges.

Do I Get a Debit Card With PNC Virtual Wallet?

Yes, you get a free debit card with your PNC Virtual Wallet account that you can use for no cost at any of the more than 60,000 ATMs.

Is PNC Virtual Wallet Worth It?

If you like banking online and love budgeting tools, you’ll love the PNC Virtual Wallet account.

The three accounts combined make it easy to stick to your budget, reach your savings goals, and have a clear picture of where you stand financially.

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