But if you lived in California, you’d earn $2.55 - 85 times more than your East Coast counterpart. In other words, if you deposited $100 into your Virtual Wallet account, you’d only earn $0.03 after a year if you lived in New York. On the other hand, while New York and California residents both qualify for the PNC Virtual Wallet account, New Yorkers can only earn up to 0.03% APY - that’s lower than the national average ofĠ.42%, whereas Californians stand to earn up to 2.55% APY. Accountįor example, PNC Bank doesn’t offer the Virtual Wallet Checking Pro account to New York residents, which means you could be missing out on 4% APY on balances of $1 or more. Here’s a snapshot of the range of interest rates we’ve found for each Virtual Wallet account across its Spend, Reserve and Growth categories. Depending on where you live, you may not be eligible for a specific type of Virtual Wallet tier, or your interest rates may be nearly nonexistent. The biggest drawback is its product availability. Where PNC Bank Virtual Wallet falls short Plus, PNC frequently offers cash bonuses of $100, $200 or $400 for new customers that complete specific tasks for the account option you select. Choose whether you want to pay or return checks and ACH transfers when your balance is in the red. Deposit money to your account within 24 hours to cover any overdrafts to avoid the overdraft fee. Notifications for when your account is near or below zero. And PNC’s new Low Cash Mode has several features that give you more control in handling overdrafts: Its budgeting tools monitor your spending and send you alerts to help you stack on track. For example, its Money Bar shows you what funds are needed for upcoming bills and what’s free to spend. PNC Bank also has useful digital spending tools for managing money. While this isn’t as much as some online banks, like Ally Bank, that partner with ATM networks like AllPoint to provide customers access to over 55,000 ATMs, most Virtual Wallet accounts come with ATM reimbursements of up to $20 a month to cover fees for using out-of-network ATMs. You’ll get access to over 9,000 in-network PNC-brand ATMs across the country. While you can choose to open any Virtual Wallet as a checking account only, you’d be missing out on higher interest rates for your unused cash by not utilizing its Reserve and Growth cash buckets. The PNC Virtual Wallet breaks the mold of traditional banking by letting you enjoy the best of both worlds with short- and long-term savings along with a checking account. Two out-of-network ATM fee reimbursements of up to $5 a month.One free incoming wire transfer per month.$0 for the first six years, then $7 when it converts to a regular Virtual Wallet accountĪfter six years, you’ll need to meet one of the following: Up to $20 ATM reimbursements for third-party out-of-network ATM fees per month.Up to $10 ATM reimbursements for third-party out-of-network ATMs.$5,000+ total monthly balance in your Spend and Reserve accounts.$5,000+ in monthly direct deposits to your Spend account.Those who regularly use out-of-network ATMs Two out-of-network ATM fee reimbursements a month of up to $5.Receive at least $1,000 in monthly direct deposits and are a military member.$2,000+ total monthly balance in your Spend and Reserve accounts.$2,000+ in monthly direct deposits to your Spend account.Those who periodically use out-of-network ATMs $500+ total monthly balance in your Spend and Reserve accounts.$500+ in monthly direct deposits to your Spend account.Those who want a no-frills checking account and keep a balance of at least $500 Fees and perks vary by product, so you can hone in on the checking and savings account combo that best fits your needs. Each one bears interest and comes with an ATM card. There are five types of Virtual Wallet accounts to choose from. Plus, most accounts come with a monthly fee, so the Virtual Wallet makes the most sense if you also qualify to waive the fee, which varies depending on which account you choose. So not all customers will enjoy a competitive interest rate. All international money transfer services.
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