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Banking » Reviews » PNC Virtual Wallet Review: Is It Worth It?

PNC Virtual Wallet Review: Is It Worth It?

The PNC Virtual Wallet offers a suite of tools and resources to manage your money online, track spending, save money, and pay bills.
Author: Lorraine Smithills
Interest Rates Last Update: April 1, 2025
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Interest Rates Last Update: April 1, 2025

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

PNC Virtual Wallet

Fees

$7 – $25 per month can be waived if you maintain $500+/$2,000/$5,000 direct deposit per month, $500+/$2,000/$5,000 monthly balance in savings or age 62+/$10,000 in all PNC consumer deposit accounts/$25,000 in all PNC consumer deposit accounts/

Our Rating

4.4
4.4/5

Promotion

$450 Open a base Virtual Wallet account and receive $500/$2,000/$5,000 or more in monthly direct deposits within 60 days to earn a $100/$200/$400 bonus
Open a base Virtual Wallet account and receive $500/$2,000/$5,000 or more in monthly direct deposits within 60 days to earn a $100/$200/$400 bonus

APY Checking

2.25% – 2.55%

PNC Virtual Wallet

Fees

$7 – $25 per month can be waived if you maintain $500+/$2,000/$5,000 direct deposit per month, $500+/$2,000/$5,000 monthly balance in savings or age 62+/$10,000 in all PNC consumer deposit accounts/$25,000 in all PNC consumer deposit accounts/

Our Rating

4.4
4.4/5

Promotion

$450 Open a base Virtual Wallet account and receive $500/$2,000/$5,000 or more in monthly direct deposits within 60 days to earn a $100/$200/$400 bonus
Open a base Virtual Wallet account and receive $500/$2,000/$5,000 or more in monthly direct deposits within 60 days to earn a $100/$200/$400 bonus

APY Checking

2.25% – 2.55%

Although PNC is a well established bank dating back to the 1850s, it is not stuck in the past and offers some innovative products. A great example of this is the PNC Virtual Wallet. This account is a hybrid checking and savings account that is ideal for those who don’t want the hassle of managing multiple accounts.

Essentially, when you open a Virtual Wallet, you’re opening three accounts to manage your spending, reserve funds and money growth. This allows you to use the one account for all your day to day finances.

PNC Virtual Wallet: Account Features

PNC offers three tiers of virtual wallet accounts to cater to your specific requirements.

  • Virtual Wallet
  • Virtual Wallet with Performance Spend
  • Virtual Wallet with Performance Select

The variety of features and interests offered makes the Virtual Wallet an appealing option for a checking account.

Each of the accounts has a different monthly service fee, and different conditions to waive the PNC monthly service fee:

  • Virtual Wallet: 7$ monthly fee that can be waived if you maintain $500+ direct deposit per month, $500+ monthly balance in savings or age 62+.
  • Virtual Wallet with Performance Spend: 7$ monthly fee that can be waived if you maintain a $2,000 direct deposit per month, or a $2,000monthly balance in savings or $10,000 in all PNC consumer deposit accounts
  • Virtual Wallet with Performance Select: 7$ monthly fee that can be waived if you maintain a $5,000 direct deposit per month or a $5,000 monthly balance in savings or $25,000 in all PNC consumer deposit accounts/

This is the standard checking account aspect of the Virtual Wallet. You can deposit your income including paycheck into the account and use the associated debit card, checks and bill payment services to cover your expenses.

This is the section of the account for short term savings. Reserve allows you to keep the cash that you’ve earmarked for a specific goal separate from any spending cash.

This can also act as your overdraft protection. You can move money from “Reserve” if your “Spend” would go into overdraft.

This is like a regular savings account for the long term storage of your funds. This is interest bearing of 2.25% – 2.55% APY, very high compared to other interest checking accounts, but you’ll earn an elevated rate for the first $2,500.

However, to qualify for the elevated rate, you need to receive $500 or more in direct deposits or make five purchases using your associated debit or credit card.

PNC has a fairly large ATM network with almost 10,000 machines. However, these are largely focused on the eastern states. There are no fees for using a PNC network ATM, but non network fees do incur a $3 transaction fee.

The Virtual Wallet with Performance Spend / Performance Select gets additional benefits:

  • Performance Spend users get reimbursement for the first 2 PNC fees at domestic or international non-PNC ATMs and up to $5 for other bank's ATM surcharge fees
  • Performance Select users won't be charged for other banks' domestic or international ATMs, as well as up to $10 fee reimbursement per statement period for other banks' ATM surcharge fees

Is PNC Virtual Wallet Worth It?

There is no simple answer to this question, as it will depend on your needs and preferences. However, as with other financial products or services, there are both pros and cons, which you can assess to decide for yourself.

Pros
Cons
One Stop Shop
Monthly Fee
Calendar Feature
Requirements For Higher Rates
Potential To Earn Elevated Rates
Additional Charges
Welcome Bonus

The Virtual Wallet has been designed to provide a one stop shop for your financial needs.

This includes some very helpful tools such as the money bar, which shows your available to spend funds, the money allocated for bills and the cash you have in reserve.

There is also a calendar which shows when your bill payments are scheduled, so you can plan ahead. This highlights the “danger day” when you are at risk of being overdrawn. This gives you time to move money around to cover your costs.

PNC offers elevated rates if you receive $500 or more in direct deposits or use your debit card five times in one month.

PNC currently offers a welcome bonus for new customers opening a Virtual Wallet account. This provides a bonus of up to $400 if you meet the promotional requirements.

All accounts require a monthly fee. However, there are many options to waive them.

To access the highest rates, you’ll need to qualify for a relationship rate and have at least a minimum balance in your account.

The standard rates are lower than the number of options available from online banks.

There is a substantial list of other charges which may apply to your account. These include overdraft fees, returned item fees, and stop payment fees.

You’ll even be charged a fee for incoming wire transfers, which is often waived by many banks.

Which Type of Customer is Best Suited to the PNC Virtual Wallet?

This account is well suited to those who want to take control of their finances but don’t like the hassle of managing multiple accounts. The account tools provide easy access to the data you need to monitor your expenses and avoid costly fees.

However, if you live in an area with few PNC ATMs, you may struggle to access your funds without incurring fees. If you use a non network ATM, PNC will impose a transaction fee and you may incur a fee from the ATM owner.

Is PNC a Good Bank to Work With?

PNC has pros and cons.  This is a well-established reputation as offering a solid product line. While this may lack the variety of other banks, several options exist in each account category.

Although the rates for the Virtual Wallet are not the highest on the market, there are some excellent rates available with other products including its High Yield Savings account. There are also several credit card options. This means that it is feasible to move all of your finances to PNC with account options to cover most requirements.

Unfortunately, as with most traditional banks, PNC Bank does not have the greatest reputation. On TrustPilot, the current PNC Bank rating is a poor 1.3 out of 5. There are a number of complaints and negative comments about fees and charges, and the customer service offered.

PNC Bank logo on iPhone display (1)
(Photo by Burdun Iliya/Shutterstock)

How to Open a PNC Virtual Wallet Account

You can open a new PNC Virtual Wallet account online through the official PNC website. You can complete the process in a few basic steps and the entire process should take only a few moments.

  1. Visit the PNC Virtual Wallet page: You will find the product page under the Personal Products and Services tab. On the Virtual Wallet page, you can explore the account details and when you’re ready to proceed, click the blue “Apply Now” button.
  2. Confirm your zip code: PNC needs to tailor the account options to specific geographic locations, so you’ll be prompted to enter your zip code.
  3. Complete your application: This is fairly standard and you will need to complete all of the mandatory fields. These include your full name, address, phone number, email address, Social Security Number and date of birth.
  4. Submit the application: After you complete the application, you will need to click submit and PNC will then assess your application. You should receive an approval decision within one or two business days.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/16/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

FAQs

Yes, you can earn interest on the funds in your Virtual Wallet, but the rate depends on where the funds are allocated and your balance.

PNC does currently have a promotion for new Virtual Wallet clients. There is the potential to earn a bonus of up to $400 if you meet the promotional requirements.

The simplest way to close your PNC Virtual Wallet account is to call the customer support helpline. A PNC representative can take your closure request and guide you through the PNC bank account closure process.

How We Review Checking Accounts: Our Methodology

The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:

  • Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.

  • Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.

  • Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account

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Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/16/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear).

This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor.

While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.