While PNC Bank is a brick-and-mortar bank, SoFi's presence is online only. Let's compare their banking products side by side:
Checking Accounts
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Account Types
SoFi's Checking and Savings accounts offer innovative features to enhance financial experiences. Enrolling in their online checking account, which includes a savings component, allows users to receive paychecks up to two days early through direct deposit.
Users can earn up to 15% cash back on local purchases when using the SoFi debit card at qualifying businesses.
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
SoFi's Checking and Savings | $0 | 0.50% |
The app showed us a simple summary of our credit score, giving us a peek into what factors were affecting it.
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Features
PNC's Virtual Wallet offers a range of features, including Zelle for easy money transfers, spending analysis tools, and the ability to set savings goals. Account holders may also enjoy reimbursements for select non-PNC ATM fees and benefit from higher relationship interest rates.
PNC's Foundation Checking account provides convenient mobile banking services, waives overdraft fees, and offers complimentary cashier checks.
PNC Checking Account | Main Features |
|---|---|
Virtual Wallet Performance Select | No PNC charges for using other banks' ATMs or domestic wires |
Virtual Wallet Performance | Reimbursements for some non-PNC ATM fees, higher relationship interest rates |
Virtual Wallet Standard | Zelle, spending analysis, savings goals |
Foundation Checking
| Mobile banking, no overdraft fee, free cashier checks, debit card |
SoFi provides overdraft coverage up to $50 with no fees for accidental overspending, contingent on direct deposits of at least $1,000.
Access to a vast network of 55,000+ ATMs ensures convenient fund retrieval. Additionally, the accounts facilitate automatic roundups on all debit card purchases, directing the accumulated roundups to a savings Vault for further growth.
SoFi streamlines financial management through a comprehensive app that enables bill payments, check deposits, money transfers, and digital wallet management.
Bank Account | Main Features |
|---|---|
SoFi Checking and Savings | Get paid up to two days early, 55,000+ ATMs, debit card, overdraft coverage with no fees, cash back on local purchases |
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Savings Accounts
When it comes to savings accounts, SoFi Bank is our winner. That being said, PNC offers one of the highest rates for a brick-and-mortar bank.
PNC provides a high-yield savings account with a competitive online rate, but eligibility is limited to specific states, so ensure you qualify before applying.
PNC Savings | PNC Money Market | SoFi Savings | |
|---|---|---|---|
Savings Rate | 4.65%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
| 0.02% – 1.25% | up to 4.60% |
Minimum Deposit | $0 | $0 | $0 |
Fees | $0 | $12
Can be waived if you maintain a minimum daily balance of $5,000
| $0 |
Certificate Of Deposits (CDs)
SoFi Bank doesn't offer CDs at this moment. On the other hand, PNC does.
PNC Bank offers high rates only on specific CD terms. In most cases, even with these terms, the APY is not so competitive. If you're looking for a CD, you may want to do it on online banks such as Ally, Discover, or Synchrony bank.
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PNC CD Rates
CD Term | APY |
|---|---|
7 Months (Featured) | 0.01% – 0.05% |
12 Months | 0.01% – 0.03% |
13 Months (Featured) | 0.01% – 2.00% |
19 Months (Featured) | 0.01% – 1.25% |
24 Months | 0.01% – 0.03% |
25 Months (Featured) | 0.01% – 1.50% |
24 Months | 0.01% – 0.03% |
37 Months (Featured) | 0.01% – 1.75% |
36 Months | 0.01% – 0.03% |
61 Months (Featured) | 0.01% – 2.00% |
Credit Cards
Card | Rewards | Bonus | Annual Fee |
| PNC Cash Unlimited Visa Signature Credit Card | 2%
unlimited 2% cash back on every purchase | 0% Intro APR: 12 billing cycles on purchases and balance transfers | $0 |
|---|---|---|---|---|
| PNC Cash Rewards Visa Credit Card | 1% – 4%
4% on Gas station purchases, 3% on Restaurant and 2% on Grocery store (for the first $8,000 in combined purchases in these three categories) and 1% cash back on all other purchases | $200
$200 cash back after you make $1,000 or more in purchases during the first 3 billing cycles following account opening | $0 |
| PNC points Visa Credit Card | 4x – 7x
4 points per $1 on purchases + 25% / 50% /75% bonus on all base points for PNC customers | 100,000 bonus points
100,000 bonus points after you make $1,000 in purchases during the first 3 billing cycles following account opening | $0 |
| PNC Core Visa Credit Card | N/A | 0% Intro APR: 15 billing cycles on purchases and balance transfers | $0 |
| PNC Secured Visa credit card | N/A | N/A | $0 |
Card | Rewards | Bonus | Annual Fee |
| SoFi Credit Card | 1-3%
3% cash back rewards on trips booked through SoFi Travel. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi
| N/A | $0 |
|---|
Mortgage And Loans
Both SoFi and PNC Bank offer great lending options for borrowers.
PNC Bank and SoFi provide mortgages for homebuyers, mortgage refinancing for improved terms, personal loans and even student loans.
Which Bank Is Our Winner?
There is no clear winner as each bank excels in different areas – but if we have to pick one, PNC Bank is our winner with a complete package of banking services.
PNC Bank is a brick-and-mortar bank, that wins when it comes to a number of branches, checking accounts, and credit cards. SoFi, one of the most popular online banks, is best for savings rates and lending options.
That being said, it is crucial to assess various factors, primarily focusing on those that are significant for your specific needs. This could include banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
Compare PNC With Other Banks
Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.
Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?
The Wells Fargo service is even more extensive. Checking accounts, various savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management solutions are all available.
PNC offers checking and savings accounts, home loans, mortgages, investments, student loan refinancing, and a variety of credit cards.
Read full comparison: Wells Fargo vs PNC: Which Bank Account Wins?
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
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While PNC offers better savings rates than U.S. Bank, the latter has better credit cards. Which is best for bank account? Here's our verdict: U.S. Bank vs. PNC Bank
PNC Bank and Fifth Third Bank are two big players when it comes to brick-and-mortar banking. Let's compare them and see which is our winner: PNC Bank vs. Fifth Third Bank
We prefer PNC Bank over M&T, mainly due to higher savings and money market account rates and better credit cards. Here's our comparison: PNC Bank vs. M&T Bank
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Both KeyBank and PNC Bank are active in various states, such as Pennsylvania, Indiana, Ohio, and more. Let's compare their banking products.
While the differences are insignificant, our winner is PNC Bank, which has better options than BMO Bank. Here's our complete comparison: PNC Bank vs. BMO Bank
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Compare SoFi With Alternative Banks
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.
Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.
SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.
Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?
SoFi offers a Spend and Save account that is part savings account and part checking account. You can earn 0.25 percent on your entire balance, but you can also establish savings vaults. These are separate funds within the account that allow you to allocate funds to various savings goals. This allows you to save for both short and long-term goals without having to manage multiple savings accounts.
Varo, on the other hand, has a more traditional savings account that offers an impressive up to 3% interest rate. Higher rates are available if you keep a savings balance of $5,000 or more or receive $1,000 or more in direct deposits during the qualifying period.
Read Full Comparison: SoFi vs Varo Bank: Which Account Is Better For Your Money?
SoFi's online Spend and Save account, like the Chime online checking account, is fee-free, but it has some different checking account features. Chime, for example, offers a $200 fee-free overdraft facility subject to terms, whereas SoFi provides cash back if you have recurring direct deposits of $500 or more each month.
Read Full Comparison: SoFi vs Chime: Which Online Banking Wins?
Upgrade and SoFi Bank offer various online banking products, including checking, savings, and credit cards. Let's compare them side by side: Upgrade vs. SoFi Bank
Chase Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
There is no clear winner between SoFi and Wells Fargo as each bank excels in different areas – but Wells Fargo is our winner. Here's why.
How We Compared PNC Bank and SoFi: Methodology
In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:
Checking Accounts (30%): We thoroughly examined features such as direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. Special offers available to customers were also taken into account.
Savings Accounts and CDs (20%): Our focus centered on critical factors including the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We carefully analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options provided by each bank's credit cards to offer a comprehensive comparison of available features.
Lending Options (15%): We evaluated the variety of loan options offered, encompassing personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing valuable insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our assessment included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, delivering a holistic perspective on customer experience and reputation.
