Table Of Content
When Wells Fargo Bank Wins?
The Wells Fargo line is even more comprehensive. You can access a choice of checking accounts, various savings accounts, mortgages, loans, and investment options including IRAs, 401ks, and wealth management solutions.
Wells Fargo can be a better choice than PNC Bank if:
You’re interested in low deposit mortgages
You want access to larger loan options
You want access to 24/7 customer service.
When PNC Bank Wins?
The PNC product line includes checking and savings, home loans, mortgages, investments, student loan refinancing, and a variety of credit card options.
PNC Bank can be a better choice than Wells Fargo if:
You want a bit better CD and savings rates
You won't be able to waive checking account fee (PNC fee is lower)
- You need no minimum deposit account
Wells Fargo | PNC Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
There is little to separate the Wells Fargo and PNC savings accounts. Both accounts have a $5 monthly maintenance fee, which can be waived with a $300 balance or other requirements. Both also have a quite low interest rate compared to the national average..
However, PNC has relationship rates that allow you to access a bit higher rates. The potential downside to this is that the PNC bank account only permits six withdrawals in any calendar month.
Wells Fargo | PNC Bank | |
|---|---|---|
APY | 0.26% – 2.51% | 0.01% – 0.03%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
|
Fees | $5
can be waived by maintaining a $300 minimum daily balance, one qualified automatic transfer, one or more Save as You Go transfers from your Wells Fargo checking account. Primary account owners age 24 or younger are exempt from the fees
| $0 |
Minimum Deposit | $25 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Neither the Wells Fargo or PNC checking accounts are interest bearing and each account has a maintenance fee. While Wells Fargo’s fee is slightly higher, the waiver criteria is fairly similar, as you need to maintain a $500 balance or receive $500 or more in direct deposits each month.
Both accounts also have overdraft protection. While Wells Fargo allows you to link your savings account to transfer funds if your available balance drops, PNC gives its customers 24 grace to bring the balance up to avoid overdraft fees. You can also stipulate if you want to pay or return items in situations where you have insufficient funds.
Wells Fargo offers several checking accounts for different types of customers. For basic needs, it offers the Clear Access account, but most customers choose the Everyday Banking account. Premium customers can choose between the Wells Fargo prime or premier accounts.
One nice touch of the Wells Fargo account is that you have check writing capabilities. This is becoming less and less common, as other payment methods become more popular. However, it is nice to be able to write a check if you don’t want to share your debit card details.
Wells Fargo | PNC Bank | |
|---|---|---|
APY | 0.05% – 0.10% | 2.25% – 2.55% |
Fees | $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
| $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/
|
Minimum Deposit | $25 | $0 |
Main Benefits |
|
|
CDs
There is little to separate the banks’ CDs, but PNC CDs does appear to have the edge. While Wells Fargo CD has a minimum deposit requirement of $2,500, PNC’s is $1.
In terms of rates – both offers more or less the same, depends on CD term.
Wells Fargo | PNC Bank | |
|---|---|---|
Minimum Deposit | $2,500 | $1 |
APY Range | 4.25%- 4.50% | 4.75% |
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Credit Cards
Wells Fargo has three main credit cards. Active cash has a 0% intro rate for 15 months on purchases and qualifying balance transfers and you can earn 2% cash rewards on purchases (unlimited). Additionally, there is a welcome bonus of $200 cash rewards bonus when you spend $500 in purchases in the first 3 months.
The Hotels.com card also has a welcome bonus that requires you spend $1,000 in the first three months, but the reward system is a little different. This card pays stamps for your purchases and 10 stamps can be redeemed for one reward night. The card has no annual fee and if you meet the welcome bonus criteria, you’ll get two free reward nights to get you started.
If you’re looking to transfer a balance or make a large purchase, the Reflect card is likely to appeal to you. This card has a 0% introductory rate for 18 months, but this may be extended for a further three months if you make your minimum payments on time.
PNC has a selection of credit card options and currently, there is a promotion to receive 50,000 points or $100 welcome bonus when you sign up for a qualifying card.
One of the most popular card options is the PNC Cash Rewards Visa. This card has a tiered reward structure, where you can earn up to 4% cash back. However, if you’re looking to transfer a balance, you may prefer the PNC Core card that has a 0% APR introductory rate for the first 15 billing cycles.
Even if you’re struggling with your credit history, there is a card option for you. The PNC Secured card allows you to open an account with a refundable security deposit of between $300 and $2,500. The size of your deposit will determine your credit limit, but your payment activity will be reported to the credit bureaus to help you build your credit score.
Mortgage
Both banks offer mortgage products. Wells Fargo has fixed rate mortgages, FHA loans and VA loans. A nice feature of this bank’s mortgages is the potential to only need a low down payment. The fixed rate loans require a down payment of 3% or more and the FHA loans need a minimum of 3.5%.
Wells Fargo also offers home equity finance. This allows you to borrow up to 80% of the property value less your mortgage, any outstanding secured loans or liens. The maximum for this finance is $500k.
PNC has home loans for purchasing and refinancing, including adjustable rate, fixed rate, jumbo loans, FHA and VA loans. There are also specialized loans for scenarios like 80-10-10. PNC allows you to apply online and lock in your rate. You can also save time with electronic verification.
Loans
Wells Fargo has a variety of loan products including student loans, auto loans and personal loans of up to $100k. The personal loans have a maximum term of 84 months, but there are discounts to the fixed interest rates for qualified customers. The loans have no closing fees, origination fees or prepayment penalties.
PNCs loan products are not as varied, but you can still access auto loans, lines of credit and personal loans for up to $20,000. Like Wells Fargo, the loans have a fixed rate and there are no prepayment penalties.
Online/Digital Experience
Both banks have an app available for iOS and Android devices. Wells Fargo’s app is rated 4.8/5 on both the Apple Store and Google Play. Chase’s app has 4.8/5 on the Apple Store and 4.4 out of 5 on Google Play
Both sites have a clean design and are easy to use that offers a great user experience. You can explore and compare the products and access support materials.
Customer Service
Wells Fargo has a 24/7 general banking helpline if you want to speak to a customer service agent, but if you have a question, you may be able to find answers on the website support page.
PNC also has a detailed customer support page with FAQs, product help and how to videos. However, if you want to speak to an agent, you can call a toll free number from 7 am to 10 pm Monday to Friday and 8 am to 5 pm on the weekend.
Unfortunately, neither bank has a great rating on the consumer review sites. Wells Fargo has an average 2.3 out of 5 on Trustpilot, while PNC has a poor 1.5 out of 5 rating.
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Which Bank is The Winner?
Both banks have a decent product line, but there are some differences that will affect which bank is better for you.
While the checking accounts appear similar, PNC has potentially better saving and CD rates. Both banks have various mortgage packages, but Wells Fargo offers potentially larger personal loans. So, which account is best will depend on your needs and preferences.
| |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 0.01% – 0.03%
The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
| 0.26% – 2.51%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $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/
| $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
| Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.1/5 on Android | 4.8/5 on iOS 4.6/5 on Android | Various Banks
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FAQs
Does Wells Fargo offer a promotion?
If you open a new bank account, Wells Fargo offers up to $300, as of September 2024. Learn more about the Wells Fargo new account bonus promotions.
Can you close a Wells Fargo bank account over the phone/online?
There are only two ways to close your Wells Fargo bank account; in a local Wells Fargo branch or by phone. The phone is likely to be the easiest method, as it is a toll free number and the agent will walk you through the process.
In most cases, the account can be closed immediately, but all outstanding or pending items need to have been posted and your account must have a zero or positive balance.
What does Wells Fargo offer for Joint customers?
Wells Fargo allows co-ownership of many of its products. From checking accounts to loans, you can sign up with a partner, but both of you will need to provide ID verification to open the account.
What PNC products are inflation proof?
As with most banks, if the rate of inflation increases, your money in savings products will lose real world value. However, PNC does offer lending products that are inflation proof. There are fixed rate loans and mortgage deals that allow you to lock in your rate for the borrowing period.
This means that you don’t need to worry about your monthly repayment increasing if the rate of inflation goes up. So, even if your other expenses start to cost more, you’ll know exactly how much to budget for your repayment.
Is PNC worth it if I'm a student?
PNC has several specifically designed student products. In addition to offering student loans, the bank also has student banking options. The Virtual Wallet Student is three accounts in one that provides checking and saving features with a suite of digital tools to help you keep your finances under control.
There are also several student credit card options available. This makes it easy to manage your day to day student finances with this bank.
Does PNC offer a free checking account?
There is a monthly maintenance fee associated with PNC checking accounts, but it is possible to have the fee waived if you have a minimum balance in your associated savings account or receive a minimum amount in direct deposits each month.
For the basic Spend checking account, these minimums are $500 each, but the Performance checking accounts have higher minimums.
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The Smart Investor Banking Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked in five main areas:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare Wells Fargo With Other Banks
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Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.
Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?
Wells Fargo offers a diverse range of products, including checking accounts, savings accounts, loans, mortgages, and investments such as 401ks, IRAs, and wealth management options.
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Read Full Comparison: Wells Fargo vs US Bank: Which Bank Account Is Better?
Both Ally and Wells Fargo have a fairly impressive banking product lineup that would make switching from a traditional high street bank simple.
Ally offers CDs, auto loans, mortgages, investments, and retirement products in addition to checking and savings. The only glaring omission in the lineup is the absence of a credit card.
Wells Fargo's product lineup is even more impressive. Checking and savings accounts, mortgages, loans, and a variety of investment options such as IRAs, 401ks, and wealth management services are all available.
Read Full Comparison: Ally vs Wells Fargo: Which Bank Account Is Better For You?
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
Wells Fargo offers a diverse range of banking services. Checking accounts, savings accounts, loans, mortgages, wealth management solutions, and investment options such as 401ks and IRAs are all available. Flagstar also offers a diverse product portfolio that includes a variety of checking and savings accounts, investments, home loans, and loans and investments.
It is important to note, however, that Flagstar does not operate in all states. This bank only operates in Michigan, California, Ohio, Indiana, and Wisconsin, where it has 150 branches. As a result, if you live outside of these areas, you may be unable to use Flagstar's banking services.
Read Full Comparison: Wells Fargo vs Flagstar: Which Bank Is Better For You?
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
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BMO has great options for checking accounts, and outshines Wells Fargo with higher savings rates. But is it our winner? See our comparison: Wells Fargo vs. BMO Bank
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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?
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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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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PNC and Regions Bank operate in several states, including Florida, Georgia, Kentucky, and South Carolina. Let's compare them side by side: Regions Bank vs. PNC Bank
While PNC Bank is a brick-and-mortar bank, Capital One's presence is mainly online. Let's compare them and see which is our winner: Capital One vs. PNC Bank
While PNC Bank is a brick-and-mortar bank, American Express Bank's is an online bank. Let's compare their banking products side by side: American Express Bank vs. PNC Bank
PNC Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.
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