[📌 Update June 2022 – Following the FED’s historic rate hike on June 15, 2022, PNC bank finally nudged up the rate on their high yield savings account from 0.50% APY to the current 0.75% APY. See more account details below.]

PNC Bank is the 7th largest bank in the United States by assets with nearly $381 billion in total and the 5th largest bank in the US by branch network with 2,459 branches across 21 states and the District of Columbia.
They offer a full suite of banking services for personal, small business, corporate and institutional clients that cover everything from loans and borrowing to savings and wealth management.
For the purpose of this review we will focus on the personal High Yields Savings account and the Virtual Wallet Checking Pro with Spend account. These are PNC Bank’s online savings account and online checking account, respectively.
📍 Please note: These accounts do not have to be opened together, if you would just prefer to open one of them that is doable.
The Virtual Wallet Pro with Spend account, which functions as the online checking account, can also come packaged with the High Yield Savings, so that your reserve funds can grow with a solid APY. PNC Bank calls this packaged product the Virtual Wallet Pro with Spend, Reserve and Growth.
To see if any of these accounts (or the package deal) are right for you, continue reading our review below.
PNC Bank High Yield Savings Rate + Account Details
PNC Bank is member FDIC and all deposits held at the institution are federally insured up to $250,000 per depositor or $500,000 on joint accounts. There is a low minimum balance requirement of just $1.00.
High Yield Savings Rate
Min Balance | APY |
$1 | 0.75% |
To give this yield some context, the current national average for a savings account sits at just 0.08% APY according to FDIC data. That said, top rates from online banks are now rising above the 1.50% APY mark following the FED’s rate hike on June 15, 2022.
Opening the High Yield Savings Account

Setting up, funding and managing your High Yield Saving account is fairly simple and straightforward.
If you’re not stopping into a local branch, then you’ll complete the application using a QR code to verify ID (see image above).
Be sure to have the following items handy:
- Driver’s License or State ID
- Social Security Number
On top of this, they will also request several pieces of information about yourself such as your full legal name, residing address, telephone number, e-mail address, etc.
Funding the account can be done in three ways:
- Wire transfer from existing external bank account
- Check deposit via the PNC mobile app. This can only be done after you’ve enrolled in PNC online banking or mobile banking.
- A PNC checking account
The easiest and fastest way to get going is via a wire transfer. For this you will need the routing number and account number of your existing bank and bank account.
One your account is all set up, you can manage it from a mobile phone, tablet or desktop computer using PNC online banking or one of their native apps. You can download their IOS app or Android app using the links provided.
PNC Virtual Wallet Checking Pro with Spend
The Virtual Wallet Checking Pro with Spend account is an online checking account in your virtual wallet. Like the high yield saving account, this account has no minimum deposit requirements and no fees.
It comes with a debit card and access to over 18,000 ATMs nationwide (locate them here). It also comes with ATM reimbursements of up to $20 per statement cycle. This is a generous out of network ATM reimbursement amount per statement cycle – especially given the coverage of PNC Bank and its own ATM network.
Virtual Wallet Checking Pro with Spend Features
Item | Feature |
Minimum deposit | $0 |
Minimum balance | $0 |
Monthly service fees | $0 |
Debit Card | Free |
Checks | Unlimited |
ATMs | 18,000 in network |
ATM reimbursement | $20 per statement cycle |
Checking and Savings Package
As mentioned, you do not need to open both of these accounts together, but if you do you’ll have increased functionality to set up savings goals. You can fund these goals by transferring funds freely between the checking product and the high yield savings where your funds can grow at 0.75% APY.