PNC Virtual Wallet Editor's Review

Rating: 3.3/5

Bottom Line: The PNC Virtual Wallet is worth considering if you want a two-in-one account with checking and savings bundled together. Users also get some helpful spending and budgeting tools.

Review:

The PNC Virtual Wallet is a good option if you want the features of a checking account and a savings account in one package and you have $500+ in monthly direct deposits. Unlike a digital wallet, which just allows you to link payment accounts for secure shopping, PNC’s Virtual Wallet is more of a multi-purpose bank account.

You can avoid having to pay a monthly fee for the PNC Virtual Wallet by setting up a direct deposit of $500 or more per month. The more you directly deposit each month, the more interest you will earn and the more features you will enjoy. You can get a bonus of $100 to $400, too. That bonus is a big part of the account’s value proposition.

What I Like About the PNC Virtual Wallet

Convenience and Functionality in One Package

The PNC Virtual Wallet makes it easy to keep track of your cash. By having your checking and savings account bundled together, you can quickly see how much money you have available for spending and how you’re progressing toward long-term savings goals.

The ability to use two checking accounts via the Virtual Wallet can also help with budgeting and cash flow. You can put money for essential bills in one of the accounts and money for discretionary spending in the other.

Different Options to Choose From

You could get the standard PNC Virtual Wallet or the Virtual Wallet with Performance Select. Which you should choose ultimately comes down to how much you will direct deposit each month. You can see a breakdown of the key differences below.

 

The Virtual Wallet with Performance Select also gets you free domestic wire transfers, and you won’t have to pay PNC fees for using out-of-network ATMs.

 Deposit Bonus

Setting up a monthly direct deposit into your PNC Virtual Wallet’s Spend account can get you a bonus of $100 to $400. The amount of the bonus depends on the amount of your direct deposit. In any case, it’s a pretty good deal.

Low Cash Mode

PNC can give you warnings when your balance is low as well as extra time to bring it back to $0 before charging an overdraft fee.

What I Don’t Like About the PNC Virtual Wallet

Possibility of Monthly Fees

If you don’t set up a qualifying direct deposit, you will have to pay $7 to $25 in monthly service fees. That would effectively wipe out the money you earn in interest, and it wouldn’t take long to offset any deposit bonus you may get initially. As a result, you should only get the PNC Virtual Wallet if you’re prepared to make the necessary direct deposits.

Overdraft Fees and Other Potential Charges

The PNC Virtual Wallet has overdraft fees, non-PNC ATM fees, wire transfer fees, and more. Make sure to read the full fee schedule before getting this account, to confirm there aren’t any fees for the transactions you plan to make most often.

Most Features Are Available Elsewhere

PNC isn’t the only major bank that allows you to easily pair a checking account with a savings account for easy management, better interest on savings, and the maneuverability necessary for normal spending. You have lots of options, some of which may come with higher interest rates, bigger bonuses or lower fees.

It’s a good idea to shop around for the best deal for your situation, and you can compare the best bank accounts right here on WalletHub.