PNC Virtual Wallet Student Review: All-in-One Banking for Teens and Young Adults
Published Oct. 21, 2024
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The PNC Virtual Wallet Student account is a combination of two checking accounts and a savings account -- it's an all-in-one banking product designed for students. With no monthly fees, no minimum balance, and easy access to your money, it can be a good fit for students looking to start a banking relationship.
Read our full PNC Virtual Wallet Student review to find out if it might be a good fit for you, or the high school or college students in your life.
PNC Virtual Wallet Student
The PNC Virtual Wallet Student is a combination checking and savings account product that can help students establish an all-in-one banking relationship. While it isn't perfect, it can be a great fit for students who want easy access to their money and no monthly fees.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
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5 stars equals Best.
4 stars equals Excellent.
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= Best
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0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
The PNC Virtual Wallet Student account has a $0 monthly service charge for as long as six years, as long as the account holder is an active student. At the end of six years, the account is converted to PNC Virtual Wallet, which does have a monthly service fee.
Technically, the PNC Virtual Wallet Student isn't just one bank account, but is a combination product of three accounts in one. Specifically, they are:
The PNC Virtual Wallet Student account comes with a PNC Visa Debit Card for spending, as well as for easy access to cash. Plus, the debit cards are available in designs of many colleges and universities. The debit card can be used wherever Visa is accepted, plus PNC and its partners have a massive network of about 60,000 ATMS that can be used for fee-free withdrawals.
The PNC Virtual Wallet Student will refund any fees associated with the first overdraft that occurs with the account. Account holders can also receive one incoming wire transfer per statement period for free. There are also no fees for returned items (NSF fees).
On the one hand, two of the three accounts that are bundled with PNC Virtual Wallet Student are interest-bearing. However, the bank's APYs are very low and are not competitive with high-yield savings accounts, or even some of our favorite interest-bearing checking accounts
| Fees | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| PNC Virtual Wallet Student | $0 (up to six years) | $0 at over 60,000 ATMs, $3 otherwise | $36 per item | $33 each | $0 |
As PNC is one of the larger brick-and-mortar regional banks, the various ways to access money is a strength of this account. Here's how account holders can add and withdraw funds.
There are several ways to deposit money into the PNC Virtual Wallet Student account. You can make deposits at more than 2,300 banking branches and all PNC ATMs. You can also use the bank's mobile app to deposit checks electronically and move money between accounts. Account holders can also receive money via Zelle.
Deposits into the account can be made electronically through the PNC Mobile App, which allows check deposits, transfers to other accounts you own, or transfers to other people through Zelle. You can also withdraw money in person at more than 2,300 banking branches, or at about 60,000 ATMs operated by PNC and its partner banks.
If you're a student in high school or college, and are looking to establish a banking relationship, the PNC Virtual Wallet Student combination account could be a great way to do it. You'll get three different accounts in one, and avoid fees on all of them for as long as six years.
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The PNC Virtual Wallet Student account is a combination of three different bank accounts. It includes an everyday checking account, an interest-bearing checking account, and a savings account.
There is no standalone student checking account product, although with no minimum balance required, it's certainly possible to use just the checking account part of PNC Virtual Wallet Student.
There are no minimum opening deposit requirements, nor is there any minimum balance requirement for the PNC Virtual Wallet Student account. However, the interest-bearing portions of the account require a balance of at least $1 to earn interest.
If you are 18 or older, you can open a PNC Virtual Wallet Student account online or in person at a PNC branch, and no adult co-applicant is needed. Students ages 16-17 can open an account online or in person, but an adult co-applicant is required. For students ages 14-15, the account can only be opened in-person, and with an adult co-applicant.
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