The direct deposits must be received within 60 days of account opening to qualify toward the new account bonus requirements. Your reward will be credited to your account within 60 to 90 days of meeting the qualifications.
Unfortunately, if you're in a state that only offers the Virtual Wallet Checking Pro account, you may not qualify for this welcome offer.
Checking and savings accounts combined
While you have the option to open a single checking account, the Virtual Wallet works best when you open both PNC checking and savings accounts. Specifically, the Virtual Wallet is designed to consist of three accounts:
- Spend: Your main checking account.
- Reserve: A secondary checking account for short-term planning.
- Growth: Your savings account for long-term savings goals.
The combination of account types, paired with the Virtual Wallet tools, makes it easy to organize your money, as well as giving you a clear view of your expenses and goals.
PNC Bank's mobile banking app is a big part of what makes the Virtual Wallet work. Inside the app are a ton of helpful tools and features. For example, your in-app Calendar lets you mark your paydays. Then, the app can look at your accounts and help you watch out for Danger Days -- times you may be at risk of overdrawing your account.
Your in-app Money Bar can also be a great planning tool. It lets you separate your money into four different "buckets":
- Scheduled Out: This is the part of your Spend account where you can see the bills and expenses you've added to your Calendar.
- Free: This is the money you have that isn't needed for your Scheduled expenses.
- Reserve: Here's where you'll see the money in your Reserve secondary checking account.
- Reserve Savings List: This tracks the money you've set aside to reach your Savings Goals.
Payment app & Zelle compatible
You can connect your PNC Virtual Wallet to a variety of popular payment apps, like PayPal and Venmo. It's also Zelle compatible, so you can easily send money to other Zelle users. Compatibility with digital payment platforms is a must-have feature for a modern-day bank account, since the majority of people prefer to use digital payment apps over other payment methods.
What could be improved
Most accounts have monthly service fees
Folks in states with Virtual Wallet Checking Pro don't need to worry about monthly service fees, but everyone else does. Fees range from $7 to $25 depending on the specific account you pick. These fees can really add up over the course of a year, coming in at $300 a year for the most expensive account.
On the plus side, there are ways to get the monthly fees waived. To do so, you need to set up monthly direct deposits into your Virtual Wallet account. The basic account requires $500 a month in direct deposits, the middle account requires $2,000, and the top-tier account requires $5,000 a month.
Savings account interest rates are complicated and mostly very low
Both the Reserve and Growth accounts may be eligible to earn interest. However, the standard rates for all but the Checking Pro account are woefully inadequate compared to the best high-yield savings accounts -- or, honestly, even most online savings accounts in general.
Sure, the Virtual Wallet Checking Pro account offers a very nice rate. But it's only available to select users in specific states. If it isn't available in your area, you'll have to rely on other methods to get a higher rate.
For example, if you meet the transaction and balance requirements, you could qualify for relationship rates, which do tend to be a bit higher (but still not fantastic). For the best rates, you can wait for a new account promotion that offers a higher rate during the promotional period.
Account availability and details can vary by location
PNC Bank is a nationwide bank with around 2,500 branches. But unlike other big banks, not everyone in their service area gets the same deals. The specific accounts you can sign up for, the welcome offers you can receive, and even the interest rates you can earn may vary based on your location. You can check the PNC Bank website or mobile app and input your own ZIP code to verify the products and features for which you are eligible.
