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State Employees’ Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

State Employees’ Credit Union’s checking account options

Checking

As long as you keep your balance above $4,800, you’ll earn enough interest from this account to cover the monthly fee

APY

Minimum Balance Amount to Earn APY

0.25%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $1
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up, or you have exceeded the six-transaction monthly limit for your linked share accounts.

State Employees’ Credit Union’s checking account earns a small amount of interest, and it’s not free. Each month you’ll have to pay a $1 fee, which SECU will donate to its SECU Foundation, a local community development program, unless you tell them not to do so. There is no way to avoid paying the fee by meeting certain requirements like with most banks. But it’s not that high of a fee to begin with, and it goes to a good cause, so this may not be too much of an issue for you.

If you open this account, you can write up to 50 checks per month for free. That’s a lot of checks, but if you do go over that amount, you’ll pay a $0.20 processing fee for each additional check. Similarly, you can make up to 50 free payments each month through State Employees’ Credit Union’s BillPay service. If you somehow manage to exceed that, you’ll pay an extra $0.20 fee per BillPay transaction.

How to get State Employees’ Credit Union’s Checking account

You can apply for a checking account online or by visiting a local branch. First, you’ll need to make a minimum $25 deposit into one of State Employees’ Credit Union’s share accounts to establish your membership (this money will need to stay in the account to keep your membership open).

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Z-Checking

State Employees’ Credit Union’s checking account for teenagers will cost them, but it comes with some good benefits too.

APY

Minimum Balance Amount to Earn APY

0.25%

$0

  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $1
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: none
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up or have exceeded the six-transaction monthly limit for your linked share accounts.

This account is one of two different bank account programs for kids and teens. The FAT CAT program is available to children under age 12, while the Zard program is for teens ages 13-19. SECU doesn’t offer a checking account for its FAT CAT program, but if you’re a teenager, you can open the Z-Checking account through the Zard program.

The Zard program comes with a few benefits. Teens get access to the Zard financial education website, and while it looks like it was designed in 1999, it does offer some other nice features: this includes discounted theme park tickets, help with buying your teen’s first car and the Money Matterz newsletter. In addition, your teen can get a free term life insurance policy for $1,000.

Other than that, this account works in much the same way as State Employees’ Credit Union’s normal checking account. Teens can write up to 50 checks per month for free ($0.20 per check thereafter) and pay a $1 monthly fee, although this won’t be donated to the SECU Foundation. Teens can also only make $1,000 in purchases each day, and withdraw up to $205 in cash from an ATM. Once your teen reaches age 20, this account will be converted into a normal checking account.

How to get State Employees’ Credit Union’s Z-Checking account

To open a checking account, you’ll need to deposit at least $25 into a Z-Share account (and leave it there) to establish your membership with the credit union. You can open an account online or in person at a local branch.

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How State Employees’ Credit Union’s checking accounts compare

We’re a bit so-so about these accounts. On one hand, State Employees’ Credit Union charges a monthly fee and there is no way to get out of it, although it is a very small monthly fee and it goes to a good cause (this only applies to the regular Checking account; the Z-Checking account fees are not donated). On the other hand, these accounts each offer a small amount of interest, and they come with a small overdraft fee, especially compared to some of the big banks.

However, if you’re looking to earn the most money possible and don’t care where your bank is based, try checking out these top-yielding online checking accounts instead.

State Employees’ Credit Union’s savings account options

Share  Savings

You’ll need to open this Share Savings account first before you can open any other State Employees’ Credit Union accounts.

APY

Minimum Balance Amount to Earn APY

0.40%

$25

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $1 if your account balance drops below $25.
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: none
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up or have exceeded the six-transaction monthly limit for your linked share accounts.

If you plan on opening any account at State Employees’ Credit Union, you’ll need to open this account first (unless you’re in the FAT CAT program, in which case you can open a FAT CAT share account with as little as $5 to establish membership). Luckily, it comes with a good interest rate, especially compared to most credit unions.

You’ll receive monthly interest payments with this account, and in addition, you can also use this account as collateral against a SECU loan, which may help to lower your interest rates.

There are a few limitations with this account. Just like with any savings account, you are allowed up to six certain withdrawals per month (not including ATM or in-person withdrawals), per federal Regulation D. If you exceed that limit for multiple months, State Employees’ Credit Union may restrict your account. You also can’t set up ACH transfers out of this account.

How to get State Employees’ Credit Union’s Share (Savings) account

In order to open this account and establish your membership, you’ll have to visit a local branch to sign paperwork. You cannot open this account online. However, once open, you can open any other account online through your Member Access portal.

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Z-Share

This account for teens is very similar to State Employees’ Credit Union’s regular Share accounts, with a few additional perks.

APY

Minimum Balance Amount to Earn APY

0.40%

$25

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $1 if your account balance falls below $25.
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up or have exceeded the six-transaction monthly limit for your linked share accounts.

Teenagers ages 13 to 19 are eligible to open this account alongside the Z-Checking account — in fact, they’re required to open either this account or a regular Share account first in order to establish membership.

Once it’s open, it comes with a few extra perks, as compared to the regular Share accounts. Teens are eligible for a free $1,000 term life insurance policy, help with buying their first car and access to auto loans and a special Zard financial literacy website just for account holders.

Teens are not able to make more than six withdrawals per month (not including ATM or in-person withdrawals). If they go over this limit for several months, they could have their account restricted. Additionally, teens with the Zard accounts are limited to withdrawing up to $205 in cash from an ATM per day or making $1,000 in purchases with their card.

How to get State Employees’ Credit Union’s Z-Share account

Your teen has two options for opening this account: they can open it in a branch, or go online. This is probably the easiest option.

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FAT CAT Share

State Employees’ Credit Union’s savings account for kids under 12 offers fair policies and a good interest rate for a kids’ savings account.

APY

Minimum Balance Amount to Earn APY

0.40%

$5

  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up or have exceeded the six-transaction monthly limit for your linked share accounts.

Just like with SECU’s Zard program, the FAT CAT program for kids under 12 is designed to help teach them about financial literacy while helping them save. State Employees’ Credit Union has lowered the account opening requirement for this program: your kids can get started saving with just a $5 minimum opening deposit. Once they reach $25, however, that amount needs to stay in their account to keep membership open.

When your child opens this account, they’ll receive a goody bag and a savings account passbook. They’ll also get access to a special website with educational games, the “Paw Prints” newsletter and $1,000 in free term life insurance.

How to get State Employees’ Credit Union’s FAT CAT Share account

In order to open this account, you’ll need to visit a local branch in person. You — or another responsible adult who is also a member — will need to sign up as a joint owner of the account.

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Summer Cash account

This unique account helps teachers bridge the gap between the unpaid summer months when school is out of session.

APY

Minimum Balance Amount to Earn APY

2.05%

$0

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None

If you’re a teacher who struggles during the unpaid summer months when you’re not working, this might be just the account for you.

Here’s how it works: you can make one single deposit (or none at all) to open the account. When you open the account, you tell State Employees’ Credit Union how much you want them to take from each of your paychecks. State Employees’ Credit Union offers a calculator to help you determine what amount is right for you. You can’t make any additional deposits or withdrawals outside of these scheduled paycheck deductions.

Then, during the months when you’re not working, State Employees’ Credit Union will divvy up your account balance and deposit it into your checking, money market or share account once per month to tide you over until you start receiving paychecks again.

How to get State Employees’ Credit Union’s Summer Cash account

You can easily open this account online through the Member Access portal. You can also sign up for this account in person at a credit union branch.

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Holiday Cash Club

State Employees’ Credit Union’s Holiday Cash Club account helps you save for the holidays more easily.

APY

Minimum Balance Amount to Earn APY

0.40%

$0

  • Minimum opening deposit: None
  • Minimum balance to earn APY: $0
  • Monthly account maintenance fee: None
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up or have exceeded the six-transaction monthly limit for your linked share accounts.

Holiday savings accounts aren’t as widespread, but you can still find them at places like State Employees’ Credit Union. They’re very helpful for people who have trouble saving for the holidays, and find themselves going into debt each year.

When you open SECU’s Holiday Cash Club account, you can make deposits into the account at any time up until October. On the last business day of this month, any interest you’ve earned will be tacked onto the account (so, interest does not accumulate monthly) and distributed into your Share, Checking or Money Market account on the last business day in October — just in time to start holiday shopping.

State Employees’ Credit Union has designed this account so that it’s easy to put money in, but difficult to get it out again outside of the normally-scheduled automatic distribution at the end of October. If you want to withdraw the money, you can only withdraw the entire balance to close the account, and you can only do so by visiting a local branch or through its Member Services phone line.

How to get State Employees’ Credit Union’s Holiday Cash Club account

If you log into your online Member Access portal, you can easily open this account online.

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How State Employees’ Credit Union’s savings accounts compare

We like the savings accounts State Employees’ Credit Union offers for two reasons: it offers relatively high interest rates especially when compared to most credit unions, and it offers a diversity of unique accounts that help people save for tough situations.

For example, the Summer Cash account can help teachers who already have a hard enough time making ends meet these days. The very high savings account rate offered on this account combined with the forced savings plan and automatic distribution can help make it just a bit easier on North Carolina’s educators.

Still, there are online savings accounts that offer much better interest rates, and it’s worth checking out these options as well before settling on a parking space for your money.

State Employees’ Credit Union’s CD rates

Share Term Certificate

You can open either a one-off CD, or take advantage of State Employees’ Credit Union’s laddered CD option to create a laddered CD chain for you.

Term

APY

6 months

0.60%

12 months

0.65%

18 months

0.65%

24 months

0.70%

30 months

0.75%

36 months

0.80%

48 months

0.85%

60 months

0.85%

  • Minimum opening deposit: $250
  • Minimum balance to earn APY: No minimum balance to earn APY. However, if you drop the balance below $250, you will have to make a deposit to bring it back to $250 within 30 days or the account will be closed.
  • Early withdrawal penalty: Either one of the following two penalties will apply, whichever is smaller:
    • 90 days’ worth of interest
    • The amount of interest you’ve already earned

When you open this CD, you’ll have to make few decisions. First, you’ll have to tell State Employees’ Credit Union whether you want the money transferred into another account or renewed at maturity. Then, you’ll have to tell them what to do with any interest if you have either a 6 month or 12 month CD (it can either be rolled back into the CD or paid out to another account). Any interest you earn for other CD terms will be automatically transferred into another SECU account and not rolled back into the CD.

When your CD matures and if you’ve chosen to have the CD renew, you’ll get a seven-day grace period to add money or close the CD account.

One unique feature that State Employees’ Credit Union offers is the ability to easily ladder CDs. With this program you’ll need to open five separate CDs (12 month, 24 month, 36 month, 48 month and 60 month), each with a $250 minimum deposit. Then, when they mature, they’ll automatically renew into 60 month CDs without you having to do anything.

How to get State Employees’ Credit Union’s CDs

You can open these CDs online by visiting your Member Access portal or by visiting a local branch. Either way, you’ll need to be a member of the credit union first, which requires a minimum $25 deposit into a Share savings account to establish membership.

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How State Employees’ Credit Union’s CD rates compare

The rates that State Employees’ Credit Union offers for its CD products are not bad  — however, they’re also not great. We do like its CD laddering program, although it’s not unique to State Employees’ Credit Union. You can ladder CDs in any which way you want at any bank, as long as you’ve got a plan. If you want to find the best CDs to make a CD ladder with or just to earn extra money with on their own, we recommend these current best CDs.

State Employees’ Credit Union’s money market account options

Money Market Share

State Employees’ Credit Union’s Money Market Share account offers a just-OK return on your money.

APY

Minimum Balance Amount to Earn APY

0.70%

$250

  • Minimum opening deposit: $250
  • Minimum balance to earn APY:  $250
  • Monthly account maintenance fee: $2 if your account balance falls below $250
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up or have exceeded the six-transaction monthly limit for your linked share accounts.

If you want to earn more money on your deposit but don’t want to lock it away for a long period of time like in a CD, consider a money market account instead. This money market account is currently earning more than State Employees’ Credit Union’s savings accounts, and these accounts aren’t really all that different. In fact, unlike most money market accounts, you can’t write checks with this account nor make ACH withdrawals, making it almost indistinguishable from State Employees’ Credit Union’s regular Share account.

You’ll still be subject to the same federal Regulation D limitations, up to six certain withdrawals out of the account per month (not including in-person or ATM withdrawals). Additionally, you can’t use the money in this account as collateral for a SECU loan.

How to get State Employees’ Credit Union’s Money Market Share account

You can open this account online through SECU’s Member Access online portal.

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How State Employees’ Credit Union’s Money Market Share account compares

State Employees’ Credit Union offers good rates on its Money Market Share account. It’s really strange that you can’t write checks, however, since that’s usually the functional defining factor between these two accounts. If you need the ability to write checks from your money market account, or want to earn a higher interest rate, these top money market accounts might be just the ticket for you.

State Employees’ Credit Union’s IRA account options

IRA

State Employees’ Credit Union’s version of an IRA savings account actually does earn a decent interest rate.

APY

Minimum Balance Amount to Earn APY

1.01%

$25

  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $1 if your account balance falls below $25
  • ATM fee: CashPoints® ATMs are free. If you use an ATM within the PLUS® network, you’ll pay $0.75 for a successful transaction or balance inquiry, or $0.35 for an unsuccessful transaction or balance inquiry. You may also have to pay ATM surcharge fees when using out-of-network ATMs; these are determined by the ATM’s owner.
  • ATM fee refund: None.
  • Overdraft fee: You won’t be charged any overdraft fees for the first two days that your account is overdrafted each year. After that, you’ll pay $0.50 per overdraft transfer if you have a linked share or money market account, or $12 per overdraft if you don’t have overdraft transfer set up or have exceeded the six-transaction monthly limit for your linked share accounts.

Most financial advisors will tell you that the best place to grow your money long-term is in the stock market. But if that’s not an option for you (or if it makes you too leery), finding an IRA account at a bank can be a good secondary option — especially one that offers a good interest rate like this one. You can open this account as a Roth, Traditional or SEP IRA.

Interest on your account will be tallied up and applied to your account each month. Unfortunately, you can’t use your State Employees’ Credit Union IRA account as collateral for a SECU loan — but why would you risk your retirement savings, anyway? Finally, you are allowed up to six certain withdrawals per month out of your account due to federal Regulation D, and any withdrawals you do make are subject to the same IRA withdrawal rules as any other IRA account.

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Overall review of State Employees’ Credit Union’s banking products

Even though State Employees’ Credit Union generally doesn’t offer the highest of interest rates, we do like its bank accounts, especially for people who are interested in banking with a local credit union. The overdraft and ATM fees with these accounts are reasonable, there are a variety of different accounts that can really help people in financially-tricky situations, and the credit union donates its checking account fees to a local foundation for bettering the community.

If you want to earn the highest interest rates possible, we suggest looking elsewhere. Otherwise, you won’t be sacrificing too much on interest rates by working with a great bank like State Employees’ Credit Union.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

PNC Bank Reviews: Checking, Savings, CD, Money Market, and IRA Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.


It’s important to note that PNC Bank charges different rates—or annual percentage yields (APYs)—across the country. To keep things consistent for comparison purposes, we present the rates closest to the bank’s headquarters in Pittsburgh using the ZIP code 15222. To see rates for your local area, click here.

PNC Bank’s Virtual Wallet®

PNC Bank’s Virtual Wallet kit is an easy-to-use, comprehensive account package. It has a complete set of accounts for all your banking needs, including:

  • Spend: An everyday checking account.
  • Reserve: A savings account for short-term goals, like a vacation or Christmas gifts.
  • Growth: A savings account for long-term goals, like a down payment on a house.

Virtual Wallet accounts offer different interest rate tiers, depending on whether you meet certain qualifications. More on that later.

What really stands out with PNC Bank’s Virtual Wallet is that it comes equipped with a variety of helpful tools to help you better manage your money. Within the checking account, you get:

  • Calendar: Allows you to see scheduled bills and amounts due.
  • Online bill pay: Pay your billsvautomatically on their due dates.
  • Danger Day: Shows you when you might run out of money for the month.
  • Spending Zone: Allows you to set up and track your spending in a budget.
  • Money Bar: Shows you how your money is divvied up: savings, scheduled for bills, or free to spend.

The Virtual Wallet makes it easy to save in Reserve and Growth savings accounts with the following features:

  • Punch The Pig®: Gamifies your savings when you hit a pig icon to transfer money to your Growth account.
  • Wish List: Allows you to set up and track different savings goals separately from each other.
  • Savings Engine: Automatically puts money into savings when you’re paid, or if you pay a bill.

There’s one thing to watch out for with Virtual Wallet:

  • Early closure fee: $25 fee if you close the account within 180 days of opening.

PNC Bank checking accounts with Virtual Wallet

Virtual Wallet basic checking account

A basic account for lower-income earners who want to use Virtual Wallet features to manage their money.

Balance to Earn APY

Reserve APY

Relationship Growth APY

$1.00 - $2,499.99

0.01%

0.03%

$2,5000 and above

0.01%

0.05%

  • Minimum opening deposit: $25; $0 if the account is opened online.
  • Monthly account maintenance fee: $7
  • Account maintenance fee waived if you meet at least one of the following conditions:
    1. Keep at least $500 in your Spend and/or Reserve accounts.
    2. Have a direct deposit of at least $500 per statement period into your Spend account.
    3. Be age 62 or older.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction and $5 for every international non-PNC ATMs.
  • ATM fee refunds: Up to $5 will be reimbursed toward other financial institutions’ ATM surcharge fees per billing period.
  • Overdraft fees: $36 per charge, up to four charges per day, plus $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrawn amount is less than $5. The bank will not charge you if you set up overdraft protection transfer from your Reserve or Grow accounts.

If you’re looking to take advantage of PNC Bank’s Virtual Wallet account package but don’t earn a huge income, you’ll want to start with this basic account.

This checking account does come with a rewards program, but we’ll be honest: It is confusing. To earn rewards points, you’ll need to log into the PNC Bank Rewards Portal to see and manually activate customized offers just for you, based on your spending history.

To achieve the higher rate, what PNC Bank calls its Relationship Growth Rate, you need to fulfill some additional requirements. You would need to either make at least five qualifying purchases in a month with your debit card or PNC credit card, or set up a $500-per-month direct deposit for the Virtual Wallet account. If you meet these criteria, the money in your Reserve (savings) portion of the Virtual Wallet account will be eligible for the higher rate for the next monthly cycle.

You can redeem your rewards through the online rewards catalog or receive cash back directly into your account. If you link a PNC Points Visa credit card to your account, you can also earn 25% more rewards points for your purchases.

We think that this is a nice bonus feature but not one you should base your decision on, because of the complexity of assessing the value of the rewards program before you sign up. If you’re looking for cashback rewards, there are many better and more transparent options.

If you decide to open a basic Virtual Wallet account with PNC Bank, the process is relatively straightforward.

You can do it online, over the phone or in a physical branch. You’ll need to provide some basic information (name, address, Social Security number, etc.), have a government-issued photo ID ready and as a way to make an opening deposit with your existing bank’s routing and account numbers. You can also use your bank’s debit and credit card.

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Member FDIC

Virtual Wallet with Performance Spend

A low-interest-earning checking account for those who earn a higher income and want to use the Virtual Wallet package.

Balance to Earn APY

Reserve APY

Relationship Growth APY

$1.00 - $9,999.99

0.01%

0.10%

$10,000 - $24,999.99

0.01%

0.10%

$25,000 - $49,999.99

0.01%

0.10%

$50,000 - $99,999.99

0.01%

0.10%

$100,000 and above

0.01%

0.10%

  • Minimum opening deposit: $25; $0 if the account is opened online.
  • Monthly account maintenance fee: $15
  • Account maintenance fee waived if you meet at least one of the following conditions:
    1. Keep at least $2,000 in your Spend and/or Reserve accounts.
    2. Have at least a $10,000 combined average monthly balance in PNC consumer deposit accounts.
    3. Have at least $2,000 direct-deposited into your Spend account each month ($1,000 for military members).
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction and $5 for every international non-PNC ATMs.
  • ATM fee refunds: Four refunds per statement. However, ATM surcharges from the ATM owner may not be refunded. Reimbursements are capped at $10.00 per institution.
  • Overdraft fees: $36 per charge, up to four charges per day, plus $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrawn amount is less than $5. The bank will not charge you if you set up overdraft protection transfer from your Reserve or Grow accounts.

The Virtual Wallet with Performance Spend account works exactly like the basic Virtual Wallet accounts, but with the benefit of higher rewards. However, you’ll need to log into a portal to view and activate different rewards offers for purchases you make. When you’ve accumulated enough rewards, you can redeem them for cashback or other rewards.

To achieve the higher rate for this account, you need to meet some higher requirements than the basic Virtual Wallet account. You would need to either make at least five qualifying purchases in a month with you debit card or PNC credit card, or set up a $2,000-per-month direct deposit.

The Performance Spend also adds in a few extra rewards: You get up to four ATM fee refunds per month. You’ll also get discounts on check designs, an annual safe deposit box rental, free cashier’s checks, and higher rates on certain CDs and IRA CDs. And you have the potential to earn slightly higher interest rates on your savings accounts.

SEE DETAILS 

Member FDIC

Virtual Wallet with Performance Select

A low-interest-earning account for high earners who want to take advantage of Virtual Wallet features.

Balance to Earn APY

Reserve APY

Relationship Growth APY

$1.00 - $24,999.99

0.01%

0.20%

$25,000 - $49,999.99

0.01%

0.25%

$50,000 - $99,999.99

0.01%

0.35%

$100,000 - $499,999.99

0.01%

0.60%

$500,000 and above

0.01%

0.60%

  • Minimum opening deposit: $25; $0 if the account is opened online.
  • Monthly account maintenance fee: $25
  • Account maintenance fee waived if you meet at least one of the following conditions:
    1. Keep at least $5,000 in your Spend and/or Reserve accounts.
    2. Have at least $25,000 combined in PNC Bank consumer deposits and/or investment accounts.
    3. Have at least $5,000 direct-deposited into your account each month.
  • ATM fees: None for PNC Bank ATMS and non-PNC Bank ATMS.
  • ATM fee refunds: Up to $10 per month in non-PNC Bank surcharges (i.e., the fees the ATM owner tacks on).
  • Overdraft fees: $36 per charge, up to four charges per day, plus $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrawn amount is less than $5. The bank will not charge you if you set up overdraft protection transfer from your Reserve or Growth accounts.

This Virtual Wallet package is built to be used by high-income earners. The Performance Select package comes with additional bonus perks that stretch beyond other Virtual Wallet accounts.

In addition to all the perks from the Performance Spending package, you also will have fees waived for more obscure services, such as stop payment and ATM statements. You’ll also be eligible for savings on home equity lines of credit and personal lines of credit, and up to $10,000 in identity theft protection reimbursement.

To achieve the higher rate for this account, you need to meet some higher requirements than the other Virtual Wallet options. You would need to either make at least five qualifying purchases in a month with you debit card or PNC credit card, or set up a $5,000-per-month direct deposit.

Overall, though, we’re left feeling underwhelmed by the bonus perks this account offers for all of the requirements, especially considering the high balance required in order to avoid the monthly maintenance fees.

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Member FDIC

Bonus: New checking account offer

PNC Bank is currently offering sign-up bonuses with the Virtual Wallet account package. If you open a new account and meet the requirements, you could be eligible for a lucrative sign-up bonus.The bonus amount and the requirements depend on which account tier you open.

For a basic-level Virtual Wallet account, you’ll need to set up at least $500 of direct deposits into the account and make at least 10 purchases with your debit card. If you do those things, you’ll earn a $50 sign-up bonus.

The next level is the Performance Spend account. To get the $200 sign-up bonus for opening this account, you’ll need to set up $2,000 of direct deposits and also make 10 purchases with your debit card.

Finally, you can earn a $300 sign-up bonus by opening a Virtual Wallet package with the Performance Select level. To earn this hefty bonus, you’ll need to schedule a $5,000 direct deposit into your account and make 10 debit card purchases.

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PNC Bank checking accounts without Virtual Wallet

Performance Select Checking

A basic interest-earning checking account for high-income earners who don’t need all the fancy Virtual Wallet features.

Minimum Balance to Earn APY

APY

$2,000

0.01%

The Virtual Wallet account package is nice for people who want an all-inclusive money management experience. But what if you’re a high-income earner who just wants a simple, no-frills checking account?

That’s where the base Performance Select Checking account comes in. It has the same fees, reward program, requirements and interest-earning structure as the Virtual Wallet Performance Select account, but without the extra two Reserve and Growth savings accounts.

Signing up for this Performance Select checking account is easy and takes just a few minutes. You can go to a local branch if you’re near one, call the bank or sign up online. You’ll need that photo ID, a way to fund your new account and all your basic info, like Social Security number.

SEE DETAILS 

Member FDIC

Performance checking

A basic interest-earning checking account for medium-income earners who don’t want Virtual Wallet features.

Minimum Balance to Earn APY

APY

$2,000

0.01%

PNC Bank’s Performance checking account is its lowest-requirement interest-earning checking account. With a low interest rate that only applies to balances over $2,000, the amount of money you’ll earn with this account will be peanuts compared to accounts at competitor banks.

Furthermore, if you don’t meet all the same requirements as with the Virtual Wallet with Performance Spend account (keeping at least $2,000 in your account, having $2,000 of direct deposits, or having $10,000 in another PNC Bank account or loan), you’ll have to pay a $15 monthly account fee.

This account does come with the same reward structure and banking discounts as the Virtual Wallet with Performance Spend account. You can easily sign up online, via phone or by visiting a local branch.

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Member FDIC

Standard checking

This is a basic-reward checking account for lower-income or retired consumers. If you’re not interested in taking advantage of PNC Bank’s Virtual Wallet money management features but still want a rewards checking account without all the red tape, the Standard account might be right for you.You are still reimbursed for some non-PNC ATM withdrawal fees and you will earn cash with PNC’s Purchase Payback feature, but the benefits seem to end there.

This non-interest-earning account (which carries the same fee, rewards and requirement structure as the basic Virtual Wallet account package) is easy to sign up for. All you need is a photo ID, basic personal information and a way to fund your account. You can sign up in just a few minutes online, over the phone or at a local branch.

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Member FDIC

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How PNC’s checking accounts compare

PNC Bank’s checking accounts are lackluster when compared to the top rates in our listing of the best checking accounts. The only real advantage to using them is to get access to the Virtual Wallet account package, which offers some solid money management tools. However, you can still get access to budgeting tools and savings apps elsewhere that can do all the same jobs as the Virtual Wallet, oftentimes better.

The rewards structure for these checking accounts is confusing. There’s no way to know whether you’ll earn good rewards, since you have to log into a portal and manually activate them ahead of time. Most card issuers and banks make this benefit automatic. Requiring a client to login and activate their own rewards seems more trouble than it’s worth for most.

Furthermore, once you do earn those rewards points, you have to redeem them through a different portal. Also, some checking accounts do come with discounts, but they’re mostly on more obscure banking products you probably aren’t going to use much anyway, like cashier’s checks or safety deposit boxes.

These accounts carry a lot of red tape and fees. They also don’t pay much interest, sometimes just the bare minimum.

PNC Savings Accounts

Standard savings

Low interest rates for a fee-heavy savings account.

Balance to Earn APY

Standard APY

Relationship APY with checking account

$1.00 - $2,499.99

0.01%

0.03%

$2,500 and above

0.01%

0.05%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • Account maintenance fee waived if you meet at least one of the following conditions:
    1. Keep $300 in your savings account as an average monthly balance.
    2. Be under age 18.
    3. Automatically transfer at least $25 per month from your PNC Checking account to your Savings account.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction and $5 for every international non-PNC Bank ATMs.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrawn amount is less than $5.

PNC Bank’s basic savings account does technically earn interest — but that’s about all we can say about it. Though national savings account rates average around 0.20% APY, the best you can hope for with this account is 0.05% APY — and only if you have more than $2,500 in your account and qualify for relationship rates. To do this, you can set up a monthly direct deposit into another account in one of the following amounts:

  1. $500 to a Standard checking account
  2. $2,000 to a Performance checking account
  3. $5,000 to a Performance Select checking account

Alternatively, you can also qualify for the higher rates by making at least five purchases with your PNC Bank credit or debit card. This is, of course, excluding cash advances.

If you’re not able to meet these requirements for the higher relationship interest rates, you’ll only earn a measly 0.01% APY on your savings. That’s as low as you can go while still technically saying you’re earning interest.
Like the other PNC Bank offerings, it is an easy account to open. However there are far better offering for savings accounts with such restrictions.

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Member FDIC

“S” is for Savings

Fun savings tools for children, but don’t expect them to learn much in the ways of responsible saving over time or growing money through compound interest.

Minimum Balance to Earn APY

APY

$1.00

0.01%

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • Account maintenance fee waived if you meet at least one of the following conditions:
    1. Be under age 18.
    2. Keep at least $300 monthly balance in this account.
    3. Transfer at least $25 from this account to an Auto Savings account each month.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: None.
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrawn amount is less than $5.

It can be tough to teach younger savers about money, but this savings account can help in a few simple ways. Children can set savings goals for things like a new bike or a toy. When money is deposited into the account, children are presented with a visual of three buckets that they can choose to put the money in:

  1. Saving (for later).
  2. Sharing (to be given to charity or other people).
  3. Spending (to be spent right away).

Even cooler is an interactive learning center where young savers can learn about basic money management from “Sesame Street” characters.

These features are great for teaching basic financial concepts, except for one thing: how compound interest works. This account earns a rock-bottom interest rate of 0.01% APY. Since your child (probably) isn’t going to be saving hundreds of thousands of dollars in this account, he or she won’t really be able to see compound interest in action.

Luckily, this account is pretty easy to open. All you need is a photo ID for yourself (not your child), a way to fund the account and your child’s personal information. It only takes a few minutes to complete an application, which you can do online, in person at a local branch or over the phone.

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How PNC’s savings accounts compare

While you can save money with PNC Bank’s savings accounts, they’re not an effective way to earn interest. Their rates are well below the national average of around 0.20% APY and there are many hidden fees that can trip you up if you aren’t a model customer.

The “S” is for Savings account for children is an exception if you’re looking to teach your youngsters about money, however. With its neat interactive interface and “Sesame Street” characters, it can get any child excited about savings.

That doesn’t mean it’s the best tool for the job, though. There are many other savings accounts that offer better rates listed on our site for both you and your children.

PNC CD Rates

Fixed Rate CDs

Large amounts of cash needed for below-average returns on these certificates of deposit (CDs).

Standard APYs

Term

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k and above

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.05%

0.10%

0.10%

0.15%

0.15%

0.15%

18 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

24 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

36 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

48 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

60 months

0.05%

0.45%

0.45%

0.60%

0.60%

0.60%

84 months

0.05%

0.45%

0.60%

0.60%

0.60%

0.60%

120 months

0.05%

0.45%

0.60%

0.60%

0.60%

0.60%

Promotional APYs

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k and above

9 months - Fixed Rate Only

0.05%

0.20%

0.20%

0.45%

0.45%

0.45%

9 months - with Choice/Premium Plan

0.05%

0.20%

0.20%

0.45%

0.45%

0.45%

9 months - with Performance Select/VW Performance

0.05%

0.20%

0.20%

0.45%

0.45%

0.45%

  • Minimum deposit amount: $1,000 if for 90 days to 10 years; otherwise $5,000 for periods under 90 days.
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly.
  • Grace period: 10 days to decide whether to renew or withdraw the CD.
  • Early withdrawal penalties: For CDs with terms between 3 months and 1 year, you’ll lose the amount of interest you would have earned. For CDs with terms above 1 year, you’ll lose six months’ worth of interest.

To get started with a PNC Bank Fixed Rate CD, you’ll need a deposit of at least $1,000. When you CD term is due, the bank will notify you and give you a 10-day grace period to allow you to decide whether to withdraw the funds or roll them over into a new CD.

If you do nothing, the CD will automatically renew with the same term. Although PNC Bank does allow CDs with a deposit of as little as $1, there’s a hidden catch: Deposit amounts between $1 and $999.99 are only available for CDs that are being renewed, which means you can’t start out at this level with your first deposit amount.

The rates offered by PNC Bank on its CDs are very low. They are lower than those offered by almost every high-yield savings account on the market today.
For example, the average national rates for a 1-year and 5-year CD are 0.73% APY and 1.66% APY with a $1,000 deposit, respectively. But PNC Bank? Its CD rates are just 0.10% APY and 0.15% APY, respectively — less than half of the national average.

If you decide to open a Fixed Rate CD, you’ll need a bit more information than required with its standard checking or savings account. You’ll need current personal and employment information, and a photo ID. You can apply online, at a local branch or over the phone.

SEE DETAILS 

Member FDIC

Ready Access CDs

A better option to earn higher interest rates and skirt around the rules of PNC Bank’s savings account.

Term

APY

Minimum Deposit to Open

3 months

0.05%

$1,000

12 months

0.15%

$1,000

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly.
  • Grace period: 10 days to decide whether to renew or withdraw the CD.
  • Early withdrawal penalties: No early withdrawal penalties after the first seven days. Partial withdrawals are not permitted.

CDs can be a tough investment choice. On one hand, they can offer higher rates than a savings account. But, if something comes up and you need the cash, you generally can’t withdraw it without paying an early withdrawal fee that could wipe out your earnings.

PNC Bank’s Ready Access CD is a great option for these scenarios. While the rates still aren’t the greatest, the interest rate on the 12-month Ready Access CD is actually higher than on its highest-earning savings account that has tons of red tape and fees.

You can withdraw the money from this CD at any time, penalty-free, after the account has been open for at least seven days. These CDs will also automatically renew, meaning they’re a great option to store your emergency savings to earn a higher interest rate. Worst-case scenario, you won’t be able to pull the money out within a brief seven-day period each year without incurring an early withdrawal fee.

Other than that, it’s a great way to skirt the rules and fees of the bank’s savings account while still earning a higher rate.

You can open a Ready Access CD online, over the phone or in person at a local branch. You’ll need a photo ID, employment and personal information, and a way to fund your new account.

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Member FDIC

Callable CDs

Higher rates than some of PNC Bank’s other offerings, but still underperform national averages.

Term

APY

Minimum Deposit to Open

36 months

0.05%

$10,000

60 months

0.10%

$10,000

  • Minimum deposit amount: $10,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly.
  • Grace period: 10 days to decide whether to renew or withdraw the CD.
  • Early withdrawal penalties: Early withdrawal penalties apply for balance withdrawn before maturity.

If the rates of PNC Bank’s Fixed Rate CDs left you feeling a bit underwhelmed, you do have an opportunity to earn a slightly higher rate with Callable CDs. Still, these rates are around half of what national averages are for these CD term lengths.

The way these CDs work is a little confusing. PNC Bank has the right to call back its CD if it decides the interest rate isn’t working in its favor. This just means that it’ll pay out what you’ve already earned instead of paying a higher interest rate for the full term length of the CD. It can only call back the CD after you’ve had it open for 12 months for a 36-month Callable CD, or 24 months for a 60-month Callable.

If this happens, you’ll get an advance notice of the actual “call date” of the CD. After this date, you’ll have 10 full days to decide whether you want to withdraw the cash or renew it into another CD. If you do nothing, the bank will automatically roll the funds over into a 12-month Multiple Maturity CD.

Getting a Callable CD is relatively straightforward, but you’ll need a few pieces of information. You can open an account over the phone or in person at a local branch. You’ll need a photo ID, employment and personal information, and a way to fund your new CD.

Variable Rate CDs

Earn fair rates through a changing interest rate environment.

The Federal Reserve adjusts interest rates from time to time in order to stabilize the economy and inflation. This can cause banks to change their own CD rates, and if you’re locked into a long-term CD, that change might not be in your favor.

PNC Bank offers an option for these scenarios. You can choose from just one term length — 18 months — and the interest rate you earn will be tied to the current price of a three-month Treasury Bill.

After the 18-month period is up, your variable-rate CD will renew into another CD of the same type.

  • Minimum deposit amount: $1,000
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly.
  • Grace period: 10 days to decide whether to renew or withdraw the CD.
  • Early withdrawal penalties: You’ll lose six months’ worth of interest.

To open a Variable Rate CD, you’ll need to provide personal information and employment history, as well as a photo ID. You can apply in person at a local branch or over the phone.

Stepped Rate CDs

Frequent access to your cash with an unknown earning potential.

If you want more frequent access to your money but don’t want to commit to a Ready Access CD, then PNC Bank’s Stepped Rate CD might be right for you. This CD is available in 36-month term lengths, which are further subdivided into six 6-month terms.

Every six months, you’re given a 10-day period where you can withdraw your cash penalty-free if you wish. If you choose to leave it in the account, the interest rate will be bumped up a notch each time.

The downside is that the bank won’t tell you what the interest rates for each step are until you sign up for an account.

  • Minimum deposit amount: $2,500
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly.
  • Grace period: 10 days to decide whether to renew or withdraw the CD.
  • Early withdrawal penalties: Early withdrawal penalties are waived for a 10-day period every six months. Otherwise, you’ll lose six months’ worth of interest.

To open a Stepped Rate CD, simply call PNC Bank or visit in person if you live near a local branch. You’ll need to provide the bank with basic personal and employment information, and a photo ID.

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How PNC’s CD rates compare

PNC Bank offers a diverse set of CDs, which is great because it provides you with the most flexibility for your personal situation. Not everyone is able or willing to use a one-size-fits-all CD. However, the rates offered for these CDs fall well short of the ones found on our roundup of the best CDs.

PNC Bank’s Money Market Account

Premiere Money Market account

Decent rates — if you can meet the additional requirements.

Balance to Earn APY

Standard APY

APY When Linked to Performance Checking

APY When Linked to Performance Select Checking

$1.00 - $9,999.99

0.02%

0.10%

0.20%

$10k - $24,999.99

0.02%

0.10%

0.20%

$25k - $49,999.99

0.05%

0.10%

0.25%

$50k - $99,999.99

0.05%

0.10%

0.35%

$100k - $249,999.99

0.05%

0.10%

0.60%

$250k - $499,999.99

0.05%

0.10%

0.60%

$500k - $999,999.99

0.05%

0.10%

0.60%

$1M and above

0.05%

0.10%

0.60%

  • Minimum opening deposit: $100
  • Maximum opening deposit: $10,000
  • Monthly account maintenance fee: $12
  • Account maintenance fee waived if you meet the following condition: Keep at least $5,000 in your account.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: None
  • Overdraft fees: $36 per charge, up to four charges per day. $7 per day for each day the account remains overdrawn. Any overdraft fees will be refunded if the overdrawn amount is less than $5.

For most products, PNC Bank offers below-average rates. However, its money market account is one exception, provided you can meet certain requirements. If you can’t, you’ll earn measly rates and might actually lose money if you have to pay the monthly account fee.

To qualify for these higher interest rates, you’ll need to meet at least one of these other requirements in addition to having the extra checking account:

    • Set up a monthly direct deposit amount ($2,000 to a Performance Checking account or $5,000 to a Performance Select Checking account)
    • Make at least five purchases a month with your PNC credit or debit card

Be sure to watch out for the hidden fees, especially the monthly account maintenance fee. If you’re not able to keep $5,000 in your account, it’ll be $12 each month.

To sign up for a PNC Bank Money Market account, you can apply either online, in person at a local branch or over the phone. You’ll need a photo ID, and provide bank account or credit card numbers to provide an opening deposit.

SEE DETAILS 

Member FDIC

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How PNC’s money market account compares

Although PNC Bank’s basic money market account offers slightly better returns than some of its other offerings, it isn’t really a standout account when compared to our listing of the best MMAs available. You can take advantage of the higher rates offered only if you have a Performance Checking or Performance Select Checking account and link to it, which seems necessary to generate decent returns.

PNC IRA CDs

Fixed Rate IRA CDs

Low rates for high-fee retirement savings.

Standard APYs

Term

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.9

$25k - $99,999.99

$100k - $499,999.99

$500k and above

1 month

0.04%

0.05%

0.05%

0.05%

0.05%

0.05%

3 months

0.04%

0.05%

0.06%

0.07%

0.08%

0.09%

6 months

0.04%

0.06%

0.08%

0.10%

0.12%

0.14%

12 months

0.05%

0.10%

0.10%

0.15%

0.15%

0.15%

18 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

24 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

36 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

48 months

0.05%

0.15%

0.15%

0.30%

0.30%

0.30%

60 months

0.05%

0.45%

0.45%

0.60%

0.60%

0.60%

84 months

0.05%

0.45%

0.60%

0.60%

0.60%

0.60%

120 months

0.05%

0.45%

0.60%

0.60%

0.60%

0.60%

Promotional APYs

Term

$1.00 - $999.99

$1k - $9,999.99

$10k - $24,999.99

$25k - $99,999.99

$100k - $499,999.99

$500k and above

9 months - Fixed Rate Only

0.05%

0.50%

0.75%

0.75%

0.75%

0.75%

9 months - with Choice/Premium Plan

0.05%

0.20%

0.45%

0.45%

0.45%

0.45%

9 months - with Performance Select/VW Performance

0.05%

0.20%

0.45%

0.45%

0.45%

0.45%

  • Minimum opening deposit: $1,000
  • Annual custodian fee: $25
  • How to get the annual custodian fee waived: Keep at least $2,000 in your account.
  • Interest compounded: Monthly
  • How interest is paid: Deposited into your CD account monthly.
  • Transfer fee: $25 if transferring money to another PNC savings or checking account, or to another bank.
  • Grace period: 10 days to decide whether to renew or withdraw the CD.
  • Early withdrawal penalties: For Fixed Rate IRAs with terms between 3 months and 1 year, you’ll lose the amount of interest you would have earned. For CDs with terms over 1 year, you’ll lose 6 months’ worth of interest.

This is one of the safest options for growing your savings. PNC Bank offers multiple term lengths and rate tiers depending on how much money you want to invest and for how long.

Although it does offer Individual Retirement Account (IRA) CDs in amounts from $1.00-$999.99, you actually can’t start your account with these. You can only renew existing IRA CDs in this amount, meaning that you’ll need to bring at least $1,000 to the table if you want to open an account.

If you’d like to open a Fixed Rate IRA CD account with PNC Bank, you can apply over the phone, online or in person at a local branch.

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How PNC’s IRA CD rates compare

Unfortunately, PNC Bank’s offerings fall short of the best IRA CDs on our round-up. The rates are lackluster, even when you look at the longest-term CDs with the highest deposit amounts.

Furthermore, there are fees to watch out for with this account. Unless you arrive with a $2,000 minimum deposit, you’ll have to pay an annual account fee. If you ever want to transfer your money out of the bank, you’ll need to pay another fee. These fees could really eat into your modest earnings.

PNC Bank’s Student Virtual Wallet Review

Student Virtual Wallet Account

Great account package for young adults to learn money management skills.

Balance to Earn APY

Reserve APY

Standard Growth APY

Relationship Growth APY

$1.00 - $2,499.99

0.01%

0.01%

0.03%

$2,5000 and above

0.01%

0.01%

0.05%

  • Minimum opening deposit: $25 for a Spend account. $0 for both Reserve and Growth accounts.
  • Monthly account maintenance fee: None if you provide proof that you’re actively enrolled in an educational institution. Status expires 6 years from when you open the account.
  • ATM fees: No charge at PNC Bank ATMs. $3 for every domestic non-PNC Bank ATM transaction and $5 for every international non-PNC Bank ATMS.
  • ATM fee refunds: Two per statement period. ATM surcharges (i.e., the extra fee the ATM’s owner tacks on) are not refunded. Also, fees in excess of $5.00 will not be reimbursed.
  • Overdraft fees: Your first overdraft fee within 12 months of account opening will be refunded.

PNC Bank offers all the functionality and perks of its regular Virtual Wallet package (Spend, Reserve and Growth accounts) with added bonuses for students. One of these great features is parental alerts, so parents can also see, along with students, when the account balance is low.

This account package also comes with helpful financial education. It provides in-person financial education seminars if you’re lucky enough to have a local branch on your campus.

Opening an account is the same as for the regular Virtual Wallet accounts. In addition, you’ll need some way to prove that you actually are a student for this particular account.

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Overall review of PNC Bank

PNC Bank really does offer some real-world money management tools, especially with its Virtual Wallet and “S” is for Savings accounts. These accounts come with seamless tools that help you to simplify your hectic financial life.

However, these aren’t the only places you can get the tools. Other financial products such as Mint or FamZoo can also do just about everything that the Virtual Wallet does. You’ll have to do research and piecemeal these tools together to create a custom package for you, but it is possible to replace all the functionality of the PNC offerings with other products, often ones that offer better terms.

Furthermore, PNC Bank offers rock-bottom rates and exorbitant fees for most of its banking products. Unless you’re a model customer, these fees have the potential to wipe out your probably meager returns.

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Reviews

Banc of California Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Banc of California’s checking account options

Basic Checking

There are no requirements on this account, but it also doesn’t pay any interest, either.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $35 for each overdraft, with up to 5 daily. If your account stays overdrawn by more than $10 for 8 days or more, you’ll also pay a $5 daily “negative balance fee,” you’ll pay a $5 daily fee until the account balance is brought back to positive. Alternatively, if you link up another deposit account, each transfer to cover the overdraft will cost you $10.

This is Banc of California’s most basic-level checking account. If you can’t meet the monthly requirements for the other accounts, consider opening this account instead. You won’t earn any interest on your balance, but at least there’s no monthly fee.

The account has few other bells and whistles. You can write an unlimited number of checks, access your account online or via your smartphone, pay bills and use a debit/ATM card. But that’s about it.

How to get Banc of California’s Basic Checking account

Unfortunately, Banc of California doesn’t offer online opening of accounts; you must make an appointment at a local branch to open this account.

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Personal Checking

Even with the potential to earn some interest, we’d balk at the hefty $1,000 minimum balance required to waive the monthly maintenance fee. In addition, the bank does not advertise rates online, so you’ll have to contact them for details on rates.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $9, unless you keep at least $1,000 in your checking account or have at least $2,500 in combined balances across all of your Banc of California deposit and loan accounts.
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: If you link up a savings account, you’ll pay $10 per transfer. Otherwise, you’ll pay $35 per overdraft, for up to 5 charges per day. If your account stays overdrawn by more than $10 for 8 days or longer, you’ll pay a $5 daily fee, until the account balance is brought back to positive.

Make sure you can meet the minimum requirements to waive the monthly fee before you open this account. You’ll either need to have at least $2,500 across all of your combined Banc of California loans and deposit accounts, or keep at least $1,000 in this checking account alone.

How to get Banc of California’s Personal Checking account

If you decide this account is right for you, you’ll need to head into a local branch to apply for this account. There is no option to open it up online.

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Interest Checking

Since the bank does not advertise rates online, you’ll need to contact them for rate details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15, unless you meet one of the criteria to waive the monthly fee
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $10 per overdraft transfer, if you link up another one of your Banc of California accounts. Otherwise, you’ll pay $35 per overdraft, up to 5 times per day. If you go 8 days or more with a balance below $10, you’ll pay another $5 “negative balance fee,” until the account balance is brought back to positive.

Unfortunately, we can’t compare the rates on Banc of California’s highest-yielding interest checking account to the competition because it does not advertise those rates online. You’ll need to contact them for details.

The account comes with the highest monthly fee — $15 — unless you meet criteria to have it waived. There are three different ways to do this:

  • Be at least 60 years old
  • Keep at least $2,500 in this checking account
  • Have a combined balance of at least $10,000 across all of your Banc of California deposit and loan accounts

Because this account charges such a high monthly fee, we recommend that you’re at least able to meet the above requirements each month before you consider opening this account.

How to get Banc of California’s Interest Checking account

Banc of California makes it inconvenient to open an account because there are no online options to do so. Instead, if you’re interested in this account, you can book an appointment at a local branch through the bank’s online form.

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One Account

This account claims to be able to replace all of your deposit accounts — checking, savings, money market account and CDs — into “one” account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee:: $18, unless you keep at least $10,000 in the account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: If you link up another Banc of California account, you’ll pay $10 per transfer. If not, you’ll instead pay $35 per overdraft, up to 5 times per day. If you account stays below $10 for 8 days or longer, you’ll also owe a $5 “negative balance fee,” until the account balance is brought back to positive.

Banc of California claims that this is the one account to rule them all. If you open this account, according to the bank, you won’t need any others. In fact, this account offers “CD-like yields,” it says.

Because it does not advertise rates online, however, it’s hard to tell if it lives up to that promise. You’ll need to contact the bank for details.

Hopefully the rates are good because we’re not a fan of the monthly fee. You’ll need to keep at least $10,000 in the account to avoid a jaw-dropping $18 monthly fee. That’s a lot of money to keep packed away in your checking account and a hefty fee to pay on top of it.

How to get Banc of California’s One Account

You’ll need to visit a local branch to open this account, unfortunately. You can make an appointment at a local branch online, if you prefer.

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How Banc of California’s checking accounts compare

We’ll be blunt: You can do much, much better than these checking accounts.

Instead, if you’re looking for an interest-earning checking account, try one of these instead. It’s hard to compare rates since Banc of California doesn’t publicize their rates for their checking accounts online, but you’ll definitely want to compare what other banks have to offer first.

Banc of California’s savings account options

Savings

You’ll have to contact Banc of California to find out the rate on this basic savings account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $3, unless you keep at least $100 in the account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $10 per transfer if you link up another Banc of California account. Otherwise, you’ll pay $35 per overdraft charge, up to 5 items daily. You’ll also pay a $5 “negative balance fee” if your account remains overdrawn by more than $10 for 8 days or longer, until the account balance is brought back to positive.

You can open this account with as little as $100, which we recommend keeping in the account at all times. If the average daily balance of your account ever dips below that number, you’ll be slapped with a $3 service fee for the month, which may more than wipe out any earnings you get on this account each month.

Because this is a savings account, it’s also governed by Federal Reserve Regulation D, which allows you up to six certain withdrawals/transfers per month out of the account. If you go beyond that limit, Banc of California will also charge you a $15 per-item “excessive transaction fee.”

How to get Banc of California’s Savings account

You can open this account by visiting a local Banc of California branch. The bank does not offer the ability to apply for this account online. However, you can fill out an online form to set up an appointment with your local branch to come in and open this savings account.

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Tiered Savings

Since the bank does not advertise rates for this account online, you’ll need to contact them for details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10, unless you keep at least $10,000 in your account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $35 per item, up to 5 items per day. If your account stays overdrawn by more than $10 for 8 days or more, you’ll also owe a $5 daily “negative balance fee,” until the account balance is brought back to positive. You can also link up another Banc of California deposit account and pay a $10 transfer fee to cover each overdraft.

If you ever need to withdraw the money in this account, try to keep at least $10,000 in there; otherwise, you’ll get charged a $10 monthly service fee.

This account is also limited to just six withdrawals/transfers per month due to Federal Reserve rules. If you exceed six related transactions per month, you’ll get socked with a $15 “excessive transaction activity” fee for each additional transaction.

How to get Banc of California’s Tiered Savings account

To get Banc of California’s Tiered Savings account, you’ll need to visit a local branch. You can set up an appointment with a local branch online if you’d like to save time.

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Kids Banc Account

A fee-free option for kids. Contact the bank for rate details.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • Overdraft fee: $10 per transfer if you set up another account to cover withdrawals. If you don’t set this up, Banc of California will charge $35 per overdraft charge, up to 5 times daily. The bank will also charge you $5 per day starting on the 8th day if your account balance stays below $10.

Only children ages 17 and under are eligible to open this account; You can’t sign up your adult child who won’t move out of your basement. Also, this account doesn’t come with an ATM card, so you won’t be able to teach your kid about how ATM cards work.

Your child can make unlimited transactions in person at a bank. Outside of the bank, they’re limited to just six withdrawals/transfers per month. If they exceed that limit, they’ll pay a $15 per item fee to the bank.

How to get Banc of California’s Kids Banc Account

You and your child will need to head into a local branch to open this account. There is no option for opening it online, unfortunately.

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Personal High Yield Savings account

While this account does earn a decent interest rate, it’s still possible to find accounts elsewhere paying more.
APYMinimum Balance to Earn APY
1.60%$10,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
    • Overdraft fee: If you link up another bank account to cover any overdrafts, you’ll pay $10 per transfer. If you don’t link up any other accounts, each overdraft will cost you $35, up to 5 charges per day. You could also pay a $5 daily penalty if your account balance remains below $10 for 8 days or longer (until the account balance is brought back to positive.)

You’ll need at least $10,000 to open this account and earn interest. Unlike Banc of California’s other savings accounts, there is no monthly fee with this account, even if you drop the balance below $10,000. In that case, you won’t pay any fees — instead, you simply won’t earn interest anymore.

Aside from that, you’re still allowed to make up to six certain withdrawals/transfers out of the account per month as per Federal Reserve Regulation D guidelines. If you exceed that number in a given month, you’ll pay a $15 fee for each additional transaction over the limit.

How to get Banc of California’s High Yield Savings account

To open this account, you’ll need to visit a branch. You can save some time by filling out a form online to set up an appointment with a banker at your local branch. However, you won’t be able to apply for this account online.

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How Banc of California’s savings accounts compare

With the exception of the Kids Banc and the Personal High Yield Savings accounts, you can do much, much better at another bank or credit union. Even then, you might be able to find better rates on a youth bank account at another institution, and you definitely can find even higher-yielding accounts than the Personal High Yield Savings account offered at this bank. Instead, we recommend these online savings accounts for their high interest rates.

Banc of California’s accounts also come with high monthly fees. It is possible to avoid them, but that’s just one more box you have to remember to check each month.

Banc of California’s CD rates

Certificate of Deposit

These appear to be your standard, run-of-the-mill CDs at first glance, but because the bank does not publish rates online, you’ll have to call them for rate info directly.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For CDs up to 6 months in length, you’ll pay 3 months’ worth of interest. For CDs from 9 months to 24 months in length, you’ll pay 6 months’ worth of interest. For CDs over 24 months in length, you’ll pay 12 months’ worth of interest.

It’s hard to judge a CD offering without knowing the rates. Contact the bank for details on that front.

Like all CDs, you can’t access your money before the certificate matures; otherwise, you’ll pay an early withdrawal penalty. You also can’t let the balance dip below $1,000; otherwise, the bank will close the CD and convert it into another, more-liquid deposit account, such as a savings account.

When the CD matures, it’ll automatically renew for another term. If you’d rather withdraw the money, Banc of California does allow you a 10-day grace period after the CD renews to make any changes to the CD, including withdrawing the money penalty-free.

How to get Banc of California’s Certificate of Deposits

To open a certificate of deposit, you’ll need to visit a local branch of Banc of California. You can set up an appointment with a banker online, however you won’t be able to complete the process of opening an account online.

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Promotional CD

These CDs offer good rates by Banc of California’s standards, but they’re still not close to its top competitors.
TermAPY
12 months2.50%
18 months2.65%
  • Minimum opening deposit: $25,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: You’ll pay 6 months’ worth of interest.

Banc of California actually offers pretty decent rates on these promotional CDs. If you’re in need of a 12 month or 18 month CD, these ones would be well worth your time in considering before you open one of Banc of California’s standard CDs. The only hitch is that you’ll need a larger deposit size — at least $25,000 — and you can’t make any early withdrawals that would bring the balance below that amount; otherwise, the CD will be closed.

Like other Banc of California certificates of deposit, these two CDs will automatically renew when they reach maturity. You will get a 10-day grace period to withdraw the money in these CDs after they renew without having to worry about paying any early withdrawal penalties.

How to get Banc of California’s Promotional CDs

These Promotional CDs are actually the only type of CDs that Banc of California allows you to apply for online. You can still walk into a branch, however, if you’d rather open one in person.

You’ll need to bring (or scan) a government-issued photo ID, and provide your Social Security number and the routing information for the bank that you’ll use to fund this account.

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How Banc of California’s CD rates compare

Banc of California is again way off the mark when it comes to the best interest rates. You can find much better rates with one of the top-rated CDs at other banks. Some of these other CDs also don’t carry such a high minimum deposit requirement, making them more accessible to people who don’t yet have a lot of extra money to stash away in a certificate of deposit.

Bank of California’s money market account option

Money Market

The bank does not publish rates for this account online, so you’ll need to call for details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15, unless you keep at least $5,000 in the account
  • ATM fee: $2.50 for out-of-network ATMs, plus any other surcharge fees from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $10 per transfer if you hook up another Banc of California account for overdraft protection. Otherwise, you’ll pay $35 per overdraft, up to 5 times per day. If your account balance stays below $10 for 8 days or more, you’ll also pay a $5 daily fee, until the account balance is brought back to positive.

You can use your Money Market account to write checks and even make ATM withdrawals, but remember that you’ll need to stay under the government’s Federal Reserve Regulation D-imposed limit of up to six certain withdrawals/transfers per month. If you go over that, you’ll have to pay a $15 fee for each transaction to the bank.

The only other advantage of this account over a savings account is that you can write checks from here. Otherwise, you can earn more money on your deposit by opening up Banc of California’s Personal High Yield Savings account.

How to get Banc of California’s Money Market account

If you’re interested in opening up a Money Market account, you’ll need to visit your local branch of Banc of California. You cannot apply for this account online, but you can fill out a form online to make an appointment with a banker and save some time.

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How Banc of California’s money market account compares

Again, we can’t compare rates since the bank does not publish them online. Once you find out the rates, we recommend looking at one of our best-rated money market accounts to compare them to the competition.

We also don’t like the fact that you need to keep a relatively high balance — at least $5,000 — in this money market account to avoid a high monthly fee. That’s a lot of cash to stash away in a low-yielding account, and over time, you’ll miss out on a lot of interest payments from other banks.

Banc of California’s IRA option

Retirement Money Market

You can open this IRA money market account as either a Roth IRA, traditional IRA or SEP IRA. They do not advertise rates online so contact the bank for details.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • Overdraft fee: If you have a linked deposit account set up, you’ll pay $10 per transfer. If you don’t, you’ll have to pay $35 per overdraft, up to 5 charges per day. If you don’t bring your balance up above $10 after 8 days, you’ll also owe a $5 daily penalty fee (until the account balance is brought back to positive.).

If you’re looking for a way to grow your retirement savings outside of risky, non-insured investments, this might be one account worth considering. You can open it with as little as $100 within a Roth IRA, SEP IRA or traditional IRA, and there are no monthly fees to worry about. Unfortunately, they don’t publish the interest rates offered on this account, so you’ll have to call to find out.

This account doesn’t come with any ATM cards or checks. Instead, if you need to make a withdrawal (whether early or not), you’ll instead need to contact the bank because there will be some paperwork for you to fill out.

How to get Banc of California’s Retirement Money Market account

You’ll have to head to a local branch to open this account, because there are no options for opening it online. If you want to save some time, however, you can fill out a form online to reserve an appointment with a banker at a local branch.

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Overall review of Banc of California’s banking products

Overall, we’re rather unimpressed with Banc of California. These accounts come with high fees: monthly maintenance fees, high overdraft fees, excessive transaction fees and ATM charges (not to mention a $15 “early account closure” fee that applies to all accounts closed within 90 days).

Perhaps our biggest hesitation of all is the fact that this bank is very non-transparent when it comes to disclosing its fees, rates and policies. It doesn’t post its disclosure documents online, meaning that there’s no way to really read through the fine print yourself before walking into a bank or spending an hour on the phone with customer support.

In addition, the bank doesn’t even post its current rates online — so making an informed decision about whether this account is right for you requires a lot of legwork on your own.

That’s why we suggest skipping Banc of California. You can find better options almost anywhere else.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.