PNC Virtual Wallet Review: A Combo Account With Digital Budgeting Tools

Bottom line: If you're looking for an all-in-one budgeting and savings solution, PNC Virtual Wallet might work for you. The multiple accounts and digital tools offer a lot of options for managing your money. However, account types vary by location and not everyone will get competitive APYs.

At a glance

What is PNC Virtual Wallet and how does it work?

PNC Virtual Wallet is a unique take on banking. Instead of having distinct checking and savings accounts, the Virtual Wallet combines them -- two checking accounts and one savings account -- into a single product. Then they add a host of digital tools for easier money management.

Inside the mobile app, you can manage all three accounts from one simple interface. You can also find useful features, such as the in-app calendar for planning paydays, as well as the Money Bar, which helps you organize your expenses and spending money.

It's important to note that which types of PNC Virtual Wallet accounts you're eligible for will vary based on your location. Some states will only find one type of account:

• Virtual Wallet Checking Pro

In other states, there are three different tiers of Virtual Wallet depending on the features you want:

• Virtual Wallet
• Virtual Wallet with Performance Spend
• Virtual Wallet with Performance Select

The basic accounts work the same, and offer the same Virtual Wallet tools. However, rates, fees, and available promotions will vary.

Top perks

The Virtual Wallet accounts, paired with PNC Bank's mobile app, offer a lot of perks.

Welcome bonus for new accounts

Depending on your location and product availability, new customers may be eligible for a welcome bonus when they open a new Virtual Wallet account and set up qualifying direct deposits. The amount of the bonus varies depending on the type of Virtual Wallet you apply for -- but so do the requirements for earning it:

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 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.

Full-featured mobile app with lots of money management tools

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.

If you want combo accounts with better interest: SoFi Checking and Savings offers a similar style of combination checking and savings accounts -- but with way better rates. You can earn up to up to 4.60% APY with eligible direct deposits.

If you want a fee-free account with a modern app: Capital One checking and savings accounts are available with no minimum deposit requirements or monthly fees. Plus, the bank's mobile app makes it easy to manage your accounts on the go.

There's no fee to open a PNC Virtual Wallet account, though you may need to meet a minimum deposit requirement depending on your location and account type. Once you open an account, there may be a monthly service charge if you don't meet the waiver qualifications. The amount of the fee varies by the particular account type:

You may also be charged fees for specific actions, such as using an out-of-network ATM, ordering a replacement card, or overdrafting your account. You can see these fees listed in the Fee Schedule for your account.

If you don't have a lot of savings and want an all-in-one money management solution, the PNC Virtual Wallet could be a good fit. The three-in-one account setup is convenient, and the digital tools can help you stay on top of your bills and savings goals. However, the account you can get will depend on your location, and only certain accounts get good interest rates. if you have serious savings and/or don't need the in-app Calendar or Money Bar, then go for a traditional checking account with a high-yield savings account instead.

Keep reading about PNC Bank

• PNC Bank Review
• PNC Bank Virtual Wallet Review