PNC offers four main checking account types, each with different fees, minimum balances, and features

PNC Bank has four checking accounts you can open: Virtual Wallet with Performance Select, Virtual Wallet with Performance Spend, Virtual Wallet with Performance Reserve, and Core Checking. The Virtual Wallet accounts are PNC's primary product line and come with digital tools for budgeting and spending alerts. Core Checking is a simpler option with lower fees but fewer features. You can hold more than one account at the same time, though PNC may limit how many of the same type you can open.

The main difference between accounts is the monthly fee, the minimum balance required to waive that fee, and what tools come built in. Virtual Wallet accounts cost between $7 and $15 per month depending on which tier you choose, while Core Checking costs $5 per month. All fees can be waived if you meet the bank's balance or deposit requirements, which vary by account type.

Key Takeaways

  • PNC's three Virtual Wallet tiers (Performance Select, Spend, and Reserve) each charge different monthly fees and require different minimum balances to avoid those fees.
  • Core Checking is PNC's lowest-cost option at $5 per month and requires a $500 minimum balance to waive the fee, with no digital budgeting tools included.
  • You can open multiple checking accounts at PNC, though the bank may restrict how many of the same account type you hold simultaneously.
  • Virtual Wallet accounts include spending and savings tools, while Core Checking is a straightforward checking product with basic features.

Virtual Wallet Performance Select: The entry-level option

Performance Select is PNC's lowest-tier Virtual Wallet account and costs $7 per month. The fee is waived if you keep a $500 minimum daily balance in the account. This account includes Virtual Wallet's core tools: a spending account, a savings account, and a reserve account all linked together, plus spending notifications and budget tracking through the PNC mobile app.

Performance Select does not include any interest on your checking balance. The savings portion of the account earns interest, but the rate changes based on market conditions and is typically very low. This account is designed for people who want PNC's digital tools without paying a higher monthly fee.

Virtual Wallet Performance Spend and Reserve: Higher tiers with more features

Performance Spend costs $10 per month and waives the fee with a $2,500 minimum daily balance. Performance Reserve costs $15 per month and waives the fee with a $5,000 minimum daily balance. Both accounts include everything in Performance Select, plus additional features like overdraft protection that automatically transfers money from your savings account if you overspend, and higher interest rates on the savings portion of the account.

The key trade-off is the minimum balance requirement. If you cannot maintain $2,500 or $5,000 in your account, you will pay the monthly fee. For people who carry higher balances anyway, the overdraft protection and slightly better savings rates may justify the higher tier. For people who keep lower balances, Performance Select or Core Checking is usually cheaper.

Core Checking: Simpler banking without Virtual Wallet tools

Core Checking is PNC's basic checking account and costs $5 per month, waived with a $500 minimum daily balance. It does not include Virtual Wallet's budgeting tools, spending alerts, or linked savings account. You get a checking account, debit card, and online banking access through PNC's website and app, but no special features beyond that.

Core Checking earns no interest on your balance. There is no overdraft protection built in, though you can link it to a savings account manually if you want to set up transfers yourself. This account works well for people who want the lowest cost and do not need budgeting tools, or for people who already use a different bank's app for tracking spending.

When you might want more than one PNC checking account

Some people open multiple checking accounts at PNC to separate spending categories or to avoid fees. For example, you might keep a Performance Select account for everyday spending and a Core Checking account for bills, so you can track them separately. Or you might open a second account if you receive money from a specific source (like a side job or rental income) and want to keep it isolated from your main account.

PNC does not charge you extra for holding multiple accounts, but each account has its own monthly fee unless you meet that account's minimum balance. If you open two accounts and cannot maintain the minimum balance in both, you will pay two monthly fees. Check with PNC about any limits on how many accounts of the same type you can open, as policies vary.

How to avoid monthly fees across all account types

Every PNC checking account waives its monthly fee if you maintain a minimum daily balance. The balance requirement ranges from $500 for Core Checking and Performance Select to $5,000 for Performance Reserve. The balance is checked daily, so if you drop below the minimum even once during the month, you will owe the fee for that month.

If you cannot maintain the minimum balance, you will pay the monthly fee. Some people choose to pay the fee rather than keep a large balance sitting idle, especially if they use the account for a specific purpose. Others set up automatic transfers from another bank to keep the balance above the threshold. The choice depends on your cash flow and how much the account's features are worth to you.

Switching between PNC checking accounts

You can change from one PNC checking account type to another without closing your account. Contact PNC through the app, online banking, or by phone to request a conversion. Your existing account number, debit card, and automatic payments will usually stay the same, though PNC may issue a new card in some cases.

If you want to close an account, make sure you have moved any remaining balance to another account and cancelled any automatic payments or direct deposits tied to it. PNC will not charge you a fee to close a checking account, but you are responsible for making sure no transactions are pending when you close it.

Frequently Asked Questions

Can I have a Virtual Wallet account and a Core Checking account at the same time?

Yes. You can mix and match account types at PNC. Some people keep a Virtual Wallet account for everyday spending and a Core Checking account for bills or savings transfers. Each account has its own monthly fee unless you meet that account's minimum balance requirement.

What happens if my balance drops below the minimum?

You will be charged the monthly fee for that account during the month your balance fell below the minimum. The fee is usually posted at the end of the month. If you drop below the minimum multiple times, you will be charged multiple times, so it is worth setting up a reminder or automatic transfer to keep your balance above the threshold.

Do I need a minimum balance to open a PNC checking account?

No. You can open any PNC checking account with $0. The minimum balance requirement only applies if you want to waive the monthly fee. If you do not meet the minimum, you will pay the monthly fee regardless of how much money is in the account.

Can I transfer money between my PNC checking accounts?

Yes. You can transfer money between your own PNC accounts through online banking or the mobile app at no charge. Transfers between your own accounts are usually instant. If you link a non-PNC account, transfers may take one to three business days depending on the other bank.

Which PNC checking account is best for me?

That depends on your balance and what features you need. If you keep at least $500 and want budgeting tools, Performance Select is usually the cheapest option. If you keep less than $500 regularly, you will pay a fee no matter which account you choose, so pick based on features. If you do not need Virtual Wallet's tools, Core Checking is simpler and costs less.