PNC Bank is offering bonuses ranging from $100 to $1,000 for new Virtual Wallet and business checking accounts. To qualify for the bonus you’ll need to be a new customer and fulfill additional criteria, such as having direct deposit or meeting deposit requirements.
PNC also enables applicants to earn a $200 statement credit after spending $1,000 in purchases within the first three billing cycles from account opening for the PNC Cash Rewards® Visa® Credit Card
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The information for the PNC Cash Rewards® Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
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All annual percentage yields (APYs) and terms are accurate as of February 5, 2024, and reflect the zip code 15106.
PNC Bank promotions overview
PNC Bank currently offers promotions for its Virtual Wallet product and business checking accounts. PNC also is running a promotion for the PNC Cash Rewards Visa Credit Card.
$100, $200 or $400 Virtual Wallet promotion
How to get it/how to qualify
PNC offers three bonuses — $100, $200 or $400 — for setting up a Virtual Wallet, depending on the wallet tier.
A Virtual Wallet comes with three accounts, a primary checking account (Spend), a secondary checking account for short-term needs (Reserve) and a savings account (Growth). The bank’s Growth and Reserve accounts earn interest, but the Spend accounts do not.
To qualify for the bonuses, you must set up a new Virtual Wallet online using application links on PNC’s Virtual Wallet page. You must then set up direct deposit within the first 60 days.
The amount of the bonus will depend on the specific account, and each account has a different direct deposit amount requirement to earn the bonus.
Direct deposits must be recurring electronic payments, such as regular paychecks, Social Security distributions and pension checks. Credit card cash advances, wire transfers, person-to-person transfers, transfers from one account to another or deposits made at a PNC branch or ATM don’t qualify as direct deposits.
The availability of bonuses may vary based on where you open your account and what the ZIP code is for your primary address.
Bonus/promotion fee
There is no fee for the offer, however, the accounts themselves have monthly fees.
Virtual Wallet is $7 per month, Virtual Wallet with Performance Spend is $15 per month and Virtual Wallet with Performance Select has the highest monthly fee at $25.
Monthly fees on all three accounts can be waived by meeting direct deposit or balance requirements.
Expiration date
February 29, 2024.
$200, $500 or $1,000 business checking promotion
There are four business checking account promotions available from PNC — two $200 bonuses and two bonuses that can earn either $500 or $1,000.
How to get it/how to qualify
To qualify for a $200 bonus, you must:
- Apply online or request an email offer to apply at a PNC branch.
- Open an eligible Business Checking or Business Checking Plus account.
- Maintain an average balance of at least $5,000 for each of the first three statement periods.
- Make at least 20 qualifying PNC Bank Visa business debit card transactions within the first three statement periods.
- Make an opening deposit of at least $100.
To qualify for the $500 bonus, you must:
- Request an offer email to apply at a PNC branch.
- Open an eligible Treasury Enterprise Plan or Analysis Business Checking account.
- To earn a $500 bonus, you’ll need to maintain an average ledger balance of at least $30,000 for each of the first three statement periods.
- To earn a $1,000 bonus, you’ll need to maintain an average balance of at least $100,000 for the first three statement cycles.
- Make an opening deposit of at least $100.
Bonus/promotion fee
There is no fee for the offer, however the accounts themselves have fees.
The PNC Business Checking account has a $12 monthly fee while the PNC Business Checking Plus has a $22 monthly fee. The PNC Analysis Business Checking has a $25 monthly fee and the PNC Treasury Enterprise Plan has a $50 monthly fee.
The fees on the Business Checking and Business Plus accounts can be waived by meeting minimum balance requirements, having a linked PNC business credit card and meeting spending requirements or by having a merchant services account and meeting processing requirements.
The Analysis Business Checking and the Treasury Enterprise Plan fees can be offset by earnings credits. The Treasury Enterprise Plan fee can also be waived by maintaining an average balance of $30,000.
Expiration date
March 31, 2024.
How PNC Bank promotions compare
PNC Bank’s Virtual Wallet and checking promotions aren’t as robust as you’ll find at some other banks. For example:
- Huntington Bank is offering a $400 bonus on the Huntington Perks Checking℠ Account or a $600 bonus for the Huntington Platinum Perks Checking℠ Account account. New account holders can earn the $400 cash bonus after opening an account and receiving a qualifying direct deposit within 90 days of account opening, or the $600 cash bonus after opening an account, making a cumulative new money deposit of $25,000 within 90 days of account opening and keeping the account open for 90 days.
- Wells Fargo is offering a $525 bonus on the Wells Fargo Way2Save® Savings account. To qualify, you must deposit $25,000 within 30 days and maintain at least a $25,000 balance within 90 days of opening the account.
Despite any shortcomings, PNC’s promotions beat those of some of its competitors. For example, BMO Bank offers a paltry $5 reward (up to $60 annually) for every month you save at least $200 during the first year of account opening for the BMO Savings Builder Account. So, PNC’s bonuses can be lucrative if you’re willing to navigate the complexities of its Virtual Wallet product or you’re looking to open a business checking account.
PNC Bank review
PNC , which does business in 28 states and DC,operates about 2,300 branches and about 60,000 ATMs. Furthermore, its high-yield savings account, the PNC High Yield Savings® pays an impressive yield of 4.65% and it charges no monthly service fee and requires no minimum deposit, though you need to live in an eligible area.
In the J.D. Power 2023 U.S. Retail Banking Satisfaction Study, PNC scores an above-average score in six of the 10 regions it serves. Meanwhile, it ties for the industry average in Florida and picks up below-average scores in three other regions. In one of those three regions — Texas — PNC receives the lowest score of any bank.
When it comes to credit cards, PNC scores a below-average score in the J.D. Power 2023 U.S. Credit Card Satisfaction Study. So, if you’re looking for a card issuer that may be more satisfying, you might try a highly-rated issuer like American Express, Discover® Bank, Bank of America or Capital One.
Frequently asked questions (FAQs)
You can get a $200 bonus if you make qualifying direct deposits of at least $2,000 into a new Virtual Wallet with Performance Spend.
You can get a $400 bonus if you make qualifying direct deposits of at least $5,000 into a Virtual Wallet with Performance Select.
A customer who’s at least 62 years old can qualify for a waiver of the $7 monthly service fee for a standard checking account or a Virtual Wallet product.
