When it comes to investing your savings, there are a lot of factors to consider. One popular component to look at when selecting a new bank is whether or not the bank offers a new account bonus. While there are no active PNC bonuses on its dedicated savings account products, you can get a welcome bonus on the bank’s Virtual Wallet Account, which has a savings component. This might not be ideal if you have your heart set on a pure savings account, but the bonus to deposit minimum is attractive enough to consider as an option.
PNC Bank Bonus Details
When it comes to savings accounts at PNC Bank, there are two dedicated account options—the standard savings account and the S is for Savings account (for kids). Unfortunately, there are no publicly-advertised PNC bonuses associated with these accounts.
However, you can earn a new customer bonus with a Virtual Wallet account of up to $300. The Virtual Wallet is not a dedicated savings account but is a checking account that allows you to earmark some of your money for savings without moving it anywhere else.
Currently, there are three tiers to this bonus offer—$50, $200 and $300.
- If you open a Virtual Wallet account and deposit $500 or more to the checking part of the account, you’ll receive $50.
- If you open a Virtual Wallet account with Performance Spend and deposit $2,000 or more to the checking part of the account, you’ll receive $200.
- If you open a Virtual Wallet account with Performance Select and deposit $5,000 or more to the checking part of the account, you’ll receive $300.
Again, it’s important to continue to note that this bonus is technically on a checking account. However, because the account does allow you to move funds into a dedicated savings area, you can still meet some of the same needs. Additionally, there are other requirements and fine print you should review before cashing in on this bonus.
How can I get a PNC Bank account bonus?
For the Virtual Wallet account bonus (checking account with a savings component), you must apply online to receive the bonus. By heading over to the PNC Bank website, you can begin your application for your new Virtual Wallet account. Once you’ve opened the account, you will need to fund the checking portion of your account with the required bonus minimum within 60 days.
Comparing the PNC Bank Savings Account Options
The Virtual Wallet account is primarily a checking account, but it also gives you the ability to save. The account has a checking account, an interest-bearing checking account and a long-term savings account.
Clients can easily move money back and forth between the different sections to maximize their earnings and financial flexibility. The account does come with a $7 monthly fee. The fee is waivable, though, by keeping an average monthly balance of over $500, making over $500 in monthly direct deposits or by being over the age of 62.
Is the PNC Bank bonus a good deal for you?
Regarding the PNC bonus offer for the Virtual Wallet, it’s certainly an attractive offer. With the ability to earn upwards of $300 with only a $5,000 deposit, it is one of the more attractive welcome offers out there. For example, the Chase savings account offer gets you $200 for a new account, but you have to make a deposit three times higher than at PNC Bank ($15,000). The one caveat here, though, is the Chase account is a pure savings account, which might be ideal if that’s what you’re looking for.
If you’re okay using an account that covers all aspects of your banking, the Virtual Wallet account might be the right fit. But if you’re only looking for a pure savings account with a welcome bonus, you may want to look elsewhere.