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Virtual Wallet is best for those who rely on mobile apps and rarely visit a bank branch.
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The three linked accounts in the package are:
- A non-interest-bearing checking account called Spend.
- An interest-bearing account, labeled Reserve, for short-term savings.
- Another interest-bearing account, Growth, for long-term savings.
The app comes with money-management tools, including:
- A calendar that tracks paydays and money going out, such as checks you’ve written or bills that are due.
- A color-coded bar that indicates how much you’ve allocated for payments or savings, or have available to spend. By sliding your finger across the bar, you can move money between Spend and Reserve accounts.
- A wish list for setting savings goals and a “Punch the Pig” feature that encourages you to save money by shaking your phone.
The basic Virtual Wallet costs $7 a month. The fee is waived with direct deposits of $500 or $500 in average combined balances a month.
The Virtual Wallet sign-up bonus
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To be eligible, you must not have had a PNC account in the past 90 days or have received a PNC promotional payment in the past 12 months.
With the basic Virtual Wallet, meeting these two requirements will qualify you for a $50 sign-up bonus: Set up and receive a recurring, monthly direct deposit of $500 and make 10 purchases with your PNC Visa debit card within 60 days of opening the account.
Higher-level accounts earn higher bonuses.
If you open a Virtual Wallet with Performance Spend and set up a monthly direct deposit of $2,000 or more within 60 days, you qualify for a $200 bonus. The next-level Virtual Wallet with Performance Select requires a direct deposit of $5,000 to qualify for a $300 bonus. Both rewards also require 10 debit card purchases to be made within the first 60 days.
These offers — which are set to expire December 31, 2017 — are available only to residents of Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, Wisconsin and the District of Columbia.
Updated June 19, 2017.