PNC Bank Reviews, Rates: CDs, Savings, Money Market, Mortgages

PNC Bank dates back to the 1800s and over the years it has grown to be one of the leading financial institutions in the country. PNC follows four key constituencies which are their customers, investors, employees and the communities in which they operate. They have consistently been recognized by BusinessWeek magazine as one of the 50 top-performing companies. Fortune magazine calls PNC Bank one of the “most admired companies” and as one of the “Top 100 Places to Work in Information Technology” by Computer World magazine.

PNC Bank has more than 2,400 branches and approximately 6,500 ATMs in 15 states and the District of Columbia. In the year 2010, PNC Bank had a record number in assets, totaling to be $3.4 billion. This financial institution continues to grow steadily even after recent economic setbacks and the Great Depression.

Review: PNC Bank Services

Checking Accounts: PNC Bank offers its customers a simpler way to do their checking. One of the most popular features of PNC Bank is the Virtual Wallet service. This service allows you to keep track of your account balances, set goals and reminders, and also helps to earn points with their free banking rewards program. The Free Checking account is simply that … FREE. There are no minimum monthly balance requirements or monthly service charges.

Savings Accounts: PNC Bank provides simple savings accounts that are for anyone. They have a Statement Savings Account which is the basic savings account and only requires a $25 minimum opening deposit. The Premium Money Market Account requires a $1,000 monthly balance to avoid service charges but grants you unlimited deposits and ways to automatically save. Speaking of the Virtual Wallet earlier, this requires no minimum balance and only requires three unique accounts that either help you spend, save or grow your finances.

CDs

PNC bank offers the flexibility many people desire when depositing their money for a specific period of time. They offerCDs that can suit individual needs, ranging from 7 days to 10 years. PNC bank allows it’s customer to earn a good amount of interest for longer term periods.

The required minimum to open a Fixed Rates CD is $1,000 for 90 days to 10 years and $5,000 for 7 days to 89 days.

PNC Fixed Rate CDs – California – as of 7/9/2011

  • $5000 – 1 month term – 0.10% Interest Rate – 0.10% APY
  • $1,000 – 3 months term – 0.15% Interest Rate – 0.15% APY
  • $1,000 – 6 months term – 0.20% Interest Rate – 0.20% APY
  • $1,000 – 12 months term – 0.40% Interest Rate – 0.40% APY
  • $1,000 – 18 months term – 0.50% Interest Rate – 0.50% APY
  • $1,000 – 24 months term – 0.45% Interest Rate – 0.45% APY
  • $1,000 – 36 months term – 0.65% Interest Rate – 0.65% APY
  • $1,000 – 48 months term – 1.00% Interest Rate – 1.00% APY
  • $1,000 – 60 months term – 1.19% Interest Rate – 1.20% APY
  • $1,000 – 84 months term – 1.69% Interest Rate – 1.70% APY
  • $1,000 – 120 months term – 1.93% Interest Rate – 1.95$ APY

 

Promotions – Fixed Rate CDs:

  • $1,000 – 9 month term – 0.40% Interest Rate – 0.40% APY

The required minimum to open a Ready Access CD is $1,000.

PNC Ready Access CD – California – as of 7/9/2011

  • $1,000 – 3 months term – 0.15% Interest Rate – 0.15% APY
  • $1,000 – 12 months term – 0.25% Interest Rate – 0.25% APY

Terms: Early withdrawal penalties apply for balance withdrawn before maturity. Ready Access CDs have no early withdrawal penalty after first 7 days.

Savings Accounts

PNC Bank savings account offer safe, predictable and a sustainable savings growth. The different accounts shown are flexible and obtain great customer service to help guide you into the correct savings account. Many other services are available through PNC bank such as Virtual Wallet which help you spend, save and grow your finances.

PNC Statement Savings – California – as of 7/8/2011

  • $25 minimum opening deposit – $1 minimum to earn interest
  • Unlimited deposits, including transfers into the account
  • 3 free withdrawals per month, each additional withdrawal is $3 if balance falls below $1,500 – no fee for account holders under 18
  • $400 average monthly balance required
  • $4 monthly service charge – waived if account holder is under 18, fee waived for the first year for Foundation Checking customers and at least one Auto Savings transfer of $25 or more each month from PNC checking to savings account

 

PNC Statement Savings Rates – California – as of 7/9/2011

  • $1.00+ – 0.05% Interest Rate – 0.05% APY

PNC Savings Max – California – as of 7/9/2011

  • $100 minimum opening deposit
  • $10,000 average monthly balance required to avoid monthly service charge
  • $15 monthly service charge if balance requirement is not met

PNC Savings Max Rates – California – as of 7/9/2011

  • $10,000 – 0.10% Interest Rate – 0.10% APY
  • $25,000 – 0.15% Interest Rate – 0.15% APY
  • $50,000 – 0.20% Interest Rate – 0.20% APY
  • $100,000 – 0.25% Interest Rate – 0.25% APY
  • $500,000 – 0.25% Interest Rate – 0.25% APY
  • $1,000,000 – 0.25% Interest Rate – 0.25% APY

Terms$25 early closure fee on savings accounts.

Money Market

PNC Bank offers an exclusive money market account that does not require a large deposit. The minimum balance to interest is only a $1 however it is based on tiered rules. With a money market account through PNC, you are able to have easy access to your money through the use of checks and ATMs. The account is eligible for Auto Save and you are given free and unlimited use of online banking and telephone banking.

PNC – Premium Money Market Account – California – as of 7/9/2011

  • $100 minimum opening deposit
  • Unlimited deposits, including transfers into the account
  • $1,000 average monthly balance requirement to avoid monthly service charge
  • $10 monthly service charge

PNC – Premium Money Market Account Rates – California – as of 7/9/2011

  • $1.00 – 0.10% Interest Rate – 0.10% APY
  • $1,000.00 – 0.10% Interest Rate – 0.10% APY
  • $10,000.00 – 0.20% Interest Rate – 0.20% APY
  • $25,000.00 – 0.25% Interest Rate – 0.25% APY
  • $50,000.00 – 0.30% Interest Rate – 0.30% APY
  • $100,000.00 – 0.35% Interest Rate – 0.35% APY
  • $500,000.00 – 0.35% Interest Rate – 0.35% APY
Mortgages

PNC bank offers competitive rates and gives detailed instructions on how to apply for one. They offer many ways of contact either by phone, e-mail or finding your own personal loan agent. PNC bank cares about its customers and provides many options for people who are looking to get low mortgage payments.

Rates and payments, closing costs and points vary by property location, loan type and individual borrower credit and income characteristics. The rates listed below are based on the following assumptions and are subject to change without notice:

  • Purchase or rate and term refinance of a primary residence
  • Property is a one unit single family dwelling
  • Closing costs are paid out of pocket
  • Debt-to-income ratio is below 40%
  • Credit score is greater than 720
  • Rates are valid for 45 day locks
  • Loan-to-value ratio is less than 75%
  • Up to 1 point of origination is charged. In addition to the origination discount points may also be charged
  • You do not have a second mortgage

Mortgage rates are subject to change without notice at any time until you have locked a loan. Actual rate and payment will vary based on your specific situation. Some products may not be available in your state. Some restrictions may apply.

*Notice Regarding Adjustable Rate Mortgages: Interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed rate period, the interest and monthly payments may increase.

**Notice Regarding Interest Only Mortgages Interest only loans provide for payment of interest only for a set period of time, and payment of principal and interest for the remainder of the loan term. Interest only payments do not reduce principal. At the end of the interest only period, your monthly payment will increase, possible substantially, because you will be required to pay down the outstanding principal and all accrued interest.

PNC – Purchase Loan – Fixed-Rate Mortgages – $300,000 – California & New York – as of 7/9/2011

  • 10-yr fixed – 3.250% – 3.750% Interest Rate – 3.593% – 3.646% APR – $2,932 – $3,002 Monthly Payment
  • 15-yr fixed – 3.750% – 4.125% Interest Rate – 3.899% – 4.055% APR – $2,182 – $2,238 Monthly Payment
  • 20-yr fixed – 4.375% – 4.750% Interest Rate – 4.497% – 4.682% APR – $1,878 – $1,939 Monthly Payment
  • 30-yr fixed – 4.500% – 4.875% Interest Rate – 4.633% – 4.826% APR – $1,520 – $1,588 Monthly Payment

PNC – Purchase Loan – Adjustable Rate Mortgages – $300,000 – California & New York – as of 7/9/2011

  • 7/1 ARM – 3.125% – 3.750% Interest Rate – 3.185% – 3.318% APR – $1,285 – $1,389 Monthly Payment
  • 10/1 ARM – 3.750% – 4.250% Interest Rate – 3.563% – 3.743% APR – $1,389 – $1,476 Monthly Payment

PNC – Purchase Loan – Interest Only Mortgages – $300,000 – California & New York – as of 7/9/2011

  • 3/1 Interest Only ARM – 2.250% – 3.750% Interest Rate – 2.962% – 3.143% APR – $563 – $938 – Monthly Payment
  • 5/1 Interest Only ARM – 2.875% – 4.125% Interest Rate – 3.067% – 3.342% APR – $719 – $1,031 – Monthly Payment
  • 7/1 Interest Only ARM – 3.500% – 4.375% Interest Rate – 3.294% – 3.590% APR – $875 – $1,094 – Monthly Payment
  • 10/1 Interest Only ARM – 4.000% – 4.750% Interest Rate – 3.680% – 4.040% APR – $1,000 – $1,188 – Monthly Payment

PNC – Purchase Loan – Fixed-Rated Mortgages – $300,000 – New Jersey & Pennsylvania – as of 7/9/2011

  • 10-yr fixed – 3.250% – 3.750% Interest Rate – 3.562% – 3.616% APR – $2,932 – $3,002 Monthly Payment
  • 15-yr fixed – 3.750% – 4.125% Interest Rate – 3.878% – 4.034% APR – $2,182 – $2,238 Monthly Payment
  • 20-yr fixed – 4.375% – 4.750% Interest Rate – 4.480% – 4.666% APR – $1,878 – $1,939 Monthly Payment
  • 30-yr fixed – 4.500% – 4.875% Interest Rate – 4.620% – 4.813% APR – $1,520 – $1,588 Monthly Payment

PNC – Purchase Loan – Adjustable Rate Mortgages – $300,000 – New Jersey & Pennsylvania – as of 7/9/2011

  • 7/1 ARM – 3.125% – 3.750% Interest Rate – 3.174% – 3.307% APR – $1,285 – $1,389 Monthly Payment
  • 10/1 ARM – 3.750% – 4.250% Interest Rate – 3.551% – 3.732% APR – $$1,389 – $1,476 Monthly Payment

PNC – Purchase Loan – Interest Only Mortgages – $300,000 – New Jersey & Pennsylvania – as of 7/9/2011

  • 3/1 Interest Only ARM – 2.250% – 3.750% Interest Rate – 2.953% – 3.133% APR – $563 – $938 – Monthly Payment
  • 5/1 Interest Only ARM – 2.875% – 4.125% Interest Rate – 3.058% – 3.333% APR – $719 – $1,031 – Monthly Payment
  • 7/1 Interest Only ARM – 3.500% – 4.375% Interest Rate – 3.284% – 3.580% APR – $875 – $1,094 – Monthly Payment
  • 10/1 Interest Only ARM – 4.000% – 4.750% Interest Rate – 3.669% – 4.030% APR – $1,000 – $1,188 – Monthly Payment

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