PNC Bank has a new online banking product called Virtual Wallet which combines multiple bank accounts and online money management tools into one site.
Virtual Wallet is comprised of 3 accounts working together:
• Your SPEND account is a non-interest-bearing checking account.
• Your RESERVE account is an interest-bearing checking account used for short-term savings goals. [currently 0.10% APY]
• Your GROWTH account is a savings account which earns interest and can be used for longer-term savings goals. [currently 2% APY up to $25k]
The SPEND account has a $25 minimum to open, while the other two have no minimum opening requirement. None of them have minimum monthly balances or monthly fees. Online statements are required, and you only get 3 free checks per month. ATM fee reimbursements are available if you keep $2,000 combined in the SPEND and RESERVE accounts. Looks to be available online to any state.
I see the motivation, but couldn’t this just be done with two accounts? The SPEND and RESERVE are basically the same… 0.10% APY difference?
If you open an account by 7/4 and initiate a direct deposit of at least $400 by 8/31/09, you can get a $75 bonus. Early closure fee of $25 if you close within 180 days. $75 also available with other PNC checking account types, but you can only get one bonus.