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Ally Bank vs. PNC Bank: Which Is Best for You?
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Ruth Sarreal Content Management Specialist | Bank accounts, bank account bonuses
Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has over a decade of experience writing and editing for consumer websites. She previously edited content on personal finance topics at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance.
Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. Her expertise has appeared in The New York Times, Vox and Apartment Therapy.
Editor’s note:Online banking platform Simple announced its shutdown and transition to BBVA USA in January this year. Then in June, BBVA was acquired by PNC Bank. According to PNC, the full conversion of bank systems and branches will occur in October 2021.
Ally Bank and PNC Bank are two leading banking services. Customers can count on them for good online banking platforms.
Both banks are solid choices, offering free access to thousands of ATMs, fee-free savings accounts and a variety of CD options. But each bank shines in different areas: Ally offers significantly higher interest rates, while PNC offers branches that customers can go to. Here’s a closer look at the details of each bank and what makes them stand out.
We compared Ally and PNC across several categories to help you determine the best fit.
Snapshot comparison
Ally Bank
PNC Bank
Checking accounts
Ally Spending Account
No monthly fee.
No minimum deposit.
PNC Virtual Wallet Spend
$7 monthly fee (see below for three ways to waive it).
No minimum deposit.
Savings accounts
Ally Savings Account
APY: 4.00% on all balances.
No monthly fee.
PNC Virtual Wallet Growth
APY: 0.01%.
No monthly fee.
Certificates of deposit
Ally High-Yield CD
1 year: 4.10% APY.
3 years: 3.50% APY.
5 years: 3.50% APY.
Minimum deposit: None.
PNC Fixed Rate CD
1 year: 0.01% APY for balances under $1,000; 0.02% APY for balances of $1,000 to under $25,000; 0.03% APY for balances of $25,000 or more.
3 years: 0.01% APY for balances under $1,000; 0.02% APY for balances of $1,000 to under $25,000; 0.03% APY for balances of $25,000 or more.
5 years: 0.01% APY for balances under $1,000; 0.02% APY for balances of $1,000 to under $25,000; 0.03% APY for balances of $25,000 or more.
Minimum deposit: $1,000.
Overdrafts, ATMs, customer service
Ally details
Overdraft fee: $0.
Overdraft protection transfer fee: $0.
Branches: 0.
ATMs: Over 43,000.
Customer service: Available 24/7 by phone, live chat and email.
PNC details
Overdraft fee: $36.
Overdraft protection transfer fee: $0.
Branches: About 2,300.
ATMS: 18,000 PNC and partner ATMs.
Customer service: Available by phone 7 a.m.-10 p.m. ET on weekdays and 8 a.m.-5 p.m. ET on weekends.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
You value having several ways to reach customer service at any time, including online chat.
You occasionally use out-of-network ATMs. (Ally offers fee reimbursements up to $10 monthly.)
Choose PNC Bank if:
You prefer bundled checking and savings.
You want access to branches.
Ally Bank vs. PNC Bank: Basic checking accounts
Ally Spending Account
PNC Virtual Wallet Spend
Monthly fees
$0.
$7.
3 ways to waive it
$500 combined average monthly balance in your Spend and/or Reserve accounts.
$500 in qualifying monthly direct deposits to your Spend account.
Fee waived for ages 62 and older.
Minimum opening deposit
$0.
$0.
APY
0.10% APY on deposits of less than $15,000.
0.25% APY on $15,000 and above.
None.
ATM fees and network
Free access to 43,000+ Allpoint ATMs.
No charge for using out-of-network ATMs (ATM owner may charge a fee); reimburses up to $10 per month for out-of-network ATM fees.
Free access to about 18,000 PNC and partner ATMs.
$3 per out-of-network ATM transaction; 2 ATM fee reimbursements per statement period.
Sign-up bonus
N/A.
Up to $300 (expires 10/31/2024); our bank bonuses roundup explains how to qualify.
+ Click here for analysis of Ally Bank's and PNC Bank's checking accounts
Both banks offer some reimbursements for out-of-network ATM fees, but Ally offers free access to more than double the number of ATMs that PNC offers. Ally’s checking account also pays interest, which you won’t earn with a PNC Virtual Wallet Spend account.
Up to $300 (expires 10/31/2024); our bank bonuses roundup explains how to qualify.
+ Click here for analysis of Ally Bank's and PNC Bank's savings accounts
Ally offers a much stronger savings rate. The average rate on a savings account now stands at 0.45%, paltry compared with Ally’s APY, but higher than what you’ll get with PNC’s Growth savings.
0.01% APY for balances under $1,000; 0.02% APY for balances of $1,000 to under $25,000; 0.03% for balances of $25,000 or more.
APY on three-year term
3.50%.
0.01% APY for balances under $1,000; 0.02% APY for balances of $1,000 to under $25,000; 0.03% for balances of $25,000 or more.
APY on five-year term
3.50%.
0.01% APY for balances under $1,000; 0.02% APY for balances of $1,000 to under $25,000; 0.03% for balances of $25,000 or more.
+ Click here for analysis of Ally Bank's and PNC Bank's CDs
Both banks offer no-penalty CDs, but Ally pays much higher rates than PNC. Ally's CD terms range from three months to five years and have no minimum deposit. PNC offers more terms, from seven days to 10 years, and requires a minimum deposit of $1,000. To compare more no-penalty CDs, see our list of the best options.
Phone reps are on call 7 a.m.-10 p.m. ET on weekdays, 8 a.m.-5 p.m. ET on weekends.
Social media support available.
+ Click here for analysis of Ally Bank's and PNC Bank's banking experience
Both banks offer responsive customer service through at least a couple of different channels, but Ally takes the cake with 24/7 phone and live chat support. Ally’s online chat service is reliable and even lists estimated wait times so folks can get on with their day if the virtual line is too long.
Ally Bank vs. PNC Bank: Overdraft fees
Ally Bank
PNC Bank
Overdraft fee
$0.
$36, maximum of four per day.
Overdraft protection transfer fee
$0.
$0.
Extended overdraft fee
N/A.
N/A.
+ Click here for analysis of Ally Bank's and PNC Bank's overdraft fees
Only Ally Bank won’t penalize you for overdrawing your account. With PNC, you’ll pay $36 up to four times per day; compare that with the national average of $35 according to a NerdWallet study. PNC does offer a grace period, called Extra Time, to get your balance back to $0 to avoid an overdraft fee.
Both banks offer free overdraft protection transfers.
4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
5.00%Annual Percentage Yield (APY) is accurate as of 10/01/2024. APY may change at any time before or after the account is opened. Available only online.
4.50%4.50% APY for $0 to <$250k; 4.80% APY for $250k+ balance
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.75%*Current promotional rate; annual percentage yield (variable) is 4.25% as of 11/8/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks (www.betterment.com/cash-portfolio) conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
0.10%Advertised Annual Percentage Yield (APY) is variable and accurate as of 07/01/2024. Rates are subject to change at any time before or after account opening.
Ally and PNC are both strong banking options, and their services will come as a welcome change of pace for folks accustomed to high fees.
If you want the option of getting service in person at a branch and prefer your checking and savings accounts to be bundled together, PNC is a better choice for you. But if you want a bank with well-rated mobile apps and strong customer service options, Ally’s suite of savings products will serve you well. You can see other options on our list of best banks and credit unions.
