Review of PNC Brokerage Plus Account
Points to know:
• PNC Bank offers investing services, including a low-cost Brokerage Plus Account.
• The Brokerage Plus account at PNC offers commission-free trading in a small selection of assets.
• A Brokerage Plus account can be opened over the phone or at a PNC Bank location.
Overview of PNC’s Brokerage Plus Account
Through The PNC Financial Services Group, Inc., low-cost brokerage accounts can be opened under the company’s Brokerage Plus program. To find out if this is a better deal than what your current broker is giving you, keep reading.
Investing and Trading
For the purchase and sale of securities, PNC offers the Brokerage Plus account. This budget account offers a curtailed list of asset classes, which includes stocks, mutual funds, closed-end funds, and exchange-traded funds (ETFs). Full-service brokerage accounts are also available through a financial advisor. These brokerage accounts provide access to a larger list of products, including annuities, private equity, and bonds.
With a Brokerage Plus account, trades can be placed online. It’s also possible to block online trading from an account (if desired).
Margin
A Brokerage Plus account can be set up either on a cash or margin basis.
Cash Sweep
Uninvested cash in a Brokerage Plus account can be moved into banks where the deposits earn FDIC insurance. There is an APY on these deposits, although it is typically very low. The tiered schedule starts at 0.04% and tops out at 1.55%.
PNC Brokerage Plus Fees
In a Brokerage Plus account, online trades of securities are commission-free. There is a $75 annual fee, however, and PNC also charges $125 to close a Brokerage Plus account. There is no minimum deposit required to open a Brokerage Plus account.
Software
Brokerage Plus customers get to use the company’s mobile app and website for account management, security research, and order entry. The app has bill pay, funds transfer, a PNC branch locator, mobile check deposit, and much more. Both the website and mobile app have links to other PNC accounts, including bank accounts.
Opening an Account
A Brokerage Plus account can be opened at a nearby PNC Bank location. Alternatively, it’s theoretically possible to open an account over the phone with a broker (but not a customer service rep). The phone number is 855-762-4683. This department is open during the week from 8:30 am until 5:00 pm, EST. When we called in to open an account, we were told a broker would call us back to open the account. No one ever returned our call, so you may need to be near a PNC branch to get the Brokerage Plus account open.
Recommendations
For mutual funds, a Brokerage Plus account would be a decent option. Investors should look for no-load,
no-transaction-fee funds.
For frequent stock trading, we don’t recommend a Brokerage Plus account. PNC does not have advanced
trading software, which can be found at Charles Schwab.
For beginning investors, we suggest a managed account (and not a Brokerage Plus account) with PNC Investments.
For retirement planning and long-term investing, a Brokerage Plus account doesn’t quite meet minimum
standards. Charles Schwab would create a more complete package.
For small accounts, a Brokerage Plus account won’t work due to annual and termination fees. We suggest
Robinhood instead.
PNC Brokerage Review Judgment
PNC has a decent self-directed option through its Brokerage Plus account. But for a more complete setup, you may need to opt for a full-service brokerage account or a self-directed opportunity with another firm.
Updated on 3/17/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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