PNC CDs: Pros, Cons, and Current Rates
- PNC Bank CD Rates Today
- About PNC CDs
- What Influences PNC CD Earnings
- Pros and Cons
- Should You Choose a PNC CD?
- How PNC CD Rates Compare
- Why You Should Trust Us
- FAQs
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PNC Bank (Member FDIC) has over 2,000 branches in 28 U.S. states and Washington, DC. You don't need to live in an area with a branch to open a CD online — just know that PNC CD rates vary depending on where you live, and if you're in an area without branches, your options will be more limited.
PNC Bank CD Rates Today
PNC CD rates change depending on the area. To pull the following rates, we looked at availability in the ZIP code 19103. This is a ZIP code in Philadelphia, which is a popular city for the bank.
| Term length | APY ($1 to $999.99) | APY ($1,000 to $24,999) | APY ($25,000+) |
| 1 month | 0.01% | 0.02% | 0.03% |
| 3 months | 0.01% | 0.02% | 0.03% |
| 6 months | 0.01% | 0.02% | 0.03% |
| 1 year | 0.01% | 0.02% | 0.03% |
| 18 months | 0.01% | 0.02% | 0.03% |
| 2 years | 0.01% | 0.02% | 0.03% |
| 3 years | 0.01% | 0.02% | 0.03% |
| 4 years | 0.01% | 0.02% | 0.03% |
| 5 years | 0.01% | 0.02% | 0.03% |
| 7 years | 0.01% | 0.02% | 0.03% |
| 10 years | 0.01% | 0.02% | 0.03% |
PNC Promotional CD Rates
The following rates are for a ZIP code in Los Angeles, but rates vary by region. For example, although the highest rate in Los Angeles and many other areas is on a 4-month promotional CD with $100,000 or more, some cities pay better rates on a 9-month CD.
| Term length | APY ($1 to $999.99) | APY ($1,000 to $99,999) | APY ($100,000+) |
| 4 months | 0.01% | 5.15% | 5.15% |
| 7 months | 0.01% | 4.25% | 4.25% |
| 9 months | 0.01% | 0.05% | 0.05% |
| 13 months | 0.01% | 2.00% | 2.00% |
| 19 months | 0.01% | 1.25% | 1.25% |
| 25 months | 0.01% | 1.50% | 1.50% |
| 37 months | 0.01% | 1.75% | 1.75% |
| 61 months | 0.01% | 2.00% | 2.00% |
About PNC CDs
Types of PNC CDs
The bank's regular CD is the PNC Fixed Rate CD. PNC Fixed Rate Promotional CDs work the same way as the Fixed Rate CDs, but they have different term lengths. The rates for promotional CDs are also higher than Fixed Rate CDs.
Branch Presence
PNC Bank has branches in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, DC, West Virginia, and Wisconsin.
PNC products vary depending on where you live, which may impact your decision to bank with PNC Bank.
Standard Minimum Opening Deposit
PNC's mandatory minimum deposit for CDs is $1,000, so the APYs listed for $1 to $999.99 are only relevant for CD renewals.
This is a standard opening deposit required for a CD. You might find banks with steeper CD minimum opening deposits or ones with more lenient requirements.
Early Withdrawal Penalties
PNC CDs have the following early withdrawal penalties:
- For CD terms of less than three months, the penalty is an amount equal to the interest that would have been earned on the amount withdrawn if the funds remained in the account for the entire term
- For CD terms between three months to less than one year, the penalty is an amount equal to three months of interest on the amount withdrawn
- For CD terms above one year, the penalty is an amount equal to six months of interest on the amount withdrawn
The bank's penalties are standard for short-term CDs, and low for long-term CDs. If you'd rather avoid early withdrawal charges entirely, the best no-penalty CDs may be a better fit for you. These types of CDs let you make at least one free withdrawal during a CD term.
What Influences PNC CD Earnings
PNC CDs lock in the APY (Annual Percentage Yield) until your CD matures. Ultimately, the CD you choose can impact your total interest earnings.
Finding a time when CD rates are more competitive can also make sure that you're locking in a high rate. We'll go over how market fluctuation and the Fed's actions impact CD rates, too.
Market Fluctuations and Fed Actions
If you check a bank's CD rates at different points of the year, you may notice that the rates will often change. Each bank has its own criteria for adjusting rates, but overall, CD rate trends are influenced by the Federal Reserve's actions.
One of the main responsibilities of the Federal Reserve is to manage the federal funds rate, which can affect the overall economy. When the Fed increases the federal funds rate, savers can earn more on CD rates. If the federal funds rate is cut, savers earn less on CDs.
It's anticipated that the Federal Reserve will cut rates soon, but to still have competitive rates, short-term CDs are paying more than long-term CDs. PNC promotional CDs reflect this larger CD trend — its 4-month term, for example, pays a high rate. This may also affect whether you decide to get a CD sooner rather than later.
Term Length and Minimum Opening Deposit
Choosing the right term length and opening deposit amount is also important. Longer term lengths allow you to lock in a specific rate for a longer time period, which may be beneficial when rates are dropping. However, short-term CDs are paying higher rates now.
Experts recommend choosing a CD so it aligns with your savings goals. You also want to avoid paying penalties, so only deposit what you can keep in a CD until maturity.
PNC CD Pros and Cons
PNC CD Pros
- High CD rates on certain promotional terms
- Standard opening deposit of $1,000
- Variety of CD terms
- Online CDs are available around the United States
PNC CD Cons
- Low rates on most CD terms
- Areas without branches don't have access to PNC's highest CD rates
Should You Choose a PNC CD?
PNC Bank CD rates are pretty low overall, unless you choose a promotional term that pays the highest rate — and the best promotional term depends on where you live.
If your priority is earning a high CD rate, you're better off opening a CD at one of the best online banks.
PNC CD Alternatives
Featured Nationally Available Deposit Rates
| Account Name | APY (Annual Percentage Yield) Accurate as of 7/31/2024 | Minimum Account Opening Balance |
| Western Alliance Bank High-Yield Savings Premier | 5.31% | $500 |
| Sterling Federal Bank 3 Month CD | 5.10% | $1 |
| Barclays 6 Month Online CD | 4.85% | $0 |
| SkyOne Federal Credit Union 1 Year No Penalty CD | 4.75% | $1 |
PNC CD Rates vs. Bank of America CD Rates
Bank of America has three types of CDs: regular, promotional, and no-penalty. Like PNC, Bank of America CD rates vary depending on your term length and where you live.
The main difference between the two is Bank of America still offers a no-penalty CD. The 12-month Bank of America Flexible CD pays 4.25% APY. If you want to open a no-penalty CD with large, brick-and-mortar bank, it's a good choice. The best no-penalty CDs are still at online banks, though.
PNC CD Rates vs. TD Bank CD Rates
Like PNC, TD Bank CD rates vary by location (though there seems to be more continuity with TD than with PNC).
TD Bank has four types of CDs: regular, no-penalty, a Trade Up CD (a bump-up CD that automatically raises rates at specific points in a CD term) and the Step-Rate CD (3- and 5-year CDs that increase your rate annually and let you take a penalty-free withdrawal on each anniversary). Still, CD rates are low overall unless you earn a relationship rate on certain terms. You'll earn a relationship rate by linking your CD to an eligible TD Bank checking account.
Your choice between PNC and TD Bank CDs could come down to which type of CD or term length you want to open. But the best CD rates are usually at online banks.
Why You Should Trust Us: How We Reviewed PNC Bank CDs
We used Business Insider's certificate of deposit methodology to review PNC Bank CDs. We look at the company's ethics, customer service, and mobile app ratings. Then we evaluate the CDs' interest rates, minimum opening deposits, early withdrawal penalties, and variety of CD terms.
We assign each of these seven categories a score between 0 and 5. Then we find the average and assign the CD a rating between 0 and 5.
PNC CD FAQs
Are PNC CD rates usually competitive? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.PNC promotional CDs are competitive if you're interested in short-term lengths. These terms pay much more than average CD rates. The standard CDs have low rates overall, though.
How often does PNC update its CD rates? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.PNC Bank CD rates can change at any time. CD rates are often impacted when the Fed adjusts the federal funds rate and market conditions shift.
Do PNC CDs have any unique features? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.PNC Bank has promotional CDs which have unique term lengths that you won't find at every bank. The bank's standard CDs are uniform compared to offerings from other brick-and-mortar banks.
Is it safe to invest in a PNC CD? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.PNC Bank is an FDIC-insured bank. Up to $250,000 per depositor, per account ownership category, is protected in PNC Bank CDs.
Do I need a PNC bank account to open a CD? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You don't need a PNC bank account to open a CD. New customers can apply for PNC CDs online or at a branch.
Sophia Acevedo Banking Editor Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
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