PNC Bank certificates of deposit (CDs) offer a variety of terms, ranging from just 7 days all the way up to 10 years, which gives you a number of options when deciding how you want to structure your savings. Most of the rates offered, though, are less than what you can find from other financial institutions.
Note: Annual percentage yields (APYs) and account details are accurate as of December 19, 2023. Rates reflect the zip code 15222.
Overview of PNC Bank CDs
PNC Bank offers three types of CDs:
- Fixed Rate CDs from PNC require a minimum opening deposit of $1,000. Terms are flexible, lasting as briefly as 7 days or extending all the way to 10 years. Within these term options, there are both standard and promotional rates. PNC’s standard CD rates are low, ranging between just 0.01% to 0.03% APY depending on the size of your balance. The promotional rates are higher, with the best promotional term for the lowest deposit amount being its 7-month CD that earns a 4.75% APY with just $1,000 to open. You’ll need to look elsewhere to find competitive one-year CDs.
- Ready Access CDs have two terms, three months and 12 months that earn a 0.01% and 0.02% APY respectively. These CDs allow for penalty-free withdrawals after the first 7 days.
- PNC’s Fixed Rate IRA CDs help with tax-advantaged retirement planning. Contributions are tax-deferred, meaning you could qualify for a tax break this year and not owe any income tax on the account until it’s time to make withdrawals. Terms last between 6 months and 10 years, and can add a low-risk option to your retirement portfolio. Like the Fixed Rate CDs, PNC’s IRA CDs come with moderate savings rates. The best promotional rate is a 7-month CD that earns a 4.75% APY on balances of $1,000 or more.
Note that when promotional CDs are renewed they are renewed at the closest non-promotional CD, with the term rounded down. For example, a 9-month promotional CD will renew to a 6-month fixed rate CD.
How much can you earn with PNC CDs
Here is how much you can earn from each CD with a $10,000 balance during the given term of the CD.
How PNC Bank CD rates compare
PNC Bank’s Fixed Rate CDs are generally lower than the best CD rates available today. For instance, Sallie Mae Bank offers a 5.50% APY on its 12-month CD, while PNC’s promotional 13-month CD only earns a 2.00% APY.
PNC Bank’s 3-month CD earns up to a 0.03% APY while the national average rate as of December 18, 2023 for the same term is a 1.64% APY. Fidelity boosts that number with their 3-month CD rates topping out at a 5.30% APY. On the longer end of the spectrum, Discover offers a 3.80% APY on their 10-year CD, while PNC’s only reach up to a 0.03% APY.
It may be worth comparing other bank and credit union CDs to make sure you get the best option out there.
How to open a PNC Bank CD
There’s no direct online application to fill out for a PNC Bank CD. Instead, you’ll either need to schedule a virtual appointment or visit a local branch. There are over 2,600 branch locations across 29 states in the U.S. but any U.S. citizen can apply for a CD through an online appointment.
Come prepared knowing how you’ll be funding your new CD and have that account information ready. You may also need a government-issued ID and your social security number.
Alternatives to CDs at PNC Bank
PNC offers additional savings opportunities beyond CDs. One option is the Premiere Money Market account. Qualify for the best rates when you have other accounts with PNC. However, it takes an account balance of $100,000 or more to qualify for the highest relationship rate, which is a 1.25% APY. Note that this can change depending on your location.
Another option in some markets is its high-yield savings account, which earns a 4.65% APY (only available in select areas). However, savings yields aren’t fixed for a particular period of time, and therefore could change should the rate environment shift.
A benefit of a money market or savings account, though, is liquidity: Your money is not locked in for any amount of time. You can withdraw and deposit money throughout the month without paying a fee.
Frequently asked questions (FAQs)
Yes, the minimum opening balance on PNC Bank CDs is $1,000. You may need a higher amount to access different tiers of interest rates for some CDs.
IRA CDs can be opened with as little as $250.
PNC Bank branches are only located in 29 states. However, any U.S. citizen can apply to open an online account.
Yes, online banking is available at PNC Bank. In order to open certain account types (including CDs), you may need to schedule an appointment, either virtually or in a physical branch.
It depends on your plans for the money. If you don’t want to lock in your funds for too long, consider a shorter option, like a 3-month CD. If you have plenty of cash savings and want to lock in a higher rate for an extended period of time, opt for a lengthier CD.
Another option is to create a CD ladder that spreads your savings across multiple CDs. The maturity dates are staggered so you frequently have the ability to pull out some of your funds if needed.
