PNC Bank CD rates July 2024
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Updated 5:44 a.m. UTC July 12, 2024
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PNC Bank certificates of deposit (CDs) offer a wide variety of terms, ranging all the way up to 10 years, which gives you several 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.
Annual percentage yields (APYs) and account details are accurate as of July 9, 2024. Rates reflect the zip code 33966.
Overview of PNC Bank CDs
PNC Bank offers two types of fixed-rate CDs, which can be used for regular or retirement savings.
PNC Fixed Rate certificates of deposit require a minimum opening deposit of $1,000. Terms are flexible, lasting as briefly as one month and extending to 10 years. Within these term options, there are both standard and promotional rates.
PNC’s standard CD rates aren’t worth your time, with paltry yields ranging between 0.01% to 0.03% APY. In contrast, the PNC Promotional CDs are competitive, with the best yield of 0.01% to 5.15% on its four-month CD.
Other promotional CD terms include: seven, nine, 13, 19, 25, 37 and 61 months.
For competitive rates on more common terms, check out our top CD picks
The PNC Fixed Rate IRA certificates of deposit have different and fewer term options. But 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 six months and 10 years, and can add a low-risk option to your retirement portfolio. Stick to promotional rates for the highest yields.
| OVERVIEW | |
|---|---|
Minimum deposit
| $1,000 ($250 for IRA CDs)
|
Term lengths
| 1, 3, 4, 6, 7, 9, 12, 13, 18, 19, 24, 25, 36, 37, 48, 60, 61, 84 and 120 months
|
Compounding schedule
| Monthly
|
Early withdrawals penalty
| CDs with terms less than three months are charged the amount of interest that could have been earned had the funds withdrawn remained on deposit until maturity
CDs shorter than one year will be charged three months’ interest on the amount withdrawn
For terms over a year, you will be charged six months’ interest
|
Grace period for penalty-free withdrawals after maturity
| One day for CDs with terms 31 days or less
10 days for CDs with terms greater than 31 days
|
Note that when promotional CDs are renewed they are renewed at the closest non-promotional CD, with the term rounded down. For example, a nine-month promotional CD will renew to a six-month fixed rate CD.
How PNC Bank CD rates compare
Barring a few promotional terms, the yields on most of PNC’s CDs are not competitive. The 3-month CD earns 0.01% to 0.03% APY — while the national average for the same term is 1.53% APY as of July 15, 2024, according to data from the Federal Deposit Insurance Corporation (FDIC).
It‘s worth comparing other bank and credit union CDs to ensure you get the best option. See rates for Sallie Mae certificates of deposit, Synchrony Bank certificates of deposit and Bank of America Featured CDs below.
| TERM | PNC BANK PROMOTIONAL CD RATES (APY) | SALLIE MAE CD RATES (APY) | SYNCHRONY BANK CD RATES (APY) | BANK OF AMERICA FEATURED CD RATES (APY) |
|---|---|---|---|---|
6 months
| (7 months)
| 4.80%
| 4.80%
| 5.00%
(7 months)
|
12 months
| (13 months)
| 5.15%
| 4.80%
| 4.90%
(13 months)
|
24 months
| (25 months)
| 4.50%
| 4.20%
| 3.00%
(25 months)
|
How to open a PNC Bank CD
There’s no direct online application to fill out. Instead, you must schedule a virtual appointment or visit a local branch. There are over 2,300 branch locations across 29 states in the U.S. but you can apply for a CD through an online appointment.
Come prepared knowing how you’ll fund 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 savings opportunities beyond CDs.
The PNC Premier Money Market Account allows you to earn a yield and still have access to your funds with a debit card and checks. However, it requires jumping through a few hoops to qualify for the top yield of 4.00% for your first 12 months and rates vary depending on location, relationship and account balance.
A high-yield savings account may suit your needs better. Top-of-the-market rates exceed 4%. However, you may need to go beyond this bank to get one. The PNC High Yield Savings® account is available only in select areas.
Quick tip: You should have at least three months’ worth of expenses saved in a liquid account for a rainy day.
The downside of getting a money market or savings account over a CD is that their yields aren’t fixed for a particular period. They can change should the rate environment shift. The tradeoff of this is liquidity: You can withdraw and deposit money throughout the month without paying a fee.
Frequently asked questions (FAQs)
Yes, the minimum opening deposit for PNC Fixed Rate certificates of deposit is $1,000. You may need a higher balance to access higher yields for some CDs.
PNC Fixed Rate IRA certificates of deposit can be opened with as little as $250.
PNC Bank branches are located in 29 states only. However, any U.S. citizen can apply to open an online account.
Yes, online banking is available at PNC Bank. However, 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 want to lock in your funds for a short time, consider a shorter option, like a three-month CD. If you have plenty of cash savings and want to lock in a higher rate for an extended period, 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 withdraw some of your funds if needed.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
