Business Insider's personal finance team compared PNC CD rates to the best CD rates and found them to be a standard offering. Its promotional CDs can offer good rates depending on where you live, but all of its fixed-rate CDs offer lower-than-average rates. It also doesn't offer any specialty CDs outside of IRA CDs.
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.
Current PNC Bank CD Rates
PNC Fixed-Term CD Rates
PNC Fixed-Term CD rates range from 0.01% to 0.03% APY. Its fixed-term CDs offer much lower rates than its promotional CDs.
To pull these rates, we looked at availability in the ZIP code 19103, as the exact rate you get will depend on where you live. This is a ZIP code in Philadelphia, which is a popular city for the bank.
PNC Bank offers IRA CD versions of both its fixed-term CDs and its promotional CDs. An IRA CD is a type of retirement account. The main difference between standard PNC Bank fixed-term CDs and IRA PNC Bank fixed-term CDs is that its IRA CDs don't offer 1-month CD and 3-month CD term lengths.
| 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
PNC promotional CD rates range from 0.01% to 4.15% (vary by location) APY, and they generally offer much better rates than the bank's fixed-term CDs.
The following tiered rates are for a ZIP code in Philadelphia, but rates vary by region. For example, although the highest rate in Philadelphia and many other areas is on a 4-month promotional CD, some cities pay better rates on a 9-month CD.
PNC offers IRA CD versions of its promotional CDs. Their term lengths and interest rates are largely the same, except that its IRA promotional CDs have a 17-month term instead of a 19-month term. The 17-month IRA term and the 19-month standard term have the same interest rate.
At renewal, PNC promotional CDs will automatically renew into whatever fixed-rate CDs are closest to your current CD term without going over your current CD term. These CDs generally offer much lower rates; if you don't want to renew into them, you'll need to contact the bank ahead of or at CD maturity.
| Term length | APY ($1 to $999.99) | APY ($1,000 to $99,999) | APY ($100,000+) |
| 4 months | 0.01% | 4.15% | 4.15% |
| 7 months | 0.01% | 3.80% | 3.80% |
| 9 months | 0.01% | 0.05% | 0.05% |
| 13 months | 0.01% | 2.00% | 2.00% |
| 19 months | 0.01% | 2.10% | 2.10% |
| 25 months | 0.01% | 2.20% | 2.20% |
| 37 months | 0.01% | 2.40% | 2.40% |
| 61 months | 0.01% | 2.60% | 2.60% |
Overview of PNC Bank CDs
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.
If you live in a state with a PNC Bank branch and prefer to bank in person, opening a promotional CD can be a good way to get a high rate while still getting customer support at a physical branch.
PNC CD Rates Pros and Cons
PNC CD Pros
- High CD rates on certain promotional terms
- Variety of CD terms
- Online CDs are available around the United States
PNC CD Cons
- Low rates on most CD terms
- Standard opening deposit of $1,000
- Areas without branches don't have access to PNC's highest CD rates
PNC CD Alternatives
PNC CD vs. Bank of America CD
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. Using a New York zip code, we found that Bank of America Featured CDs had interest rates ranging from 0.11% to 3.80% (vary by location) APY.
The main difference between the two is Bank of America offers a no-penalty CD. The 12-month Bank of America Flexible CD pays 3.25% 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 vs. TD Bank CD
Like PNC, TD Bank CD rates vary by location (though there seems to be more continuity with TD than with PNC). Using a New York City zipcode, we found TD Bank Choice Promotional CD interest rates ranged from 1.00% to 4.00% APY.
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.
About PNC CDs
PNC Bank 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.
PNC CD 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 initial deposit required for a CD. You might find banks with steeper CD minimum opening deposits or ones with more lenient requirements.
PNC CD 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 Earnings Strategies
PNC CD Interest Compounding
Like many CDs, PNC CDs allow you to deposit the interest you earn in your CD outside of the CD account. You can choose to have the interest you earn in a PNC CD credited monthly, quarterly, semiannually, or annually to another PNC account, such as a checking account. You can also choose to have it paid to you by check.
However, if you're hoping to earn the highest interest rate you can on your funds, you'll probably want to have the interest deposited back in your CD account. This will allow for interest compounding, which means that you'll earn additional interest on the interest you put in your account. Compounding can build up over time, so you'll especially want to deposit interest back in your CD if you have a long-term CD, such as a 5-year CD. PNC CD interest compounds monthly.
If you want to see how much money you could earn by allowing your PNC CD to compound, you could use a savings tool like a compound interest calculator.
PNC CD Laddering
If you're worried about the lack of liquidity that comes with a CD, CD laddering can help. A CD ladder is a strategy where you open multiple CDs with different term lengths using your money instead of just one
For example, if you're interested in opening a 1-year CD with $60,000, you would instead open a 6-month CD, a 1-year CD, and an 18-month CD with $20,000 apiece. This way, you get access to some of your funds earlier in case of an emergency, but you're still locked into a strong interest rate for longer than you were originally.
CD ladders don't need to be made up of CDs exclusively from the same bank. Since most of PNC's CDs offer low rates, opening a CD ladder partially made out of PNC Bank CDs will allow you to pick and choose the best promotional PNC CD rates while simultaneously earning high rates with other banks or credit unions.
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, security, customer service, and mobile app ratings. Then we evaluate the CDs' interest rates, minimum opening deposits, early withdrawal penalties, miscellaneous features, and variety of CD terms.
We assign each of these categories a score between 0 and 5. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Bank accounts are on a scale of one to five stars, with a one-star rating indicating a low score and a five-star rating indicating a high score.
PNC CD Rates FAQs
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.
PNC CD rates are 0.01% to 4.15% (vary by location)APY.
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.
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.
PNC Bank is an FDIC-insured bank. Up to $250,000 per depositor, per account ownership category, is protected in PNC Bank CDs.
You don't need a PNC bank account to open a CD. New customers can apply for PNC CDs online or at a branch.
