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PNC Bank offers Fixed Rate CDs (certificates of deposit) in numerous terms, ranging from seven days to 10 years. You may need to visit a branch to open some CD terms. To open a different term, you’ll need to visit a branch. PNC Bank displays rates for 19 Fixed Rate CD terms on its website, including eight promotional terms, which we detail here.
Below is an overview of the PNC Fixed Rate Certificates of Deposit and the PNC Fixed Rate Promotional CDs. Notably, the bank’s CD rates vary by location. For the purposes of this article, we refer to the bank’s CD rates within the New York ZIP code of 10001. The rates shown are for CDs with opening deposits of between $1,000 and $24,999.99. Rates are accurate as of June 4, 2024.
| CD Term | APY | Minimum Deposit |
|---|---|---|
| 1 Month | 0.02% | $1,000 |
| 3 Months | 0.02% | $1,000 |
| 4 Months (Promotional) | 5.05% | $1,000 |
| 6 Months | 0.02% | $1,000 |
| 7 Months (Promotional) | 4.25% | $1,000 |
| 9 Months (Promotional) | 0.05% | $1,000 |
| 12 Months | 0.02% | $1,000 |
| 13 Months (Promotional) | 2.00% | $1,000 |
| 18 Months | 0.02% | $1,000 |
| 19 Months (Promotional) | 1.25% | $1,000 |
| 24 Months | 0.02% | $1,000 |
| 25 Months (Promotional) | 1.50% | $1,000 |
| 36 Months | 0.02% | $1,000 |
| 37 Months (Promotional) | 1.75% | $1,000 |
| 48 Months | 0.02% | $1,000 |
| 60 Months | 0.02% | $1,000 |
| 61 Months (Promotional) | 2.00% | $1,000 |
| 84 Months | 0.02% | $1,000 |
| 120 Months | 0.02% | $1,000 |
With an opening balance of $25,000 or more, the rate on all nonpromotional CD terms increases to 0.03%.
Overview of PNC Bank CDs
Fixed Rate CDs at PNC Bank require an opening deposit of $1,000, which is comparable to opening balance requirements from other large national banks. Yet there are other online banks that pay substantially higher rates with lower opening deposit requirements.
Interest on all PNC Bank Fixed Rate CDs is compounded monthly and credited to your account monthly. You can choose to have interest paid by check or credit to a PNC Bank account on a monthly, quarterly or semi-annual basis. If you want your interest payments to be disbursed monthly by check, you’ll need to have a CD with a minimum balance of $5,000 or more. Just keep in mind that you’ll earn less on your principal balance if you withdraw your interest before the maturity date.
PNC Bank also offers Ready Access CDs in terms of three months and 12 months. These CDs offer a fixed rate and the ability to access funds any time after the first seven calendar days without early withdrawal penalties. But you can’t make partial withdrawals. To open a Ready Access CD, you must visit a PNC branch.
| Overview of PNC Bank Fixed Rate CDs | ||
|---|---|---|
| Grace Period for Penalty-Free Withdrawal After Maturity | 1 day for CDs up to 31 days, 10 days for CDs more than 31 days | |
| Minimum Deposit | $1,000 | |
| Term Lengths | 7 days to 10 years | |
| Compounding Schedule | Monthly | |
| Early Withdrawal Penalty | • Terms less than 3 months: Interest equal to the amount of interest the amount withdrawn would have earned through maturity • Terms of 3 months to less than 1 year: 3 months’ interest on the amount withdrawn • Terms of 1 year or more: 6 months’ interest on the amount withdrawn | |
How Much Can You Earn With PNC Bank’s CD Rates?
PNC Bank’s rates on its Fixed Rate CDs are well below market averages, so don‘t expect to earn a big return on your investment.
Find out what you can earn with PNC Bank’s Fixed Rate CDs using our CD calculator:
How PNC Bank’s CDs Compare
Rates on PNC Bank’s Fixed Rate CDs are drastically below the best CD rates on the market. PNC Bank’s CD rates are also significantly lower than the average national CD rates. For example, the average one-year CD currently earns 1.80% as of May 20, 2024, according to data from the FDIC, while the same term from PNC fetches just 0.02% APY. Investors can earn considerably more interest on their savings at other banks and credit unions.
This is a good reminder that, before opening a CD, it pays to compare rates from several different banks and credit unions. Comparison shopping can help you earn the highest possible interest on your funds for the dollar amount you wish to invest.
About PNC Bank
PNC Bank, National Association, part of The PNC Financial Services Group, Inc., is the seventh largest bank by assets in the U.S. It offers a wide array of services, including consumer banking, small business banking and financial services for corporate and institutional clients. Its retail banking arm services more than 9 million customers with branches in 25 states and Washington D.C. The bank’s full-service capabilities can address a broad range of needs, from deposit accounts like CDs, checking and savings to mortgages and credit cards.
Frequently Asked Questions (FAQs)
Do all CDs charge an early withdrawal penalty?
Most traditional CDs have early withdrawal penalties. Some banks offer special CDs without these penalties—called no-penalty CDs—but investors often trade withdrawal flexibility for a lower interest rate.
What do you need to consider before opening a CD?
APY may be the main factor in play when you’re shopping for a CD, but there are other things to keep in mind. Compounding schedules, minimum deposit requirements and early withdrawal penalties all play a role in choosing the CD that’s best for your financial needs. Before opening a CD, consider your liquidity needs and do your research on available terms and rates.
Are there different types of CDs?
Most banks offer a variety of different CD types. However, the most common type of CD is a fixed-rate CD. Other CD types include bump-up, step-up, no-penalty and add-on CDs.
Is PNC Bank FDIC insured?
Yes, PNC Bank is a member of the FDIC (FDIC #6384) and its CDs are FDIC insured up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
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