A certificate of deposit (CD) can be a good option for saving money, especially if you’re looking to limit access to your funds. Many banks offer CD products, including PNC Bank, which offers a few CDs that can provide competitive rates to customers. Let’s take a look at PNC Bank CD rates, key features, and how these CDs compare to other options.
The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.
PNC Bank Fixed Rate Certificate CD Overview
|Standard Term Range||APY||Balance|
|1 to 120 months||0.01%||$1 to $999.99|
|1 to 120 months||0.02%||$1,000 to $24,999.99|
|1 to 120 months||0.03%||$25,000 and above|
PNC Bank Fixed Rate Promotional Term CD Overview
|Promotional Term Range||APY||Minimum Balance|
PNC Bank Ready Access CD Overview
|Ready Access Term Range||APY||Minimum Balance|
See the best CD rates today:
PNC Bank CDs: Key Features
|APY Range||0.01% to 3.25%|
|Term Range||1 month to 120 months|
|Early Withdrawal Penalty||From three months of interest up to the total amount earned|
About PNC Bank
PNC Bank, with headquarters in Pittsburgh, was founded in 1852. It’s a banking industry giant, with millions of customers and thousands of branches in more than two dozen states. With its size and breadth of offerings, it should appeal to people who are looking to do all their banking with a single entity.
PNC is one of the country’s largest banks, with locations in 29 different states. The easiest way to open a PNC Bank certificate of deposit is online.
Compare PNC Bank CD Rates
PNC Bank offers a variety of CDs, most with uninspiring returns. The bank offers both standard and promotional terms with varying interest rates and minimum balances, plus the Ready Access CDs, that do not charge a withdrawal penalty if you pull your funds early. For the most part, rates are underwhelming, but the 9-month promotional CD is relatively competitive, especially when compared to offerings from other big banks.
If you are looking for the best CD rates, you should probably look elsewhere.
|Bank||APY Range||Minimum Balance||Term Range|
|American Express||1.00% to 4.25%||$0||1 year to 5 years|
|Bank of America||0.03% to 4.20%||$1,000||28 days to 10 years|
|Chase Bank||0.02% to 4.00%||$0||1 month to 10 years|
What Are the Benefits of a CD Account?
A certificate of deposit account can provide a higher interest rate than a standard savings account. However, it also limits your access to the funds and will charge a penalty for early withdrawal, so it's best to open one only when you’re sure you can keep it until maturity.
What Are the Downsides of CDs?
CDs can provide good returns on your funds, but usually, you'll have limited access to your money during the CD term. However, CDs aren’t your only choice. High-yield savings accounts can provide similar interest rates while maintaining flexibility, while stocks and bonds can offer higher interest rates.
Do You Pay Taxes on CDs?
The interest earned on a certificate of deposit is taxable by the IRS. It’s taxed as regular income, which means it’s taxed at the same rate as your income from wages.
Are CDs Ever Risky?
Certificates of deposit tend to be less risky than other investment vehicles for a few different reasons. If you bank with an FDIC-insured bank, your CD is insured up to $250,000. Fixed rate CDs also guarantee a specific return on your deposit, so you’ll always come out positive compared to riskier methods such as purchasing stocks.
PNC Bank. “Account Agreement for Personal Certificates of Deposit, Retirement Accounts, and Coverdell Education Savings Accounts: Certificates of Deposit and Money Markets.”
PNC Bank. "Browse PNC Branches by State."
American Express. "Lock in Your Fixed Rate, and Watch Your Money Grow With a Certificate of Deposit (CD)."
Bank of America. "Help Grow Your Savings With a CD."
Chase. "Lock in a CD Relationship Rate Today."