Banking » Reviews » PNC Bank CD Rates, February 2024
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PNC Bank CD Rates, July 2024

PNC bank CDs are not competitive compared to other traditional banks. Here are the rates, interest earned and early withdrawal penalty
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

Although checking, savings, and credit card accounts are what PNC Bank is most well-known for, it also provides CDs.

Unfortunately, the CD rates offered by PNC Bank are not particularly enticing, as is pretty common with traditional banks. To assist you decide if these things are the best choice for you, we'll go through these items in more detail here.

PNC Bank CDs

APY Range

5.05%

Minimum Deposit

$1

Terms

1 month – 10 years

Our Rating

3
3/5

PNC Bank CDs

APY Range

5.05%

Minimum Deposit

$1

Terms

1 month – 10 years

Our Rating

3.5
3.5/5

PNC CD Rates

The CD rates offered by PNC are comparable and even lower than those offered by other conventional banks. Overall, unless you're willing to deposit sizable amounts into your new CD, most traditional banks won't provide you with the best rates.

Since online banks don't have to pay to operate a branch network, their rates are often much higher. So if you're looking for the best cd rates today, you may want to look elsewhere. 

CD Term
APY
7 Months (Featured)
0.01% – 0.05%
12 Months
0.01% – 0.03%
13 Months (Featured)
0.01% – 0.05%
19 Months (Featured)
0.01% – 1.25%
24 Months
0.01% – 0.03%
25 Months (Featured)
0.01% – 1.50%
24 Months
0.01% – 0.03%
37 Months (Featured)
0.01% – 1.75%
36 Months
0.01% – 0.03%
61 Months (Featured)
0.01% – 2.00%

How Much Can You Earn If You Deposit $100,000 Today?

If you put $100,000 into a PNC Bank CD, the anticipated earnings (before taxes), assuming interest compounds everyday and there is no early withdrawal fee, are as follows:

CD Term
Interest Earned
12 Months
$10 – $30
13 Months (Featured)
$3,921
19 Months (Featured)
$1,971
24 Months
$20 – $59
25 Months (Featured)
$3,130
37 Months (Featured)
$5,466
36 Months
$30 – $89
61 Months (Featured)
$10,547
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How PNC CDs Work

Currently, PNC Bank offers three different CD product kinds.

With periods ranging from 1 month to 10 years, it offers standard fixed-term CDs. The minimum balance required is $1, but the rates are based on both your initial deposit and term. 

Additionally, PNC Bank offers its promotional CDs, which offer higher rates than PNC fixed-rate CDs. There are seven term options, ranging from 7 months to 61 months. When it comes to the early withdrawal penalty, if the term is between 3 months to 12 months, the penalty will be 3 months of interest. If the term is one year or above, the penalty will be 6 months of interest.

CD Term
Early Withdrawal Penalty
12 Months
6 months of interest
13 Months (Featured)
6 months of interest
19 Months (Featured)
6 months of interest
24 Months
6 months of interest
25 Months (Featured)
6 months of interest
37 Months (Featured)
6 months of interest
36 Months
6 months of interest
61 Months (Featured)
6 months of interest

PNC Bank CD Rates vs Savings Rates

The rates on PNC Bank savings accounts are often lower than the rates on its featured CDs, especially short-term CDs.  However, if you live in California, New Mexico, Colorado, Texas, Arizona, and West Virginia, the rates are higher for savings products.

The fundamental justification for this is that there are no limitations on how you can access your money. Anytime without a penalty for interest, you may withdraw money. Additionally, the PNC savings account's initial balance minimum is much lower at $0.

It's crucial to remember, though, that a monthly maintenance cost is associated with the PNC Bank savings account. If you keep a daily amount of $300 or more, link your PNC checking account, and this may be waived. For those who are under 18 or who are students, the fees are also waived.

CDs
Savings
APY
5.05%
4.65% The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
Minimum Deposit
$1
$0
Fees
$0
$0

About PNC Bank

PNC Bank is a financial institution that offers a range of financial products and services, including checking and savings accounts, credit cards, loans, mortgages, and investment products. You can open a PNC account online or at the branch.

PNC Bank is based in Pittsburgh, Pennsylvania, and operates in 19 states and the District of Columbia. Here's our PNC bank review for 2024.

FAQs

PNC does not currently have a no-penalty CD, only standard and featured CDs are available, as of July 2024.

Overall, the rates are low. For example, if you're looking for the 2-year CD, PNC offers  0.01% – 0.03% APY while you can get over 4% APY with other banks, according to our best 2-year CD rates list.

Yes, PNC Bank CDs typically come with a grace period, which varies according to the CD term: 1 day for CDs up to 31 days, 10 days for CDs more than 31 days.

A grace period is a specified time period after the maturity date during which you can withdraw your funds without facing an early withdrawal penalty.

All PNC Bank Fixed Rate CDs have monthly compounded interest that is credited to your account. The interest rate for your CD is fixed for the term of the account and is based on the amount you deposit and the length of the term. 

If you need to make a withdrawal before your CD matures, you’ll pay a penalty calculated at a number of days of interest. The number of days depends on the CD term from 7 to 365 days with shorter term CDs incurring a lower early withdrawal penalty.

For example, a CD with a term of 60 days, the early withdrawal penalty is seven days of interest, but a 60 month CD has a 365 day interest penalty. This penalty relates to the term length of the CD not the remaining number of days before maturity.

How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

Compare CD Rates

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Savings Rate: 4.50% APY

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CD Rate: 5.00% – 5.20% APY
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