PNC Bank CD rates May 2024

PNC Bank certificates of deposit (CDs) offer a variety of terms, ranging from just 7 days all the way up to 10 years, which gives you a number of 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.

Note: Annual percentage yields (APYs) and account details are accurate as of April 10, 2024. Rates reflect the zip code 15222.

Overview of  PNC Bank CDs

PNC Bank offers three types of CDs:

• PNC Fixed Rate certificates of deposit from PNC require a minimum opening deposit of $1,000. Terms are flexible, lasting as briefly as 7 days or extending all the way to 10 years. Within these term options, there are both standard and promotional rates. PNC’s standard CD rates are low, ranging between just 0.01% to 0.03% APY depending on the size of your balance. The rates for the PNC Promotional CDs are higher, with the best promotional term for the lowest deposit amount being its four-month CD that earns from 0.01% to 5.05% APY (depending on account balance) with just $1,000 to open. You’ll need to look elsewhere to find competitive one-year CDs.
• PNC Fixed Rate IRA certificates of deposit help with tax-advantaged retirement planning. 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 6 months and 10 years, and can add a low-risk option to your retirement portfolio. Like the Fixed Rate CDs, PNC’s IRA CDs come with moderate savings rates. The best promotional rate on the PNC Fixed Rate IRA Promotional CDs is a seven-month CD that earns from 0.01% to 4.25% APY. The higher rate applies to balances of $1,000 or more.

OVERVIEW
Minimum deposit	$1,000 ($250 for IRA CD)
Term lengths	7 days, 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Early withdrawals penalty	CDs with terms less than 1 year will be charged 3 months’ interest on the amount withdrawn. Terms over 1 year will be charged 6 months’ interest
Grace period for penalty-free withdrawals after maturity	1 day for CDs with terms 31 days or less and 30 days for CDs with terms greater than 31 days.

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Note that when promotional CDs are renewed they are renewed at the closest non-promotional CD, with the term rounded down. For example, a 9-month promotional CD will renew to a 6-month fixed rate CD.  

How PNC Bank CD rates compare

PNC Bank’s Fixed Rate CDs are generally lower than the best CD rates available today. For instance, Bread Savings certificates of deposit has a 5.25% APY on its 12-month CD, while PNC’s promotional 13-month CD only earns from 0.01% to 2.00% APY (depending on account balance).

PNC Bank’s 3-month CD earns from 0.01% to 0.03% APY while the national average rate as of May 20, 2024 for the same term is a 1.53% APY. Fidelity certificates of deposit boosts that number with its 3-month CD rates topping out at a 5.35% APY. On the longer end of the spectrum, Discover® Bank offers a 3.75% APY on their 10-year CD, while PNC’s only offers from 0.01% to 0.03% APY.

It may be worth comparing other bank and credit union CDs to make sure you get the best option out there. See rates for Sallie Mae certificates of deposit, Synchrony Bank certificates of deposit and Bank of America Featured CDs below.

TERM	PNC BANK FIXED RATE CD PROMOTIONAL RATES	SALLIE MAE CD RATES	SYNCHRONY BANK CD RATES	BANK OF AMERICA FEATURED CD RATES
6 months	0.01% to 4.25% APY (7 months)	4.80% APY	4.80% APY	4.75% APY (7 months)*
12 months	0.01% to 2.00% APY (13 months)	4.95% APY	4.80% APY	4.75% APY (13 months)*
24 months	0.01% to 1.50% APY (25 months)	4.50% APY	4.20% APY	3.00% APY (25 months)*

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^{*Rates may differ depending on location. These rates were found using the ZIP code 33966.}

How to open a PNC Bank CD

There’s no direct online application to fill out for a PNC Bank CD. Instead, you’ll either need to schedule a virtual appointment or visit a local branch. There are over 2,600 branch locations across 29 states in the U.S. but any U.S. citizen can apply for a CD through an online appointment. 

Come prepared knowing how you’ll be funding 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 additional savings opportunities beyond CDs. One option is the PNC Premier Money Market Account. Qualify for the best rates when you have other accounts with PNC. However, it takes an account balance of $100,000 or more to qualify for the highest relationship rate. Note that this can change depending on your location.

Another option in some markets is its high-yield savings account, (PNC High Yield Savings®) which earns a 4.65% APY (only available in select areas). However, savings yields aren’t fixed for a particular period of time, and therefore could change should the rate environment shift.

A benefit of a money market or savings account, though, is liquidity: Your money is not locked in for any amount of time. You can withdraw and deposit money throughout the month without paying a fee.

Frequently asked questions (FAQs)