Table Of Content
Although checking, savings, and credit card accounts are what PNC Bank is most well-known for, this financial institution 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
Minimum Deposit
Terms
Fees
PNC Bank CDs
APY Range
Minimum Deposit
Terms
Fees
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 for operating a branch network, their rates are often much higher.
CD Term | APY |
|---|---|
12 Months | 0.01% – 0.03% |
13 Months (Featured) | 2.00% |
19 Months (Featured) | 1.25% |
24 Months | 0.01% – 0.03% |
25 Months (Featured) | 1.50% |
24 Months | 0.01% – 0.03% |
37 Months (Featured) | 1.75% |
36 Months | 0.01% – 0.03% |
61 Months (Featured) | 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
|
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. Although the offered rate is currently low across all terms and amounts, this could change, so it's crucial to look at all of your rate possibilities before opening an account.
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 $25.
It's crucial to keep in mind, though, that there is a monthly maintenance cost 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 | 0.01% – 2.00% | 0.01% – 0.03% |
Minimum Deposit | $1 | $25 |
Fees | $0 | $5 per month
can be waived if you have $300 average monthly balance, linked to a select checking account, $25+ auto savings transfer each month or be aged under 18
|
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
FAQs
Does PNC Bank Offer No Penalty CD Rates?
PNC does not currently have a no-penalty CD, only standard and featured CDs are available, as of March 2023.
Do PNC CDs come with a grace period?
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.
How PNC Bank CDs interest are calculated?
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.
How does the PNC early withdrawal penalty work?
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.
