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PNC Bank CD Rates: January 2025

5 days ago
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Learn how much you can earn with a PNC Bank certificate of deposit

Fact checked by Michael Rosenston

Hero Images Inc / Getty Images

Hero Images Inc / Getty Images

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 of up to 4.3% to customers.

Let’s take a look at PNC Bank CD rates, key features, and how these CDs compare to some of the best CD options.

Important

PNC’s CD rates may vary by location, and the rates listed below may not be available in all zip codes. The APYs listed below use NYC ZIP code 10001.

PNC Bank Fixed Rate Certificate CD Overview

PNC Bank Fixed Rate Promotional Term CD Overview

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. For the most part, rates are underwhelming, but some terms may be 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.

PNC Bank CD Key Features

Pros and Cons of PNC Bank CDs

Pros

  • Low minimum balance requirement

  • Range of terms

Cons

  • May find higher rates elsewhere

  • Early withdrawal penalty

Pros Explained

  • Low minimum balance requirement: You can put down as little as $1 to open a PNC Bank CD, which is low compared to most other CDs.
  • Range of terms: You can find CD terms of up to 120 months, which can help you meet different financial goals.

Cons Explained

  • May find higher rates elsewhere: PNC Bank does offer competitive rates on its CDs, but by shopping around you may be able to find even higher rates.
  • Early withdrawal penalty: Like many CDs, PNC Bank CDs have an early withdrawal penalty. It is three months’ worth 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.

Note

PNC is one of the country’s largest banks, with locations in 28 different states. The easiest way to open a PNC Bank certificate of deposit is online.

Alternatives to PNC Bank CDs

  • Credit unions: You must become a member of a credit union, but these not-for-profit financial institutions often offer higher rates on savings accounts than local banks. See the best savings account rates available today, many of which are provided by credit unions.
  • Online banks: Online banks may offer easier-to-meet deposit requirements to earn higher interest rates. Take a look at the best banks for savings accounts for more information.
  • Investment brokerages: You could potentially earn more money by investing with a brokerage, but you’ll also have a higher potential for losses as well. 
  • U.S. Treasuries: You may be able to earn more than savings accounts offer with a Treasury bill or bond, but without as much risk as some other investments.

Frequently Asked Questions (FAQs)

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. 

Your Guide to CDs

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