PNC Bank CD Rates for October 2024
Written by
Caitlyn Moorhead
Edited by
Emily Gadd
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Finding the right financial product for you at an online bank, traditional bank or credit union can be overwhelming, especially when there are no shortages of options. Whether you are in the market for a high-yield savings account, money market account or want to open a CD account, there is a bit of research you should do to make sure you find the right fit for your finances, and the best bank account to help you reach your long-term savings goals.
Overview of PNC Bank CDs
When you compare PNC Bank CD rates, you’ll notice that there are three tiers for APYs. Though these rates are fixed throughout the term length of the CD, the more you put into the CD, the higher the APY will be. Here is a breakdown of the rates for PNC’s standard fixed-rate CDs:
- Balance of $1 to $999.99: APY
- Balance of $1,000 to $24,999.99: APY
- Balance of $25,000 or more: APY
Below is a closer look at the details of PNC Bank CDs:
| Features | Key Details |
|---|---|
| Minimum deposit | – $1,000 for fixed-rate CDs – $250 for fixed-rate IRA CDs – $1-$999.99 tier is for customers who are renewing their account |
| Term lengths | Seven days to 10 years |
| Compounding frequency | Monthly |
| Early withdrawal penalties | – For terms of less than three months, you’ll be charged the equivalent of how much interest could have been earned to reach maturity. – For terms of three months to less than one year, the penalty is equal to three months’ worth of interest. – For terms of a year or longer, the penalty is equal to six months’ worth of interest. |
| Grace period after maturity for penalty-free withdrawal | – For terms of 31 days or less, the grace period is one day. – For terms of more than 31 days, the grace period is 10 days. |
PNC CD Rates: Standard CDs
PNC CD terms range from seven days to 10 years and have a tiered annual percentage yield system. Each of these in this wide range is a fixed-rate CD. When opening a CD at PNC, you get higher rates the more money you deposit into the account. PNC also offers Fixed Rate IRA CDs, which can help with tax-advantaged retirement planning.
The table below shows standard fixed-rate CD terms that are available and the APY range depending on how much money you have deposited into your CD account.
| CD Term Length | APY |
|---|---|
| 1-month CD | – |
| 3-month CD | – |
| 6-month CD | – |
| 12-month CD | – |
| 18-month CD | – |
| 24-month CD | – |
| 36-month CD | – |
| 48-month CD | – |
| 60-month CD | – |
| 84-month CD | – |
| 120-month CD | – |
Thanks!
PNC CD Rates: Promotional CDs
Aside from the array of standard fixed-rate CDs PNC offers, it also has several promotional terms from which to choose. PNC Bank offers a variety of fixed-rate and different types of CDs with promotional terms currently ranging between four months and 61 months.
This means that at the end of your promotional term period, your CD account will automatically convert to the standard CD term that is closest to but not greater than the original CD term. Your CD rate will change to the rate applicable as found in the standard CD terms. Keep in mind that these promotional CD terms are subject to change, and interest rates may vary by location.
| CD Term Length | APY |
|---|---|
| 4-month CD | – |
| 7-month CD | – |
| 9-month CD | – |
| 13-month CD | – |
| 19-month CD | – |
| 25-month CD | – |
| 37-month CD | – |
| 61-month CD | – |
How Much You Could Earn With PNC CDs
As you explore your CD options with PNC Bank and other financial institutions, it’s useful to understand how much you could earn through a particular CD. Of course, the amount varies based on the CD term you select, the APY attached and how much money you tuck away.
The table below highlights what you could earn through PNC Bank’s CDs with various deposit amounts:
| CD Account | $1,000 Deposit | $25,000 Deposit |
|---|---|---|
| 4-month Promotional | $15.59 | $389.73 |
| 7-month Promotional | $24.58 | $614.41 |
| 12-month Standard | $0.30 | $7.50 |
| 13-month Promotional | $21.68 | $542.12 |
| 36-month Standard | $0.90 | $22.51 |
| 37-month Promotional | $54.95 | $1,373.70 |
| 120-month Standard | $3.00 | $75.10 |
How PNC CDs Compare
Here’s a comparison of PNC CD APYs with the annual percentage yields offered by other financial institutions.
| Bank or Brokerage | 6-Month | 9-Month | 12-Month | 24-Month | 36-Month | 48-Month | 60-Month |
|---|---|---|---|---|---|---|---|
| Discover® Bank, Member FDIC | |||||||
| Bank of America, Member FDIC | |||||||
| Fidelity |
How To Open a PNC CD
Opening a CD at PNC Bank is fairly straightforward, whether you are already a customer or want to become a new one. In general, you can follow these few simple steps to get started:
- Choose the type of CD that best fits your needs based on term length or desirable APY.
- Make an appointment to apply for your preferred CD account at a PNC branch.
- Fund the account with an initial deposit.
Other PNC Bank Financial Products
As you can see, PNC CDs offer a wide variety of term lengths and a range of APYs. However, there are many other products available if a CD doesn’t quite feel like the right fit for you. Here are some other options available:
- Checking accounts
- Savings accounts
- Auto loans
- Investments
- Home loans
- Credit cards
Are PNC Bank CDs Right for You?
If you are already a PNC customer, a PNC CD might offer a good opportunity to expand your savings profile and keep all of your accounts in a one-stop shop. PNC offers a wide range of CD terms, making it easy for you to choose the length you are comfortable with.
Pros
- Wide variety of CD term lengths
- Promotional terms available
Cons
- Relatively low APYs
- Early withdrawal penalties
Final Take To GO
PNC Bank has no shortage of CDs and options for you if you are interested in exploring what term length and APY works best for your financial needs and timeline. Opening a PNC CD can be a good idea if you are currently already a PNC customer and like its products and services. However, be aware that the APYs offered on these CDs are relatively low, and you have the potential to earn more interest on your money at other financial institutions.
FAQ
Here are answers to frequently asked questions about PNC CD rates.- What are the current CD rates at PNC Bank?
- The standard CD rates at PNC Bank range between 0.01% and 0.03%. PNC offers CD term lengths ranging between seven days and 10 years. The following are APYs based on the CD account balance:
- Balance of $1 to $999.99: 0.01% APY
- Balance of $1,000 to $24,999.99: 0.02% APY
- Balance of $25,000 or more: 0.03% APY
- The standard CD rates at PNC Bank range between 0.01% and 0.03%. PNC offers CD term lengths ranging between seven days and 10 years. The following are APYs based on the CD account balance:
- What is the 13-month CD rate at PNC?
- The current 13-month CD rate at PNC goes up to 2.00% APY. Keep in mind that this is a promotional rate and subject to change.
- What is PNC's 12-month CD rate?
- PNC Bank's 12-month CD rate ranges between 0.01% and 0.03%. To earn the highest rate, you would have to have a balance in your CD account of at least $25,000.
Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2024.
Rates may vary by region. To verify rates in your area, check the bank’s website for details.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
