PNC certificates of deposit (CDs) are available in terms ranging from six to 120 months. However, the interest rates on the majority of the terms are much lower than you will find on the best CDs. Another major drawback, besides the low interest rates, is that the CD cannot be opened online. You must go into a branch and open the account in person.
All rates and fees are current as of November 6, 2024, and are subject to change.
Promotional CDs
PNC offers promotional CDs with higher interest rates. There are eight terms, ranging from four months to 61 months. The annual percentage yields (APYs) range from 0.05% to 5.15%.
Upon maturity, the CD will renew to a standard CD automatically with a term closest to the promotional CD but not longer. If you do not wish for the CD to renew automatically, you must notify PNC that you would like to close the CD or renew it for a different term.
Early withdrawal penalties apply if you withdraw funds before the end of the term. If the penalty is more than the interest earned to that point, the remainder will be deducted from the CD's principal.
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Standard CDs
PNC offers 11 standard CD terms, ranging from one month to 10 years, all with unimpressive annual percentage yields (APYs) of 0.01% to 0.03%.
The CD will renew at the same term automatically unless you notify PNC that you would like to either close the CD or renew it for a different term. For CDs with terms of 31 days or less, you can notify the bank up to one day after maturity. For CDs with terms of greater than 31 days, you can notify the bank up to 10 days after maturity.
As with most CDs, early withdrawal penalties apply if you withdraw funds from the account before the end of the term. If the penalty is more than the interest earned on the account, the remainder will be deducted from the principal balance. Also, if you wish to withdraw funds, you must withdraw all of the funds, as partial withdrawals are not allowed.
Individual retirement account (IRA) CDs
You can also open CDs inside an IRA. The minimum opening deposit is $250. However, the best interest rates are on balances of $1,000 and above. Also, there is a $25 annual fee for IRA CDs with balances less than $2,000.
Terms range from six months to 10 years. The APYs for standard IRA CDs are low, ranging from 0.01% to 0.03%. The APYs on the promotional terms are a bit better. They range from 0.01% to 4.25%. However, you must deposit at least $1,000 to earn the higher rates. Terms range from seven months to 61 months.
Note that promotional CDs will renew as standard CDs automatically if no action is taken upon maturity.
Compare PNC Bank to top competitors
PNC Bank offers low interest rates on its CDs compared to its competitors. For example, both Chase and Capital One have in-person banking options but still offer competitive rates on CDs. You don't need to give up personalized service to earn top rates.
Learn more about PNC Bank
PNC Bank is the sixth-largest bank in the United States, with almost $7 billion in assets and over 2,300 branches. Besides CDs, PNC also offers a Virtual Wallet, which is a checking and savings account combo. The checking account earns 0.01% APY, and the savings account earns between 2.25 and 2.55% APY, depending on the balance.
PNC also offers a high-yield savings account that earns a respectable 4.65% APY. There is also a money market account (MMA) that earns between 1.00% and 3.50% APY, depending on the balance and other accounts you may have with the bank.
There are also special accounts for students, those in the military, and for small business owners. You can learn more about the bank with our full PNC Bank review.
Customer service for PNC is spotty. There is no option to contact the bank via email, and the chat feature is only available to existing customers. So, new customers either need to call or visit a branch to ask questions. Several online reviews of the bank say that customer service gives conflicting information and has long hold times. Meanwhile, other reviewers say they've been happy with the bank for years.
