PNC Bank CD Rates Review
PNC Bank has a variety of CD products, including the Ready Access CD and the Variable Rate CD. PNC Bank regularly offers promotional rates on CDs and other deposit accounts that earn interest.
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A CD, also known as a certificate of deposit, is a financial option that lets people deposit money for a set period of time in which it earns guaranteed interest. The rate of return on a CD is generally going to be lower than investing in the stock market, but there’s no risk of losing your principal investment, and the returns are guaranteed. CDs are also insured by the FDIC.
Not all CDs are the same. There are different types of CDs offered, and different banks and financial institutions are going to offer different CD rates as well. The following is an overview of PNC Bank’s CD options and the available rates.
Jump to a section:
- PNC CD Rates
- Eligibility Requirements
- Minimum Opening Deposit & Minimum Balance Amount to Earn APY
- Early Withdrawal Penalty
- Pros of PNC CDs
- Cons of PNC CDs
- How PNC CD Rates Compare
PNC Overview
PNC Bank describes itself as one of the largest and most diversified financial services providers in the U.S. The bank has a history going back 160 years and it works with individual customers, small businesses, corporations, and government organizations. PNC has more than eight million customers and has branches and ATMs in 19 states as well as the District of Columbia. PNC also operates wealth management and institutional asset management services.
PNC CD Rates
Some banks only have one type of CD but it might have different rates. PNC has multiple types of CDs that consumers can compare and see which best fits their needs.
These include:
- The Fixed Rate CD is also known as a Multiple Maturity CD. It offers a guaranteed rate and it is available in terms that range from seven days to 10 years. There is a lot of flexibility with this product, and it includes automatic renewal.
- A Ready Access CD offers a guaranteed rate but also the ability to access funds anytime after the first seven days. Terms are three months and 12 months.
- Callable CDs are available from PNC with terms of either 36 months or 60 months. These CDs offer above-market rates, and they can be called by the bank anytime after the first 12 months or 24 months. The funds can be accessed without a penalty for a 10-day period following the call.
- Variable Rate CD: This CD has an 18-month term and the rate is associated with the three-month Treasury Bill. The rate goes up as the rates on the Treasury Bill go up.
- Step Rate CD: This CD has a term of 36 months and the interest rate increases every six months during this time. The rate is disclosed for each six-month period when an account is opened.
Below: Fixed CD rates for each term and corresponding balance in APY, accurate for all plans.
| Term | $0K – $1K | $1K – $10K | $10K – $25K | $25K – 100K | $100K – $500K | $500K + |
| 1 month | 0.04% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
| 3 months | 0.04% | 0.05% | 0.06% | 0.07% | 0.08% | 0.09% |
| 6 months | 0.04% | 0.06% | 0.08% | 0.10% | 0.12% | 0.14% |
| 12 months | 0.04% | 0.15% | 0.18% | 0.20% | 0.22% | 0.24% |
| 18 months | 0.04% | 0.18% | 0.25% | 0.30% | 0.35% | 0.40% |
| 24 months | 0.04% | 0.25% | 0.30% | 0.35% | 0.40% | 0.45% |
| 36 months | 0.04% | 0.30% | 0.35% | 0.40% | 0.45% | 0.50% |
| 48 months | 0.04% | 0.50% | 0.55% | 0.65% | 0.70% | 0.75% |
| 60 months | 0.04% | 0.60% | 0.70% | 0.90% | 0.95% | 1.00% |
| 84 months | 0.04% | 0.90% | 0.95% | 1.05% | 1.15% | 1.25% |
| 120 months | 0.04% | 1.10% | 1.20% | 1.30% | 1.40% | 1.50% |
Eligibility Requirements
There aren’t a lot of specific eligibility requirements that PNC Bank issues for people to open a CD. The only real requirements are related to minimum opening deposits and the balance required to earn certain rates. Otherwise, requirements are pretty standard and similar to opening other kinds of bank accounts.
Minimum Opening Deposit & Minimum Balance Amount to Earn APY
The minimum opening deposit and minimum balance amount required to earn the stated APY depend on the product and the terms of the CD.
In general, the following are some minimums to open accounts:
- A fixed rate CD with terms of seven to 89 days requires a $5,000 minimum to open
- The minimum to open a fixed rate CD with a term of 90 days to 10 years is $1,000
- The minimum to open a fixed rate CD with a term of 90 days to 10 years is $1,000
- For the Ready Access CD, the required minimum to open is $1,000
- To open the Callable CD, the minimum opening deposit is $10,000
Early Withdrawal Penalty
The early withdrawal penalties associated with PNC CDs include:
- For the fixed rate CDs, there are early withdrawal penalties that apply for balances withdrawn before maturity, and they depend on the terms of the CD and the amount in the account.
- With the Ready Access CD, since it offers full liquidity after seven days, there are no early withdrawal penalties after the first seven days. However, partial withdrawals aren’t allowed with this account.
- There are early withdrawal penalties with the Callable CD and it depends on the deposit amount and interest earned.
- Withdrawal penalties apply to variable rate CDs.
- With the Step Rate CD, early withdrawal penalties are waived for a 10-day grace period every six months.
Pros of PNC CDs
First and foremost, PNC has more CD options than almost any other bank or financial institution. They offer tiered interest rates based on the balance maintained in the accounts, and they also feature flexible products, some of which offer full liquidity after a week.
There are also options with no withdrawal penalties in certain circumstances, so if someone is looking for flexibility, a PNC option can be great. There’s also a lot to like about the PNC CDs with variable interest rates that can go up over time, which isn’t something you usually get with a CD. Terms are widely varied also.
Cons of PNC CDs
Depending on the amount you maintain in your CD account, the APY on many of the CDs is comparatively low with PNC. It’s also important to read all of the fine print and make sure that you’re not looking at interest rates that won’t apply to you or you’re taking advantage of a promotional offer that’s not necessarily going to end up being a good fit.
How PNC CD Rates Compare
PNC rates and how they compare to CD rates at other institutions is very much dependent on the type of CD, but also how much you deposit and how much you maintain in the account. Some of the rates are comparatively very low, while others are relatively similar to what you’ll find with other banks and CD products.
Bottom Line
There’s a lot to sift through if you’re considering a PNC CD. They have many rates advertised, as well as multiple promotions going on at any given time. Make sure you carefully select a PNC product to ensure that it’s what you need and is a good fit for you financially since there are so many options.
