PNC Bank, based out of Pittsburgh, Pennsylvania, is one of the top 10 largest banks in the country by asset size with over $560 billion. They have over 2,600 branches in 27 states as well as Washington D.C.

Some of PNC Bank’s variable rate deposit accounts such as their online savings account can be opened online by consumers in all 50 states, however, all of their CDs (certificates of deposit) must be opened at a local PNC bank branch.

PNC Bank offers Standard CDs, IRA CDs, Promotional CDs and “Ready Access” CDs. The Promotional CDs are the only CD accounts that have competitive yields at the moment and these can be opened as standalone CDs or within IRAs, however, the yields may vary depending on how you open them.

PNC Bank’s CD rates also vary by region. We’ve surveyed PNC Bank’s CD rates in the 2 following cities to give you a better idea of what you can expect:

• Philadelphia, PA
• Los Angeles, CA

To see if PNC Bank’s CDs are right for you, continue reading our review below.

PNC Bank CD Rates + Account Details

PNC Bank CDs require a minimum deposit of $1,000 to open. This applies to both standard CDs and Promotional CDs. If you’re opening either type of CD within an IRA the minimum deposit is just $250.

PNC Bank’s promotional CDs come with 8 oddball terms to choose from ranging from 4 to 61 months. Their standard CDs have terms ranging from 1 month to 10 years and their standard IRA CDs have terms ranging from 6 months to 10 years.

Depending on where you live, higher deposit amounts may receive higher yields. See the tables below.

Promotional CD Rates

The CD rates shown below were surveyed on June 20, 2023 from Philadelphia PA.

The CD rates shown below were surveyed on June 20, 2023 from Los Angeles, CA.

To give the yields in the two tables above some context, the current national average for a 6 month, 12 month and 60 month CD sit at 1.19%, 1.59% and 1.37%, respectively, according to FDIC data.

That said, the top yields offered by FDIC-insured, online banks are now inching over the 5.00% and 4.50% APY mark for 12 and 60 month terms.

Standard CD Rates

PNC Bank’s standard CD rates are not competitive at this time regardless of where you live or your deposit size.

The CD rates shown below were surveyed on June 20, 2023 from Los Angeles, CA and Philadelphia, PA.

The annual percentage yields shown above assume a deposit size of between $1,000 and $24,999.99. For deposits greater than $25k, you’ll earn an additional 0.01% APY to put the overall APY at 0.03%.

Ready Access CD Rates

Ready Access CDs also come with a minimum deposit requirement of $1,000. As the name implies, Ready Access CDs provide access to your funds at any time after the first 7 days of making your deposit without incurring an early withdrawal fee. We should note that if you choose to make a withdrawal, you must take out the entire amount. No partial withdrawals allowed.

Compounding and Crediting Interest

Interest on all of PNC Bank’s CDs are both compounded and credited back to your account monthly. This is a lower compounding frequency than many online banks which tend to feature daily compounding interest.

By default interest payments are credited back to your CD every month, however you may opt to have the interest payments transferred to another PNC Bank account or mailed to you by check.

📌 Please note – If you choose to have interest payments mailed by check, you will need a minimum deposit of $5,000 rather than the standard $1,000 minimum.

Grace Period and Early Withdrawal Fees

For short term CDs with terms of just 31 days or less, PNC Bank has a 1-day grace period in which you may close out your CD, add/withdraw funds or change its term without incurring any early withdrawal penalty.

For CDs with terms greater than 31 days, you’ll get a 10-calendar day grace period in which you can make any changes to your CD without incurring a penalty.

If nothing is done during the grace period, your CD will automatically renew into the same term with the going APY at that time.

For promotional CDs with oddball terms, your CD will automatically renew into a standard CD with a term that is closest to your original term but shorter.

For example, if you open a promotional CD with a term of 37 months, this will auto renew into a standard 36 month (3 year) CD if nothing is done during the grace period.

If you need access to your funds prior to your CDs maturity and grace period, you will incur an early withdrawal fee.

The early withdrawal fee structure is as follows:

How to Open a PNC Bank CD

At this time, all of PNC Bank’s CDs must be opened in-branch. You can locate a branch near you here.

If you are going to a PNC Bank branch to open a CD, you’ll want to be prepared with the following (at a minimum):

• Your Social Security number
• A government-issued ID
• A valid email address

If transferring funds from another bank, please have:

• bank or credit union’s routing number
• bank account number where the funds will be withdrawn from to fund your PNC Bank CD

How Much Can You Make with a PNC Bank CD?

The amount of money you can earn with a PNC Bank CD is going to depend on your deposit size, the CD you select and its APY (annual percentage yield). Take a look at the table below, it shows hypothetical earnings based on an L.A. area location and a $100,000 deposit.

How do PNC Bank CD Rates Compare?

To get a better idea of how PNC Bank’s top CD rate compares with the best CD rates from other well known banks, take a look at the table below.