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 operate in 27 states as well as Washington D.C. and have over 2,600 branches in those areas.

Although some of their deposit accounts can be opened online, all of their CDs (certificates of deposit) can not. They must be opened in a local PNC bank branch.

PNC Bank doesn’t offer competitive CD rates at the moment either. Many of the country’s largest banks such as Bank of America and Wells Fargo have been slow to offer competitive yields to savers even as the interest rate environment heats up. That said, even those banks have started offering promotional CDs with respectable yields. PNC Bank’s promotional CDs, on the other hand, still sit well below the national average.

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

PNC Bank CD Rates + Account Details

PNC Bank’s CDs come with a minimum deposit requirement of $1,000. If they’re opened as IRA CDs then the minimum is just $250.

PNC Bank IRA CDs come with terms ranging from 6 months to 10 years while their standard CDs range from 7 days to 10 years.

CD Rates

CD Term	APY
1 month	0.02%
3 months	0.02%
6 months	0.02%
12 months	0.02%
18 months	0.02%
24 months	0.02%
36 months	0.02%
48 months	0.02%
60 months	0.02%
84 months	0.02%
120 months	0.02%

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%.

To put these rates into perspective, the national average for 12 month and 60 month CDs sit at 1.07% and 1.09% APY, respectively, according to FDIC data.

That said, many online banks and nationally available credit unions are now offering over 4.50% and 4.75% APY on the same respective terms.

Promotional CD Rates

PNC Bank’s promotional CDs also come with a minimum deposit requirement of $1,000.

CD Term	APY
9 months	0.03%
13 months	3.60%
19 months	1.25%
25 months	1.50%
37 months	1.75%
61 months	2.00%

The yields shown above are for deposits between $1,000 and $24,999.99. For deposits greater than $25,000 you will earn an additional 0.01% APY, to put your overall yield at 0.04%. This does not apply to the newly competitive 13 month CD which comes with an APY of 3.60% across all deposit amounts.

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.

CD Term	APY
3 months	0.01%
12 months	0.02%

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:

CD Term	Early Withdrawal Fee
Less than 3 months	Total amount of interest the withdrawn amount would have earned through maturity.
3 months to 364 days	3 months’ interest on withdrawn amount
1 year +	6 months’ interest on withdrawn amount

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