PNC Bank CD Rates: 5.05% APY 4 Month Fixed Rate CD (Nationwide) (2024)

FAQs

What is the current interest rate on CDs at PNC Bank? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

PNC's high-yield savings account offers 4.65% interest for those in qualifying states. PNC's standard savings account offers 0.01% for non-relationship rates, 0.02% for balances up to $2,499.99, and 0.03% for balances over $2,500.

Types of PNC Bank Products that the FDIC insures include:

Certificates of Deposit (CDs)

Yes, many online banks and credit unions are currently offering CDs paying 5% APY or more for a wide range of terms.

As of August 2024, there are no banks are offering 7% interest rates on savings accounts. If you can find a savings account with a 7% APY, you'll earn about 15X more than the national savings rate. It's much more common to find a high-yield savings account with rates between 4% and 5% right now.

Primis Bank's Surprising 6% Checking Offer

The best high-yield checking accounts pay more, but usually require you to make a lot of debit card transactions. For instance, Pelican State Credit Union pays 6.05%, but you must make 15 debit transactions a month and the rate is not locked for any amount of time.

Can I put 100k in a CD? ›

CDs have a typical minimum balance or opening requirement that's often around $1,000, but it can range from $0 to $10,000. There are jumbo CDs with minimums traditionally around $100,000, though these CDs don't necessarily have the best rates in the industry.

While longer-term CDs may tie up your funds for years, a 6-month CD allows you to access your money relatively quickly. If you suddenly need your $5,000 for an emergency or a more lucrative investment opportunity arises, you won't have to wait years to access your funds without incurring hefty penalties.

The best PNC Bank CD rate is 5.05% APY for a four-month promotional term.

Two credit unions pay over 7% APY on accounts right now: Landmark Credit Union and OnPath Rewards High-Yield Checking. However, these are both checking accounts with limitations on eligible balances. Plenty of high-yield savings accounts pay over 5% APY on your total balance without making you jump through hoops.

The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico, Texas and West Virginia. PNC bank offers relationship interest rates on Standard Savings accounts when the account holder also has a PNC checking account.

Since CD rates are at or near the high we are expecting to see in the near future you may want to consider a CD with a longer term. Rates are expected to drop, so locking in the highest rate for as long as possible may be your best bet to maximize returns.

How Are CDs Taxed? Interest earned on CDs is taxed as ordinary income at your individual federal income tax rate. This rate can range from 10% to 37% depending on your taxable income and filing status.

And when the Fed raises its target rate, banks typically follow suit and increase their interest rates—including those on CDs. That's because when the Fed's target rate goes up, the cost of borrowing from other banks increases.