PNC Bank: Checking, Savings, and CD Rates Review

Shawn Plummer

CEO, The Annuity Expert

PNC Bank provides money-saving products including competitive CD rates, money market accounts, and savings accounts. In this guide, we’ll compare PNC Bank’s online rates to CD, money market, and savings account rates from the top banks in the USA today.

Let’s take a look!

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?

TermInsurance CompanyInterest Rate
24 MonthsOceanview Annuity2.85%
36 MonthsCanvas Annuity3.80%
48 MonthsOceanview Annuity3.35%
60 MonthsAthene Annuity3.85%
72 MonthsOceanview4.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.

About PNC Bank

PNC is a regional bank that operates in the Northeast, South, and Midwest. This bank has a virtual wallet suite of products that help people balance their daily spending with long-term savings goals.

PNC Bank is one of the biggest banks in the United States. It offers a full suite of products. PNC operates about 2,400 branches.

Pros

  • This bank has a good interest rate on its online savings account. You can only get this account if you live in certain states.
  • PNC has 2,200 branches.
  • The app has features that are above average.

Cons

  • The overdraft fee for this bank is higher than average.
  • It’s hard to compare the bank’s products online.
  • You cannot open a CD online. You can only do it at a physical branch.
  • The High Yield Savings account is only available in certain states.

PNC Savings Account Rates

PNC’s High Yield Savings account offers competitive interest rates, and customers can open an account with a small deposit.

PNC Bank launched a new account in 31 states outside of their traditional market. It has a competitive interest rate and does not require any minimum balance to start earning this interest rate.

PNC has a lower yield for its Standard Savings account.

Minimum BalanceTermAPY
$1.00 – $2,499.99None0.02%
$2,500.00 and aboveNone0.03%
*APY=Annual Percentage Yield.

Pros

  • PNC offers a higher interest rate for savings in some states.
  • PNC High Yield Savings account has ATM cards available.
  • This savings account has no monthly service fees.

Cons

  • This bank has a higher overdraft fee than the average bank.
  • It is difficult to compare the bank’s products online.
  • You cannot open a CD online. You can only do it at a branch.
  • The High Yield Savings account is not available in all states.

PNC Money Market Rates

Account-holders in PNC’s traditional market can get a Premiere Money Market Account with tiered interest rates.

It will cost you $100 for opening this account. But if you put at least $5,000 in this account, there will be no fees.

The Premiere Money Market account comes with a PNC Banking card that you can’t use for purchases.

Customers with higher balances can get the best interest rate. They need to meet certain requirements, like having a balance of at least $100,000 or making at least 5 transactions with their Performance Select Checking account.

Minimum BalanceAPY
$1.000.05%
$25,000.000.05%
$100,000.000.05%

Pros

  • You only need to put a $100 deposit into an account to open it.
  • This account comes with a free PNC bank card.

Cons

  • This account does not have the ability to write checks.
  • You can find higher yields at competing financial institutions.
  • Some banks do not require you to have a minimum amount of money when opening an account.

PNC CD Rates

PNC Bank has many kinds of CDs. There are ones with rates that increase at set intervals. There are also fixed-rate CDs, variable-rate CDs, and Ready Access CD’s that don’t have any penalties if you withdraw early.

If you want a CD, you need to have at least $1,000. Some banks have lower minimum balance requirements.

The only two terms that can be opened online are three-month and three-year CDs.

PNC has a no-penalty CD that is three months long and one year long. They are the ones that you don’t lose money from if you want to close them early. You need $1,000 to open one of these CDs.

Term<$999.99$1,000.00-$24,999.99$25,000.00+
3 Month0.01%0.02%0.03%
6 Month0.01%0.02%0.03%
12 Month0.01%0.02%0.03%
18 Month0.01%0.02%0.03%
24 Month0.01%0.02%0.03%
36 Month0.01%0.02%0.03%
48 Month0.01%0.02%0.03%
60 Month0.01%0.02%0.03%
84 Month0.01%0.02%0.03%
120 Month0.01%0.02%0.03%
APY = Annual Percentage Yield

Pros

  • Account-holders have several CD options
  • PNC offers No-penalty CDs.
  • Some CDs have low minimum deposits.

Cons

  • All CD yields are lower than online banks.
  • CDs can only be opened in a bank branch.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2-YEAR TERM: 2.85%
  • 3-YEAR TERM: 3.80%
  • 4-YEAR TERM: 3.70%
  • 5-YEAR TERM: 3.85%
  • 6-YEAR TERM: 4.30%
  • 7-YEAR TERM: 4.10%
  • Grow your money as fast as possible
  • Principal protection
  • The interest rate is locked for the term you select
  • Tax-deferred growth
  • Withdraw annually without penalty
  • Lump-sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and a CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Triple CompoundingYesNo
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

The PNC Experience

At PNC Bank, you will be able to visit 2,400 branches and 18,000 ATMs. That is a lot of branches and ATMs.

You do not need to give up on the digital banking experience. Many features help you manage your money. For example, you can use Zelle to send money. You can also find ATMs with the bank app. In addition, if you have PNC’s Virtual Wallet, you will get several features to help your money. You will also get warnings about when you may run out of money.

PNC customers can get help from customer care specialists, seven days a week. You can call them on weekdays from 7 a.m.-10 p.m., and on weekends from 8 a.m.-5 p.m.

Related Articles: PNC vs. Chase Bank

The Best CD Rates Today

3 Month CD Rates

Best 3-Month CD RatesRateTermMinimum
Spectrum Federal Credit Union0.50% APY3 Months$500.00
Navy Federal Credit Union0.40% APY3 Months$1,000.00
Chevron Federal Credit Union0.50% APY3 Months$500.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU0.80% APY6 Months$500.00
Edward Jones 0.75% APY6 Months$1,000.00
Charles Schwab0.80% APY6 Months$1,000.00

1 Year CD Rates

Best 12 Month CD RatesRateTermMinimum
CommunityWide FCU0.90% APY12 Months$1,000.00
Edward Jones1.20% APY12 Months$1,000.00
Charles Schwab1.40% APY12 Months$1,000.00

2 Year CD Rates

Best 2-Year CD RatesRateTermMinimum
Amarillo National Bank1.75% APY24 Months$1,000.00
Edward Jones2.20% APY24 Months$1,000.00
Oceanview Fixed Annuity2.85% APY24 Months$80,000.00

3 Year CD Rates

Best 3-Year CD RatesRateTermMinimum
Edward Jones 2.55% APY36 Months$1,000.00
Canvas Annuity3.80% APY36 Months$2,500.00

4 Year CD Rates

Best 4-Year CD RatesRateTermMinimum
Edward Jones2.60% APY48 Months$1,000.00
Guggenheim3.05% APY48 Months$5,000.00

5 Year CD Rates

Best 5-Year CD RatesRateTermMinimum
Edward Jones2.30% APY60 Months$1,000.00
Canvas Annuity3.80% APY60 Months$2,500.00

The Best Fixed Annuity Rates Today

CompanyTermRateWithdrawals
Oceanview2 Years2.85%10% Annually
Canvas3 Years3.35%10% Annually
Oceanview4 Years3.35%10% Annually
Canvas5 Years3.35%10% Annually
Oceanview6 Years3.65%10% Annually
Canvas7 Years3.35%10% Annually

Key Takeaway – Retirement Income Planning

Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.

Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.

Learn the differences and benefits between Fixed Annuities and Certificate of Deposits (CD).

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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