PNC Bank Offers Up To 4.10% APY On CDs Despite Lower Rates On Other Products

PNC Bank, the seventh-largest bank in the United States, has over half a trillion in assets and operates 2,300 branches, predominantly east of the Mississippi. Headquartered in Pittsburgh, PNC Bank offers a wide range of financial products, including checking, savings, and certificates of deposit (CDs). The bank's extensive network of over 60,000 PNC and partner ATMs ensures that customers can access their accounts even when they are far from a branch location.

PNC Bank's personal banking products include checking accounts starting at $5 per month, with options to avoid the monthly service fee, and savings accounts that can be opened with as little as $0. The bank's CD rates offer up to 4.10% annual percentage yield (APY). However, the bank's deposit rates are generally lower compared to other institutions, which may be a drawback for customers seeking competitive rates.

PNC Bank's strengths include waivable monthly fees for checking or savings accounts, live customer support available seven days a week, and an up to $400 checking account opening bonus. However, the bank's footprint is limited to 28 states, and its high-yield savings account (HYSA) is only available in states where PNC does not have a branch. Additionally, the bank's deposit rates are low on most products compared to what is available elsewhere.

PNC Bank is ideal for customers who live within its footprint and want a full-service bank with a range of products without monthly minimum requirements. For those who don’t live within its footprint, the bank offers a high-yield savings account, although it’s not the highest rate available. The bank also offers an up to $400 checking account bonus, which is a nice feature to have, especially when free checking accounts don’t typically offer them.

However, if competitive rates across deposit products are a priority, PNC Bank may not be the best option. There are competing institutions that offer more generous rates for savings, checking, and money market accounts. Additionally, PNC Bank’s branch locations are predominantly on the Eastern side of the Mississippi River, so customers who live in areas without a PNC footprint may need to look elsewhere.

PNC Bank offers a full suite of deposit products, including checking, savings, money market, and CDs. The bank's checking accounts offer up to 0.01% APY, savings accounts offer up to 3.95% APY, money market accounts offer up to 0.05% APY, and CDs offer up to 4.10% APY. The bank's CD rates are generally lower than what is available elsewhere, although some promotional offers may be solid.

PNC Bank also offers a range of other services, including personal loans, credit cards, student loans, investments, insurance, mortgages, and estate planning. The bank's mobile app and online banking platform allow customers to access their accounts on the go, check their balance, lock their card, get alerts, make transfers, and set up automatic bill pay. The bank's customer service is available during extended hours, and customers can reach out on X or stop into a branch for additional support.

PNC Bank is FDIC-insured, so customers' money is safe up to the maximum allowable amount. The bank also offers security measures designed to reduce the risk of fraud, such as using encryption and passwords for online transactions. Additionally, the bank offers identity theft and protection programs.

Consumer reviews of PNC Bank are overwhelmingly negative, with reviewers complaining about inability to access funds, poor customer service, unexpected fees, data privacy, and fraudulent transactions. However, the bank's mobile app has received stellar ratings on the Apple App Store and Google Play Store.

If PNC Bank's rates are not competitive enough, customers may consider alternative online banks such as SoFi and Ally. These banks offer higher rates on their deposit products and may be a better fit for customers seeking competitive rates.