Best Certificates of Deposit in Pennsylvania for 2025
- Certificates of deposit offer guaranteed returns and extremely low risk, which is an important part of your savings strategy in times of uncertainty and volatility in public equities markets.
- Pennsylvanians can buy certificates of deposit from different regional banks and credit unions, and many institutions offer some of the highest CD interest rates available in Pennsylvania.
- PNC Bank, headquartered in Pittsburgh, offers fixed-rate CDs with terms ranging from seven days to 10 years.
- Online banks are a good and easy alternative to traditional banks and credit unions. Many offer some of the best CD rates in Pennsylvania.
Pennsylvanians who want to build their savings while mitigating risk from turbulence in the stock markets can purchase short- and long-term CDs.
Some Pennsylvania-based financial institutions offer interest rates on CDs higher than standard savings accounts, and the FDIC guarantees your money up to $250,000. CDs come in a wide range of terms to meet long- and short-term savings goals. Use the guide below to find some of the best CD rates in Pennsylvania.
Best CD Rates in Pennsylvania
Residents of the Keystone State can find strong interest rates at multiple Pennsylvania-based or regional banks and credit unions.
Popular Banks and Credit Unions in Pennsylvania
PNC Bank’s name may anchor the beautiful baseball stadium on the shores of the Allegheny River, home of Major League Baseball’s Pittsburgh Pirates, but there are many other notable banks and credit unions in the Commonwealth of Pennsylvania.
Philadelphia Federal Credit Union: PFCU primarily serves residents of southeastern Pennsylvania. It offers strong interest rates (3.34%–4.06%) on all savings certificates with terms ranging from three months to five years, with a $500 minimum deposit. Its 2-year CD has a strong rate of 3.86%.
Citizens Bank: Rhode Island-based Citizens Bank operates 212 locations in Pennsylvania. It offers two options for online CDs: 5 and 10 months, with an annual APY of 4.0% and 3.5%, respectively, with a minimum deposit of $25,000.
KeyBank: Cleveland-based KeyBank operates 67 branches in Pennsylvania. It offers CDs with terms ranging from six months to 10 years, and customers with checking accounts can snag promotional CDs of eight and 23 months that have interest rates of 3.25% and 2.75% with a $2,500 minimum deposit.
Online Banks: Although Pennsylvanians have numerous options to put their money into regional banks and credit unions, online banks often make a strong case to earn your business by offering high interest rates and lower fees.
Online Banks Offering CDs in Pennsylvania
Strong interest rates are just one of many reasons to consider using an online bank for your savings goals. Digital banks can offer many other benefits as well, including:
Convenience
Online banks generally excel at providing a seamless customer experience. You can open an account and purchase a Certificate of Deposit in just a few minutes.
Lower deposit requirements
A traditional bank usually requires a minimum deposit of $500 to $1,000 to open a CD. However, many online banks offer CDs starting at $100.
No bankers’ hours
Unless an online bank’s website is down for maintenance, you should be able to do your banking 24 hours a day, seven days a week.
Guaranteed deposits
Online banks have the same FDIC insurance as traditional banks: $250,000 for each individual account, including CDs.
Low or no fees
Digital banks have lower overhead than traditional banks, so they often waive common account fees, which can help increase overall yield when you buy a CD through an online bank.
Popular Online Banks for Pennsylvania Residents
Here are a few online banks offering competitive interest rates on CDs in Pennsylvania:
Limelight Bank: This online-only bank, headquartered in Utah, offers CD terms from six to 36 months. Its 3.8% rate on a 36-month CD is strong, but savers will be hard-pressed to find a better rate than Limelight Bank’s 6-month (4.40%), 12-month (4.35%), and 18-month CDs (4.05%).
Popular Direct: This online bank is a subsidiary of Popular, Inc., a publicly traded financial institution founded in 1893. Popular Direct offers CDs with terms of 3–60 months, with interest rates from 4.01%-4.30%.
Salem Five Direct: Salem Five Direct, the online-only division of Salem Five Bank of Salem, Mass., offers CD specials of 9, 12, and 15 months, with rates ranging from 4.0% to 4.15%.
Bread: Bread Financial has eight options for CDs, ranging from 3 to 48 months, with interest rates ranging from 3.8% to 4.35% on its 6-month CD.
We’ve highlighted just a handful of Pennsylvania-based financial institutions and online banks operating in the Commonwealth of Pennsylvania. Many more offer great interest rates on Certificates of Deposit and other savings products.
Factors to Consider When Choosing a CD in Pennsylvania
Term length and yield are primary considerations for any investor who purchases Certificates of Deposit. Here are some additional factors that residents of the Keystone State should consider:
- National interest rate environment. The Federal Reserve made several cuts to its benchmark interest rate in 2024, and additional cuts may come in 2025.
- Short- and long-term savings goals. Some banks offer slightly lower interest rates on short-term CDs of three to six months, and again on exceptionally long-term CDs of seven to 10 years.
- State income taxes. Pennsylvanians pay a flat rate of 3.07% personal income tax on their taxable income, which includes interest earned from CDs.
- Promotional and relationship rates. Financial institutions often offer promotional CDs with higher interest rates, as well as higher interest rates if you have an existing banking relationship, such as a checking account.
Pros and Cons of CDs
There are many reasons why CDs make sense, but they can come with some potential drawbacks. Here are some of the main factors you should consider before investing in a CD.
Pros
- Minimal risk
- Guaranteed returns
- Varying term lengths to meet a variety of savings goals
Cons
- CDs are illiquid assets. You typically can’t withdraw your funds without incurring a penalty
- Returns are limited by interest rates. You might be able to get a higher yield in alternative investments
Now’s the Time to Find the Best CD Rates in Pennsylvania
Certificates of Deposit can be great savings tools for Pennsylvania residents. Returns are guaranteed, risk is limited (if not nonexistent), and interest rates remain elevated. If you are ready to increase your savings by purchasing CDs, you can begin your savings journey today by comparing the best CD rates in Pennsylvania.
FAQs
You’ll want to start by comparing interest rates, costs, and potential yield. It’s also important to remember that Pennsylvania’s regional banks and credit unions help local residents by providing auto and personal loans, mortgages, and other banking services.
Online financial institutions adhere to the same federal regulations and oversight as traditional banks. They also have guarantees of up to $250,000 per individual account by the FDIC.
A common savings strategy called CD laddering blends a mix of short- and long-term CDs so you have rolling maturity and reinvestment dates.
