The Best CD Rates in Pennsylvania for 2025

Pennsylvania's rich banking heritage offers residents access to everything from historic financial institutions to modern digital banks. This can prove difficult for Keystone State savers seeking the best certificates of deposit (CD). To help simplify your decision-making process, we've conducted comprehensive research to identify the Pennsylvania banks providing the most favorable CD rates.

The Best CD Rates in Pennsylvania

First National Bank

First National Bank typically offers standard CDs with maturity terms of 3 months to 60 months with rates that are higher than larger national banks. More noteworthy is the number of special CD rates that cover short and long terms–these particular rates are extremely competitive. The minimum opening deposit for First National Bank CD specials ranges from $5,000 to $10,000.

S&T Bank

S&T Bank offers competitive CD rates on maturity terms ranging from 5 months to 4 years. The minimum opening deposit for S&T Bank CDs ranges from $500 to $1,000 (depending on the selected term).

Firstrust Bank

Firstrust Bank runs promotions on CD rates with odd maturity terms that cover short and long timeframes. These promotional CD rates are much higher than what you’d likely find from other local banks. The minimum opening deposit for Firstrust Bank promotion CDs is $2,500.

Lock In The Highest CD Rates Before Interest Rates Crash Again

The Federal Reserve plans to continue dropping interest rates. To ensure that you continue to generate reliable returns for years to come, consider a CD now to lock in the highest available rates:

Methodology

To select the best CD rates in Pennsylvania, the MyBankTracker team evaluated the certificate of deposit accounts offered by the top 50 banks by deposit market share in Pennsylvania (based on FDIC June 2024 data) with more than 5 retail branches in the state--including coverage and availability in major cities such as Philadelphia, Pittsburgh, Allentown, Erie, and Reading.

The top recommendations are the results of analyzing the CDs based on the following criteria:

• Annual percentage yield (APY) for each CD’s corresponding maturity term
• The number of CD maturity terms available from the bank with which their corresponding APYs are competitive
• Minimum opening deposit requirements

How Do CDs Work?

Certificates of Deposit (CDs) are financial products offered by banks and credit unions that allow you to earn interest on your deposited funds over a fixed term. 

Unlike traditional savings accounts, which offer variable rates and flexibility in withdrawals, CDs require you to lock your money for a predetermined period—ranging from as short as six months to as long as several years—in exchange for a guaranteed interest rate. This structure typically results in higher interest rates compared to standard savings accounts.

How to Pick a Certificate of Deposit

When selecting a CD, consider the following factors:

• Interest rate: The interest rate is crucial as it directly impacts your earnings. Higher rates mean more returns, but they may require longer terms or larger deposits.
• Maturity term: Choose between short-term (e.g., 6 months) for liquidity or long-term (e.g., 5 years) for higher rates. Shorter terms offer flexibility, while longer terms maximize interest.
• Minimum opening deposit: Be aware of the required initial deposit; some CDs have lower thresholds than others, such as $100 versus $1000.
• Early withdrawal penalty: Withdrawing funds before maturity incurs penalties, which can erase interest earned or deduct a portion of your principal.
• Flexibility options: Look for features like bump-up CDs, allowing you to adjust rates if they rise during the term or the ability to add more deposits.

Compared to Online CDs Available Nationwide

Online banks often provide advantageous CD terms. They frequently offer higher interest rates and lower minimum deposits, sometimes as low as $1. This accessibility makes them a competitive option for savers seeking better returns without large initial investments.

FDIC Insurance

FDIC insurance is key to protecting your CD investments. The Federal Deposit Insurance Corporation insures deposits up to $250,000 per account holder at participating banks. Most online and traditional banks are insured, ensuring your funds' safety within these limits.

FAQs

What happens when a CD reaches maturity?

 CDs typically renew automatically upon maturity unless you instruct otherwise. You can choose to reinvest or withdraw the funds.

What is a CD ladder? 

A CD ladder involves opening multiple CDs with staggered maturity dates to balance liquidity and higher returns.

How is interest accrued in a CD? 

Interest can be compounded daily, monthly, or quarterly, depending on the CD type. It's added to your principal, increasing future earnings.

How are interest earnings taxed? 

CD interest is taxable as ordinary income. Banks will typically send Form-1099 INT to depositors at the end of each tax year. It is recommended that you speak to a tax professional to understand the implications of interest earnings on your taxes.