Wells Fargo offers three standard certificate of deposit (CD) terms: three months, six months and 12 months. The bank also has Wells Fargo Special Fixed Rate CDs (4-month, 7-month and 11-month) available. Rates on most of the CDs are meager compared to online banks and credit unions but are typical for traditional brick-and-mortar banks.
Here’s an overview of Wells Fargo CDs (Certificates of Deposit) rates. Account details and rates are accurate as of April 16, 2024, using ZIP code 10001.
| CD Term | APY | Minimum Deposit |
|---|---|---|
|
3 Months
|
2.50%
|
$2,500
|
|
4 Months
|
4.75% to 5.01%
|
$5,000
|
|
6 Months
|
2.50%
|
$2,500
|
|
7 Months
|
4.75% to 5.01%
|
$5,000
|
|
11 Months
|
4.25% to 4.51%
|
$5,000
|
|
12 Months
|
1.50%
|
$2,500
|
Wells Fargo CDs also offer slightly higher relationship rates, though usually only 0.01% APY more. You can qualify for relationship rates if your CD is linked to a Wells Fargo Prime Checking or Wells Fargo Premier Checking account. Some CDs also earn more on balances over $100,000.
Overview of Wells Fargo CDs
Wells Fargo standard CDs require a minimum opening balance of $2,500, but you need $5,000 to open a special CD. Wells Fargo compounds interest daily and pays it monthly, although you can choose for interest to be paid quarterly, semiannually, annually or at maturity.
If you take your money out of your Wells Fargo CD prior to the end of the agreed-upon term, you will be subject to an early withdrawal penalty depending on your term. The amount of this penalty will be between one and 12 months’ worth of interest.
Wells Fargo offers only fixed-rate CDs, unlike some banks that provide a wider variety of types of CDs.
As with most CDs offered by banks, you’ll benefit from FDIC insurance and the safety of fixed rates. Most Wells Fargo APYs are better than what you’ll find with many traditional banks, but they still don’t quite compete with the best CD rates.
Overview of Wells Fargo CDs
| Components | Details |
|---|---|
|
Minimum Deposit
|
$2,500 or $5,000
|
|
Term Lengths
|
3, 4, 6, 7, 11 and 12 months
|
|
Compounding Schedule
|
Daily
|
|
Early Withdrawal Penalty
|
Terms less than 90 days: 1 month’s interest
Terms between 3 and 12 months: 3 months’ interest
Terms between 12 and 24 months: 6 months’ interest
Terms of 24 months or longer: 12 months’ interest
|
|
Grace Period for Penalty-Free Withdrawals After Maturity
|
7 days
|
How Much Can You Earn With Wells Fargo’s CD Rates?
Find out how much you can earn with a Wells Fargo CD using our CD calculator:
How Wells Fargo’s CDs Compare
Wells Fargo’s Special Fixed Rate CDs tend to offer the most competitive APYs with the bank, with relationship rates being the highest. Right now, a seven-month CD earns up to 5.01% APY.
Most Wells Fargo CD rates are higher than the national average CD rates, which range from 0.22% for a one-month CD to 1.81% for a one-year CD as of April 15, 2024, according to the FDIC.
As always, it pays to shop around for the best CD rates. Don’t assume that your bank or local banks have the best APYs. To get the best CD rates, do your research and compare CD rates across several banks and credit unions to get the highest possible return on your investment.
How To Open a CD With Wells Fargo
You can open a CD with Wells Fargo online or via the bank’s mobile app. Alternatively, you can visit a local bank branch and save time by making an appointment. Wells Fargo offers 24/7 customer support for general banking questions at 800-869-3557.
There are three ways to deposit money into your Wells Fargo CD. You can transfer funds from a Wells Fargo account, an account with another bank or by mailed check or money order. The minimum deposit requirement is $2,500 for most terms, but $5,000 for the seven-month special CD.
Wells Fargo Savings Account Options
If you’re not sure about opening a Wells Fargo CD, it might make sense to consider other Wells Fargo savings account options.
Wells Fargo offers two savings accounts: The Wells Fargo Way2Save® Savings and the Wells Fargo Platinum Savings. Both accounts require a $25 minimum opening deposit, but Way2Save® Savings pays the same 0.01% APY on all balances of $0 or more, while the Platinum Savings account pays tiered interest rates determined by your balance. You’ll earn a base rate of between 0.25% APY and 0.25% APY in this account, with the highest rate reserved for balances of $1 million or more.
Here are the fees for both Wells Fargo savings accounts and the requirements to waive them:
- Way2Save® Savings: $5 monthly fee, waived with a minimum daily balance of $300 or qualifying automatic transfers and for account holders 24 years old or younger.
- Platinum Savings: $12 monthly fee, waived with a minimum daily balance of $3,500.
Regardless of the account you choose or the balance you keep, Wells Fargo savings APYs are not quite as high as rates on the best high-yield savings accounts, which can reach 5.00% APY or higher.
About Wells Fargo
Wells Fargo is one of the largest national banks in America, with more than 4,400 bank branches and around 11,000 ATMs. It’s a full-service bank offering several checking and savings products and many other banking solutions for individuals and businesses.
Frequently Asked Questions (FAQs)
What is the interest rate on Wells Fargo CDs?
Interest rates on standard Wells Fargo CDs range from around 1.50% to 4.50% APY. Special CD rates may be higher. Annual percentage yields, or APYs, assume you allow your interest to compound for a year for maximum earning potential. If you take interest payments, your actual earning rate will be less than the account’s APY. Our CD calculator can help you estimate your earnings.
What is a CD?
A certificate of deposit is a type of time deposit account that pays interest. Unlike a savings account, where your money can be withdrawn at any time, you have to commit to putting your money into a CD for a specific length of time. Generally, if you withdraw your money before the CD’s maturity date, you’ll get hit with an early withdrawal penalty.
What do you need to consider before opening a CD?
Decide whether a CD is the right choice for your savings and investment goals. If you want a safe place to keep your money and you’re willing to lock up your money for a set period of time, a CD could be the right choice.
When shopping for a CD, pay attention to the APY, term, minimum balance requirement, early withdrawal penalties and other details about how the CD works—know what you agree to as the account holder.
What are the pros of a CD?
CDs are generally considered safe investments. These time deposits are insured by the FDIC (Federal Deposit Insurance Corporation) at banks. At credit unions, they’re usually referred to as share certificates and are insured by the NCUA (National Credit Union Administration).
In addition, traditional CDs offer fixed rates of interest, so you know what APY you will earn, even if interest rates drop during the term of the CD.
What are the cons of a CD?
Although APYs on CDs have risen in recent years, many CDs don’t offer long-term returns comparable to the earnings you could gain from investments like stocks. If your financial goal is to maximize growth over a long period, CDs may not be the right option.
CDs also don’t offer liquidity. If you withdraw your money before the CD’s maturity date, you may be assessed an early withdrawal penalty. This penalty could erase most of the interest earned on the CD and occasionally some of the principal.
Find The Best CD Rates Of 2024
