December 13, 2023

Wells Fargo Bank CD Rates

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Wells Fargo is one of the largest banks in the U.S. Should you get a Wells Fargo CD? Might be worth considering. Learn more.

Wells Fargo is another one of the biggest banks in the U.S. with well over 4,000 branches nationwide. It's a decent option if you like to do all your banking under one roof.

The good news is they do have some promising CD rates if you're shopping for one today. But you might want to consider their minimum deposit before you open a CD at Wells Fargo.

Learn more about the Wells Fargo CDs, their requirements, rates, and their pros and cons.

Have you had a CD with Wells Fargo before?

What Wells Fargo CDs are Available?

Wells Fargo offers a regular CD, but they also have special CDs with relatively higher rates. Here are the types of CDs at Wells Fargo:

  • Special Fixed Rate CD: A promotional CD or available for a limited time
  • Standard Fixed Rate CD: A regular CD offered by Wells Fargo

Below is a table showing a short overview of the Wells Fargo CDs and its features:[1]

CDs AvailableStandard Fixed, Special Fixed
Minimum Deposit$2,500 for Standard Fixed CDs
$5,000 for Special Fixed CDs
Terms3, 6, 7, 11, and 12 months
Interest PaymentsMonthly, Quarterly, Semi-Annually, Annually, or at Maturity
Early Withdrawal Penalty*
  • Terms less than 90 days (or less than 3 months): 1 month's interest
  • Terms 90 to 365 days (or 3-12 months): 3 months' interest
  • Terms over 12 months to 24 months: 6 months' interest
  • Terms over 24 months: 12 months' interest
Grace Period7 days after maturity

Read on to know how the rates of each CD and how they differ.

Wells Fargo Special Fixed Rate CDs

  • $5,000 minimum opening deposit
CD TermAPYEarnings
4 Months4.75% $155.89
7 Months4.75% $274.40
11 Months4.25% $388.90

Wells Fargo offers their CD rates on their Special Fixed Rate CDs which are available for a limited time only. But, the catch is it requires a minimum deposit of $5,000. This is quite steep compared to other CDs in the market which usually averages around $500 to $1,000.

Additionally, the only term options are odd terms of 7 months and 11 months. When you leave them to auto-renew at maturity, they will change into a 6-month CD with the applicable standard rate.

Special Fixed Rate CDs are also eligible for relationship rates when you have a linked Prime Checking, Premier Checking, or Private Bank Interest Checking account. These relationship rates are usually higher than the special rate offered.

Compare Odd-Term CD Rates

Wells Fargo Standard Fixed Rate CDs

  • $2,500 minimum opening deposit
  • Additional terms are available at a branch
  • APYs are for balances below $100,000
CD TermAPYEarnings
3 Months4.50% $110.65
6 Months2.50% $124.23
1 Year1.50% $150.00

Wells Fargo's Standard Fixed Rate CDs are their regular CD offerings. It has a lower minimum deposit of $2,500 which is still quite high compared to other banks.

The best rate right now is on their 3-month CD. But, their longer-term CDs might not offer great interest rates.

You can open 3, 6, or 12-month CDs online, but if you want a CD with longer terms (up to 12 years[2]), you'll need to go to a branch.

Additionally, these CDs also have balance tiers. Rates may vary depending on the tier (higher balances may get higher APYs):

  • $0 to $4,999.99
  • $5,000 to $9,999.99
  • $10,000 to $24,999.99
  • $25,000 to $49,999.99
  • $50,000 to $99,999.99
  • $100,000 or more

You may be eligible for relationship rates as well, as long as you have a linked Prime Checking or Premier Checking account. However, the difference between the standard and the relationship rate may not be that high.

Compare Standard CD Rates

Wells Fargo Retirement CDs

1-2 Months0.01%
3-5 Months4.50%
6-11 Months2.50%
12-23 Months1.50%
24-35 Months1.50%
36-47 Months1.50%
48-59 Months1.50%
60-71 Months1.50%
72-144 Months1.50%

APYs are for balances below $100,000.

If you already have a Destination® IRA account at Wells Fargo, you can get Special and Standard Fixed Rate CDs as IRA CDs. Unfortunately, new applications are currently not accepted[3].

The offered IRA rates are usually the same for Standard CDs, but Special CDs might be different.

Note that the minimum deposit is lower for Retirement CDs where Specials CDs are at $2,500 and Standard CDs are at $1,000.[4]

Compare IRA CD Rates:

What is an IRA CD?
An IRA CD is a tax-advantaged way to save for retirement by combining the features of an IRA and a CD. The benefits may vary depending on your chosen IRA type.

How Wells Fargo CD Rates Compare

Fees & Penalties

If you withdraw your Wells Fargo CD early, you will have to pay penalties. Remember that to get maximum returns on your CD, you should not withdraw before it matures.

Here are Wells Fargo's applicable early withdrawal penalties on the amount withdrawn by CD term[5].

  • Terms less than 90 days (or less than 3 months): 1 month's interest
  • Terms 90 to 365 days (or 3-12 months): 3 months' interest
  • Terms over 12 months to 24 months: 6 months' interest
  • Terms over 24 months: 12 months' interest

If you withdraw your CD within 7 days of opening the CD, you will be charged at least 7 days interest.

Can I partially withdraw my Wells Fargo CD?
Typically, partial withdrawals are not allowed before maturity. Otherwise, you need to pay early withdrawal penalties. However, your interest earnings on your Wells Fargo CD can be withdrawn during the term if preferred.

Wells Fargo CDs Pros & Cons

If you're still not sure whether to get a CD at Wells Fargo, here are their pros and cons.


  • No monthly service fees
  • No account opening fees
  • Daily compounding interest
  • Wide range of CD terms available at branch
  • FDIC insurance for up to $250,000


  • Long-term CDs have low APY
  • Limited online CD term options
  • Relatively high minimum deposit requirement
  • Must have linked Prime Checking, Premier Checking, or Private Bank Interest Checking account to get higher APY
  • IRA CDs currently not offered to new applicants
  • Early withdrawal penalties

What is the most important factor for you when choosing a CD (Certificate of Deposit)?

Can You Lose Money with a Wells Fargo CD?

Essentially, you can't lose money with a Wells Fargo CD. Your funds are safe because it is protected by FDIC insurance up to $250,000.

However, withdrawing your money before the CD matures can result in early withdrawal fees, potentially reducing your earnings. In some cases, these penalties might even dip into your initial investment amount.

How to Open a CD with Wells Fargo

You can open a CD at Wells Fargo online. Here's how:

  1. Open the Wells Fargo CDs page, click Open Now, and select your preferred CD and term.
  2. Fill in the application form with the necessary information.
  3. Submit and fund your account.

If the CD term you want to open is not available online, visit a Wells Fargo branch near you to open an account in person instead.

How do I fund a Wells Fargo CD?
To fund your Wells Fargo CD, here are three ways:
  1. Transfer funds from an existing Wells Fargo account.
  2. Transfer funds from an external bank account. Be sure to get your account number and routing number to do this.
  3. Mail a check or a money order to: Wells Fargo Bank, P. O. Box 6995, Portland, OR 97228-6995[6]

How to Withdraw Upon Maturity

Wells Fargo will send you a notice around a month before your CD matures. Once you do receive it, make sure you think about what you want to do with your CD.

Here are your options:

  • Close the CD and withdraw all funds
  • Add deposit to the CD or withdraw a part of the CD
  • Change the CD term
  • Automatic renewal

You have a grace period of 7 calendar days after the maturity date of your Wells Fargo CD to finalize your decisions. Make sure you contact Wells Fargo before the grace period ends. Otherwise, the CD will automatically renew and it will be subject to early withdrawal penalties.

You can reach out to their customer service via phone, make an appointment, or go to a Wells Fargo branch.

You can call Wells Fargo customer service at 1-800-869-3557 to discuss your CD concerns and inquiries. Their lines are available 24 hours a day, 7 days a week. You can also schedule an appointment online to talk to a banker.[7]

Wells Fargo Offers

Frequently Asked Questions

  • What are Wells Fargo CD rates right now?
    Wells Fargo CD rates are quite decent on their CD specials and short-term CDs. Their long-term CDs may not be as competitive as other offers by online banks and credit unions.

  • What is Wells Fargo CD term?
    Wells Fargo lets you open a CD online with terms of 3, 6, and 12 months. They also have special CD terms available for a limited time. But, they do have a broad range of CD terms from 1 month to 12 years if you go to a branch to open a CD in person.

  • When can I withdraw from Wells Fargo CD?
    Ideally, you'd want to withdraw your CD only when it has matured. Otherwise, you will need to pay early withdrawal penalties. After the maturity date, you have 7-calendar days to withdraw your money from the CD.

  • Is Wells Fargo CD good?
    Wells Fargo CDs may have decent rates on short-term CDs and CD specials. But if you have a longer time horizon, the long-term CD rates might not be as good.

Bottom Line

Wells Fargo CDs are an okay option for those looking to park their money for a year or less to take advantage of the higher APY. You can also score some higher APY if you have checking accounts eligible for relationship rates.

Ultimately, Wells Fargo is a popular choice to do your banking all under one roof. But if you want better CD rates, some online banks and credit unions may have higher offers.

How likely are you to consider opening a CD with Wells Fargo after learning about their CD rates?


  1. ^ Wells Fargo. Certificates of Deposit, Retrieved 12/13/23
  2. ^ Wells Fargo. Consumer Account Fee and Information Schedule (PDF), Retrieved 10/08/2023
  3. ^ Wells Fargo. Wells Fargo Bank Destination® IRA, Retrieved 10/08/2023
  4. ^ Wells Fargo. Wells Fargo Bank Destination® IRA Rates: FDIC-Insured CDs and Savings Accounts, Retrieved 11/16/2023
  5. ^ Wells Fargo. What is the penalty for early withdrawal?, Retrieved 10/08/2023
  6. ^ Wells Fargo. Mailing Addresses, Retrieved 12/13/23
  7. ^ Wells Fargo. Customer Service Contact Us Numbers Retrieved: 10/08/2023
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Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at Follow us on Twitter and Facebook for our latest posts.

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