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.
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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.
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 Available | Standard Fixed, Special Fixed |
|---|---|
| Minimum Deposit | $2,500 for Standard Fixed CDs $5,000 for Special Fixed CDs |
| Terms | 3, 6, 7, 11, and 12 months |
| Interest Payments | Monthly, Quarterly, Semi-Annually, Annually, or at Maturity |
| Early Withdrawal Penalty* |
|
| Grace Period | 7 days after maturity |
| FDIC-Insured | Yes |
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 Term | APY | Earnings |
|---|---|---|
| 4 Months | 4.75% | $77.94 |
| 7 Months | 4.75% | $137.20 |
| 11 Months | 4.25% | $194.45 |
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.
- Western Alliance Bank:
9-Month High-Yield CD - 5.15% APY - Consumers Credit Union:
13-Month Super Jumbo CD - 5.25% APY - Idabel National Bank:
9-Month High-Yield CD - 4.80% APY - Blue Federal Credit Union:
15-Month High-Yield CD - 4.70% APY - SkyOne Federal Credit Union:
15-Month High-Yield CD - 4.50% APY - Generations Bank:
10-Month High-Yield CD - 5.13% APY - First Financial Northwest Bank:
9-Month High-Yield CD - 5.00% APY - Freedom Bank:
9-Month High-Yield CD - 4.95% APY - Sun Canyon Bank:
11-Month High-Yield CD - 4.94% APY - GreenState Credit Union:
10-Month High-Yield CD - 4.70% APY
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 Term | APY | Earnings |
|---|---|---|
| 3 Months | 2.50% | $15.48 |
| 6 Months | 2.50% | $31.06 |
| 1 Year | 1.50% | $37.50 |
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.
- Discover Bank:
1 Year CD - 4.70% APY - Western Alliance Bank:
3-Month High-Yield CD - 5.26% APY - Quontic:
6 Month CD - 5.05% APY - American First Credit Union:
12-Month High-Yield CD - 4.90% APY - Idabel National Bank:
12-Month High-Yield CD - 4.70% APY - SkyOne Federal Credit Union:
12-Month High-Yield CD - 4.20% APY - Ponce Bank:
3-Month High-Yield CD - 5.20% APY - Alliant Credit Union 12-Month Jumbo CD:
5.20% APY - Generations Bank:
6-Month High-Yield CD - 5.18% APY - Freedom Bank:
6-Month High-Yield CD - 5.10% APY
Wells Fargo Retirement CDs
| CD Term | APY |
|---|---|
| 1-2 Months | 0.01% |
| 3-5 Months | 2.50% |
| 6-11 Months | 2.50% |
| 12-23 Months | 1.50% |
| 24-35 Months | 1.50% |
| 36-47 Months | 1.50% |
| 48-59 Months | 1.50% |
| 60-71 Months | 1.50% |
| 72-144 Months | 1.50% |
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]
- Citibank:
IRA Certificates of Deposit - Up to 5.13% APY - Discover Bank:
IRA Certificate of Deposit - Up to 4.70% APY - Ally Bank:
IRA High Yield CD - Up to 4.50% APY - Synchrony Bank:
IRA CD - Up to 5.00% APY - America First Credit Union:
IRA Certificate Account - Up to 5.25% APY - Connexus Credit Union:
IRA Share Certificates - Up to 5.01% APY - Zions Bank:
IRA Certificate of Deposit - Up to 4.86% APY - Pentagon Federal Credit Union:
IRA Certificates - Up to 4.10% APY - Bethpage Federal Credit Union:
IRA Certificate Account - Up to 4.00% APY - NBKC Bank:
IRA Certificate of Deposit - Up to 3.25% APY
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
Certificate of Deposit
- 4.70% APY for 12-month term
- 4.40% APY for 18-month term
- 3.75% APY for 36-month term
- 3.75% APY for 5-year term
CIT Bank No Penalty CD - 3.50% APY
- 3.50% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
CD Rates - Up to 5.05% APY
- $500 minimum opening deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 6 Month | 5.05% APY |
| 12 Month | 4.50% APY |
| 24 Month | 4.50% APY |
| 36 Month | 4.40% APY |
| 60 Month | 4.30% APY |
Alliant Credit Union CD Rates
- Low minimum deposit of only $1,000; no maximum
- Jumbo certificates may be available for a higher rate if you deposit $75,000 or more
- Funds are insured up to $250,000 by NCUA
| Term | APY |
|---|---|
| 3-month | 4.25% |
| 6-month | 5.00% |
| 12-month | 5.15% |
| 18-month | 4.90% |
| 24-month | 4.30% |
| 36-month | 4.20% |
| 48-month | 4.05% |
| 60-month | 4.00% |
5-Month High-Yield CD - 5.00% APY
- $1 minimum deposit
- 24/7 online access
- Federally insured by NCUA
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.
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
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If you're still not sure whether to get a CD at Wells Fargo, here are their pros and cons.
Pros
- 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
Cons
- 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
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:
- Open the Wells Fargo CDs page, click Open Now, and select your preferred CD and term.
- Fill in the application form with the necessary information.
- 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.
To fund your Wells Fargo CD, here are three ways:
- Transfer funds from an existing Wells Fargo account.
- Transfer funds from an external bank account. Be sure to get your account number and routing number to do this.
- 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.
Wells Fargo Offers
Wells Fargo: Savings Account - $525 Bonus
Open a new eligible consumer savings account. Provide the bonus code at account opening. Bonus code can be obtained by providing your email address. Deposit $25,000 or more in new money to the savings account within 30 days of account opening. Maintain at least $25,000 in the account until 90 days after account opening.
Wells Fargo: Personal Checking Account - $300 Bonus
Open a new qualifying consumer checking account. Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 calendar days from account opening (qualification period). Bonus will be deposited to the account within 30 days after the qualification period. This offer is for new checking account customers only.
Wells Fargo: Personal Checking Account - $3,500 Bonus
Open a new Premier Checking account or upgrade your existing checking account to a Premier Checking account. Use promo code at account opening. Offer code can be obtained by providing your email address. Deposit $500,000 or more to qualifying linked accounts within 45 days of account opening or upgrade. Maintain a balance of $500,000 or more in the qualifying linked accounts for at least 90 days after account opening or upgrade.
Wells Fargo: Personal Checking Account - $2,500 Bonus
Open a new Premier Checking account or upgrade your existing checking account to a Premier Checking account. Use promo code at account opening. Offer code can be obtained by providing your email address. Deposit $250,000 or more to qualifying linked accounts within 45 days of account opening or upgrade. Maintain a balance of $250,000 or more in the qualifying linked accounts for at least 90 days after account opening or upgrade.
Wells Fargo: Personal Checking Account - $325 Bonus
Open a new qualifying consumer checking account. Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 calendar days from account opening (qualification period). Bonus will be deposited to the account within 30 days after the qualification period. This offer is for new checking account customers only.
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.
References
- ^ Wells Fargo. Certificates of Deposit, Retrieved 12/13/23
- ^ Wells Fargo. Consumer Account Fee and Information Schedule (PDF), Retrieved 10/08/2023
- ^ Wells Fargo. Wells Fargo Bank Destination® IRA, Retrieved 10/08/2023
- ^ Wells Fargo. Wells Fargo Bank Destination® IRA Rates: FDIC-Insured CDs and Savings Accounts, Retrieved 11/16/2023
- ^ Wells Fargo. What is the penalty for early withdrawal?, Retrieved 10/08/2023
- ^ Wells Fargo. Mailing Addresses, Retrieved 12/13/23
- ^ Wells Fargo. Customer Service Contact Us Numbers Retrieved: 10/08/2023
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at rue.atanacio@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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