Wells Fargo is a popular pick when it comes to big banks. It offers standard banking products, like savings accounts and certificates of deposits. Even though Wells Fargo has the convenience of in-person banking, not all of its CD offerings have the most competitive annual percentage yields, or APYs. And Wells Fargo doesn't currently offer long-term CDs (terms beyond one year).
The big bank's CD terms range from three to 12 months, and there's a minimum requirement of $2,500 to open an account, depending on the CD term. And while Wells Fargo's CD rates aren't as low as other big banks, like Chase, you may be able to lock in a better rate with online-only banks or credit unions you may not be as familiar with.
Wells Fargo CDs: At a glance
| CD type | Standard |
|---|---|
| Minimum requirement | *$2,500 or $5,000 |
| Term | 3 to 12 months |
| Compounding schedule | Daily |
| Early withdrawal penalty | Terms less than 3 months: 1 month's interest Terms 3 to 12 months: 3 months' interest Terms 12 to 24 months: 6 months' interest Terms over 24 months: 12 months' interest |
| Grace period | **7 days |
*Product dependent
**How long you'll have to withdraw your money penalty-free after opening your account
Wells Fargo's CD rates
Wells Fargo's CD rates range from 1.50% to 5.25% APY, depending on the term. Its highest rate is reserved for the 11-month CD, which has a $5,000 minimum requirement. All other terms require $2,500 to open a CD. But you can score better rates with lower deposit requirements elsewhere. CNET provides a list of the best CD rates with other FDIC- and NCUA-insured options.
Standard CDs
| CD term | APY | Minimum requirement |
| 3 months | 4.50% | $2,500 |
| 6 months | 2.50% | $2,500 |
| 7 months | 4.90% | $5,000 |
| 11 months | 5.25% | $5,000 |
| 1 year | 1.50% | $2,500 |
Note: APYs shown are as of Nov. 15, 2023.
How much can you earn with Wells Fargo CDs?
Here's approximately how much you can earn with a $2,500 and $5,000 deposit.
Interest earned on a $2,500 CD
| Term | APY | Interest earned |
| 3 months | 4.50% | $27.66 |
| 6 months | 2.50% | $31.06 |
| 1 year | 1.50% | $37.50 |
APYs as of Nov. 15, 2023. CNET calculates interest earned based on an annual compounding schedule, though some banks compound interest more frequently. Because Wells Fargo compounds daily, expect to earn a slightly higher return.
Interest earned on a $5,000 CD
| Term | APY | Interest earned |
| 3 months | 4.50% | $55.32 |
| 6 months | 2.50% | $62.11 |
| 7 months | 4.90% | $141.49 |
| 11 months | 5.25% | $228.70 |
| 1 year | 1.50% | $75.00 |
Note: APYs as of Nov. 15, 2023. CNET calculates interest earned based on an annual compounding schedule, though some banks compound interest more frequently. Because Wells Fargo compounds daily, expect to earn a slightly higher return.
How do Wells Fargo's CD rates compare to other banks?
Wells Fargo's CD rates are better than what other major big banks offer. But it's best to shop around. Some online-only banks offer higher rates with lower minimum deposit requirements. For instance, Bread Savings offers 5.60% for a one-year CD with a $1,500 minimum deposit, compared with Wells Fargo's 1.50% APY and $2,500 required deposit.
Beyond the rates, Wells Fargo's CD terms are more limited than other banks. The longest term you can lock in is one year, while most other banks offer terms up to five years. So if you're setting aside money for longer-term goals, it's best to look elsewhere.
What to consider before opening a Wells Fargo CD
If you already have an account with Wells Fargo and want to keep all of your money in one place, it may be worthwhile to open a CD with the bank. But there are a few factors to consider.
- Minimum deposit: How much Wells Fargo requires to open an account will depend on your term. But compared to other banks, the requirement may be fairly steep. Wells Fargo requires $2,500 to $5,000, depending on the term. If you're worried about locking away too much money, you might choose a bank with a lower minimum deposit.
- Limited CD terms: Wells Fargo only offers three-, six-, seven-, 11- and 12-month CDs. If you need any term in between or longer, it's best to consider other CD options.
- Specialty CDs: Wells Fargo offers only high-yield CDs. If you're looking for more flexibility with an add-on CD or no-penalty CD, it's best to consider other banks or choose a short-term CD with Wells Fargo to have access to your money sooner.
How to open a Wells Fargo CD
You can open a CD account online or at a Wells Fargo physical location. Keep in mind that CD term availability may vary by state, according to the company.
If you open an account online, visit the Wells Fargo website to choose your CD term and answer a few questions, including whether the CD is an individual or joint account. If you already have a bank account with Wells Fargo, you can log in to continue opening and funding your account. Otherwise, you'll create an account with basic personal information, such as your Social Security number, email and physical address. You'll need to select your CD term and fund the account with the appropriate minimum deposit.
When you set up your CD, pay attention to the early withdrawal penalty that's usually found in your account agreement. Taking money out before the term ends can add up to a few months of lost interest.
What other savings options does Wells Fargo offer?
Wells Fargo may be a good fit if you're looking for a big bank with physical branches for in-person banking services. But the yields are well below the best rates offered by other banks. If you don't want to tie up your money in a CD, Wells Fargo offers two additional savings options:
- Way2Save Savings: Wells Fargo's Way2Save Savings account earns a 0.15% APY and requires a $25 initial deposit. There's a $5 monthly maintenance fee, but you can avoid this fee by maintaining a $300 balance, transferring $25 per month from a linked account or setting up additional automatic transfers into the account each month. Account owners younger than age 24 aren't charged a monthly fee.
- Platinum Savings: This savings account also requires a $25 initial deposit. But the interest rate depends on the account balance. If, for example, you have an account with a balance below $100,000, your account earns 0.25% APY. Balances over $100,000 earn 1.01% APY. Balances between $500,000 and $999,999.99 earn 2.00% APY, and balances of $1,000,000 or more earn 2.50% APY.
FAQs
There are three ways to fund a Wells Fargo CD:
- Transfer funds from an existing Wells Fargo account.
- Transfer funds from a non-Wells Fargo account with your account number and nine-digit routing number.
- Submit a check or money order by mail.
Are Wells Fargo CDs safe?
Yes, Wells Fargo is insured by the Federal Deposit Insurance Corporation for up to $250,000 per person, per account.
Once your Wells Fargo CD matures, you'll have a seven-day grace period to make adjustments to your CD, including changing the term, withdrawing or depositing funds or closing the CD account.
Your CD will automatically renew in the same term at the rate in effect at maturity, unless you make any changes during your seven-day grace period.
