Wells Fargo CD Rates: Earn Up to 4.76% APY

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Wells Fargo is a national bank known as one of the safest banks in the U.S. It's also known for its wide assortment of financial products, including certificates of deposits (CDs). Wells Fargo CD rates offer high-yield interest on some CD terms and are comparable with the national average in some cases. CD rates vary depending on your account balance and location. Here's what you need to know about Wells Fargo CDs.

Wells Fargo CD Rates

^{Note: Wells Fargo CD rates vary based on location.}

Wells Fargo's special CDs require a $5,000 minimum opening deposit, twice what's required to open a standard Wells Fargo CD. The special CDs' highest interest tiers are relationship based, reserved for Wells Fargo customers with a linked Prime Checking, Premier Checking or Private Bank Interest Checking account. Otherwise, customers earn lower rates.

Wells Fargo doesn't list an end date for this promotional offer, which means it could end at any time. Note that when this special CD term ends, it will automatically renew to a standard six-month CD. There is a seven-calendar-day grace period at maturity where you can make changes to the CD or close it.

Recommended High-Yield Savings Accounts

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UFB Direct High Yield Savings Account Open Account	5.25% More Info UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.	No minimum deposit No monthly fee	Open Account
SoFi Checking and Savings Open Account	0.50% - 4.50% More Info Customers earn 4.50% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.50% APY on your savings balance. Checking balances earn 0.50% APY. See full terms and disclosures at sofi.com/banking. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.	No minimum deposit No monthly fee	Open Account
CIT Bank Platinum Savings Account Open Account	5.05% More Info Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.	$100 minimum deposit No monthly fee	Open Account
CIT Bank Savings Connect Account Open Account	4.65% More Info Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.	$100 minimum deposit No monthly fee	Open Account

Pros and Cons of Wells Fargo CDs

Wells Fargo CD Overview

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• Minimum deposit: $2,500 for standard CDs; $5,000 for special CDs
• Interest: Compounded daily and credited monthly
• CD terms: Four options ranging from three months to one year
• Monthly fees: None

Wells Fargo offers short-term CD terms ranging from three months to one year. Interest rates vary between terms and CD balances. Rates may also vary by location.

The minimum to open a standard Wells Fargo CD is $2,500, which is high compared to competitors. What's more, the promotional CDs require a $5,000 minimum opening deposit. You can open a Wells Fargo CD online, however.

Funding options for a Wells Fargo CD include:

• Electronic transfers from an existing Wells Fargo account
• Electronic transfer from an external bank
• Mailed check
• Money order

Deposits to Wells Fargo CDs are FDIC insured up to the maximum allowed limits. Insurance protection guarantees your money is protected in the event that Wells Fargo experiences a bank failure.

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Interest Disbursement

Interest compounds daily and is credited to your account each month, but it may be credited quarterly, semi-annually, annually or at maturity, depending on the CD length and terms. CD funds, including earned interest, are payable at maturity.

Early Withdrawal

CDs typically offer higher interest rates in exchange for keeping your funds untouched for the entirety of the CD term. If you withdraw funds before your CD matures, Wells Fargo charges an early withdrawal penalty on your term length.

Early withdrawal penalties:

• Terms less than three months: One month's interest
• Three to 12 months: Three months' interest
• Thirteen to 24 months: Six months' interest
• More than 24 months: Twelve months' interest

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Relationship Benefits

Some banks offer exclusive benefits and perks known as relationship benefits. These benefits are available for existing customers that meet eligibility requirements and may include higher APYs on deposit accounts, rate discounts on loan products, rewards or waived fees.

Wells Fargo offers slightly higher relationship APYs on CDs for customers who also have an eligible linked Prime Checking, Premier Checking or Private Bank Interest Checking account.

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How Wells Fargo CD Rates Compare

• National banks aren't typically known for competitive rates, but Wells Fargo CDs offer decent APY on select CD terms.
• Rates often beat the national average, according to the FDIC.
• Wells Fargo rates may exceed some big banks and online banks on select terms.
• If you're already banking through Wells Fargo, you may be eligible for higher relationship rates with a qualifying linked bank account.

While there's a lot to like about Wells Fargo CDs, the bank offers limited terms online, all 12 months or less. You must visit a branch to get a CD with a longer term. Wells Fargo also only offers standard, fixed-rate CDs. Some banks, like Synchrony, offer other CD options like bump-up CDs and no-penalty CDs. Standard CDs at Wells Fargo carry a $2,500 minimum to open, while the special CDs require a $5,000 minimum, which is more than what's required from some banks.

Alternatives to Wells Fargo CDs

Like most financial products, it's best to research available options before committing. Shop around to find the best CD rates and terms to maximize your savings based on your needs.

If you're looking for other CDs with comparable or higher APYs, here are some CD offerings to consider.

Bottom Line

Wells Fargo offers competitive rates for savers looking for short-term CDs that can meet the minimum opening deposit requirements. You may find CDs offering higher APYs with lower minimums elsewhere. Compare rates and terms from several banks and financial institutions to ensure you get the best CD to meet your needs.

FAQs

• Are Wells Fargo CDs FDIC insured?

  Yes, Wells Fargo CDs are FDIC insured up to $250,000 per depositor, per ownership type, in the event of a bank failure.

• How do you open a Wells Fargo CD?

  You can open a Wells Fargo CD online through the bank's website or in person at a Wells Fargo branch location. You must be at least 18 to apply for a CD and have a qualifying government-issued photo ID, a Social Security number or Individual Taxpayer Identification Number, and a U.S. home address.

• How can you fund a Wells Fargo CD?

  You can fund a new CD through another Wells Fargo account, an electronic transfer from another bank or financial institution, or by mailing a check or money order to the bank.

• Can you withdraw money from a Wells Fargo CD early?

  If you withdraw funds from your Wells Fargo CD before the end of your CD term, Wells Fargo will charge an early withdrawal penalty of up to 12 months' worth of interest based on your term length.