Whether you’re building an emergency fund, saving for life or financial goals or preparing for retirement, CDs are a safe investment with consistent returns. We at the MarketWatch Guides team take an in-depth look at Wells Fargo CD rates, available terms and other account details to see how the bank’s CDs compare to other top banks.
Key Takeaways
- At 4.75%-5.01%, Wells Fargo’s seven-month Special Fixed-Rate CD earns the bank’s highest CD rate.
- Wells Fargo offers four CD terms online, with rates ranging from 1.50% to 5.01% APY – all require a minimum opening deposit of $2,500 to $5,000.
- Higher “relationship” rates are available on CDs and savings accounts linked to a Wells Fargo Prime Checking or Premier Checking account.
- While Wells Fargo offers competitive yields on select short-term CDs, savers can find CDs with rates above 5% and lower minimum deposit requirements at many online banks and credit unions.
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*Annual Percentage Yield
**Accurate as of July 2024, assuming FDIC average savings rate of 0.45% and $2,500 deposit.
Wells Fargo CD Rates
In our review of Wells Fargo, we gave Wells Fargo 3.4 out of 5.0 stars for its CD products. The lower rating is due to the bank’s lack of CD term options online and low APYs on CDs longer than three or seven months. That said, for short-term CDs the bank offers yields two to three times the national average rates, plus peace of mind for savers that prefer to invest with a large, trusted bank.
| Wells Fargo CD Rates | APY* | Relationship APY* | Minimum Deposit | $5,000 Deposit Value at Close of CD |
|---|---|---|---|---|
| 3-months | 2.50% | 2.51% | $2,500 | $5,031.35 |
| 6-months | 2.50% | 2.51% | $2,500 | $5,062.89 |
| 7-months (Special Rate CD) | 4.25% | 5.01% | $5,000 | $5,125.50 |
| 1-year | 1.50% – 2.00% | 1.51% – 2.01% | $2,500 | $5,075.56 |
*APY accurate as of June 26, 2024. The rates listed are for San Francisco and may vary by location.
Wells Fargo offers two types of CDs — Standard Fixed-Rate CDs and Special Fixed-Rate CDs. To note, Wells Fargo CDs are FDIC-insured up to the standard deposit insurance coverage limit of $250,000 per depositor, per bank, per ownership category.
Wells Fargo CDs are best suited for individuals who prioritize safety and want to earn a fixed interest rate on their savings over a specific period. CDs generally offer higher interest rates compared to regular savings accounts, making them attractive for those looking for a conservative and low-risk investment option.
Wells Fargo Standard Fixed-Rate CDs
The Standard Fixed-Rate CD comes in terms of three, six or 12 months. Wells Fargo offers additional fixed-term CD options, but these can only be opened at a Wells Fargo branch location and the APYs are not published online.
Opening a standard CD with Wells Fargo requires a $2,500 minimum opening deposit. In addition to standard CD rates, Wells Fargo offers relationship rates that give eligible customers a slight boost (between 0.01% and 0.26% percentage points) above the standard APY. To access relationship rates, customers must link a Wells Fargo Prime Checking or Premier Checking account to the CD.
Wells Fargo Special Fixed-Rate CD
The Special Fixed-Rate CD is available for a term of seven months as of this writing, with a renewal term option of six months. The special APY is only available for the initial seven-month term. If the CD is renewed for an additional six months, it will renew at the APY in effect at that time.
Special CDs require a $5,000 minimum opening deposit. Relationship rates are also available for Wells Fargo Special CDs.
Note: We reached out to Wells Fargo for comment on the CD review rating but did not receive a response.
>> Related: Learn more about the types of CDs
Wells Fargo CD Rates vs. Other Top Banks
Wells Fargo CDs earn high yield rates but aren’t the only bank to consider if you’re thinking of opening a CD. Here’s a look at how Wells Fargo one-year CDs compare to account offerings at other top banks.
| Bank | APY on One-Year CD* | Minimum Deposit | $2,500 Deposit Value at Close of CD |
|---|---|---|---|
| Wells Fargo | 1.50% (standard rate with a deposit up to $99,999.99), 2.00%(standard rate with a deposit of $100,000 or more), 1.51% (relationship rate with a deposit up to $99,999.99) or 2.01% (relationship rate with a deposit of $100,000 or more) | $2,500 | (standard rate)$2,537.78 or $2,537.78 (relationship rate) |
| Discover | 4.70% | $2,500 | $2,620.30 |
| Capital One | 4.50% | $0 | $2,614.85 |
| Chase | 0.01% (standard rate) or 2.00% (relationship rate) | $1,000 | $2,500.25 (standard rate) or $2,550 (relationship rate) |
| Synchrony Bank | 4.80% | $0 | |
| Citibank | 4.00% below $100,000 and 4.00% $100,000 or more (fixed-rate CD) | $500 | below $100,000 and $2,602.02 $100,000 or more (fixed-rate CD) |
*APY accurate as of June 26, 2024
>> Related: Learn more about the best CD rates
Wells Fargo CD: Who It’s Best For
A Wells Fargo CD is best for the following types of savers:
Existing or new Wells Fargo checking account customers
Prime Checking or Premier Checking customers can qualify for relationship rates on linked Wells Fargo savings accounts and CDs. The higher relationship APY combined with the convenience of managing multiple deposit accounts with one bank can benefit some Wells Fargo customers.
Those looking for a short-term CD term
Wells Fargo’s most competitive APY is for the term of 4 months. For those in the market for a short-term CD, the Special Rate CD provides a competitive APY and the opportunity to renew the CD for an additional six months.
Those with at least $2,500 to invest
The minimum deposit requirement for a Wells Fargo CD ranges from $2,500 to $5,000, depending on the term length. Many traditional and online banks have lower or no minimum deposit requirements.
>> Related: Learn more about the best checking accounts
Wells Fargo CDs: Additional Information
Interest on Wells Fargo CDs compounds daily. Customers can choose when and how interest is paid based on the CD term — monthly, quarterly, semi-annually, annually or at maturity. Account holders can reinvest the interest in the CD, transfer it to an eligible Wells Fargo bank account or receive a check.
Wells Fargo CD Fees
Like other banks, Wells Fargo does not charge monthly fees on its CDs, but it does charge an early withdrawal penalty if you withdraw funds before the CD’s maturity date. Banks generally pay out higher APYs on CDs with the expectation that customers will leave deposits untouched during the CD term. You may lose a significant portion of the interest you’ve earned if you need to access CD funds early. The penalty fee ranges between one and 12 months’ interest based on your CD term length.
Wells Fargo CD Renewal
Wells Fargo provides a seven-day grace period upon CD maturity to renew or make changes to your CD account without penalty. Customers can add or withdraw funds, change CD terms, close the CD or leave it untouched. Wells Fargo CDs will automatically renew at maturity unless you make changes during the provided grace period.
Wells Fargo Savings Accounts
Opening a CD isn’t the only way to build up savings through Wells Fargo. The bank has two savings accounts: Way2Save® Savings, the bank’s basic savings account, and Platinum Savings, designed for those with a bigger savings balance.
Wells Fargo Way2Save®
Wells Fargo Way2Save® Savings is a basic account that’s a good choice if you want to build up your savings. It offers automatic transfers to your savings account when you use bill pay or a debit card with your linked Wells Fargo checking account. It has a $25 minimum opening deposit requirement and currently earns a low 0.01% APY. There’s a $5 monthly service fee on Way2Save accounts, but the fee is waived if you:
- Are 24 years old or younger
- Keep a $300 minimum daily balance
- Meet monthly qualifying transfer requirements
Wells Fargo Platinum Savings
Platinum Savings is the bank’s premium savings account and is geared toward customers who want to earn interest on higher account balances. Rates range from 0.25% – 2.50% APY based on the account balance. Platinum Savings is another account that earns relationship rates for customers with an eligible linked checking account.
A $25 minimum deposit is required to open a Platinum Savings Account through Wells Fargo. The account charges a $12 monthly service fee, which is waived by keeping a $3,500 minimum daily balance each month. Beyond interest earning, the account comes with check-writing privileges.
Savings account holders can request an ATM card if they don’t have a Wells Fargo checking account. Wells Fargo operates approximately 11,000 ATMs nationwide.
Pairing CDs with a savings account can help maximize your savings potential while maintaining some flexibility if you need to access funds.
If Way2Save® or Platinum Savings aren’t best for you, check out our choices for the best savings accounts or best high yield savings accounts.
>> Related: Learn more about Wells Fargo savings rates
The Bottom Line: Is Wells Fargo Right for You?
Wells Fargo CDs earn competitive rates on select short-term offerings. The bank only has a handful of CD terms, so it’s not the best option if you want to build a CD ladder for flexibility and continuous savings growth.
The bank offers full-service banking through a wide range of banking and financial products and services. It’s an option for anyone who prefers to bank in one spot, but you can find better rates on CDs and savings accounts elsewhere, often with much lower or no minimum deposit requirements. Still, Wells Fargo CDs offer quality rates that are ideal for current Wells Fargo customers with available funds to leave in a CD for seven months or less.
FAQ: Wells Fargo CD Rates
Wells Fargo CD rates range from 1.50% APY on a term of 18 months to 4.75% on a term of 4 months. The bank offers slightly higher relationship rates for CD account holders with an eligible linked Wells Fargo checking account.
Which bank pays the highest CD rates changes frequently as they adjust their rates. Often, local credit unions offer the highest CD rates. Unfortunately, customers generally need to be local to be eligible for membership and take advantage of special rates. You can find competitive CD rates at many online banks like Ally Bank, Quontic Bank, Bread Savings and EverBank.
Some online banks and credit unions offer high-yield savings accounts and CDs that earn 5% APY or higher. Online banks have fewer overhead costs than traditional banks, allowing them to offer higher rates. Credit unions are not-for-profit and generally offer competitive APYs to members.
CDs that earn 6% APY are rare, but do exist. When available, they are generally offered locally by credit unions and not readily available to most savers.
*Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
