Wells Fargo is one of the largest banks in the United States, serving millions of customers through more than 4,000 branch locations. Dating back to 1852, they have grown into one of the most well-known and respected names in everyday banking.

Wells Fargo offers checking and savings accounts, home loans, credit cards, and a range of investment and business services.

Many people choose Wells Fargo because it’s easy to find a nearby branch or manage accounts through its mobile app.

Wells Fargo CD Rates

If you’re thinking about opening a Certificate of Deposit (CD), then Wells Fargo might be on your list of possible banks. Unfortunately, Wells Fargo CD rates come up short compared to some of the other options available. Additionally, they have a slightly higher minimum deposit requirement compared to other banks.

Earn Bonus Cash: Earn a $300 cash bonus and up to a 4.30% APY when opening a checking and savings account.

Wells Fargo CDs come in term lengths from 3 months to 1 year and their APY ranges up to 3.74%.

Wells Fargo CD Features

• Attractive APY: While Wells Fargo doesn’t have many CD terms available, they do offer a few attractive special rate CDs.
• FDIC Insured: The funds you deposit will be protected by the FDIC, up to $250,000 per depositor.
• Interest Compounds Daily: Interest on Wells Fargo CDs will compound daily which will give you the chance to earn more than from a bank that compounds monthly.
• Grace Period: After your CD matures, you will have a 10 day grace period where you can choose to change the term, add funds, withdraw, or close the CD without penalty.

Pros and Cons of Wells Fargo CDs

Pros

• Easy to Open: CDs from Wells Fargo are easy to open. It can be done online or in a nearby branch location.
• Large Network of Branches: With over 4,000 branches, there is likely a location near you if you prefer to do your banking in-person.
• High APY: Special rate CDs have an attractive APY compared to many other traditional brick and mortar banks.
• No Fees: There are no monthly fees for CD products at Wells Fargo.
• FDIC Insured: Your deposits are FDIC insured up to $250,000 per depositor.

Cons

• Few CD Terms Available: Compared to other banks, Wells Fargo has a limited number of CD terms available.
• High Minimum Deposit: Depending on the CD term, the minimum deposit is either $2,500 or $5,000 which is significantly higher than many other banks.
• Early Withdrawal Penalties: If you choose to withdraw your money before the CD matures, you’ll face early withdrawal penalties.

How Do Wells Fargo CD Rates Stack Up?

Do you want to compare the current rates from Wells Fargo to other options? Here are a few to consider.

Wells Fargo Early Withdrawal Penalties

If you need to withdraw you money early, you’ll be required to pay the following early withdrawal penalties.

How to Open a Wells Fargo CD

If you’re planning to open a CD in a Wells Fargo branch location you can head to your branch and have a personal banker assist you. However, if you want to open a CD online, you’ll need to follow these steps:

1. Go to WellsFargo.com and navigate to the Wells Fargo CDs section under the “Personal” menu tab.
2. Select the CD term you want to open and click “Open Now”. This will take you to an online application that you will need to fill out.
3. If you’re already a Wells Fargo customer, you will need to sign into your account. Otherwise, you will need to create an online account.
4. Enter your personal details, including your name, address, Social Security number, and contact information.
5. Fund your CD with at least the minimum required deposit.
6. Confirm your details, agree to the terms, and finish the application.

Alternatives to Wells Fargo CDs

CDs can be a great way to save money in a risk free account. However, there are also some other options available.

High Yield Savings Accounts: Some people might not want to lock up their money in a CD. If that sounds like you, then you might be better off using a high yield savings account. However, you’ll want to look outside of Wells Fargo. Even though there are occationally some Wells Fargo promotions on their savings accounts, they offer an extremely low APY. Instead, choose an online bank like SoFi or Barclays.

Money Market Accounts: Money market accounts are another great way to save. These are very similar to high yield savings account except most will give you a debit card and provide check writing abilities.

Checking Accounts: Another option would be to keep your money in a checking account that earns interest. We’ve rounded up the best high interest checking accounts to show you your options. Each of these have an APY that are very similar to a high yield savings account.