Wells Fargo is a popular pick when it comes to big banks. It offers common 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 yield. 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 that 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 | 1 to 12 months of interest |
| Grace period | **7 days |
**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 5.00% 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 | 4.75% | $5,000 |
| 11 months | 5.00% | $5,000 |
| 1 year | 1.50% | $2,500 |
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 |
Interest earned on a $5,000 CD
| Term | APY | Interest earned |
| 7 months | 4.75% | $137.20 |
| 11 months | 5.00% | $228.70 |
| 1 year | 1.50% | $75.00 |
How do Wells Fargo’s CD rates compare to other banks?
Wells Fargo’s CD rates are better than what other major 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 to Wells Fargo’s 1.50% APY and $5,000 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.
Additional savings options at Wells Fargo
- Way2Save Savings: This savings account requires a $25 initial deposit, earns a 0.15% APY and charges a $5 monthly maintenance fee. Account holders can avoid the monthly 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. The interest rate depends on the account balance. If, for example, you have an account that has a balance below $100,000, your account earns 0.25% APY. Balances of more than $100,000 earn 1.01% APY. Balances between $500,000 and $999,999.99 earn 2.00% APY, and balances of $1,000,000 offer 2.50% APY.
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 only offers 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 CD at Wells Fargo
You can open an account online or at a Wells Fargo physical location. Keep in mind that the 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 by including 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 setting up your account, pay close 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 interest.
