Wells Fargo CD Rates 2023: How They Compare
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Wells Fargo offers CDs with generally low rates and high minimums. And unlike other big banks, there aren’t many terms to choose from. Having the bank’s premium checking account provides a slight boost to rates.
Wells Fargo CD rates
Standard CDs vs. special CDs. Wells Fargo has standard CDs that require $2,500 to open and special CDs with higher rates and a much higher minimum of $5,000 to open. (See how CD specials work.)
Relationship rates vs. standard rates. Each CD has two rate levels: standard and relationship. The relationship rate is available only if you have a linked private banking or premium checking account such as Prime Checking, which is an interest checking account that requires a high minimum balance, such as $20,000, to waive the steep monthly fee.
Focus on short terms: Wells Fargo’s online CD offerings are only short terms; most big banks feature wider ranges online from one- to five-year terms.
Most CD rates aren’t online. Visit a branch to get other rate details. Here’s a look at most of the Wells Fargo CDs online.
CD term | Standard rate* | Relationship rate* | Minimum deposit |
|---|---|---|---|
3-month (Standard CD rate) | 4.50% APY. | 4.51% APY. | $2,500. |
6-month (Standard CD rate) | 2.50% APY. | 2.51% APY. | $2,500. |
1-year (Standard CD rate) | 1.50% APY. | 1.51% APY. | $2,500. |
*Rates listed are for San Francisco. Rates can vary by location. | |||
More details about Wells Fargo CDs
Minimum deposit | $2,500 for standard CDs. $5,000 for special CDs. |
Monthly fee | None, which is common for CDs. |
Range of CD terms | 3 months to 12 years, but only a handful are listed online. |
Compounding period | Daily. (This detail helps you estimate what you can earn using a CD calculator.) |
Early withdrawal penalty | 1 month's interest for CD terms less than 3 months. 3 months' interest for CD terms from 3 to 12 months. 6 months' interest for CD terms from 1 year to 2 years. 1 year's interest for CD terms over 2 years. |
Grace period | 7 days after the CD's maturity date. Wells Fargo CDs automatically renew, so this 7-day window is the only time to withdraw without getting hit by a penalty. |
Wells Fargo IRA CD available? | No. No retirement CD option for new customers. Compare IRA CD rates at other banks. |
» Want to check how the national bank ranks overall? See our Wells Fargo review
What to consider when opening CDs
Interest rates are fixed. If you open a Wells Fargo bank CD today, its APY will stay the same until the CD expires. This benefits you if you lock in a CD before rates start dropping, but on the flip side, you’ll earn less on a CD once rates rise again. Here’s a quick look at historical CD rates, including this year’s. Or, if you want a sample of rates each month, see current CD rates.
You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into a Wells Fargo CD before it expires, there’s an early withdrawal penalty, which means losing some or all of the interest you earned. (Learn more about various types of CDs).
» Unsure about CDs? Consider the best high-yield savings accounts instead
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About Wells Fargo
Wells Fargo is one of the largest U.S. banks. Its key strengths include its large branch and ATM networks and high-quality app and website experiences. However, rates on its savings account and CDs tend to be very low. Besides consumer deposit accounts, Wells Fargo provides a broad offering such as personal credit cards, mortgages, personal loans, business checking, business credit cards and business loans.
See CD rates by term and type
Compare the best rates for various CD terms and types:
How do CDs work?
Learn more about choosing CDs, understanding CD rates, and opening and closing CDs.
For choosing CDs:
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See CD rates by bank
Here’s a quick list of CD rates at traditional and online banks and a brokerage:
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