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Wells Fargo, though it gets good marks in other areas, offers CDs with 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. Wells Fargo used to have special CDs with a higher minimum, but its current offerings are only standard CDs that require $2,500 to open.
Bonus vs. non-bonus rates. Each CD rate has two levels: bonus and non-bonus. The bonus rate is available only if you have a linked premium checking account such as Portfolio by Wells Fargo, which is an interest checking account that requires a high minimum balance, such as $25,000, to waive the steep monthly fee.
Focus on short terms: Wells Fargo’s online CD offerings are short terms; it’s uncommon for a big bank not to feature three- or five-year terms online.
Most CD rates aren’t online. You must call or visit a branch to get rate details. Here’s a look at most of the Wells Fargo CDs online.
3-month (Standard CD rate)
6-month (Standard CD rate)
1-year (Standard CD rate)
*Rates listed are for San Francisco. Rates can vary by location.
More details about Wells Fargo CDs
$2,500 for standard CDs.
None, which is common for CDs.
Range of CD terms
3 months to 12 years, but only a handful are listed online.
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.
12 months' interest for CD terms over 2 years.
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?
» Want to check how the national bank ranks overall? See our Wells Fargo review
What to consider when opening CDs
Most interest rates are fixed. If you open nearly any of Wells Fargo bank CDs 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. It’s hard to know when CD rates go up, but here’s a quick look at historical CD rates.
One other type of CD. Wells Fargo has a step-rate CD, which has planned rate increases during its term instead of a fixed rate, but this CD can be opened only at a branch. (Learn more about various types of CDs).
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.
» On the fence about a CD? If there’s a chance you’ll need access to your money, consider one of the best high-yield savings accounts instead.
Limited terms, low rates
Wells Fargo CD rates don’t have many attractive features. You can find more conventional terms and more options on our list of the highest CD rates this month.