Banking » Reviews » Wells Fargo CD Rates
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Wells Fargo CD Rates

Wells Fargo offers CDs with terms that range from 3 to 13 months. Here are the current CD rates, how it works and how much you can earn
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

Wells Fargo is a full service bank with a variety of CD products. Unlike some banks that offer a variety of CDs, Wells Fargo is limited to only fixed rate CDs. There are fairly high minimum balance requirements, but the interest compounds daily with monthly credits to the account, but you can opt for interest payments on a different schedule.

While the standard rates may be easily outshined, some of the special Wells Fargo CD rates should certainly make you sit up and take notice.

Wells Fargo CDs

APY Range

1.49% – 5.26%

Minimum Deposit

$2,500

Terms

3 months – 13 months

Our Rating

3.5
3.5/5

Wells Fargo CDs

APY Range

1.49% – 5.26%

Minimum Deposit

$2,500

Terms

3 months – 13 months

Our Rating

3.5
3.5/5

How Do Wells Fargo CDs Work?

Standard Wells Fargo CDs have a minimum opening balance requirement of $2,500, but the special CDs need a higher investment of at least $5,000. Your CD interest will compound daily, but you can opt to have it credited to your account, monthly, quarterly, semiannually, annually or when the CD matures.

Wells Fargo does have a fairly hefty early withdrawal penalty. If your CD has a term of

  • Up to three months, you’ll forfeit one month of interest.
  • Up to one year, the fee is three months of interest.
  • One year to two years, the penalty is six months of interest
  • Over two years, you’ll forfeit a full 12 months of interest.

The Wells Fargo CD rates for standard CDs vary according to your investment amount and term. The highest rates offered for balances over $100,000. As with all the standard CDs, you can qualify for an additional 0.01% with Wells Fargo’s relationship rate.

What Are The Wells Fargo CD Rates?

To qualify for the highest rate for standard Wells Fargo CDs,   you’ll need to have $100,000+ and a CD term of at least one year.

While the standard rates are not overwhelming, Wells Fargo has Special Fixed Rate CDs of 5 months. However, you can receive up to a higher rate with the relationship rate.

These CDs don’t have balance tiers, so providing you have a minimum of $5,000, you can access the highest rates. Just be aware that with these CDs, the renewal term is one month less, so six months for the 5 month.

CD Term
APY
Early Withdrawal Penalty
5 Months
4.50% – 4.76%
3 months interest
3 Months
4.50% – 4.51%
1 month interest
6 Months
2.50% – 2.51%
3 months interest
12 Months
1.50% – 2.01%
6 months interest

Also, remember you won't have access to long-term CDs with high rates. So, for example, if you're looking for the top 5 year CD rates, you'll need to search other banks

How Much Can You Earn If You Deposit $100,000 Today?

In case you deposit $100,00 to Wells Fargo CD, here are the expected earnings (before tax) in case the interest is compounded daily:

CD Term
APY
Interest Earned
5 Months
4.50% – 4.76%
$1,553 – $1,662
3 Months
4.50% – 4.51%
$1,116 – $1,118
6 Months
2.50% – 2.51%
$1,240 – $1,245
12 Months
1.50% – 2.01%
$1,490 – $2,002

Are Wells Fargo CD Rates Competitive Compared to Other Banks?

Overall, on most terms, Wells Fargo CD rates are not so competitive compared to what you can find on online banks and even some traditional CDs.

What makes Wells Fargo CD rates particularly special is the Special CDs. These CDs offer rates that can compete with even online banks. Online banks typically offer higher rates since they don’t have to cover the overhead of maintaining a branch network.

However, Wells Fargo Special CD rates are comparable to many online banks. It may be possible to find higher rates if you are looking for the best CD rates, but it will take a significant amount of comparison shopping.

This table shows how the 1-year CD at Wells Fargo compares to the 1-year CD on both online and traditional banks.

Bank
APY
Minimum Deposit
Early Withdrawal Penalty
Capital One
5.00%
$0
3 months interest
Ally Bank
5.00%
$0
60 days interest
Synchrony Bank
5.30%
$0
90 days interest
Discover
5.20%
$2,500
6 months
Bank of America
0.03%
$1,000
180 days interest

Wells Fargo CD Rates vs Wells Fargo Savings Rates

Wells Fargo has two main savings accounts, which have radically different rates. The Way2Save account has a modest rate of 0.15% which is less competitive compared to some banks’ CDs including Wells Fargo CD rates.

However, it is important to bear in mind that this savings account has a monthly service fee, which can be waived in a number of ways including maintaining a balance of $300 or more or making auto transfers.

The key difference between this savings account and Wells Fargo CDs is that you have complete access to your funds at any time. If you decide that you need the funds, you can simply withdraw some cash or transfer money across to another account with no penalty.

Where the comparison gets a little more tricky is when we compare the Platinum Savings Account. This is a premium savings account that requires a minimum balance of $3,500 per day to waive the $12 monthly fee. 

However, this account offers an impressive 0.15% – 2.51% depending on your balance and whether you qualify for a relationship rate. While you do need a large balance of hundreds of thousands of dollars to access these higher rates, this account does compare with the standard CDs, but you’ll have free access to your funds with no withdrawal penalty.

So, if you have a large fund and the Special CDs are not available at the time, the Platinum Savings account is a more favorable option.

About Wells Fargo Bank

Wells Fargo is one of the most well-established banks in the U.S with a history dating back 170 years. It is also now one of the largest national banks. Customers can enjoy access to a branch network with over 5,200 locations and an ATM network with more than 13,000 machines.

Wells Fargo is a full-service bank with a varied product line, which includes several savings and checking account options, lending products, and several other banking solutions, including personal loans and mortgage options. There is also a wealth management and investment arm so that you can keep all of your personal or business finances under one roof.

If you want to know more about the bank, you can take a look at our Wells Fargo banking review for 2023.

FAQs

No, Wells Fargo does not currently have a no-penalty CD in its product line up, but many other banks offer appealing no-penalty CDs.

Yes, Wells Fargo offers Special CDs, which offer far higher rates with no balance tiers. However, the minimum balance to open a CD tends to be far higher compared to Wells Fargo standard CDs.

The Wells Fargo special CD with a 13 month term will earn you the highest return. If you qualify for the relationship rate, you can earn .

Approximately one month before the maturity date, Wells Fargo will send you a reminder of the maturity date. Upon maturity, you will have a seven day grace period.

During this time you can change the term, make an additional deposit, withdraw funds or close the CD with no penalty. If you don’t take any of these actions, after seven days, the CD will automatically renew.

Wells Fargo CDs have interest that is compounded daily. The default is to have the interest credited to your account monthly, but you can opt to have it credited quarterly, semi annually, annually or on maturity.

The early withdrawal penalty depends on your CD term. The penalty can vary from one month to 12 months of interest, as we discussed earlier in this article.

Compare CD Rates

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.