Banking » Compare Banks » Comparing CD Rates: Wells Fargo vs. Bank Of America
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Comparing CD Rates: Wells Fargo vs. Bank Of America

Bank Of America and Wells Fargo offers high CD rates only on specific terms. Compare rates, minimum deposit and early withdrawal fees.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024

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

Certificates of deposit (CDs) can be a low-risk investment option for individuals who want to earn higher interest rates than a typical savings account. Two major players in the banking industry, Wells Fargo and Bank of America, offer CDs with varying rates and terms.

In this article, we'll compare the CD rates and terms offered by Wells Fargo and Bank of America, including early withdrawal fees and other important considerations.

Here's a general CD comparison:

Wells Fargo CDs
Bank Of America CDs
CD Range
1.49% – 5.01%
0.03% – 5.00%
Minimum Deposit
$2,500
$1,000
Early Withdrawal Penalty
1 – 6 months of interest
90-365 days of interest
Terms
3 months – 13 months
1 – 120 months

Compare CD Rates: Wells Fargo vs. Bank Of America

The table compares the CD rates offered by Wells Fargo Bank and Bank Of America for specific terms.

With both banks, you can get higher rates only on its featured CD. Those types of CDs require a higher minimum deposit, and Wells Fargo rates are better for most terms. However,  in order to get the highest level in the CD range, you'll need a relationship with the bank.

CD Term
Wells Fargo APY
Bank Of America APY
3 Months
4.50% – 4.51%
4.00%
6 Months
4.75% – 5.01% (7 months)
5.00% (Featured, 7 months)
9 Months
N/A
0.03%
12 Months
4.50% – 4.76% (11 months)
4.60% (Featured, 13 months)
18 Months
N/A
0.03%
24 Months
N/A
2.85% (Featured, 25 months)
30 Months
N/A
0.03%
36 Months
N/A
0.03%
48 Months
N/A
0.03%
60 Months
N/A
0.03%
120 Months
N/A
0.03%

Which Is Better If You Need An Early Withdrawal?

The amount of the early withdrawal penalty can differ based on the financial institution and the remaining time until the CD matures.

The table below shows that there is no obvious leader in terms of penalties for the different terms, as both banks offer similar ones. However, if you are looking for 3 month CD, Wells Fargo has lower penalty.

CD Term
Wells Fargo
Bank Of America
3 Months
1 month of interest
90 days of interest
6 Months
3 month of interest
90 days of interest
9 Months
N/A
90 days of interest
12 Months
6 month of interest
180 days of interest
18 Months
N/A
180 days of interest
24 Months
N/A
180 days of interest
30 Months
N/A
180 days of interest
36 Months
N/A
180 days of interest
48 Months
N/A
180 days of interest
60 Months
N/A
365 days interest
120 Months
N/A
365 days interest
WF Open a CD
Open a CD on Wells Fargo app (Screenshot from Wells Fargo app)

CD Alternatives: What Do Wells Fargo And BoFa Offer?

Those who prioritize flexibility and liquidity over higher interest rates provided by CDs may consider savings account as an alternative. Although savings accounts offer lower interest rates than CDs, they provide easier access to funds without early withdrawal penalties.

Wells Fargo Platinum Savings
Bank Of America Savings
Savings Rate
0.15% – 2.51%
0.01% – 0.04%
Minimum Deposit
$25
$100
Fees
$12 can be waived by maintaining a $3,500 minimum daily balance
$8 per month Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
Promotion
None
None

Wells Fargo offers two savings account – the Wells Fargo Way2Save Savings and the Wells Fargo Platinum Savings, which offers a higher rate. However, the rates are significantly lower than what you can get with Wells Fargo CDs. 

Bank Of America doesn't offer a real alternative. The APY on its savings account is very low.

The Smart Investor CDs Comparison Methodology

In our comprehensive certificate of deposit (CD) comparison, The Smart Investor team meticulously evaluated various CDs across four key categories to assist you in selecting the most suitable option for your savings goals.

  • CD Rates: We thoroughly examined the interest rates offered by each CD, considering their competitiveness in the market. Higher rates typically translate to greater returns on your investment over the CD's term. Additionally, we scrutinized any special promotional rates or conditions that might affect the overall value of the CD.
  • CD Features: This category focuses on the unique features and terms associated with each CD. We assessed factors such as minimum deposit requirements, early withdrawal penalties, and the availability of flexible terms. Additionally, we considered any additional perks like interest compounding frequency or options for automatic renewal.
  • Customer Experience: A positive customer experience is crucial in banking, and we evaluated each institution's performance in this regard. We looked into aspects such as the ease of opening a CD, the quality of customer service, and the availability of support channels. Reviews from reputable sources such as Trustpilot and JD Power rankings were also considered to gauge overall user satisfaction.
  • Bank Reputation: The reputation of the bank is a significant factor in the decision-making process. We examined the bank's financial stability, regulatory compliance, and public perception to assess its overall trustworthiness and reliability as a CD provider.

Compare BofA Certificate Of Deposit (CDs)

While Citi Bank offers CD competitive rates on most terms, Bank Of America is the winner for specific terms. Citi also offers no penalty CD.

Compare CD Rates: Citibank vs. Bank Of America

Compare Wells Fargo Certificate Of Deposit (CDs)

While Citi Bank offers competitive CD rates on most terms, Wells Fargo offers high rates on specific terms. Compare rates and withdrawal fees.

CD Rate Comparison: Wells Fargo vs Citibank

Chase and Wells Fargo offer competitive CD rates only on specific terms. Compare rates, minimum deposits, and early withdrawal penalties.

Wells Fargo CDs vs Chase CDs

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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