If you have spare cash you won’t need to touch for a few months or years, investing it in a certificate of deposit (CD) can be a good way to earn more than you would in a typical savings account. In particular, a Wells Fargo certificate of deposit can help you boost your earnings with above-average annual percentage yields (APYs).
As you’ll see below, Wells Fargo CD rates are higher than the national average CD rates for some terms. Keep reading to see if a Wells Fargo CD is the right choice for your savings surplus.
Vault’s Viewpoint on Wells Fargo CD Rates
- Wells Fargo offers some CD APYs that are higher than the national average.
- However, other CD APYs are steadfastly average or below average.
- Wells Fargo also doesn’t offer many CD terms, making it a bad choice for long-term investments or CD laddering.
Overview of Wells Fargo CDs
Wells Fargo offers just six CD terms to choose from—3 months, 4 months, 6 months, 7 months, 11 months and 1 year. However, you may be able to get additional terms of up to 120 months if you visit a local branch. You’ll need at least $2,500 to invest for most terms. The special 4-, 7- and 11-month terms require a $5,000 minimum deposit. Funding your Wells Fargo CD is simple enough—just make a deposit from a Wells Fargo account or external account or send in a check or money order by mail.
If you want to withdraw funds early from your CD, you’ll pay an early withdrawal penalty:
- Term less than 90 days: 1 month of interest
- Terms 90 to 365 days: 3 months of interest
- Terms over 12 months: 6 months of interest
- Terms over 24 months: 12 months of interest
After your CD matures, there’s a seven-day grace period to withdraw funds. This is shorter than the typical 10-day grace period offered by most other banks. Unless you withdraw your money, your account automatically renews for the same term you had before at the new interest rate.
Wells Fargo CD rates are a mix of above-average and below-average. The average national 3-month CD earns 1.53% interest according to the Federal Deposit Insurance Corporation (FDIC), while Wells Fargo offers 2.50% APY. However, the average 1-year CD rate is 1.80%, which is higher than Wells Fargo. Both of these rates are nowhere near the top 1-year CD rates, which are currently hovering over 5% APY.
Wells Fargo also offers a special relationship APY if you have a Prime Checking or Premier Checking account, though it’s typically just 0.01% higher than the standard APY.
| CD Term | Standard APY | Relationship APY | Minimum Deposit |
| 3 months | 2.50% | 2.51% | $2,500 |
| 4 months | 4.75% | 5.01% | $5,000 |
| 6 months | 2.50% | 2.51% | $2,500 |
| 7 months | 4.75% | 5.01% | $5,000 |
| 11 months | 4.25% | 4.51% | $5,000 |
| 1 year | 1.50% | 1.51% | $2,500 |
Pros of a Wells Fargo CD
With a Wells Fargo CD, you’ll see a decent return on your money without putting it at risk.
- Some APYS are higher than average
- Plenty of account funding options
- You can withdraw interest monthly without penalty
Cons of a Wells Fargo CD
Unfortunately, there are several cons to Wells Fargo CDs that might rule them out as an option for you.
- High early withdrawal penalties
- Shorter-than-average grace period at CD maturity
- Lack of available CD terms
- High minimum deposit
How Much Can You Earn With a Wells Fargo CD?
If you’re looking to get rich off of a Wells Fargo CD, you’re likely in the wrong place. The bank’s APYs are decent, but because the terms are so short, it greatly limits how much you can actually earn. To showcase this, we’ve put together the following table of estimated earnings based on an initial $25,000 deposit.
We only showcased the standard APYs in this table. That’s because the relationship APYs don’t add that much more value. For the 3-month, 6-month and 1-year terms, you’d earn no more than an additional $2.50 by having the relationship APY.
| CD Term | APY | Estimated Earnings |
| 3 months | 4.50% | $276.62 |
| 4 months | 4.75% | $389.73 |
| 6 months | 2.50% | $310.57 |
| 7 months | 4.75% | $686 |
| 11 months | 4.25% | $972.26 |
| 1 year | 1.50% | $375 |
How to Open a CD With Wells Fargo
- Decide whether to open your CD online or in person. Opening a CD online is faster and easier, but you may appreciate talking to a real person during the process. Also, if you’re not a fan of the CD terms available online, you may have more options at your local branch.
- Choose the term you prefer. On the online application, the first step is to choose the term you prefer. Wells Fargo has different options listed depending on whether you plan on depositing over $2,500 or over $10,000, but all the APYs are the same regardless. Therefore, just choose the option that reflects how much you plan on depositing.
- Answer account details. Wells Fargo will ask you whether you want to open an individual or joint account. It’ll also ask whether or not you’re a current customer. If you are, you won’t have to fill in all of your personal information—it’ll autofill the application for you.
- Provide your personal information. In addition to basics like your name, phone number and address, Wells Fargo will ask for your Social Security number or Individual Tax Identification Number and valid ID. These are used to verify your identity and check your credit history.
- Provide funding information. Next, you’ll have to provide your opening deposit amount and funding information. You can fund your account from an existing Wells Fargo, an external account or by sending in a check or money order.
- Review the final terms. Once you agree to the final CD terms, Wells Fargo will begin to process your funding. Once it receives your funds, your account will officially be open and accruing interest.
Alternatives to a CD with Wells Fargo
A Wells Fargo CD isn’t the right choice for everyone. If you don’t think it would meet your needs, here are a couple of alternatives to consider.
Wells Fargo Platinum Savings Account
If you’re not a fan of the Wells Fargo CD options but still want to keep your money at the bank, a Wells Fargo Platinum Savings account might be a good alternative. The account offers between 0.25% to 2.50% APY depending on your balance. Special relationship APYs increase the rate by 0.01% across the board.
The APY is decent if you have over $100,000, but it’s below the national average of 0.45%. There’s also a $12 monthly service fee if you have a daily balance below $3,500. On the whole, this account is only good if you’re attached to using Wells Fargo. If not, there are better options we’ll cover below.
BMO Alto CD
If you’re looking for higher rates and longer terms from a CD, BMO Alto has you covered. It offers up to 5.15% APY on its 6-month CD, which blows Wells Fargo out of the water. You can even invest for as long as 60 months with an impressive 4.80% APY.
BMO Alto offers doesn’t have a minimum deposit requirement—ideal for those who don’t have a hefty sum of money sitting around. The early withdrawal penalties are also slightly more manageable. If you think you might need to cash out early, you won’t take as large of a hit to your earnings.
SoFi High-Yield Savings Account
You can earn 4.60% APY on everything you deposit to your SoFi High-Yield Savings Account. The best part? It doesn’t come with the withdrawal restrictions of a CD. So if you need to take out money to cover an emergency or pay your bills, you won’t be penalized.
There are also no monthly, minimum or maintenance fees. You don’t need to have a minimum deposit. Overall, it’s the perfect account for someone who wants a safe place to store their money without losing access to it.
Frequently Asked Questions
What Are Wells Fargo CD Rates Right Now?
Wells Fargo’s current CD rates range from 1.50% to 4.75% APY. To get the highest rate, you’ll need to open a special-term CD as well as have a linked Wells Fargo checking account.
Can You Withdraw Interest Early From a Wells Fargo CD?
Yes, it’s possible to withdraw interest on a monthly, quarterly or semi-annual basis from your CD without penalty. However, doing so will reduce your total earnings, meaning you won’t earn the disclosed APY.
What Happens When My Wells Fargo CD Matures?
At maturity, you’ll have a seven-day grace period to either withdraw your funds, make additional deposits or close the CD. If you don’t make any changes, your CD will automatically renew for the same term at the current interest rate in effect.
