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Wells Fargo CD rates and review

A lineup of CDs that earn a guaranteed rate to help build your savings.’s rating: 1.1 / 5.0


With Wells Fargo, you can choose between different CD options and a variety of terms. But while the interest rates are fixed and there are no fees, there’s a high minimum deposit and you won’t find branches in every state.


1-year APY


Star rate1.1
3-month APY0.01%
6-month APY0.01%
1-year APY0.01%
Early withdrawal penalty30 days interest for terms of 1 to 2 months
90 days interest for terms of 3 to 12 months
180 days interest for terms of 13 to 24 months
365 days interest for terms of 25 + months
Minimum deposit to open$2,500
Interest compoundingDaily

Review by

Steven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.

Expert review

The Wells Fargo CD lineup allows customers to tailor their savings strategy with a choice between two products and a selection of term lengths. The Step Rate CD pays a competitive APY compared to similar accounts, but Standard CD rates fall behind the competition. Just watch out for the high minimum deposit requirements and limited branch locations.

How do I open a Wells Fargo account

Open a standard Wells Fargo CD online or at a branch:


  1. Go to the provider’s site and follow the steps to apply.
  2. From the Wells Fargo website, hover over Banking and Cards, then click Savings Accounts and CDs.
  3. Scroll down to Wells Fargo CDs and click Open Now.
  4. Choose which CD you’d like to open and click Open Online Now.
  5. Choose between an individual or joint account, then click Continue.
  6. Enter your personal information, then click continue.
  7. Choose your account options, then proceed to the next step.
  8. Fund your account, review details, then submit your application.

At a branch

Visit your local Wells Fargo branch and speak with a representative to get started.


To open a CD, you’ll need to meet a few eligibility requirements:

  • 18 years old
  • Valid US residential address
  • Social Security number or tax ID
  • Valid state-issued ID
  • Initial deposit

Required information

Regardless of how you choose to open your CD, you’ll be asked for the following information:

  • Name, date of birth and address
  • Contact information
  • Social Security number or tax ID
  • Employment information

Funding options

You can deposit money into your Wells Fargo CD by making a transfer from an existing bank account or by mailing a check or money order after submitting your application.

What CDs does Wells Fargo offer?

Wells Fargo offers two types of taxable CDs plus CD terms that can be included in an individual retirement account (IRA), allowing you to tailor your savings strategy to your financial situation:

  • Standard CDs. With a minimum deposit of $2,500 and a number of term options, you can earn up to 0.01% APY on your balance.
  • Step Rate CDs. This 24-month CD features four penalty-free withdrawals and guaranteed rate increases every six months, allowing you to earn up to 0.02% APY

Benefits of a Wells Fargo CD

Regardless of which product and term you choose, Wells Fargo CDs offer a suite of benefits:

  • Interest compounded daily. Interest is calculated every day, meaning you’ll be earning interest on your interest. Plus, Wells Fargo offers monthly payouts on interest.
  • Guaranteed returns. The interest rate on your funds is fixed until the date of maturity, letting you know exactly how much money you’ll earn.
  • Bonus APY. You’ll earn bonus interest if you link your CD to a Portfolio by Wells Fargo account.
  • No fees. There are no monthly or service fees to maintain this account, so you’ll hold on to more of your savings.
  • Customer service. Wells Fargo has over 5,000 branches across the country.
  • Flexible terms. Choose a term between three and 39 months, depending on which type of CD you open.

What to watch out for

Though Wells Fargo offers a solid array of CD options, there are a few potential drawbacks to keep in mind:

  • High minimum deposit. Minimum deposits for Wells Fargo CDs start at $2,500.
  • Automatic renewal term. Once your CD reaches maturity, there is a grace period before it automatically renews. Step Rate CDs will renew at standard rates, meaning you’ll get a lower APY.
  • Below average rates. While the Step Rate CD rates are decent, the Standard CD rates are lower than what’s available from other banks.
  • Early withdrawal penalty. Standard CDs feature an early withdrawal fee on withdrawals made after the first seven days of opening the account. This fee ranges from 3 to 12 month’s interest, depending on your term.
  • Step Rate CD availability. You have to visit a Wells Fargo branch to open a Step Rate CD.
  • Special and IRA CDs discontinued. Wells Fargo no longer offers Special or IRA CDs.
  • Limited branch locations. Wells Fargo doesn’t have branches in IN, KY, LA, MA, ME, MI, MO, NH, OH, OK, RI, VT or WV.

If Wells Fargo isn’t matching up with your financial goals, you can also compare your CD options to find out what other offerings are available.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.

Compare up to 4 providers

How do I cash in a CD?

Once your CD reaches maturity, you’ll have a seven-day grace period to make a withdrawal or any other change to the account. Wells Fargo sends you a reminder of your maturity date one month in advance.

During this period, you can contact the bank to make a partial withdrawal, change the term, make additional deposits or withdraw all money and close the CD entirely. If you choose to do nothing at maturity, your CD will renew automatically. Keep in mind that you’ll still need to meet the minimum deposit requirement if you want to keep the account open after a partial withdrawal.

How can I get in touch with customer service?

Wells Fargo offers a few ways to get in touch with customer service if you have any questions about your CD:

  • Make an appointment online or visit your local branch
  • Call 800-869-3557
  • Sign in to your account to send a secure email

What other savings products does Wells Fargo offer?

In addition to CDs, Wells Fargo also offers these savings options:

  • Wells Fargo Way2Save Savings account. A basic savings account with low fees and balance requirements.
  • Platinum Savings. Earn a higher interest rate and get easier access to your money for a slightly higher monthly fee.

Frequently asked questions

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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