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Wells Fargo CD rates and review

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A lineup of CDs that earn a guaranteed rate to help build your savings.

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


Minimum deposit to open$2,500
Interest compoundingDaily
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

Expert review

Steven Dashiell

Review by

Steven Dashiell is a credit cards writer at Finder. He's worked on 250 Finder articles and counting, helping readers embrace and maximize credit cards. Backed by nearly a decade of research and reporting experience, Steve's work can be seen on, and Lifehacker.

Expert review

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

What CDs does Wells Fargo offer?

Wells Fargo offers three 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.
  • Special CDs. If you can deposit at least $5,000, this option allows you to open a five-month CD that pays up to 0.01% APY.
  • 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 0.03% 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 and reach as high as $5,000.
  • Automatic renewal term. Once your CD reaches maturity, there is a grace period before it automatically renews. Special and Step Rate CDs will renew at standard rates, meaning you’ll get a lower APY.
  • Below average rates. While the Special and Step Rate CD rates are decent, the Standard CD rates are lower than what’s available from other banks.
  • Early withdrawal penalty. Standard and Special 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.
  • 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
CIT Bank Term CDs
Radius Bank CDs
Discover CDs
Discover IRA CDs
Barclays Online CDs

Compare up to 4 providers

How do I open a CD?

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


  1. Visit the Wells Fargo website, hover over Banking and Cards, then click Savings Accounts and CDs.
  2. Scroll down to Wells Fargo CDs and click Open Now.
  3. Choose which CD you’d like to open and click Open Online Now.
  4. Choose between an individual or joint account, then click Continue.
  5. Enter your personal information, then click continue.
  6. Choose your account options, then proceed to the next step.
  7. 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.

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

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