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finder.com’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.
0.30%
1-year APY
N/A
3-year APY
N/A
5-year APY
Star rate | 1.3 |
---|---|
3-month APY | 0.10% |
6-month APY | 0.20% |
1-year APY | 0.30% |
Early withdrawal penalty | 30 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 compounding | Daily |
Review by
Steven Dashiell is a senior personal finance writer at Finder, specializing in all things banking and credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their banking 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 in U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living, among other top publications.
The Wells Fargo CD lineup is best for die-hard Wells Fargo fans or at least those who already bank with Wells Fargo and don’t want to open a new account elsewhere. This is because Wells Fargo’s CD terms and APYs simply can’t compete with the top performing CDs on the market.
Wells Fargo offers two types of taxable CDs:
Wells Fargo standard CDs come as 3 term options: 3 month, 6 month and 12 month. All three terms earn just 0.01% APY no matter how large a balance you carry on the account. You can bump this rate to 0.02% APY by linking the CD to a Wells Fargo Prime Checking, Premier Checking or Private Bank Interest Checking account. But this is still an incredibly small APY compared to other banks on the market, like Marcus.
Wells Fargo 1-year CD: $10,000 deposit x 0.01% APY = $10,001
Marcus 1-year CD: $10,000 deposit x 2.70% APY = $10,270
The gains from a Wells Fargo CD are so incredibly small that they’re essentially not worth the effort. Unless you can’t bear to part ways with Wells Fargo, look to some of the other top performers on the market for better results.
Open a standard Wells Fargo CD online or 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:
Regardless of how you choose to open your CD, you’ll be asked for the following information:
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. Once your CD is open, you won’t be able to make additional deposits until maturity.
Regardless of which product and term you choose, Wells Fargo CDs offer a suite of benefits:
Though Wells Fargo offers a solid array of CD options, there are a few potential drawbacks to keep in mind:
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.
To compare Wells Fargo CD rates against more of the competition, select up to 4 products and click “Compare” to see them side-by-side.
There are few to no recent customer reviews of Wells Fargo CDs available on social media. The bank has earned an F rating from the Better Business Bureau and is not accredited. It also has several alerts listed based on recent lawsuits or legal activities Wells Fargo has endured. Wells Fargo earns a 1.3 out of 5 star rating on Trustpilot, with several reviews complaining of poor customer service.
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.
Wells Fargo offers a few ways to get in touch with customer service if you have any questions about your CD:
★★★★★ — 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.
Wells Fargo Standard CDs is not currently available on Finder
Have you considered Bread Savings CDs?
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.