Wells Fargo offers a standard certificate of deposit account with a small range of terms, from three to 13 months. There are two featured terms -- seven- and 13-month CDs -- that include special features and provide competitive rates. Overall, Wells Fargo's CD rates are lower than those offered by many traditional and online banks and credit unions.
Wells Fargo, however, remains a top player in the banking industry. It's among the top five largest US banks, with more than $1.7 trillion of consolidated assets and about 4,700 retail branches across the country. Savers, however, looking to maximize their returns should evaluate CDs offered from competitors before making a decision.
The seven- and 13-month featured CDs offer annual percentage yields, or APYs, that are four times higher than the national average of 0.90% for a one-year CD. The minimum deposit for these featured CDs, however, doubles to $5,000 ($2,500 for standard CD terms).
Wells Fargo CDs: At a glance
| CD type | Standard |
|---|---|
| Minimum deposit | $2,500 or $5,000 |
| Term | Three to 13 months |
| Compounding schedule | Daily |
| Early withdrawal penalty | One to 12 months of interest |
| Grace period | Seven days |
Wells Fargo's CD rates
Wells Fargo's seven- and 13-month featured CDs include a relationship rate that currently adds 0.05% and 0.06%, respectively, for accounts that are linked to a Wells Fargo checking account. There are more competitive rates available from other banks. CNET provides a list of CDs with more competitive rates.
Standard CD
| CD term | APY | Minimum deposit | Balance |
|---|---|---|---|
| 3 months | 0.50% | $2,500 | $0 to $99,999 |
| 3 months | 1.01% | $2,500 | $100,000 + |
| 6 months | 1.01% | $2,500 | $0 to $99,999 |
| 6 months | 1.50% | $2,500 | $100,000 + |
| 7 months | 3.50% | $5,000 | $0 to $100,000 |
| 1 year | 1.50% | $2,500 | $0 to $99,999 |
| 1 year | 2.00% | $2,500 | $100,000 + |
| 13 months | 3.75% | $5,000 | $0 to $100,000+ |
Note: Annual percentage yields (APYs) shown are as of Dec. 14, 2022. CNET's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.
How much can you earn with Wells Fargo CDs?
A Wells Fargo CD with a $10,000 deposit that compounds daily will generate the following results:
Interest earned on a $10,000 CD
| Term | APY | Interest earned |
|---|---|---|
| 3 months | 0.50% | $12.48 |
| 3 months | 1.01% | $25.15 |
| 6 months | 1.01% | $50.37 |
| 7 months | 3.50% | $202.70 |
| 1 year | 1.50% | $150 |
| 13 months | 3.75% | $406.88 |
Note: Interest earned is calculated based on APYs as of Dec. 14, 2022.
How do Wells Faro's CD rates compare?
Wells Fargo has a standard, fixed-rate CD with a limited number of terms. The featured terms, seven and 13 months, are the highest APYs offered by the bank. These rates, however, are well below some of the highest rates available by banks and credit unions -- even with the relationship bonus. The featured rates provide a competitive option among large brick-and-mortar banks. Wells Fargo offers a full suite of services and a large number of physical branches that will appeal to people who prefer the option of banking in person.
Additional savings options at Wells Fargo
- Way2Save Savings: This savings account requires a $25 initial deposit, earns a 0.15% APY and charges a $5 monthly maintenance fee. Account holders can avoid the monthly fee by maintaining a $300 balance, transferring $25 per month from a linked account or setting up additional automatic transfers into the account each month. Account owners younger than age 24 aren't charged a monthly fee.
- Platinum Savings: This savings account also requires a $25 initial deposit. The interest rate depends on the account balance. If, for example, you have an account that has a balance below $100,000, your account earns 0.25%. Balances of more than $100,000 earn 1.01%. There's a 0.01% relationship bonus added to the interest rate for accounts linked to a Wells Fargo checking account.