Wells Fargo offers some solid CD rates, but the minimum is somewhat high and there aren’t many terms to choose from. Having the bank’s premium checking provides a slight boost to rates.
Wells Fargo CD rates
- Standard vs special CDs. Wells Fargo has two kinds of CDs: “standard CDs,” which require $2,500 to open, and “special CDs,” which require $5,000.
- Bonus vs. non-bonus rates. Each CD rate has two levels: bonus and non-bonus (or “standard”). The bonus rate is available only if you have a Portfolio by Wells Fargo, which is an interest checking account that requires a high minimum balance, such as $25,000, to waive the steep monthly fee.
- Most CD rates aren’t online. You must call or visit a branch to get rate details. Here’s a look at most of the Wells Fargo CDs online.
» Want more options? See our list of the best CD rates
How Wells Fargo CD interest rates compare
Wells Fargo CD rates, even bonus rates on special CDs, aren’t as high as many online bank CD rates. Here’s how they compare:
» Want to check how the national bank ranks overall? See our Wells Fargo review
More details about Wells Fargo CDs
What to consider when opening CDs
- Most interest rates are fixed. If you open nearly any of Wells Fargo bank CDs today, its APY will stay the same until the CD expires. This benefits you if you lock in a CD before rates start dropping, but on the flip side, you’ll earn less on a CD if rates keep rising. It’s hard to know when CD rates go up, since it depends on Federal Reserve rate hikes and other factors. Wells Fargo has one step-rate CD, which has planned rate increases during its term instead of a fixed rate, but this CD can be opened only at a branch.
- You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into a Wells Fargo CD before it expires, there’s an early withdrawal penalty, which means losing some or all of the interest you earned.
» On the fence about a CD? If there’s a chance you’ll need access to your money, consider one of the best high-yield savings accounts instead.
Limited terms, some high rates
Wells Fargo CD rates can be solid, but they have some limits: The terms featured online aren’t the standard lengths that many banks use, and special CD rates generally revert to lower rates if they renew. You can find more conventional terms and higher rates elsewhere.