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The bank offers high APYs on some short-term CDs, but they come with a steep deposit requirement
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Fact checked by Hans Daniel Jasperson
Wells Fargo CD Rates
Wells Fargo offers a limited number of CD terms with high minimum deposit requirements. While the special fixed rate CD may be relatively competitive—and you can get a slightly higher relationship APY if you have an eligible checking account—most of the bank’s offerings are low compared to what you can find with other financial institutions.
Important
Wells Fargo’s CD rates may vary by location, and the rates listed below may not be available in all zip codes. The APYs listed below use NYC zip code 10001 and are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.
Special Fixed Rate CD Overview
| CD Term | APY | Relationship APY | Renewal Term |
| 4 months | 4.75% | 5.01% | 3 months |
| 7 months | 4.75% | 5.01% | 6 months |
| 11 months | 4.25% | 4.51% | 6 months |
Standard Fixed Rate CD Overview
| CD Term | Deposit | APY | Relationship APY |
| 3 months | $0.00–$100,000+ | 2.50% | 2.51% |
| 6 months | $0.00–$100,000+ | 2.50% | 2.51% |
| 12 months | $0.00–$99,999.99 | 1.50% | 1.51% |
| 12 months | $100,000+ | 2.00% | 2.01% |
See the best CD rates today before choosing the CD that is best for you.
Wells Fargo CD Rates: Key Features
Special Fixed Rate CD Key Features
| APY Range | 4.75%–5.01% |
| Minimum Deposit | $5,000 |
| Term Range | 7-11 months |
| Early Withdrawal Penalty | Term less than 90 days: 1 months’ interest 90 to 365 days: 3 months’ interest Over 12 months to 24 months: 6 months’ interest Over 24 months: 12 months’ interest |
| Grace Period for Penalty-Free Withdrawals | 7 calendar days |
Standard Fixed Rate CD Key Features
| APY Range | 1.50%–2.51% |
| Minimum Deposit | $2,500 |
| Term Range | 3–12 months |
| Early Withdrawal Penalty | Term less than 90 days: 1 months’ interest 90 to 365 days: 3 months’ interest Over 12 months to 24 months: 6 months’ interest Over 24 months: 12 months’ interest |
| Grace Period for Penalty-Free Withdrawals | 7 calendar days |
Compare CD Account Rates
Credit unions and online banks typically offer higher CD rates than traditional banks.
Are Wells Fargo CDs FDIC-Insured?
Yes, Wells Fargo is a member-FDIC bank, so your funds are insured up to the maximum limit of $250,000 per depositor for each ownership category.
Is Wells Fargo Good for CDs?
Wells Fargo Bank CD rates, on average, are low compared to the top CD rates that are currently available. The bank also has high deposit requirements compared to certain alternatives—some banks require $500 or less to get started. Finally, you can only qualify for the best Wells Fargo CD rates if you have an existing relationship with the bank through one of its high-end checking accounts.
How Do You Get the Best Wells Fargo CD Rate?
To enjoy the best rate Wells Fargo has to offer, you’ll need at least $5,000 to open a special fixed-rate CD with the bank. Additionally, you’ll need to have a qualifying Wells Fargo checking account. Eligible accounts include Wells Fargo Prime Checking, Premier Checking, and Private Bank Interest Checking accounts.
Important
If you close your checking account, you’ll retain the relationship APY until your CD matures, at which time it’ll revert to the standard APY.
What Is the Minimum Opening Deposit for Wells Fargo CDs?
For the bank’s standard CDs, the minimum deposit requirement is $2,500. However, if you want to take advantage of the Wells Fargo’s special CD rates, you’ll need to deposit at least $5,000.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates
Read the original article on Investopedia.