Wells Fargo CD Rates for September 2024
Written by
Virginia Anderson
Edited by
Emily Gadd
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Wells Fargo is considered one of the “Big Four” banks in the U.S., alongside JPMorgan Chase, Bank of America and Citi®. Like many big banks, it’s known for offering a wide array of financial services, including consumer and business checking and savings accounts, home and auto loans, credit cards and certificates of deposits.
It’s also a popular bank — as many as one in three households in the country rely on the financial institution for everyday financial transactions. Before stashing your funds at Wells Fargo, it’s important to get clear on Wells Fargo CD rates to determine if it’s the right fit for your savings.
How do Wells Fargo CD rates stack up against the competition? Can it compete with the high interest rates of neobanks and online banks? Does it pay to park your money in a Wells Fargo CD? The answers may surprise you.
Wells Fargo CD Rates
Here’s a look at Wells Fargo Bank CD rates for September 2024, using the zip code 33021 in Miami, Florida.
| Term | APY | Relationship APY |
|---|---|---|
| 4-month Special Fixed Rate CD | ||
| 7-month Special Fixed Rate CD | ||
| 3-month Standard Fixed Rate CD | ||
| 11-month Special Fixed Rate CD | ||
| 6-month Standard Fixed Rate CD | ||
| 12-month Standard Fixed Rate CD (balances under $100,000) | ||
| 12-month Standard Fixed Rate CD (balances $100,000 and more) |
The most competitive CD accounts that Wells Fargo currently offers are its 4-month or 7-month Special Fixed Rate CDs, which is where you’ll see a high, competitive APY rate. The Standard Fixed Rate CDs with 6-month and 12-month terms offer APYs that are significantly less than the Special Fixed Rate alternatives. However, Wells Fargo is currently paying higher than the national average of 1.85% for a 6-month CD.
Fees and Penalties on Wells Fargo CDs
There are no fees for opening a Wells Fargo Special Fixed Rate or Standard Fixed Rate CD. However, you may incur an early withdrawal or Regulation D penalty if you remove funds from your account prior to the CD’s maturity date.
| Early Withdrawal Fee | Special Fixed Rate CD | Standard Fixed Rate CD |
|---|---|---|
| Within 7 days of opening the CD | 7 days’ simple interest | 7 days’ simple interest |
| During grace period | 7 days’ simple interest | 7 days’ simple interest |
| Within 7 days of a previous withdrawal | 7 days’ simple interest | 7 days’ simple interest |
| Less than 3 months before maturity | 1 month’s interest | 1 month’s interest |
| 3 months to 1 year before maturity | 3 months’ interest | 3 months’ interest |
| 1 to 2 years before maturity | 6 months’ interest | 6 months’ interest |
| 2 years or more before maturity | 12 months’ interest | 12 months’ interest |
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Minimum Deposit Criteria
In order to open a CD with Wells Fargo, you’ll need to make a minimum opening deposit of $2,500. You can open the account online or in person at a physical branch location.
Tiered Balances
For some of the CD terms available through Wells Fargo, the rate offered varies based on the amount you tuck away. For example, with the one-year Standard Fixed Rate CD, the interest rate is for balances of more than $100,000 and for balances of less than $100,000.
Fees for Linked Checking Accounts
Wells Fargo offers higher relationship rates for savers who have either a Prime Checking or Premier Checking account with the bank.
The Premier Checking account comes with a $35 monthly service fee. But the fee can be avoided if you have at least $250,000 saved across all of your deposit products with Wells Fargo or invested through Wells Fargo Advisors.
The Prime Checking account comes with a $25 monthly fee. But the fee is avoidable if you have $20,000 saved across all of your Wells Fargo deposit products or invested through Wells Fargo Advisors.
Compounding Schedule
All Wells Fargo CDs begin earning interest on the day of the opening deposit through its maturity. Interest compounds on a daily basis and is typically paid monthly unless you choose a different option, such as quarterly payments. Customers can re-deposit their interest earnings to the CD, transfer it to a Wells Fargo checking or savings account or request a paper check if the account meets certain balance requirements.
Penalties for Early Withdrawals
If you need to withdraw your funds from a Wells Fargo CD early, be prepared to pay an early withdrawal penalty. Here’s a look at those fees:
- For CDs with terms of less than three months, the penalty is equal to one month of interest.
- For CDs with terms of three to 12 months, the penalty is equal to three months of interest.
- For CDs with terms of more than 12 months to 24 months, the penalty is equal to six months of interest.
- For CDs with terms over 24 months, the penalty is equal to 12 months of interest.
How Wells Fargo’s CDs Compare
When shopping for a CD, it’s helpful to check out how the terms and rates compare to offerings from other banks. Here’s how Wells Fargo’s 6-month CD stacks up to the competition.
Wells Fargo vs. Bank of America
| Wells Fargo | Bank of America, Member FDIC | |
|---|---|---|
| Annual Percentage Yield | to | |
| Minimum Deposit | $2,500 | $1,000 |
Wells Fargo vs. Chase
| Wells Fargo | Chase | |
|---|---|---|
| APY | to | |
| Minimum Deposit | $2,500 | $1,000 |
Wells Fargo vs. Discover Bank®
| Wells Fargo | Discover Bank, Member FDIC | |
|---|---|---|
| APY | to | |
| Minimum Deposit | $2,500 | $2,500 |
Wells Fargo vs. Ally
| Wells Fargo | Ally | |
|---|---|---|
| APY | to | |
| Minimum Deposit | $2,500 | $0 |
Wells Fargo CD Pros and Cons
Although Wells Fargo CDs offer a number of benefits, it’s also important to consider the drawbacks of these accounts. Breaking down the pros and cons can help you decide how a Wells Fargo CD may fit in your savings strategy.
Pros
- FDIC-insured
- Lots of convenient branch locations across the U.S.
- Special rates for Relationship customers
- Online and mobile banking to monitor accounts
Cons
- Can find higher rates with neobanks and online banks
- Early withdrawal penalties
- $2,500 to $5,000 minimum opening deposit
How To Qualify for Relationship Rates
Relationship customers earn higher interest rates on linked CDs and savings accounts and lower interest rates on loans. They also pay fewer fees than other Wells Fargo customers, including no ATM fees worldwide and qualify for reimbursements on out-of-network ATM transactions. Premier checking account holders receive 24/7 phone support and personal financial advisory services.
To enjoy the benefits of being a Wells Fargo Relationship customer, you have to open a Wells Fargo Premier Checking account or a Prime Checking account. You can also upgrade your existing checking account. From there, link your savings account or CDs to that account.
There’s a $35 monthly service fee associated with the Premier Checking account, but you can have that waived by holding $250,000 or more in linked deposit accounts, including investment accounts. The Prime Checking account comes with a $25 monthly service fee that can be waived by holding $20,000 or more in your linked deposit accounts.
Who Is a Wells Fargo CD Best For?
If you are already a Wells Fargo member and have a Premier Checking or Prime Checking account, it may make sense for you to open a CD account to get the relationship APY. You’ll be able to monitor all your Wells Fargo accounts on the bank’s website or in the mobile app. On the other hand, you can get better rates on CDs at other banks. If you’re not currently a Wells Fargo customer, opening a different account may be the better option. A high-yield savings account may also be a better option if you want to avoid paying a penalty for an early withdrawal.
How Do I Open a Wells Fargo CD?
If you already have a Wells Fargo account, you can log in and follow the instructions to open a CD.
Consumers who don’t have an existing Wells Fargo account can also start the process online to open an account. However, you’ll need to have a few pieces of information available, including your Social Security number, valid identification such as a driver’s license and an account funding source.
During the application process, you’ll select the type of CD you want and its term length. You can fund your CD using any of the following:
- A transfer from an existing Wells Fargo account
- A transfer from an external bank account at another financial institution
- A check or money order sent by mail or taken to your local Wells Fargo branch
After funding your CD, it will begin accruing interest. A month before, you’ll receive a reminder notice from Wells Fargo indicating the maturity date. Once that date arrives, you’ll have a seven-day grace period to decide what you want to do with your funds. You can either close the CD, change its term or make additional deposits. Your CD automatically renews at the standard interest rate available at the time if you don’t take any action within the seven-day grace period.
Wells Fargo Savings Account Alternatives
If you want a place to stash your savings with Wells Fargo, CDs aren’t your only option. Wells Fargo also offers savings accounts and money market accounts to consider. Take a look at some of your other options below.
- Wells Fargo Way2Save. The Way2Save account requires a minimum deposit of $25 and comes with a waivable monthly fee of $5. The funds in this account will earn 0.01% APY.
- Wells Fargo Platinum Savings. The Platinum Savings account comes with a $12 monthly service fee and requires a minimum deposit of $25. The funds in this account will earn APY. If the account is linked to a Prime Checking account, you can earn APY. If the account is linked to a Premier Checking account, you could earn an APY ranging from to . You can avoid the monthly service fee if you maintain a minimum daily balance of $3,500.
Final Take To GO
Wells Fargo offers CDs to grow your funds. But Wells Fargo CD interest rates leave much to be desired. Unless you are a committed Wells Fargo customer who wants to keep your finances under a single banking experience, then it’s probably a good idea to lock in higher CD rates elsewhere. Explore the best CD rates today before moving forward.
Sarah Sharkey, Allison Hache and Dawn Allcot contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 6, 2024. Rates may vary by location.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- Federal Deposit Insurance Corporation. 2024. "National Rates and Rate Caps."
