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Wells Fargo CD Rates: December 2024

The bank offers high APYs on some short-term CDs, but they come with a steep deposit requirement

By
Ben Luthi
Ben Luthi Ben Luthi
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Ben Luthi has been writing about credit cards and personal finance for six years and has written for U.S. News, NerdWallet, CreditCards.com and Experian, among others. Ben has developed many of Investopedia's in-depth credit card reviews and enjoys collecting and redeeming credit card miles and points in his everyday life and international travels.
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Updated December 24, 2024
Fact checked by
Hans Daniel Jasperson
Hans Daniel Jasperson Hans Daniel Jasperson
Fact checked by Hans Daniel Jasperson
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Hans Daniel Jasperson has over a decade of experience in public policy research, with an emphasis on workforce development, education, and economic justice. His research has been shared with members of the U.S. Congress, federal agencies, and policymakers in several states.
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Client shaking hands with financial advisor about CD rates Client shaking hands with financial advisor about CD rates

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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 of up to 4.17% if you have an eligible checking account—most of the bank's offerings are low compared to what some of the best CD rates. 

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.

Wells Fargo Special Fixed Rate CD
CD Term APY Relationship APY Renewal Term
4 months 4.00% 4.26% 3 months
7 months 3.75% 4.01% 6 months
11 months 3.50% 3.76% 6 months
Wells Fargo Standard Fixed Rate CD
CD Term Deposit  APY  Relationship APY 
3 months  $0.00–$100,000+ 2.00% 2.01%
6 months $0.00–$100,000+ 2.00% 2.01% 
12 months  $0.00–$99,999.99  2.75%  2.76% 
12 months  $100,000+  3.25%  3.26%

Compare Wells Fargo CD Rates

Many of Wells Fargo CDs have fairly low rates compared to many other CDs on the market today. Shop around to find the CD that will match your needs and provide a competitive return.

Wells Fargo CD Rates: Key Features

Special Fixed Rate CD Key Features
APY Range 3.50%–4.00%
Minimum Deposit $5,000 
Term Range 4-11 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  2.00%–3.25%
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

Credit unions and online banks typically offer higher CD rates than traditional banks.

Pros and Cons of Wells Fargo CDs

Pros

  • Some CDs have competitive rates

Cons

  • High minimum deposit

  • Higher rates elsewhere

  • Limited terms

Pros Explained

  • Some CDs have competitive rates: While Wells Fargo's standard CD rates are not competitive, you can find higher rates of up to 4.00% on its special CDs.

Cons Explained

  • High minimum deposit: You must deposit a minimum of $2,500 to $5,000 to open a Wells Fargo CD. If you need to open a CD with a lower amount, you'll have to look elsewhere.
  • Higher rates elsewhere: Wells Fargo Standard Fixed Rate CDs have rates of only up to 2.75%, which is not as high as you may find on CDs at many other banks.
  • Limited terms: Wells Fargo CD terms are only as high as 12 months. If you are looking to invest longer, you will need a different CD.

About Wells Fargo

Based in San Francisco, Wells Fargo is one of the largest banks in the U.S. Along with its CDs, it offers checking accounts, two savings account options, home loans, credit cards, and other financial products. 

Alternatives to Wells Fargo CDs

  • Other high-interest CDs: Many of Wells Fargo's CDs do not offer competitive interest rates. Check the best CD rates currently available before making a deposit.
  • High-yield savings account: If you want to protect your funds while also earning interest, you can also consider a high-yield savings account. Some high-yield accounts offer APYs of 4% or more.
  • Checking account: A checking account is another option for storing your cash, especially if you don’t want to be subject to withdrawal limits. Some high-interest checking accounts can provide more returns on your cash than traditional checking accounts.
  • Money market account: Money market accounts are similar to savings accounts, though they may also come with check-writing abilities and a debit card. You can often earn a good rate on your savings, but you might have to deal with monthly fees or minimum balance requirements. 
  • I bonds: I bonds from the U.S. government are an investment option for protecting your savings from inflation. I bonds may or may not offer a higher rate than the best CDs. When you invest, you have to commit to leaving your money in the I bond for at least a year.

Frequently Asked Questions (FAQs)

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.

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

Article Sources
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  1. Wells Fargo. "Wells Fargo CDs (Certificates of Deposit)."

  2. Federal Deposit Insurance Corporation. "Deposit Insurance FAQs."

  3. Marcus by Goldman Sachs. "Marcus CD Rates."