Picture by Getty Photographs; Illustration by Tiffany Herring
Wells Fargo affords three phrases of certificates of deposit (CDs) with annual proportion yields which might be nicely under the APYs supplied by different top-yielding banks. One other disadvantage is the $2,500 minimal deposit required for Wells Fargo’s commonplace CDs, which might put Wells Fargo CDs exterior the attain of some savers.
Learn Bankrate’s Wells Fargo evaluation to study extra about how the financial institution scored throughout its deposit product choices.
Wells Fargo CD charges
Wells Fargo affords commonplace charge CDs that require a minimal $2,500 deposit. You can even earn relationship charges on these CDs by linking them to sure Wells Fargo checking accounts. The Premier, Prime or Non-public Financial institution Curiosity Checking accounts are eligible checking accounts that may be linked for a relationship APY.
| Account | Time period | Commonplace APY | Minimal deposit for APY |
| Commonplace Mounted Price CD | 3 months | 4.50% | $2,500 |
| Commonplace Mounted Price CD | 6 months | 2.50% | $2,500 |
| Particular Mounted Price CD | 7 months | 4.75%* | $5,000 |
| Commonplace Mounted Price CD | 1 12 months | 1.50% | $2,500 |
| Commonplace Mounted Price CD | 1 12 months | 2.00% | $100,000 |
Notice: Annual proportion yields (APYs) proven are as of Jan. 17, 2024, and will fluctuate by area for some merchandise. Relationship APYs aren’t listed.
*A a lot increased relationship charge can be accessible.
How Wells Fargo CDs evaluate with top-yielding banks
Wells Fargo affords three commonplace time period choices on its web site that may be helpful when planning out your financial savings targets. The APYs, nevertheless, are typically decrease when put next with CDs supplied by different monetary establishments. The most effective APYs available on the market are above 5 p.c APY for one-year CD phrases, which is significantly increased than a lot of the APYs supplied by Wells Fargo.
You may seemingly discover a higher possibility than Wells Fargo, you probably have some financial savings that you just wish to transfer right into a CD. Bread Financial savings and CIBC Financial institution are amongst those who supply high charges. Evaluate high CD charges earlier than committing cash to an account that doesn’t have a aggressive yield.
Different financial savings choices at Wells Fargo
Wells Fargo additionally affords IRA CDs, with phrases starting from one month to 12 years in month-to-month increments on its web site. An IRA CD may be opened with a $1,000 deposit, and relationship charges are additionally accessible. Past CDs, Wells Fargo has a few financial savings account choices with entry to an expansive community of branches and ATMs however comparatively low APYs.
