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Wells Fargo CDs: Pros, Cons, and Current Rates

Written by Sophia Acevedo and Kit Pulliam; reviewed by Evelyn He
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Business Insider's personal finance team compared Wells Fargo CDs to the best CDs and found it to be a standard offering. Some of Wells Fargo's CD rates are good, but Wells Fargo requires a hefty minimum opening deposit, and it doesn't offer many CD terms.

Wells Fargo has two CD options: standard CDs and special CDs. The primary difference between the two accounts is that Wells Fargo special CD rates are more competitive than Wells Fargo standard CD rates, but Wells Fargo special CDs also have higher minimum opening deposits than Wells Fargo standard CDs.

Wells Fargo only offers fixed-rate CDs, which means your rate will remain the same throughout the entire term. You'll want to consider another financial institution if you'd like to open a variable-rate CD, like a step-up CD. Step-up CDs offer a guaranteed rate increase at a specific date. Learn more about current Wells Fargo CD rates below.

Current Wells Fargo CD Rates

Wells Fargo Standard Fixed Rate CD Rates

A Wells Fargo Standard Fixed Rate CD offers 1.50% to 2.51% APY.

Wells Fargo has standard rates and relationship rates. You can qualify for a relationship rate when you link Wells Fargo Prime Checking, Wells Fargo Premier Checking, or Wells Fargo Private Bank Interest Checking. 

Wells Fargo CD rates aren't strong for its standard CDs. If you want a competitive Wells Fargo CD rate, a Wells Fargo Special Fixed Rate CD is probably a better fit. 

Wells Fargo CD rates are the same in many areas, but they can vary depending on where you live. We used a zip code from New York City for the following Wells Fargo CD rates: 

Standard Fixed Rate TermStandard APYRelationship APY
3-month2.50%2.51%
6-month2.50%2.51%
1-year1.50% to 2.01%*1.51% to 2.01%*

*The 1-year CD offers a higher interest rate if you deposit $100,000 or more. 

Wells Fargo Special Fixed Rate CD Rates

A Wells Fargo Special Fixed Rate CD pays 3.75% to 4.76% (varies by location) APY, depending on the term.

A Wells Fargo Special Fixed Rate CD offers a higher interest rate than the average CD. The Wells Fargo standard CD rates are better than you can find at many other brick-and-mortar banks, but they aren't as strong as you can find at online banks.

The Wells Fargo Special Fixed Rate CD might be worthwhile if you have $5,000 or more to open an account because this Wells Fargo CD rate is better regardless of your account balance.

We used a zip code from New York City for the following Wells Fargo Special Fixed Rate CD rates: 

Special Fixed Rate TermStandard APYRelationship APY
4-month4.5O%4.76%
7-month4.25%4.51%
11-month3.75%4.01%

How to Open a Wells Fargo CD

Wells Fargo CDs can be opened online or at a nearby branch. Bear in mind the bank offers additional term options if you visit a branch. 

To open a CD, you must be at least 18 years old. If you apply online, you'll need to include a Social Security number or ITIN number, a U.S. address, and a phone number. If you apply at a branch, you must take physical documents verifying your identity and home address. People who aren't U.S. citizens or permanent residents can use a foreign passport or Matricula Consular if they don't have a U.S. ID.

A Wells Fargo Standard Fixed Rate CD has a $2,500 minimum opening deposit, and a Wells Fargo Special Fixed Rate CD has a $5,000 minimum opening deposit. These requirements are pretty steep compared to other banks. Usually, only $1,000 is required to open a CD. 

Should You Open a Wells Fargo CD?

Wells Fargo might be worth considering if you are searching for a CD term at a brick-and-mortar bank of one year or less. In particular, a Wells Fargo Special Fixed Rate CD could be worthwhile if you are looking for a high CD rate.

Wells Fargo probably won't be the best option if you're searching for CDs with low opening requirements. Other financial institutions let you open CDs with $1,000 or less. Wells Fargo CDs require $2,500 to $5,000, depending on which type of CD you open.

You also might prefer a different bank if you prefer more CD variety while applying online. Generally, most financial institutions at least offer CDs ranging from three months to five years.

There are also financial institutions that offer other types of CDs. For example, some banks have no-penalty CDs, which do not charge early withdrawal penalties if you need to take out money before a term ends. 

Wells Fargo CD Pros and Cons

Wells Fargo CD Pros

  • National branch presence
  • Wells Fargo Special Fixed Rate CD rates are competitive

Wells Fargo CD Cons

  • High minimum opening deposit requirements compared to other banks
  • Other financial institutions offer higher online CD rates for 3-month, 6-month, and 1-year terms
  • Other financial institutions offer more online CD variety (specialty CDs and more term options)

Wells Fargo CD Alternatives

Wells Fargo CDs vs. U.S. Bank CDs

U.S. Bank offers four types of CDs: special CDs, standard CDs, step-up CDs, and trade-up CDs. A trade-up CD allows you to request a rate increase at a U.S. Bank branch once during a term if interest rates go up.

In general, U.S. Bank CD rates aren't as high as Wells Fargo CD rates. All of U.S. Bank's CDs, except for its CD specials, offer interest rates of less than 1% APY. While U.S. Bank special CD rates are higher than the standard terms, at 3.55% to 4.50% (Varies by location) APY, Wells Fargo special CD rates are still even more impressive at 3.75% to 4.76% (varies by location). That being said, U.S. Bank's special CDs offer longer term lengths.

You also might lean more toward U.S. Bank if you'd like to open a CD with a low minimum opening deposit. U.S. Bank lets you open an account with $500. At Wells Fargo, you need at least $2,500.

U.S. Bank Review

Wells Fargo CDs vs. Capital One CDs

Capital One 360 CD might be a better option if your priority is opening a CD with a low initial deposit. Capital One 360 lets you open a CD with $0. At Wells Fargo, you need at least $2,500. Capital One also has better term lengths, offering CDs with term lengths up to 5 years, while Wells Fargo only offers CDs with term lengths up to 1 year.

Wells Fargo's special CD rates are higher than Capital One CD rates if you're able to earn the relationship rate and live in the highest-earning areas. If you're looking for the absolute highest interest rate, you might prefer Wells Fargo.

Capital One 360 Bank Review

Why You Should Trust Us: How We Reviewed Wells Fargo CDs

For our Wells Fargo CD review, we rate bank accounts on a scale from zero to five stars. For our CD review, we used our CD methodology, which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, and the ethics of the company.

Wells Fargo CDs FAQs

What are the current CD rates at Wells Fargo? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

A Wells Fargo Standard Fixed Rate CD pays 1.50% to 2.51% APY while a Wells Fargo Special Fixed Rate CD offers 3.75% to 4.76% (varies by location) APY. The exact APY will depend on the term you choose. 

How can I open a CD account with Wells Fargo? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

You can open a Wells Fargo CD online or at a branch. You must be at least 18 years old to open a bank account and provide general information, like your home address and Social Security number. People who aren't U.S. citizens or residents can use alternative forms of I.D. if they don't have a U.S. ID. 

Is there a minimum deposit required for Wells Fargo CDs? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Yes. Wells Fargo Standard Fixed Rate CDs require at least $2,500, and Special Fixed Rate CD needs a minimum of $5,000.

Can I access my funds before a Wells Fargo CD matures? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

There are early withdrawal penalties for Wells Fargo CDs if you access funds before the account's maturity. For CD terms between three months and one year, the penalty is three months of interest.

How do Wells Fargo CD rates compare to other financial institutions? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The Wells Fargo Special Fixed Rate CDs offer competitive rates compared to other financial institutions. Wells Fargo Standard Fixed Rate CD rates aren't as strong as CDs from online banks or credit unions. 

Does Wells Fargo have monthly service fees on CDs? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

No, Wells Fargo doesn't have monthly service fees for its CDs. You'll have to pay an early withdrawal penalty if you withdraw money early, though, and you'll need at least $2,500 for a minimum opening deposit.

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Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
  • Bank accounts
  • Savings and CD rate trends
  • Budgeting
  • Saving
  • How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
A person with a shaved head and black glasses smiles at the camera. They have a dark blue collared shirt on.
Kit Pulliam
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Life series with Business Insider.ExpertiseTheir expertise includes:
  • Certificates of deposit
  • Savings accounts
  • Checking accounts
  • CD rates
  • Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
Evelyn He smiles at the camera, standing indoors against a white wall with fairy lights in the background.
Evelyn He
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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