Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear), but our reviews and ratings are not influenced by compensation. We do not include all companies or all offers available in the marketplace.
    |    Accessibility Options

Wells Fargo CD Rates for 2024

Review Updated
Kevin Payne
Ashley Maready
By: Kevin Payne
Kevin Payne
Kevin Payne
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.

See Full Bio

 and  Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

See Full Bio

Our Banking Experts

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

For the most part, Wells Fargo CD rates aren't competitive -- plus they have high deposit requirements. However, Wells Fargo CDs may appeal to current Wells Fargo customers who want to keep all their accounts with one bank. Here's what you need to know about Wells Fargo CD rates and how they stack up against other banks.

Wells Fargo CD rates for 2024

Rates as of Aug. 20, 2024

APY = Annual Percentage Yield

Offer image for Wells Fargo Standard CD
Wells Fargo Standard CD
MINIMUM DEPOSIT $2,500
3 Mo. APY 6 Mo. APY 7 Mo. APY 1 Yr. APY
up to 2.51% up to 2.51% up to 4.75% up to 2.01%

Is a high-yield savings account a better option for you?

A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.

Account APY Promotion Next Steps
up to 4.60%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of August 25, 2024
Min. to earn: $1
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Compare Wells Fargo CD rates

Unfortunately, Wells Fargo CD rates are low compared to those of both online banks and many traditional brick-and-mortar banks (with the exception of three- and seven-month terms). Customers with a linked Wells Fargo checking account can earn a higher "bonus" rate, but it's still not comparable. You won't find Wells Fargo CD interest rates on a list of the best CD rates.

Rates as of Aug. 20, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.60% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 5.20% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 5.10% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Details about Wells Fargo CDs

Wells Fargo Standard CD

Pros

  • Bonus rates for customers with a linked checking account

Cons

  • Below average interest rates
  • Only four term options available
  • High minimum deposit

Wells Fargo Standard CDs are only available in four term lengths: three months, six months, seven months, and one year. All Wells Fargo Standard CDs require a $2,500 minimum deposit. The Special 7-Month CD requires a $5,000 deposit, however. Make sure you have enough to meet the minimum deposit requirement before planning to take advantage of Wells Fargo CD interest rates.

If you have a Wells Fargo Bank checking account linked to your CD, you'll benefit from higher Wells Fargo CD interest rates. Interest compounds daily but has several different payout options based on your CD term length.

Customers who touch their CD funds before the maturity date are subject to early withdrawal penalties of up to three months' interest. Wells Fargo CDs renew automatically at maturity, but customers can change terms, add or withdraw funds, or close the CD during the seven-day grace period (more on this below).

Other Wells Fargo CD accounts

If you'd like to explore Wells Fargo CD interest rates further, you can also look at Wells Fargo's other CD account:

  • Step Rate CDs

How to open a Wells Fargo CD

Opening a Wells Fargo CD is easy, especially if you're a current account holder with the bank. If you're not, it's still not difficult. You'll need to provide some personal information, including your name, date of birth, and Social Security number. (If you're already an account holder, the form to open a CD will be partially filled with your information on file.) You'll pick your CD term, and can fund the account via an existing Wells Fargo account, a transfer from another bank, or mailing a check or money order.

You get a seven-day grace period after your CD term is up to decide what to do with the money. You can close the account, withdraw money over the minimum deposit requirement and start a new term, add more money, or switch to a different term altogether.

If you do nothing, your CD will renew at the current available rate and the term you started with, so it's best to stay on top of when your CD is due to mature so you don't get stuck with a lower rate than you want.

Who is a Wells Fargo CD right for?

Wells Fargo CDs are best for someone who already banks with Wells Fargo and wants to keep all of their accounts with one bank. If you're a current customer and can lock at least $5,000 up in a 7-month special CD, the APY might be worth it for you.

Bottom line: Wells Fargo CD rates

Wells Fargo Standard CD
  • 3 APY: up to 2.51%
  • 6 APY: up to 2.51%
  • 7 APY: up to 4.75%
  • 12 APY: up to 2.01%
Show All Rates [+] Hide All Rates [-]
Rates as of Aug. 20, 2024

APY = Annual Percentage Yield

Term
Wells Fargo Standard CD
3 Mo.
6 Mo.
7 Mo.
1 Yr.
up to 2.51%
up to 2.51%
up to 4.75%
up to 2.01%

Keep reading about Wells Fargo

Our CDs methodology

At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Like at any bank, Wells Fargo CDs represent guaranteed savings with fixed rates and protection via FDIC insurance.

  • Opening a Wells Fargo CD only makes sense if you are already a Wells Fargo customer and would rather keep all your accounts in one spot rather than earn a higher rate elsewhere. The exception is the 7-month CD option, assuming you can make the minimum deposit.