Review: Wells Fargo CD  Interest Rates

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Wells Fargo Logo

Rating:

APY

1.50%

12 Month Term

Wells Fargo Details

  • Certificate of Deposit
  • Term: 12 Months
  • Minimum Opening Deposit: $2,500
  • 1.50% APY
  • Interest Rates Vary from State to State
  • For Terms of 12 Months+, Interest May Be Paid Monthly, Quarterly, Semi-Annually, or Annually.

Not Recommended.
Shown For Comparison Purposes Only.

 

Wells Fargo is one of the nation’s most popular and largest banks. They offer a full suite of banking products, but if you want the highest interest rate for your certificate of deposit, look elsewhere.

Wells Fargo offers one of the lower rates available at 1.50% APY. This is so low, that our account recommendations below offer more than 2x this rate.

Open a CD with One of Our Partners Below & Earn 2x More Than Wells Fargo

Ponce Bank Logo Powered By Raisin

Rating:

APY

5.35%

3 Month Term

  • High Yield CD
  • Term: 3 Month
  • 5.35% APY
  • Min. initial deposit: $1
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • 24 /7 Access to Funds
  • Certified Community Development Financial Institution
  • Interest Compounded Daily
  • See Site for Details

On Raisin's Secure Site for
Ponce Bank, FDIC Insured

 

Discover Bank Logo

Rating:

APY

4.70%

12 Month CD

  • High Yield CD
  • Term: 12 Months
  • Min. Initial Deposit: $2,500
  • 4.70% APY
  • No Monthly Fees
  • Lock in Your CD Rate & Earn Guaranteed Interest
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

High Yield CD

American First High Yield Money Market Savings Account Logo

Rating:

APY

4.50%

12 Month Term

  • High Yield CD
  • Min. initial deposit: $1
  • 4.50% APY
  • American First is Federally Insured by NCUA, the National Credit Union Administration
  • NCUA Insured up to $250,000
  • No Monthly Fees
  • 4.9x National Avg. APY
  • Interest Compounded Daily
  • American First Has Served Its Members for Over 70 Years
  • Not-For-Profit Financial Institution
  • See Site for Details

On American First Federal Credit Union's Secure Site, NCUA Insured

 

 High APY Rate 

Blue Credit Union Logo Powered By Raisin

Rating:

APY

4.70%

 

 15 Month Term 

  • High Yield Certificate of Deposit
  • Term: 15 Months
  • 4.70% APY
  • Min. initial deposit: $1
  • Blue FCU is Federally Insured by NCUA, the National Credit Union Administration
  • NCUA Insured up to $250,000
  • No Monthly Fees
  • 24 /7 Online Access to Funds
  • 2.0x National Avg. APY
  • Interest Compounded Daily
  • Blue FCU Has Served Its Members for Over 70 Years
  • See Site for Details

On Raisin's Secure Site for​ Blue FCU, NCUA Insured

Discover Bank Logo

Rating:

APY

4.00%

24 Month CD

  • High Yield CD
  • Term: 24 Months
  • Min. Initial Deposit: $2,500
  • 4.00% APY
  • No Monthly Fees
  • Lock in Your CD Rate & Earn Guaranteed Interest
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

 High APY Rate 

SkyOne Credit Union Logo Powered By Raisin

Rating:

22 Month Term

APY

5.00%

  • High Yield Certificate of Deposit
  • Term: 22 Months
  • 5.00% APY
  • Min. initial deposit: $1
  • No Maintenance Fees
  • 24/7 Online Access to Your Account & Funds.
  • Interest Compounded Daily
  • Federally Insured up to $250,000
  • 8.1x higher than National Average
  • See Site for Details

On Raisin's Secure Site for​ SkyOne FCU, NCUA Insured

Discover Bank Logo

Rating:

60 Month CD

APY

3.75%

  • High Yield Certificate of Deposit Account
  • Term: 60 Months
  • Min. Initial Deposit: $2,500
  • 3.75% APY
  • No Monthly Fees
  • Lock in Your CD Rate & Earn Guaranteed Interest
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

SkyOne Certificate of Deposit Account: 5.00% APY - 22 Month Term

Customers Also Viewed These Savings Accounts

Discover Bank Logo

Rating:

APY

4.25%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

*National Savings Rate Average as published by FDIC

History of Wells Fargo

Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California. It was founded in 1852 by Henry Wells and William Fargo, making it one of the oldest banks in continuous operation in the United States. The company was created to serve the growing population of the western United States, providing banking and express delivery services to the gold rush settlers and pioneers in the western territories.

In the early days of Wells Fargo, the company was primarily a banking and express delivery company. It delivered packages and mail, and also acted as a financial intermediary, transferring money from the East to the rapidly growing West. The company’s express delivery services helped to connect the remote western towns with the rest of the country, making it easier for people to do business and trade with one another. The company’s banking services, meanwhile, helped to provide the necessary financial infrastructure for the growing western economy.

As the western United States continued to grow and develop, Wells Fargo grew with it. The company expanded its services beyond banking and express delivery, adding new services such as insurance and investment banking. Over the years, Wells Fargo has grown through a series of acquisitions, including the acquisition of Wachovia in 2008. This acquisition made Wells Fargo one of the largest banks in the United States and helped to solidify its position as a major player in the financial services industry.

Today, Wells Fargo is one of the largest banks in the United States and serves customers through its retail banking, commercial banking, and wealth management businesses. The company is also one of the “big four” banks in the United States, along with JPMorgan Chase, Bank of America, and Citigroup. With its wide range of services and its long history of serving customers, Wells Fargo is a trusted name in the financial industry and continues to be a major player in the American economy.

Financial Products Wells Fargo Offers

Wells Fargo offers a wide range of products and services that are designed to meet the diverse financial needs of its customers. These products and services can help customers save and invest money, borrow money, manage their wealth, and protect against risks.

  • Wells Fargo Checking accounts: A basic bank account that allows customers to deposit money and write checks to make payments.

  • Wells Fargo Savings accounts: A type of bank account that allows customers to save money and earn interest on their deposits.

  • Wells Fargo Credit cards: A type of financial product that allows customers to borrow money to make purchases.

  • Wells Fargo Personal loans: A type of loan that can be used for a variety of purposes, such as consolidating debt or financing a large purchase.

  • Wells Fargo Auto loans: A type of loan used to finance the purchase of a vehicle.

  • Wells Fargo Mortgages: A type of loan used to purchase a home.

  • Wells Fargo Investment services: A range of financial products and services that can help customers invest their money in stocks, bonds, mutual funds, and other types of securities.

  • Wells Fargo Wealth management: A set of services that helps customers manage and grow their wealth through a range of investment options and financial planning services.

  • Wells Fargo Insurance products: A range of insurance products, such as life insurance, auto insurance, homeowners insurance, and more.

  • Wells Fargo Online and mobile banking: A set of digital services that allows customers to access their bank accounts and manage their finances through the internet and mobile devices.

  • Wells Fargo Small business banking: A range of banking and financial services specifically tailored to meet the needs of small businesses.

 

More About Wells Fargo CD Rates

Wells Fargo provides the following small printe about their CD accounts.

“CD Accounts:

Annual Percentage Yields (APYs) and Interest Rates shown are offered on accounts accepted by the Bank and effective for the dates shown above, unless otherwise noted. Interest Rates are subject to change without notice.

CD rates are fixed for the term of the account. A penalty may be imposed for early withdrawal from a CD. For CDs, interest begins to accrue on the business day you deposit non-cash items, such as checks. Penalties – including early withdrawal penalties – could reduce earnings.

Interest is compounded daily. Payment of interest on Standard CDs is based on term:

For terms less than 12 months (365 days), interest may be paid monthly, quarterly, semi-annually, or at maturity (the end of the term).
For terms of 12 months or more, interest may be paid monthly, quarterly, semi-annually, or annually.
CD rates are subject to change at any time and are not guaranteed until the CD is opened.

Early withdrawal(s) may be subject to either the Regulation D Penalty or the early withdrawal penalty. Some exceptions may apply.

The Regulation D Penalty is seven days’ simple interest on the amount withdrawn and applies to:

Withdrawals made within seven days of account opening including the day the account was opened.
Withdrawals made during the grace period, when additional deposits are made during the grace period and the withdrawal exceeds the amount of the matured CD balance.
Withdrawals within seven days of any prior withdrawal where the Bank’s early withdrawal penalty is not applied.
Other than the Regulation D penalty described above, any money withdrawn from the CD before the end of its term will be subject to an early withdrawal penalty based on the length of the CD term. If your term is:

Less than 90 days (or less than 3 months), the penalty is 1 month’s interest,
90 through 365 days (or 3-12 months), the penalty is 3 months’ interest,
Over 12 months through 24 months, the penalty is 6 months’ interest, or
Over 24 months, the penalty is 12 months’ interest.
See the Consumer Account Fee and Information Schedule and Deposit Account Agreement for additional consumer account information.

Wells Fargo Bank, N.A. Member FDIC.”
Source : https://www.wellsfargo.com/savings-cds/rates/

Wells Fargo Publicly Traded Company:

Wells Fargo & Co. (WFC) is a large, publicly traded financial services company based in the United States. The company’s stock is traded on the New York Stock Exchange (NYSE) under the ticker symbol WFC.

As a publicly traded company, Wells Fargo’s shares can be bought and sold by individual and institutional investors. The price of the stock is determined by supply and demand in the market, and it can be influenced by a variety of factors, including the company’s financial performance, the overall performance of the financial services sector, and broader economic and market conditions.

Wells Fargo has a large and diversified business, with operations in retail banking, commercial banking, investment banking, and wealth management. The company provides a wide range of financial products and services to its customers, including checking and savings accounts, mortgages, personal and business loans, credit cards, and investment products.

Wells Fargo has a substantial customer base and a well-established brand, which can provide a measure of stability and help to support the value of its stock. In addition, the company has a long history of profitability and has demonstrated its ability to generate consistent earnings in a variety of economic conditions.

However, like all publicly traded companies, investing in Wells Fargo involves a degree of risk. The financial services sector can be highly competitive, and changes in economic conditions, regulatory requirements, and other factors can have a significant impact on the company’s financial performance. In addition, the stock market is inherently uncertain, and the value of an individual stock can be affected by a variety of factors that are difficult to predict.

For these reasons, it is important for investors to carefully consider their investment goals and risk tolerance before making a decision to buy or sell shares of Wells Fargo stock. This may involve seeking the advice of a financial professional, conducting thorough research and analysis, and closely monitoring their investment over time. By taking these steps, investors can help to ensure that they are making informed decisions and are well-positioned to achieve their financial goals.

Wells Fargo CD Rules:

Wells Fargo CD accounts have the following general rules:

  1. Minimum deposit: To open a CD account with Wells Fargo, you typically need to make a minimum deposit of a certain amount, which can vary depending on the type of CD and the specific terms you choose.

  2. Term lengths: CD terms at Wells Fargo typically range from several months to several years. The term length you choose will affect the interest rate you receive and the length of time your funds will be locked up.

  3. Interest rate: The interest rate you receive on your Wells Fargo CD will depend on the term length you choose and the current market conditions. Interest rates for CDs can change over time, so it’s important to keep an eye on changes in the market.

  4. Early withdrawal penalties: If you need to withdraw funds from your CD before the end of the term, you may be subject to an early withdrawal penalty. The amount of the penalty can vary, but it is generally a percentage of the interest earned or the total amount invested.

  5. Maturity date: At the end of the term, your CD will mature and you will have the option to renew it for another term or withdraw your funds.

It is important to carefully review the specific terms and conditions of a Wells Fargo CD account before opening one, and to consult with a Wells Fargo representative if you have any questions. They can help you determine if a CD is the right investment option for you and help you select the terms that are best aligned with your investment goals and risk tolerance.

Wells Fargo Banking Scandal:

In 2016, Wells Fargo faced a major scandal over the unethical sales practices of its retail banking division. The scandal involved the creation of millions of unauthorized bank and credit card accounts by Wells Fargo employees in order to meet sales targets and earn bonuses. This unethical behavior was widespread and affected hundreds of thousands of customers, many of whom were unknowingly charged fees for services they did not request or receive.

The creation of these unauthorized accounts came to light through reporting by the Los Angeles Times and an investigation by the Consumer Financial Protection Bureau (CFPB). The CFPB, the Office of the Comptroller of the Currency (OCC), and the City and County of Los Angeles all took action against Wells Fargo for its unethical behavior, collectively fining the bank a total of $185 million. In addition, the bank was required to pay restitution to affected customers and implement improvements to its internal controls and risk management systems.

The Wells Fargo scandal had a significant impact on the bank and its reputation. The bank faced reputational damage, a decline in customer trust, and increased regulatory scrutiny as a result of the unethical sales practices. In addition, many former employees who spoke out about the unethical sales practices faced retaliation and termination.

Despite efforts by the bank to improve its sales practices and regain the trust of its customers, the aftermath of the scandal has continued to impact Wells Fargo. The bank has faced ongoing legal and regulatory challenges related to the unethical sales practices, as well as criticism over its handling of the scandal and its efforts to make amends.

The Wells Fargo scandal serves as a cautionary tale for financial institutions and highlights the importance of ethical behavior and responsible risk management. It also underscores the consequences that can result from unethical behavior in the financial services industry, including fines, legal action, and lasting reputational damage. To restore trust with customers and rebuild its reputation, Wells Fargo must continue to take meaningful action to address the root causes of the scandal and demonstrate a commitment to ethical business practices.

Were CDs Part of This Scandal?

No, CD (certificate of deposit) accounts were not directly involved in the Wells Fargo scandal that came to light in 2016. The scandal primarily centered around the unethical sales practices of Wells Fargo’s retail banking division, where employees created millions of unauthorized bank and credit card accounts without the knowledge or consent of customers. These unauthorized accounts were opened in order to meet sales targets and earn bonuses for the employees involved.

It is important to note that CD accounts, which are low-risk investment vehicles that allow customers to deposit money for a set term in exchange for a guaranteed interest rate, were not among the types of accounts implicated in the unethical sales practices. It is possible that some Wells Fargo customers may have opened CD accounts as part of a larger banking relationship, but the sales practices surrounding CD accounts were not a part of the scandal.

In conclusion, while Wells Fargo faced significant consequences as a result of the scandal, including fines, legal action, and reputational damage, CD accounts were not directly involved in the unethical sales practices that were at the center of the scandal.

What has Wells Fargo Done to Improve Its Relations with Its Customers?

Since the 2016 Wells Fargo scandal, the bank has taken several steps to improve its brand image and regain the trust of its customers. The bank recognizes that regaining customer trust is critical to its long-term success, and has made a number of efforts to demonstrate its commitment to responsible business practices.

  1. Customer compensation: One of the key steps that Wells Fargo has taken is to compensate customers who were affected by the unauthorized accounts and other unethical sales practices. This has included offering refunds, credits, and other forms of compensation to affected customers. By taking responsibility for the harm that was done and making things right for its customers, Wells Fargo is showing that it is committed to restoring trust and making things right.

  2. Improving internal controls: Another important step that Wells Fargo has taken is to implement new risk management and internal controls systems to help prevent similar incidents from happening in the future. This includes increased oversight and monitoring of sales practices, as well as stronger incentives for employees to act ethically. The bank recognizes that it is critical to have robust controls in place to prevent unethical behavior, and is taking steps to ensure that its sales practices are transparent and accountable.

  3. Promoting transparency: Wells Fargo has also worked to be more transparent about its business practices and the steps it is taking to improve. This includes regular updates on its progress and a commitment to openly communicate with customers and stakeholders. By being open and transparent, the bank is showing that it is committed to accountability and to rebuilding trust.

  4. Enhancing customer experience: Another important effort by Wells Fargo has been to enhance the customer experience. The bank has made investments in technology and other initiatives to improve convenience, accessibility, and overall satisfaction. This includes the use of digital tools to help customers manage their accounts, as well as improvements to its customer service processes. By improving the customer experience, Wells Fargo is demonstrating that it is focused on meeting the needs of its customers and delivering value.

  5. Fostering a culture of ethics: Finally, Wells Fargo has made a concerted effort to foster a culture of ethics and responsibility. This includes training and development programs, enhanced whistleblower protection, and a stronger emphasis on the importance of ethical behavior. The bank recognizes that a strong ethical culture is critical to its long-term success, and is taking steps to ensure that its employees understand the importance of acting with integrity.

Overall, these efforts by Wells Fargo are aimed at improving its brand image, restoring trust with its customers, and demonstrating a commitment to responsible business practices. While the bank still has a long way to go to fully regain the trust of its customers and the public, these efforts are a step in the right direction and demonstrate a commitment to making things right.

Wells Fargo CD Rates:

Term Standard Interest Rate Annual Percentage Yield (APY) Relationship Interest Rate Relationship APY Balance
3 months 0.50% 0.50% 0.51% 0.51% $0 – $4,999.99
0.50% 0.50% 0.51% 0.51% $5,000 – $9,999.99
0.50% 0.50% 0.51% 0.51% $10,000 – $24,999.99
0.50% 0.50% 0.51% 0.51% $25,000 – $49,999.99
0.50% 0.50% 0.51% 0.51% $50,000 – $99,999.99
1.00% 1.01% 1.01% 1.02% $100,000 +
6 months 1.00% 1.01% 1.01% 1.02% $0 – $4,999.99
1.00% 1.01% 1.01% 1.02% $5,000 – $9,999.99
1.00% 1.01% 1.01% 1.02% $10,000 – $24,999.99
1.00% 1.01% 1.01% 1.02% $25,000 – $49,999.99
1.00% 1.01% 1.01% 1.02% $50,000 – $99,999.99
1.49% 1.50% 1.50% 1.51% $100,000 +
1 Year 1.49% 1.50% 1.50% 1.51% $0 – $4,999.99
1.49% 1.50% 1.50% 1.51% $5,000 – $9,999.99
1.49% 1.50% 1.50% 1.51% $10,000 – $24,999.99
1.49% 1.50% 1.50% 1.51% $25,000 – $49,999.99
1.49% 1.50% 1.50% 1.51% $50,000 – $99,999.99
1.98% 2.00% 1.99% 2.01% $100,000 +

Rates current as of 2.1.2023 – please visit https://www.wellsfargo.com/savings-cds/rates/ for most up to date list of cd rates for Wells Fargo.

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Before You Go, Don't Miss This High Yield CD

12 Month Term

Discover Bank Logo

Rating:

APY

4.70%

On Discover Bank's Secure Site, Member FDIC