Wells Fargo is one of the largest banks in the United States, offering a variety of financial products to its customers. One of these products is the certificate of deposit (CD), which is a savings account that earns higher interest rates in exchange for locking up your money for a specific period of time. In this article, we will take a closer look at Wells Fargo's CD rates for 2023 and see if they are worth your investment.
Wells Fargo offers special and standard rate CDs. The special rates require you to deposit at least $5000. The standard rates require you to deposit at least $2500. The interest rates for these CDs vary depending on the term length and the amount of your deposit. As of 2023, the interest rates for Wells Fargo's CDs range from 0.01% to 0.40% for standard CDs and 0.05% to 0.60% for special CDs.
Wells Fargo's certificates of deposit (CDs) mostly don't stack up well against the best options available to savers. No CD terms offered by Wells Fargo currently pay rates that are competitive with the top nationwide rates. If you are looking for the best rates, you may want to consider online banks or credit unions.
CD rates are on the move. Earn 5.25% and higher with today's CDs. However, these high rates are typically only available for shorter terms and require a larger deposit. Wells Fargo's rates may be more competitive for longer terms or smaller deposits.
Wells Fargo CD interest rates aren't incredibly competitive, but if you have a Wells Fargo investment account, you'll get better rates than the standard rates. This is because Wells Fargo offers relationship rates to customers who have multiple accounts with the bank, including investment accounts.
Wells Fargo is considered one of the 'Big Four' banks in the U.S., alongside JPMorgan Chase, Bank of America, Member FDIC, and Citi®. This means that Wells Fargo has a large customer base and a strong reputation, which may make it a more attractive option for some savers.
The bottom line: Wells Fargo Special Fixed Rate CDs offer higher interest rates than the average CD, while the bank's standard CDs are on par with the competition. However, the rates are not the highest available, so it's important to shop around before making a decision.
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 may be a good option for savers who have a larger deposit to invest—it is important to consider other options to make sure you are getting the best rate for your money.
A no-penalty CD is a type of certificate of deposit that charges no fee for withdrawing money before the term expires. While Wells Fargo does not currently offer a no-penalty CD, this may be an attractive option for savers who want more flexibility with their investments.
Wells Fargo's standard CD rates may not go as far as other banks, but its featured CDs offer competitive rates compared with other big banks. It's important to compare rates and terms from multiple banks before making a decision.
