What are Wells Fargo CD Rates in 2024?

News: If you’re considering investing your hard-earned money in a certificate of deposit (CD), it’s essential to understand the rates and options available. Let’s dive into what Wells Fargo has to offer in terms of CD rates for the year 2024.

Standard CD Terms

Wells Fargo provides three standard CD terms:

1. Three Months: With an Annual Percentage Yield (APY) of 4.50%, this CD requires a minimum deposit of $2,500.

2. Six Months: The APY for this term is 2.50%, and the minimum deposit remains at $2,500.

3. Twelve Months: For a one-year CD, the APY is 1.50%, with the same minimum deposit requirement of $2,500.

Special Fixed Rate CD

Wells Fargo also offers a Special Fixed Rate CD with a term of seven months. Here are the details:

1. APY: 4.75%

2. Minimum Deposit: $5,000

Relationship Rates

If you have a Wells Fargo Prime Checking or Wells Fargo Premier Checking account, you may qualify for slightly higher relationship rates. These typically offer an additional 0.01% APY. Additionally, some CDs earn more interest on balances exceeding $100,000.

Interest and Withdrawals

Wells Fargo compounds interest daily and pays it monthly. You can choose other payment frequencies, such as quarterly, semiannually, annually, or at maturity.

Be aware that early withdrawals from your CD before the agreed-upon term end will incur a penalty. The penalty varies based on the term length and can range from one to twelve months’ worth of interest.

FDIC Insurance and Safety

All Wells Fargo CDs come with FDIC insurance, ensuring the safety of your investment.

While Wells Fargo’s APYs are better than those of many traditional banks, they still don’t quite match the best CD rates available online.

How Much Can You Earn?

Use our Wells Fargo CD calculator to estimate your potential earnings based on your investment amount and chosen term.

Comparison with Other Banks

Wells Fargo’s Special Fixed Rate CDs tend to offer competitive APYs, especially when considering relationship rates.

As of February 20, 2024, Wells Fargo’s CD rates exceed the national average rates, which range from 0.23% for a one-month CD to 1.40% for a five-year CD, according to the FDIC.

While Wells Fargo’s CD rates are solid, it’s always wise to explore other options and compare rates before making your investment decision. Remember that CDs provide stability and security, making them an attractive choice for risk-averse investors.

FAQs

1. Do Wells Fargo CD rates change?

No, the rates for Wells Fargo CDs stay the same.

2. How much do I need to deposit for a Wells Fargo CD?

For a regular CD, the minimum deposit is $2,500, and for special CDs, it’s $5,000.

3. Can I take money out of a Wells Fargo CD early?

Yes, you can, but there’s a penalty. It’s like losing three months’ worth of interest for terms of 3 to 12 months. However, within seven days after it’s due, you can take out money without a penalty.

Disclaimer: Please note that all content and tools on this website are provided for your convenience and are offered “as is” without warranties. The information provided, including any tool-generated output, is for informational purposes only and should not be considered investment advice or guarantees. Exercise caution, seek professional advice, and make independent judgments before acting on any information found on this site.