Wells Fargo Cd Minimum Deposit Requirement
|Type of CD|
|Step Rate CD||$2,500|
Those minimums can be viewed as good or bad, depending on your financial situation. The more money you put into your CD upfront, the more savings you have earning interest.
On the other hand, $2,500 may be a lot of money for some savers to come up with all at once.
Wells Fargo doesn’t allow you to make additional deposits to your CD once it’s open. Essentially, it’s all or nothing.
If you’re working with a smaller amount, like $500 or $1,000, these CDs aren’t suitable for you.
You may find the minimum deposit is just as high at other brick-and-mortar banks.
Online banks, however, may be a little more flexible which is another mark in their favor.
How Do I Open A Wells Fargo Account
Open a standard Wells Fargo CD online or at a branch:
At a branch
Visit your local Wells Fargo branch and speak with a representative to get started.
To open a CD, youll need to meet a few eligibility requirements:
- Social Security number or tax ID
- Valid state-issued ID
- Initial deposit
Regardless of how you choose to open your CD, youll be asked for the following information:
- Name, date of birth and address
- Contact information
- Social Security number or tax ID
- Employment information
You can deposit money into your Wells Fargo CD by making a transfer from an existing bank account or by mailing a check or money order after submitting your application. Once your CD is open, you wont be able to make additional deposits until maturity.
What Is A Cd
A certificate of deposit is a type of time deposit account that pays interest. Unlike a savings account, where your money can be withdrawn at any time, you have to commit to putting your money into a CD for a specific length of time. Generally, if you withdraw your money before the CDs maturity date, youll get hit with an early withdrawal penalty.
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How Wells Fargos Cds Compare
Wells Fargo CDs are not competitive compared to the best CD rates. Most banks and credit unions paying the best CD rates offer significantly higher rates than Wells Fargo.
Wells Fargo CDs are also lower than the national average CD rates, according to the FDIC.
As always, it pays to shop around for the best CD rates. Dont assume that your bank or local banks have the best APYs. To get the best CD rates, do your research and compare CD rates across several banks and credit unions to get the highest possible return on your investment.
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Bank Of America Vs Wells Fargo: Which Bank Is The Right Fit For You
Insider’s experts choose the best products and services to help make smart decisions with your money . In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
If you prefer a traditional banking experience, Wells Fargo and Bank of America are two well-known financial institutions with substantial locations throughout the US.
We’re reviewing checking, savings, and CD accounts to see which institution’s products stand out the most. We’re also evaluating each bank’s trustworthiness, so you can determine if one of these banks is ultimately the right fit for you.
- Bank of America
Wells Fargo Cd Reviews And Complaints
There are few to no recent customer reviews of Wells Fargo CDs available on social media. The bank has earned an F rating from the Better Business Bureau and is not accredited. It also has several alerts listed based on recent lawsuits or legal activities Wells Fargo has endured. Wells Fargo earns a 1.3 out of 5 star rating on Trustpilot, with several reviews complaining of poor customer service.
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Other Financial Products Offered By Wells Fargo
In addition to deposit accounts and credit cards, Wells Fargo also offers the following products and services to its customers:
Customers can reach Wells Fargo customer service agents in a variety of ways, including:
- Phone, available 24/7
- Meta, available 7 days a week
- Twitter, available 7 days a week
- A comprehensive Help section on the Wells Fargo site
Wells Fargo also offers a highly-rated mobile app that allows you to conduct your banking business on the go.
Beginning in 2016, a seemingly endless series of scandals beset Wells Fargo: the creation of phony accounts, the unauthorized purchase of insurance policies for clients, improper auto-loan and mortgage practices, and the alteration of customer data, which were only admitted to after investigations by journalists and regulators. Wells Fargo has paid billions in government fines, criminal and civil lawsuit settlements, and restitution to injured parties. Nevertheless, it seems likely that the revelations of the bank’s malfeasance continue to tarnish its image in a skeptical public’s eyes. According to the 2021 J.D. Power and Associates Retail Banking and Satisfaction Study, Wells Fargo ranks below the average satisfaction level in every region except Lower Midwest.
Benefits Of A Wells Fargo Cd
Regardless of which product and term you choose, Wells Fargo CDs offer a suite of benefits:
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Earn The Highest Interest Rates On Savings Today
Fixed annuities are almost identical to Certificates of Deposit accounts and provide higher interest rates and penalty-free withdrawals for income.
Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this article.
Overview Of Wells Fargo Cds
Wells Fargo standard CDs require a minimum opening balance of $2,500, while you need $5,000 to open a special nine-month CD. Wells Fargo compounds interest daily and pays it monthly, although you can choose interest to be paid quarterly, semiannually, annually or at maturity.
If you take your money out of your Wells Fargo CD prior to the end of the agreed-upon term, you will be subject to an early withdrawal penalty. For CD terms between three and 12 months, this early withdrawal penalty amounts to three months worth of interest.
Wells Fargo only offers fixed-rate CDs, unlike some banks that offer a wider variety of types of CDs. The rates on Wells Fargo CDs are not competitive, even if you get the extra boost that comes from having a Wells Fargo checking relationship.
Overall, Wells Fargos CDs dont offer a lot of upside for the customer. As with most CDs offered by banks, youll benefit from FDIC insurance and the safety of fixed rates, but the APYs are nowhere near the best CD rates.
|Overview of Wells Fargo CDs|
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How Can I Get In Touch With Wells Fargo Customer Service
Wells Fargo offers a few ways to get in touch with customer service if you have any questions about your CD:
- Make an appointment online or visit your local branch
Wells Fargo Bank Promotional Cd Rates
Wells Fargo Bank is currently offering 3 different promotional Certificate of Deposit rates, the rates are 2.40% APY for a 5 month CD, 2.65% APY for a 9 month CD and 3.30% APY for an 18 month CD. The rates are for the initial CD term and then are renewed at the standard CD rates if you choose to renew. The minimum deposit is $5,000 and the CD account is FDIC insured up to $100,000. As with most certificate of deposit accounts there are early withdrawal penalties, Wells Fargo imposes the following penalties:
- For terms less than 3 months, fee is one month’s interest
- For terms of 3-12 months, fee is 3 months’ interest
- For terms greater than 12 months, fee is 6 months’ interest
- Minimum fee amount is $25
For more information and an online CD application please visit
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Should You Get A Wells Fargo Cd Account
A Wells Fargo CD mostly makes sense for you if you already have a Portfolio by Wells Fargo® checking account. That way, you can immediately unlock the bonus CD rates. If you already have a Wells Fargo account, it also makes it more convenient to keep your CDs with the same bank.
You shouldnt get a Wells Fargo account if youre looking for big returns, however. These rates are some of the lowest in the industry. You would do better to open CDs with an online bank, which typically has much higher rates.
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Banking Experience And Consumer Sentiment
You might be wondering how Wells Fargo performs in the eyes of the people from a customer service and overall experience perspective. According to 751 ratings submitted to Consumer Affairs, they come out about average. With an overall score of 3.7 stars out of 5. This is up substantially from their 2020 score which hovered around 1 out of 5.
On the negative side, many customers had reported being solicited by Wells Fargo to take out loans they shouldnt take out, experiencing longer-than-usual wait times on everything from payments to getting customer service help, and having their accounts locked for no apparent reason.
Of course, all customer reviews should be taken with a grain of saltWells Fargo is one of the biggest banks in America and its difficult to consolidate all customer experiences into a neat and tidy description of what to expect.
Its worth mentioning that Wells Fargo is still trying to restore its reputation as a trustworthy institution after its 2016 public account fraud scandal in which credit and debit accounts were wrongfully opened under customer names by Wells Fargo representatives in order to boost sales, and its clear that the people havent recovered from this offense. So while it may not be clear whether Wells Fargo can be trusted as a corporation, you should at the very least be wary if you choose to bank with them.
Who Is Wells Fargo Best For
Wells Fargo will appeal to customers who want a well-established traditional bank with a large geographic footprint. It will be a great fit for those who:
- Need a bank that is present in the majority of the United States, including the District of Columbia
- Can easily keep a minimum balance in their checking and savings account to avoid fees
- Want to use Mint, QuickBooks online, or TurboTax online to handle their accounting and financial affairs
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How Much You Earn With Wells Fargo Certificate Of Deposits Over Time
You dont stand to earn much with a Wells Fargo CD right off the bat since these CDs have pretty low rates. To earn more, youll have to make a larger deposit so theres more money to grow. You can also benefit from higher bonus rates if you link to a Portfolio by Wells Fargo® checking account to earn bonus rates.
Wells Fargo does compound interest daily which helps grow your money much faster and more efficiently than say yearly compounding. Daily compounding means that your money earns interest today, your money plus that interest earns more interest tomorrow and so on.
What Types Of Cds Does Wells Fargo Bank Offer
- Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
- Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.
- IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but Wells Fargo CD offers a CD that is specifically for retirement.
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Bank Of America Vs Wells Fargo Savings Account Comparisons
We’ve compared savings accounts with lower monthly service fees and minimum opening deposits.
How to waive the monthly fee
Monthly fee is waived for the first 6 months
After that, meet one of the following criteria:
Meet one of the following criteria:
|Up to 10% cash back through BankAmeriDeals Keep the Change® feature lets you round up debit card purchases||Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card|
|Open an account|
For savings accounts, it may be a bit trickier to decide between Bank of America and Wells Fargo.
The biggest upside to the Bank of America Advantage Savings Account is that you won’t have to worry about a monthly service fee during the first 6 months of opening your bank account. After the first six months, you also might find it easy to waive the monthly service fee if you’re a college student or minor.
It also may be worthwhile if you want to become involved in some of Bank of America’s other offerings. For example, if you open a checking account, you may use the Keep the Change® feature to help you save.
Traditional Cds May Have Special Maturity Terms
The Standard CDs have a term of either 3 months, 6 months or 1 year.
These CDs have a standard interest rate, plus a bonus interest rate.
To qualify for the bonus rate, you have to link your CD account to the Portfolio by Wells Fargo program.
This is Wells Fargo’s premium customer relationship program.
The regular rate and bonus rate are the same for the 3 and 6-month CD terms. If you choose a 1 year CD, both rates increase slightly.
The Special CD accounts have terms of nine, 19, 39 or 58 months.
There’s a regular interest rate and a bonus rate, both of which increase the longer the term.
The actual amount you save, either in a Standard CD or a Special CD, doesn’t affect the rates you earn.
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Branches And Atm Access
Theres no shortage of Wells Fargo branches and ATMs. You can get a separate ATM card with a Way2Save account or link your funds to an existing debit card. And if you do wish to manage your money from an ATM or branch, youll have no problem locating one. Youll have access to more than 13,000 ATMs and about 8,050 in-person branches.
Wells Fargos mobile apps, both for IOS and Android phones receive high scores on their consumer reviews. As of April 2022, they have a 4.8 star rating out of 5 for iPhone users with over 7.3 million reviews and a 4.7 star rating out of 5 for Android users with over 1.73 million reviews.
To contact customer service with general banking questions or concerns, call 1–869-3557. To get online banking help, call 1–956-4442. Both lines are open 24/7. If you dont mind a longer wait time, you can mail a letter to one of these addresses or reach out on social media through Twitter or Facebook.