APY GUY: Maximize Your Savings & Earnings

Dan Nelson

HomeStreet Bank CD Rates – Now up to 4.65% APY!

Written by:
Fact Checked :
Updated

image credit: homestreet.com

HomeStreet Bank is a regional bank headquartered in Seattle, Washington serving residents in just 5 states. These are: Washington, Idaho, Oregon, California and Hawaii.

If you’re in the market for a CD (certificate of deposit) you have several options to choose from with HomeStreet, but only a small handful come with competitive yields.

Their CD suite consists of Custom CDs, IRA CDs, Jumbo CDs ($90k minimum required) and Featured CDs. They also have a “Home Purchase CD” and a “Set Your Own Goal CD” but they come with negligible yields per the time of this writing. The featured CDs are HomeStreet’s only competitive offers and they’re still ~1% less than what you can find with the top online banks.

To see if HomeStreet’s CD rates are right for you, continue reading below.

HomeStreet Bank CD Rates + Account Details

There are two variables that may affect the APY (annual percentage yield) that you receive on your CD with HomeStreet Bank. These are 1. Location, and 2. Deposit amount.

Before displaying the rates of their CDs, HomeStreet Bank requires you to select your region (you can do that here).

They have regions broken up into four groups – 1. California, 2. Eastern Washington, 3. Hawaii, and 4. Western Washington/Oregon. We should note that we’ve downloaded rate cards from each region and found the interest rates and APYs to be the same throughout.

đź“Ś Please Note: HomeStreet Bank is member FDIC and all deposit accounts are federally insured up to $250,000 per depositor, however, HomeStreet also imposes a maximum deposit allowance of $240,000 on all CD accounts.

Featured CD Rates

HomeStreet Bank’s Featured CDs require a minimum deposit of $500 and come with the most competitive interest rates. Interest rates are tiered based on deposit size but all tiers provide the same yields currently.

CD TermAPY
4 months3.50%
7 months4.65%
11 months4.65%
18 months3.50%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for a 12 month and 24 month CD sit at just 1.76% and 1.50%, respectively, according to FDIC data, however top yields from online banks are hovering around 5.50% APY for both terms.

Custom and IRA CD Rates

As with their Featured CDs, HomeStreet’s custom CDs and IRA CD’s both require a $500 minimum deposit and come with tiered rates based on deposit size, however, all tiers currently pay the same yield.

CD TermAPY
31 days0.10%
3 months0.15%
6 months0.20%
9 months0.20%
1 year0.20%
18 months0.20%
2 years0.20%
3 years0.20%
5 years0.20%
APY = Annual Percentage Yield

HomeStreet Bank’s custom CD rates and IRA CD rates have yet to rise since the Fed began lifting rates in earnest last year.

Jumbo Certificate Rates

HomeStreet Bank’s Jumbo CDs come with a minimum deposit requirement of $90,000.

Jumbo CD TermAPY
30 days0.15%
60 days0.15%
90 days0.15%
120 days0.15%
180 days0.30%
270 days0.30%
365 days0.30%
APY = Annual Percentage Yield

HomeStreet Bank only offers Jumbo CDs with short terms and low rates at this time.

How Do HomeStreet’s CD Rates Compare

To get a better idea of how HomeStreet Bank’s CD rates stack up against some of their competitors, take a look at the table below. It compares HomeStreet’s best CD rate with some of the best CD rates offered by other well known banks.

BankBest CD Rate (APY)
HomeStreet4.65%
Bank of the West5.10%
Banner Bank4.34%
Umpqua Bank4.50%
Washington Federal5.00%
CD rates surveyed August 28, 2023.

How Much Can you Earn with a HomeStreet Bank CD?

How much you earn with a HomeStreet Bank CD is going to depend on your deposit size, the CD’s term and its APY (annual percentage yield). Take a look at the table below to see how much you’d make with each of HomeStreet Bank’s Featured CDs assuming a deposit size of $50,000.

CD TermAPYEarnings
4 months3.50%$576.66
7 months4.65%$1,343.39
11 months4.65%$2,127.19
18 months3.50%$2,647.84
Earnings = Sum of all interest payments made through maturity.

Compounding and Crediting Interest

Interest is both compounded monthly and credited back to the CD account monthly. You may elect to have interest payments disbursed to another account by contacting HomeStreet Bank.

Grace Period and Early Withdrawal Fees

All HomeStreet Bank CDs automatically renew into new CDs with the same term and going APY (annual percentage yield) at that time if nothing is done during the grace period. HomeStreet provides a standard 10 day grace period in which you modify your CD in any way or close it out entirely without incurring a penalty.

If you need funds from your CD prior to its maturity date, HomeStreet Bank may impose a simple interest penalty fee on the amount withdrawn based on the current interest rate paid on the account.

How to Open and Fund the CD

You can open and fund a HomeStreet Bank CD either online or by visiting a local branch. Doing it online is the fastest way and can be done in 4 steps.

To get started, go here and click “Open a CD Account Online.” This will take you to the new application form. From here you’ll select whether or not you have an existing HomeStreet bank account and whether or not the CD you’re applying for will be a joint ownership CD or individual. Continuing from there, you’ll want to be prepared with the following personal information to expedite the process.

Personal Information:

  • Home Address
  • Social Security Number
  • Driver’s License or State ID (must be: Washington, Oregon, California, Idaho or Hawaii)

When you get to Step 3, you’ll be funding the CD. For this step you’ll need:

  • Current bank or credit union routing number.
  • Current bank account number where funds will be withdrawn from.

TD Bank CD Rates – Now up to 5.50% APY!

Written by:
Fact Checked :
Updated

TD Bank is the 8th largest bank in the country by assets despite mostly operating on the east coast. They have over 1,100 locations in 15 U.S. states plus Washington D.C. and are headquartered in Cherry Hill, New Jersey.

For savers interested in fixed-rate CDs (certificates of deposit), TD Bank offers some competitive yields, however, to earn their best APYs (annual percentage yields) you’ll also need to also have a qualifying checking account with them.

TD Bank has 3 different types to choose from. They are:

  1. TD Choice Promotional CDs
  2. TD No-Catch CDs
  3. TD Step Rate CDs

All of TD Bank deposits are federally insured by the FDIC up to $250,000 per depositor. We will breakdown the APYs, terms, conditions and details of all of TD Bank’s CDs in our review below.

TD Choice Promotional CDs

image credit: td.com

Like all of TD Bank CDs, the TD Choice Promotional CDs feature a tiered interest rate and APY (annual percentage yield) based on your deposit amount, however, as of the time of this writing, all tiers pay the same rate. Earlier this year TD Bank was providing slightly higher yields for higher deposit sizes.

To get the best APY (their “Bump Rate”) you’ll need to also have a TD Bank checking account.

CD terms range from 3 months to 5 years and come with a minimum deposit requirement of $250.

Promotional CD Rates

CD TermStandard APYBump Rate APY
3 months0.05%0.05%
6 months0.05%0.05%
9 months1.00%5.00%
12 months1.00%5.50%
18 months0.05%0.05%
24 months1.00%4.50%
To earn the Bump Rate APY you must have a TD bank checking account.

TD Bank’s CD rates were surveyed on August 25, 2023.

To give these offers above some context, the current national average for a 12 month CD sits at 1.76% APY and the average yield on a 2 year CD sits at 1.50% APY according to FDIC data. However, top yields from online banks and credit unions with nationwide acceptance are now hovering around the 5.50% APY mark for both terms.

How do TD Bank’s CD Rates Compare?

To get a better idea of how TD Bank’s CD rates stack up against some of their competitors, take a look at the table below. It compares TD Bank’s best CD rate with some of the best CD rates offered by other well known banks.

BankBest CD Rate (APY)
TD Bank5.50%
BMO Bank5.10%
Huntington Bank5.39%
Santander Bank5.50%
Wells Fargo5.16%
CD rates surveyed August 25, 2023.

How Much Can you Earn with a TD Bank CD?

How much you earn with a TD Bank CD is going to depend on your deposit size, the CD’s term, its APY (annual percentage yield) and whether or not you have an existing checking account with them. Take a look at the table below to see how much you’d make with each of TD Bank’s Choice Promotional CDs assuming a deposit size of $25,000 and a qualifying checking account.

CD TermAPYEarnings
9 months5.00%$931.76
12 months5.50%$1,375.00
Earnings = Sum of all interest payments made through maturity.

If you do decide to open one of these, remember your money will be locked up for the duration of the deposit’s term. If you need access to your funds prior to maturity, an early withdrawal penalty will apply. If you foresee a chance that you will need these funds prior to maturity, you may want to open a No-Catch CD which allows for one penalty-free withdrawal per term.

Early Withdrawal Penalties

Withdrawing funds from your TD Choice Promotional CD prior to maturity will cost you some or all of your interest earned. Below is a breakdown of TD Bank’s early withdrawal penalties.

  • For CDs with terms of 7 to 89 days, TD Bank will deduct all accrued interest.
  • For CDs with terms of 90 days to one year, TD will deduct three months’ interest.
  • For CDs with terms between 1 and 2 years, TD will deduct six months’ interest.
  • For CDs with terms between 2 and 3 years, TD will deduct nine months’ interest.
  • For CDs with terms between 3 and 4 years, TD will deduct twelve months’ interest.
  • For CDs with terms between 4 and 5 years, TD will deduct eighteen months’ interest.

Compounding Interest

TD Bank does not state the compounding schedule on their website, however according to their CD rate calculator interest appears to be compounded monthly. Many banks, both online and brick and mortar, compound interest daily resulting in a higher annual percentage yield.

Grace Period

As with most banks and credit unions, TD Bank has a 10 calendar day grace period in which you can withdraw or add money to your CD penalty free. TD Bank will send you a notification prior to your deposit’s maturity, but you may want to have your own reminders set as well. If nothing is done during this grace period, your funds will roll into another CD of the same term and current APY.

TD Bank No-Catch CDs

TD Bank’s No Catch CDs currently come with only two deposit terms to choose from: 6 months and 12 months. Although these products have featured tiered APYs in the past based on deposit amount, they all feature the same lackluster yield currently.

The major difference with these accounts is that they allow for one penalty-free withdrawal per term.

No-Catch CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
APY = Annual Percentage Yield

The minimum deposit requirement is $250.

Interest is compounded presumably monthly on these CDs as well and the same grace period applies. All of these CDs will automatically renew if nothing is done during the grace period.

TD Step Rate CDs

TD Bank’s Step Rate CDs function exactly as their name implies in that your interest rate takes a ‘step up’ on your anniversary each year. You have just two terms to choose from with these products: a 3 year term or a 5 year term.

As an added bonus, the Step Rate CD also comes with a similar feature as the “No-Catch CD.” Upon each yearly anniversary of your CD, you will be given a 10 calendar day window in which you can add or withdraw funds penalty-free. You may withdraw any amount at this time whether it be all of your funds or just a partial amount.

3 Year Step Rates

YearAPY
Composite APY0.10%
Year 10.05%
Year 20.10%
Year 30.15%
APY = Annual Percentage Yield

The composite APY is simply the blended APY you will have received at the maturity of your deposit term.

5 Year Step Rates

CD TermAPY
Composite APY0.15%
Year 10.05%
Year 20.10%
Year 30.15%
Year 40.20%
Year 50.25%
APY = Annual Percentage Yield

While the 5 year TD Step Rate CD features the highest yield of any TD Bank CD, it still lags the national average and considerably higher 5 year CD rates can be found with other banks and credit unions.

How to Open and Fund a TD Bank CD

Opening a new TD Bank CD is fairly straightforward and can be completed online in 5-10 minutes. You can also visit a branch or speak to a representative at 1-888-751-9000 to open a CD.

If proceeding with a TD Bank CD online, start here and select the CD you’d like to purchase.

In the very beginning of the application process you’ll be able to select a checking account to open along with the CD to earn the higher yield.

If you already have a checking account, you can log in to your online banking and fund your CD by transferring money from your TD checking account.

If you’re a new TD Bank customer, please be prepared with the following information to complete the CD application:

Personal Information:

  • Full Name
  • Verifiable Email
  • Home Address
  • Phone Number
  • Social Security Number
  • Driver’s License, State or Gov Issued ID
  • Employment Status

When funding your CD, you’ll need the following information:

  • Current bank or credit union routing number.
  • Current bank account number where funds will be withdrawn from.

TD Bank CD FAQs

Still have questions about TD Bank’s CD rates? Take a look at what other consumers are asking around the web along with our responses below.

Are TD Bank CDs FDIC Insured?

Yes. TD Bank is member FDIC (certificate #33947) and all consumer deposits held at the institution are federally insured up to $250,000 per depositor.

What is the Minimum Deposit Required to Open a CD with TD Bank?

TD Bank’s minimum deposit requirement for CDs is $250. This applies to all of their CD accounts.

Does TD Bank Offer a Money Market Account?

No. At this time TD Bank does not offer personal money market accounts.

Does TD Bank Have a Savings Account?

Yes. TD Bank offers two types of variable-rate, personal savings accounts. These are:

  • TD Simple Savings and
  • TD Signature Savings.

TD Simple Savings provides a yield of just 0.02% APY on all balances and you must meet one of their monthly requirements to avoid a $5.00 monthly service fee.

TD Signature Savings provides a yield of anywhere between 0.01% and 4.00% APY depending on your average daily balance in the account and whether or not you also have a TD checking account. Sums of $100,000 or more are eligible to receive the 4.00% APY. You’ll also need to meet their monthly requirements to avoid a $15 monthly service fee.

What is TD Bank’s Routing Number?

TD Bank’s routing varies by region. See the table below to find the appropriate routing number for your location.

LocationTD Bank Routing Number
Connecticut011103093
Florida067014822
Maine211274450
Massachusetts / Rhode Island211370545
D.C. / Maryland / Virginia054001725
New Hampshire011400071
New Jersey / Delaware031201360
NYC Metro026013673
Upstate New York021302567
North and South Carolina053902197
Pennsylvania036001808
Vermont011600033

Morgan Stanley CD Rates – Now up to 5.32% APY!

Written by:
Fact Checked :
Updated

Morgan Stanley is a renowned global financial services firm that operates as an investment bank, wealth management provider, and asset management company.

And as of this Spring, Morgan Stanley has begun offering FDIC-insured CDs (certificates of deposit) with terms ranging from 3 to 11 months that come with competitive yields.

The CDs are issued and held by either Morgan Stanley Private Bank or Morgan Stanley Bank. FDIC coverage caps out at $250,000 but Morgan Stanley still allows clients to deposit up to $10 million into these CDs across the two banks ($5m per issuer).

To see if Morgan Stanley’s CDs are right for you, continue reading below.

Morgan Stanley CD Rates + Account Details

image credit: morganstanley.com

The 3 promotional CDs issued by Morgan Stanley come with a minimum deposit requirement of $1,000 and deposits must be made in increments of $1,000 (i.e. you can not deposit $1,500 you must deposit either $1,000 or $2,000). To obtain the advertised rate and APY (annual percentage yield) CDs must be funded with new money not currently held within an existing Morgan Stanley account. New money is considered any deposit into a Morgan Stanley account within the last 30 days. You can learn more here.

CD Rates

*Available until December 26th, 2023 subject to availability

CD TermAPY
3 months5.25%
6 months5.32%
11 months5.31%
APY = Annual Percentage Yield

To put the yields above into perspective, the current national average for a 6 and 12 month CD sit at just 1.34% APY and 1.76% APY, respectively, according to FDIC data. However, top yields from FDIC-insured online banks are now rising above the 5.25% APY mark for the same terms with these CD rates by Morgan Stanley being among the rate leaders.

What Happens When the CD Matures

Upon the maturity of your Morgan Stanley CD, all funds will be automatically deposited into their Preferred Savings Program. This account provides easy and convenient access to funds plus comes with a competitive variable rate which sits at 5.00% APY per the time of this writing.

How Much Can You Make with a Morgan Stanley CD?

How much money you can earn from a CD with Morgan Stanley is going to depend on the CD’s term, its APY and your deposit size. Take a look at the table below that shows how much you’d earn with Morgan Stanley’s CDs assuming a deposit size of $100,000.

CD TermAPYEarnings
3 months5.25%$1,287.42
6 months5.32%$2,625.53
11 months5.31%$4,856.93
Earnings = Total interest paid through maturity.

How do Morgan Stanley’s CD Rates Compare?

Take a look at the table below. It compares Morgan Stanley’s best CD rates with the top CD rates offered by other major banks and credit unions with nationwide acceptance.

Bank or Credit UnionBest CD Rate (APY)
Ally Bank5.00%
Apple Bank4.50%
Bank of America4.75%
Capital One5.15%
Navy Federal Credit Union4.85%
BECU4.07%
Morgan Stanley5.32%
CD rates surveyed August 24, 2023.

To compare Morgan Stanley’s CD rates with brokered CDs offered by well known brokerage firms, take a look at the table below.

The brokered CDs listed below come with FDIC insurance via the underlying bank or credit union that has partnered with the brokerage firm.

BrokerageBest CD Rate (APY)
Charles Schwab5.60%
Edward Jones5.30%
Fidelity5.35%
Vanguard5.60%
Morgan Stanley5.32%
CD rates surveyed August 24, 2023.

Final Thoughts

If you’re looking for a high yield, short term CD with FDIC-insurance then the CDs offered by Morgan Stanley could be a good fit. Especially if you are already a client of Morgan Stanley and were looking to deposit more funds into an account.

Just remember, the CD yields only apply to funds deposited to a Morgan Stanley account within the last 30 days and are subject to availability through December 26th, 2023.

Amerant Bank CD Rates – Now up to 5.35% APY!

Written by:
Fact Checked :
Updated

Amerant Bank is a community bank headquartered in Coral Gables, Florida with 17 locations throughout the state of Florida and 6 locations in Texas.

Despite being a small bank with locations in just 2 states they do offer CDs (certificates of deposit) to consumers online throughout the country. That said, their most competitive rates are only available to residents of Florida and Texas.

đź“Ś Please Note: All of Amerant Bank’s CD rates shown below only apply to new funds deposited into Amerant Bank.

To see if Amerant Bank’s CDs might be right for you, continue reading our review below.

Amerant Bank CD Rates + Account Details

image credit: amerantbank.com

Amerant Bank segments their CD rates into two groups. CD rates for residents of Florida and Texas and CD rates available to residents in all other states.

All CDs, regardless of where you live, require a steep minimum deposit requirement of $10,000 to open and a maximum deposit limit of $500,000 per customer.

Amerant Bank is member FDIC and all deposit accounts are federally insured up to the applicable limits.

 CD Rates (Florida and Texas Residents Only)

TermAPY
3 months1.50%
6 months1.50%
9 months5.00%
12 months5.25%
15 months5.35%
18 months2.25%
24 months2.75%
36 months2.75%
48 months2.75%
60 months2.75%
APY = Annual Percentage Yield

To put these rates into perspective, the current national average for a 12 month and a 60 month CD sit at 1.76% and 1.41% APY, respectively, according to FDIC data, with top yields from online banks hovering around 5.50% and 4.50% APY for the same respective terms.

CD Rates (All Other States)

TermAPY
12 months3.75%
24 months2.75%
36 months2.75%
48 months2.75%
60 months2.75%
APY = Annual Percentage Yield

How Do Amerant Bank’s CD Rates Compare?

To get a better idea of how Amerant Bank’s CD rates stack up against the competition, take a look at the table below. It compares Amerant Bank’s most competitive CD rate with other competitive CD rates offered by various FDIC-insured institutions.

BankBest CD Rate (APY)
HomeStreet Bank4.65%
Luana Savings Bank5.37%
Merrick Bank5.50%
State Bank of Texas5.55%
Amerant Bank5.35%
CD rates surveyed August 23, 2023.

đź“Ś Related: See how Amerant Bank’s CD rates compare to the best CD rates in Texas and Florida to get a better idea of how competitive they are for those regions.

How Much Can You Earn with an Amerant Bank CD?

How much money you can earn with a CD from Amerant Bank is going to depend on if you live in Texas or Florida vs any other state, along with the term you choose, the going APY (annual percentage yield) and your deposit size. Below is a table showing an example of how much money you’d earn with some of Amerant Bank’s CDs assuming a one-time deposit of $10,000 and a Florida or Texas residency.

CD TermAPYEarnings
9 months5.00%$372.70
1 year5.25%$525.00
15 months5.35%$673.16
60 months2.75%$1,452.73
Earnings = Total amount of interest payments through maturity.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Amerant Bank CD, you will be provided a 10-day grace period in which you may modify your CD (either by term or deposit size) or close it out entirely without facing any early withdrawal fees.

If nothing is done during this grace period, your Amerant Bank CD will automatically renew with the same term and the going APY at that time.

If you need access to your funds prior to your CD’s maturity you will face an early withdrawal fee. Their fees are on par with most banks around the country. See below.

Early Withdrawal Fees

  • For early withdrawal from a CD with a term of less than three months, you will pay a penalty fee equal to the total interest earned at the time of withdrawal.
  • For early withdrawal from a CD with a term of between three and 12 months, you will pay a penalty fee equal to 90 days’ interest.
  • For early withdrawal from a CD with a term of between 12 and 60 months, you will pay a penalty fee equal to 180 days’ interest.
  • For early withdrawal from a CD with a term of longer than 60 months, you will pay a penalty fee equal to 365 days’ interest.

Compounding and Crediting Interest

The interest on all Amerant Bank CDs is compounded monthly and credited back to the CD monthly. You may not elect to have interest payments directed to another account at this time.

How to Open and Fund Your CD

Opening a CD with Amerant Bank can be done online regardless of location. To get started, navigate here and select your residency. Once the application process begins, you’ll want to be prepared with the following:

Personal Information – Name, Verifiable Email address, Phone Number, and Home Address.

Identity Verification – Social Security Card (number), Date of Birth and Employment Status.

To fund your Amerant Bank CD, you’ll need:

  • Routing number of current bank
  • Bank account number where funds will be withdrawn from

OR

  • Debit Card (number, expiration, CSC)
  • Credit Card (number, expiration, CSC)

Amerant Bank Reviews and Customer Sentiment

From a consumer perspective, Amerant Bank seems to fall a bit short. They have a D- rating with the Better Business Bureau with 8 customer complaints in the past 3 years. This kind of rating can mean a number of things but generally indicates that a company falls short of the Bureau’s expectations for ethical, honest, and reasonable communication and/or treatment of customers.

We should note that there is only 1 unanswered complaint filed this year and, in general, it’s still always possible for great banks to have poor BBB ratings and vice versa.

Wells Fargo CD Rates – Now up to 5.16% APY!

Written by:
Fact Checked :
Updated

Wells Fargo has been a household name for generations—a bank with as much recognition as history. Founded during the peak of the Gold Rush in 1852 to transport gold by steamship from San Francisco to New York City, this behemoth of a bank has grown alongside the American economy over the centuries.

Today, they hold over $1.88 trillion in assets with over 70 million customers worldwide. They also employ nearly 270,000 people and have 7,115 branches.

For the purpose of this review, we will focus on Wells Fargo’s CD (certificate of deposit) rates. To see if these products are right for you, continue reading below.

đź“Ś Please Note: Wells Fargo’s CD rates vary by region. We’ve surveyed 3 locations to complete this review – Los Angeles, CA, Dallas, TX, Miami, FL. Wells Fargo’s top rate is a Special 11 month CD with APYs (annual percentage yields) varying between 4.50% – 5.16% depending on location and whether or not you have a qualifying checking account with them.

Wells Fargo CD Rates + Account Details

Wells Fargo offers 3 standard term CDs with terms of 3 months, 6 months and 12 months. They also have 2 promotional CDs with terms of 5 and 11 months which they refer to as their “Special Fixed Rate CDs.” They also have IRA CDs with customizable terms ranging from 1 month to 12 years. Their Special Fixed Rate CDs can be opened in IRAs as well.

The minimum deposit requirement for a Standard CD is $2,500 and $5,000 for the Special Fixed Rate CD. If you’re opening these deposits as IRA CDs then the minimum deposit requirement is just $2,500 for the Special CD Fixed Rate CD and $1,000 for their Standard CDs.

All deposits are federally insured up to $250,000 per depositor by the FDIC.

Special CD Rates

As noted, a minimum deposit of $5,000 is required to open a Special Fixed Rate CD. The interest rate and APY you receive is going to depend on whether or not you have a qualifying checking account with Wells Fargo. If so, you’re eligible for the “Relationship APY” if not the standard APY will apply. You can learn more about which checking accounts qualify for relationship rates below.

CD rates surveyed August 23, 2023 in Los Angeles, CA, Dallas, TX, and Miami, FL.

CD TermStandard APYRelationship APYLocation
5 months4.50%4.76%L.A.
5 months4.50%4.76%Dallas
5 months4.50%4.76%Miami
11 months4.50%4.76%L.A.
11 months4.75%5.01%Dallas
11 months4.90%5.16%Miami
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 6 month CD sits at just 1.34% according to FDIC data, however, top yields from online banks and nationally available credit unions are now inching over the 5.25% APY (annual percentage yield) mark.

Standard CD Rates

A minimum deposit of $2,500 is required to open a standard CD. Unlike Wells Fargo’s Special Fixed Rate CDs, their standard CD rates don’t vary by region and were consistent across the 3 locations we surveyed.

Deposit SizeCD TermStandard APYRelationship APY
$0 – $99,999.993 months2.50%2.51%
$100k +3 months2.50%2.51%
$0 – $99,999.996 months2.50%2.51%
$100k +6 months2.50%2.51%
$0 – $99,999.991 year1.50%1.51%
$100k +1 year2.00%2.01%
APY = Annual Percentage Yield

To give Wells Fargo’s standard CDs more context, the national average for a 12 month CD sits at 1.76% APY and some of the top yields nationally are also just over 5.50% APY.

Wells Fargo CD rates are tiered by deposit size with 6 tiers in total. The only tier that currently offers a higher yield is the $100k+ tier on their 12 month CD. For future reference, Wells Fargo’s deposit tiers are as follows:

  • $0 – 4,999.99
  • $5,000 – 9,999.99
  • $10,000 – 24,999.99
  • $25,000 – 49,999.99
  • $50,000 – 99,999.99
  • $100,000+

IRA CD Rates

As noted, IRA CDs come with a minimum deposit of just $1,000 for all standard terms or $2,500 for Special CDs. The Special Fixed Rate CDs for retirement accounts come with the same yields and terms that we’ve listed above.

CD TermStandard APYRelationship APY
1 – 2 months0.01%0.02%
3 – 5 months2.50%2.51%
3- 5 months
($100k +)		2.50%2.51%
6 – 11 months2.50%2.51%
12 – 23 months1.50%1.51%
12 – 23 months
($100k +)		2.00%2.01%
24 – 35 months1.50%1.51%
24 – 35 months
($100k +)		2.00%2.01%
36 – 47 months1.50%1.51%
36 – 47 months
($100k +)		2.00%2.01%
48 – 59 months1.50%1.51%
48 – 59 months
($100k +)		2.00%2.01%
60 – 71 months1.50%1.51%
60 – 71 months
($100k +)		2.00%2.01%
72 – 144 months1.50%1.51%
72 – 144 months
($100k +)		2.00%2.01%
APY = Annual Percentage Yield

IRA CD rates surveyed on August 23, 2023 in Los Angeles, California.

How Much Can you Earn with a Wells Fargo CD?

The amount of money you can earn with a Wells Fargo CD depends on the term you choose, its APY (annual percentage yield) and your deposit size.

Below is a chart showing total interest earnings on some of Wells Fargo’s CDs assuming a $100,000 deposit in Miami, Florida and a qualifying checking account.

CD TermAPYEarnings
11 month Special5.16%$4,720.02
3 month standard2.51%$621.68
6 month standard2.51%$1,247.22
12 month standard2.01%$2,010.00
Earnings = Sum of all interest payments through maturity.

How do Wells Fargo’s CD Rates Compare?

To get a better idea of how Wells Fargo’s CD rates stack up against the competition take a look at the two tables below. The first table compares Wells Fargo’s best CD rates with other top U.S. banks and the second compares Wells Fargo’s CD rates with popular FDIC-insured online banks.

Wells Fargo’s CD Rates vs Big Banks

BankMin. DepositBest CD Rate (APY)
Wells Fargo$5,0005.16%
Chase$100,0005.00%
Bank of America$1,0004.75%
Citibank$100,0004.90%
U.S. Bank$1,0004.95%
CD rates surveyed August 23, 2023.

Wells Fargo’s CD Rates vs Online Banks

BankMin. DepositBest CD Rate
Wells Fargo$5,0005.16%
Ally Banknone5.00%
Bask Bank$1,0005.25%
Popular Direct$10,0005.50%
Tiaa Bank$1,0005.25%
CD rates surveyed August 23, 2023.

Wells Fargo’s CD Rates vs Credit Unions

Bank/Credit UnionMin. DepositBest CD Rate
Wells Fargo$5,0005.16%
GreenState Credit Union$25,0005.50%
Mountain America Credit Union$5005.50%
Navy Federal Credit Union$504.85%
Summit Credit Union$5005.25%
CD rates surveyed August 23, 2023.

Qualify for Relationship APY

To qualify for the relationship APY on any certificate, you must maintain a qualifying Wells Fargo checking account. The 3 qualifying checking accounts are Wells Fargo’s Prime Checking account, Premier Checking account or the Interest Checking account offered through Wells Fargo Private Bank.

  • The Prime Checking account comes with a $25 monthly fee unless you maintain $20,000 or more in combined assets with Wells Fargo.
  • The Premier Checking account comes with a $35 monthly fee unless you maintain $250,000 or more in combined assets with Wells Fargo.

Compounding and Crediting Interest

Interest is compounded daily and paid at your interval of choice. If your term is 12 months or less, you may choose to have your dividends paid monthly, quarterly, semi-annually, or at maturity. If your term is 12 months or more, you may choose to be paid your dividends monthly, quarterly, semi-annually, or annually. These payments can be redeposited into the certificate account, transferred to a linked Wells Fargo saving or checking account, or paid by check (provided your balance is $5,000 or more).

Grace Period and Early Withdrawal Fees

Wells Fargo allows for a 7 calendar-day grace period upon the maturity of your CD in which you can add or withdraw funds, change CD terms, or close the CD without incurring any penalty fee. Withdrawing funds prior to your CD’s maturity will result in an early withdrawal fee.

Early withdrawal fees are as follows:

  • For CDs with terms less than 3 months the penalty is 1 months’ interest,
  • For CDs with terms 3 to 12 months the penalty is 3 months’ interest,
  • For CDs with terms 12 to 24 months the penalty is 6 months’ interest, and
  • For CDs with terms over 24 months the penalty is 12 months’ interest.

Funding the CD

You can fund your Wells Fargo CD in one of three ways. You can:

  • Transfer funds from an existing Wells Fargo account
  • Transfer funds from an external account. You’ll need the bank account number as well as the bank or credit union’s routing number to complete the transfer.
  • Use a physical check or money order and send it by mail or stop by one of their 8,000+ branches across the country.

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 1,385 ratings submitted to Consumer Affairs, they come out lower than average. With an overall score of 2.7 stars out of 5. This is up substantially from their 2020 score which hovered around 1 out of 5, but down from their score earlier in 2023 where they reached 3.6 stars.

On the negative side, many customers had reported being solicited by Wells Fargo to take out loans they shouldn’t 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 salt—Wells Fargo is one of the biggest banks in America and it’s difficult to consolidate all customer experiences into a neat and tidy description of what to expect across the board.

It’s 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 it’s clear that their reputation hasn’t fully recovered.

Branches and ATM Access

There’s 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, you’ll have no problem locating one. You’ll have access to more than 13,000 ATMs and about 8,050 in-person branches.

Wells Fargo’s mobile apps, both for IOS and Android phones receive high scores on their consumer reviews. As of July 2023, they have a 4.8 star rating out of 5 for iPhone users with over 8 million reviews and a 4.8 star rating out of 5 for Android users with over 2.1 million reviews.

To contact customer service with general banking questions or concerns, call 1-(800)-869-3557. To get online banking help, call 1-(800)-956-4442. Both lines are open 24/7. If you don’t 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.

FAQs

Still have questions about Wells Fargo’s CD rates? See what other consumers are asking around the web as well as our responses below.

Does Wells Fargo offer Business CD Rates?

Yes, Wells Fargo offers CD accounts to businesses of varying sizes. The Special CDs require a $5,000 minimum deposit and the standard CDs require a $2,500 minimum deposit. See rates below.

CD TermMin. DepositAPY
5 month special$5,0004.50%
11 month special$5,0004.50%
3 – 5 months$2,5002.50%
3 – 5 months$100k2.50%
6 – 11 months$2,5002.50%
6 – 11 months$100k2.50%
1 – 12 years$2,5001.50%
1 – 12 years$100k2.00%
Wells Fargo’s business CD rates were surveyed on August 23, 2023 from Los Angeles, CA.

Why are Wells Fargo’s CD Rates So Low?

Other than Wells Fargo’s 5 and 11 month promotional CDs, their CD rates overall are still underwhelming and in some cases struggle to keep up with the national average.

Large banks tend to be slower to offer competitive rates to savers than credit unions or online banks in rising interest rate environments and may not have a huge need for consumer deposits.

Merrick Bank CD Rates – Now Up to 5.50% APY!

Written by:
Fact Checked :
Updated

Merrick Bank was founded in 1997 and has just one location in South Jordan, Utah – which also serves as their headquarters.

Their primary business focus is on credit cards and helping consumer’s rebuild their credit. They have been recognized as a top 20 credit card issuer in the United States and claim almost 3 million cardholders with a total of ~$6 billion in credit issued.

Although not their main business, Merrick Bank also offers several CDs (certificates of deposit) to consumers that currently feature some very competitive APYs (annual percentage yields).

Merrick Bank is federally insured by the FDIC and all consumer deposits are insured up to $250,000 per depositor or $500,000 for joint accounts.

They currently offer seven CDs with terms from 6 to 60 months. To see if these deposit accounts are right for you, continue reading our review below.

Merrick Bank CD Rates + Account Details

image credit: merrickbank.com

Merrick Bank’s CDs come with a steep minimum deposit requirement of $25,000 to open. This is significantly higher than most online banks which tend to keep their minimums to $1,000 or less.

CD Rates

TermAPY
3 months4.75%
6 months5.35%
9 months5.50%
12 months5.50%
18 months5.25%
24 months5.15%
36 months4.50%
48 months4.30%
60 months4.20%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.76% APY and 1.41% APY, respectively, according to FDIC data.

That said, some of the top CD rates offered by online banks are now above the 5.50% and 4.50% APY mark for the same respective terms.

How Do Merrick’s CD Rates Compare?

To get a better idea of how Merrick Bank’s CD rates stack up against the competition, take a look at the table below. It compares the most competitive CD rate at Merrick Bank with other FDIC-insured institutions and their most competitive offer.

BankBest CD Rate (APY)
Apple Bank4.50%
Morgan Stanley5.32%
Third Federal Savings and Loan5.00%
U.S. Bank4.95%
Merrick Bank5.50%
CD rates surveyed August 22, 2023.

How Much Can You Earn with a Merrick Bank CD?

How much money you can earn with a CD from Merrick Bank is going to depend on the term you choose, the going APY (annual percentage yield) and your deposit size. Below is a table showing an example of how much money you’d earn with a few of Merrick Bank’s CDs assuming a one-time deposit of $50,000.

CD TermAPYEarnings
6 months5.35%$1,320.07
1 year5.50%$2,750.00
2 years5.15%$5,282.61
5 years4.20%$11,419.83
Earnings = Total amount of interest payments through maturity.

Compounding and Crediting Interest

Merrick Bank CDs feature daily compounding interest. They credit this interest to your account monthly on roughly the same day you opened the CD.

If you would like to have this interest paid out to an external bank account, you may contact them to set up a monthly ACH transfer at 1-866-638-6851.

Grace Period and Early Withdrawal Fees

You’ll have 10 calendar days upon your CDs maturity ‘the grace period’ in which you may add or withdraw any or all funds without incurring a penalty. If the 10th day falls on a non-business day, then the grace period will be extended to the next business day.

If you need any of your funds prior to your certificate’s maturity, then you will incur a penalty fee.

Early Withdrawal Fees

CD TermPenalty
Less than 1 year90 days’ interest
1 – 3 years180 days’ interest
4+ years270 days’ interest

Opening and Funding your CD

Applying, opening and then funding your Merrick Bank CD can be done online and in a few short steps.

Here’s what you’ll need to start and finish the process:

  • Email Address
  • Social Security Number,
  • Date of Birth (Account Owners must be at least 18 years old),
  • valid U.S. street address. No P.O. Box addresses allowed.

Funding:

  • Current bank account number where funds will be coming from
  • Your bank or credit union’s routing number

Banking Experience and Consumer Sentiment

Although Merrick Bank’s CDs come with highly competitive rates, they do have low review ratings on the BBB (Better Business Bureau).

That said, nearly all the reviews have to deal with their credit card products and not with their certificates of deposit.

Regardless, they have just a 1.08 star rating out of 5 with over 289 reviews as of the time of this writing.

In terms of their mobile apps, Merrick Bank receives much higher marks.

Their IOS app has a 4.6 star rating out of 5 with over 6,300 consumer ratings and their Android app has a 4.6 star rating out of 5 with over 12,900 consumer reviews.

The only type of deposit accounts Merrick Bank offers are its CDs. They don’t currently offer checking accounts, savings accounts or money market accounts.

There are also no ATMs nor is Merrick Bank a member of any ATM network.