APY GUY: Maximize Your Savings & Earnings

CD Rates

American Heritage Credit Union CD Rates – Now up to 4.05% APY!


American Heritage Credit Union based out of Philadelphia, PA is offering some highly competitive CD (certificate of deposit) rates to their members currently featuring APYs (annual percentage yields) up to 4.05%.

American Heritage Credit Union is a member-owned financial cooperative and all deposit accounts are federally insured by the NCUA up to $250,000 per depositor.

They were founded in 1948 and are in the top 100 credit unions nationwide by assets and membership serving over 250,000 members with more than $4 billion in assets.

They offer 19 standard CDs with terms ranging from 3 months to 5 years. They also have a number of promotional CDs available as well.

If you don’t live near one of their 35 locations across Philadelphia, Bucks, Montgomery, Delaware and Camden Counties, you can still join the credit union by becoming a member of their partner organization Kids-N-Hope. Once you become a member you can open any of American Heritage Credit Union’s CDs online. Learn more below.

American Heritage Credit Union CD Rates + Account Details

image credit: americanheritagecu.org

American Heritage Credit Union CDs require a minimum deposit of $500 to open and can be opened as IRA CDs as well.

CD Rates

TermAPY
3 months1.60%
4 months1.60%
4 month (Special)4.00%
5 months1.60%
6 months1.60%
7 months1.60%
8 months1.75%
9 months1.80%
10 months1.85%
11 months2.05%
12 months2.90%
13 months3.05%
15 months2.75%
18 months3.00%
18 month (Legacy Club)3.10%
20 months3.25%
24 months3.75%
30 months4.05%
36 months3.65%
48 months4.00%
60 months4.00%
APY = annual percentage yield

📍 Please note – The 4 month promotional CD requires new money to the credit union and has a maximum deposit limit of $2,000.

To put these CD rates above into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 0.60% and 0.74% APY, respectively, according to FDIC data.

That said, the highest yielding 12 month CDs and 60 month CDs are now topping 3.0% and 4.0% APY, respectively, with American Heritage Credit Union being among the rate leaders for their long term CDs.

Compounding and Crediting Interest

American Heritage Credit Union CDs feature daily compounding interest. By default the interest gets deposited to your CD for further compounding, however, for CDs with terms longer than 12 months members may choose to have this interest paid to them by check or transferred to another account of theirs. This is great for folks who use the interest as income, but just remember if you do this compounding interest does not apply.

Grace Period and Early Withdrawal Fees

American Heritage Credit Union CDs have a 7 calendar day grace period upon maturity in which you may add or withdraw any/all funds without incurring a penalty fee. If nothing is done during this period the CD will automatically renew.

If you need access to your CD’s funds prior to its maturity you will incur an early withdrawal fee. The fees are based on the term of the CD.

Early withdrawal fees are as follows:

CD TermFee
11 months or less90 days’ interest
12 – 35 months180 days’ interest
36 months or longer360 day’s interest

You can learn more about their CDs by reading their Truth in Savings disclosure.

Membership

The easiest way to join is if you live in the greater Philadelphia area and can go into one of their physical branches.

For those outside of that region just looking to take advantage of their competitive CD rates, you can easily join Kids-N-Hope with a one-time $5.00 donation.

Kids-N-Hope was formed by American Heritage Credit Union back in 1996. Doing this made AHCU the first credit union to create its own charitable organization.

The Kids-N-Hope foundation primarily provides financial support for the Music Therapy Program at the Children’s Hospital of Philadelphia, PA.

Discover Bank CD Rates – Now up to 3.30% APY


[📌 Update September 2022: Discover Bank raised their CD (certificate of deposit) rates again this month by between 0.05% and 0.50% APY (annual percentage yield) on all terms. Longer term CDs such as 5 – 10 year durations saw the more modest increase, while mid-range CDs with durations of 12 – 24 months saw the greatest increase. See all of Discover Bank’s CD rates below.]

Ever since Sears first introduced the Discover Credit Card back in 1985, the Discover Bank brand has largely become a household name.

Although the bank is often associated with their popular credit cards, they also have a suite of deposit products featuring annual percentage yields considerably above the current national average(s). This suite comes with an online savings account, money market accounts and certificate of deposits with wide-ranging terms.

In this review we will just focus on Discover Bank’s CDs. Terms range from 3 months to 10 years and, like all of Discover Bank’s deposit accounts, are federally insured by the FDIC up to the applicable limits.

If you’re in the market for an FDIC insured bank CD as rates rise, Discover Bank is certainly worth exploring.

Discover Bank CD Rates + Account Details

image credit: discover.com

Discover Bank CDs require a minimum deposit of $2,500 to open an account. All CD accounts are federally insured by the FDIC up to the applicable limits.

CD TermAPY
3 months0.75%
6 months1.00%
9 months1.25%
12 months3.00%
18 months3.00%
24 months3.10%
30 months3.10%
3 years3.15%
4 years3.20%
5 years3.30%
7 years3.30%
10 years3.30%

To put Discover Bank’s CD Rates in perspective, the current national average for a 12 month and a 60 month CD sit at just 0.60% APY and 0.74% APY, respectively, according to recent FDIC data.

Discover Bank has raised the rates on their CDs 5x so far this year in 2022. The largest rate bumps have been associated with longer term deposits (5 to 10 years).

Early Withdrawal Fees

If you need your funds in the case of an emergency an early withdrawal fee will be applied. This is quite standard with any bank CD and Discover Bank’s early withdrawal fees are on par with other major banks.

Early withdrawal fees:

CD TermPenalty
less than 1 year3 months simple interest
1 – 4 years6 months simple interest
4 – 5 years9 months simple interest
5 – 7 years18 months simple interest
7 – 10 years24 months simple interest

The only other fee you’ll need to be aware of is for outgoing wires. If you plan on moving any money out of the CD upon maturity you’ll incur a $30 fee per wire.

Discover Bank CD Rates VS Big Banks

As mentioned, all of Discover Bank’s CD accounts come with a minimum deposit requirement of $2,500. This is steeper than most online banks which generally feature minimum deposits between $0.01 – $1,000.

Their APYs (annual percentage yields) are on par with other online banks at the moment and are comfortably ahead of the big banks.

That said, there are still several online banks and a handful of nationally available credit unions that offer better yields on fixed rate deposits.

Discover Bank isn’t shy about benchmarking their deposit rates against the competition either.

Discover Bank lets you compare their deposit rates with other competing banks.

In fact, on the CD section of Discover Bank’s website (shown above), they have a very helpful interactive widget that allows you to add other banks and compare current deposit rates.

They have a couple banks defaulted into the module when you start – US Bank, Bank of America and Capital One, but you can choose up to 6 different banks to compare (only 3 at a time).

How to Open a Discover Bank CD

Once you’ve found the right CD term for you, you can navigate to Discover Bank’s online CD page here and click the orange “Open an Account” button found at the top right of the page and directly in the center under the words “Lock in your future.”

When you begin the application process, you’ll want to have some personal information readily available. Be prepared with the following:

  • full name
  • home address
  • date of birth
  • phone number
  • Social Security number
  • employment status (employer and length of employment may be requested)
  • driver’s license, passport or other form of photo ID

After your application is completed and accepted you can fund the account.

Funding your Discover Bank CD

Upon completing the application you will have exactly 45 days to fund this account. The account can be funded in one of 4 ways. Here are the 4 ways in which you can fund your account:

  1. Transfer funds from another bank account via an online transfer.
  2. Transfer funds from another bank account via telephone. This function is only available for your initial transfer. Call 1-800-347-7000 to get started.
  3. Download their mobile app from iTunes or the Google Play store and complete a mobile check deposit.
  4. Make a check out to yourself and send it via snail mail to the following address: Discover Bank P.O. Box 30417 Salt Lake City, UT 84130

What Happens When Your CD Matures

Exactly 30 days prior to your Discover Bank CD maturing, Discover Bank will send you a notification making you aware of the date.

Upon maturity you will enter what is referred to as a grace period. The grace period with Discover Bank CDs is 9 days. During these 9 days you can make additional deposits, withdraw any interest or principal or change the term of your deposit. However, once you take any of the aforementioned actions, this will trigger the end of your grace period, even if the full 9 days are not up.

If you do nothing during the 9 day grace period your CD will automatically renew into the same CD term you had before with whatever current APY Discover Bank is offering on said term.

Earning Interest

You’ll start earning interest on your deposit the same day it is funded. The interest is compounded daily and returned to the deposit (or another Discover Bank account) once per month.

With the interest earned you can do one of two things:

  1. The do nothing / default option places the interest back into the CD to compound until maturity.
  2. If you’re living off of the interest as income, or for whatever reason want the interest to be accessible, you may have it transferred to another Discover bank account.

Consumer Sentiment + Customer Service

Discover’s performance as a bank is above average with user reviews hovering around ​4 out of 5 stars on the top review sites​.

The online institution simply has a reputation for being a stand-up company with total transparency. It is also known and respected for having a team of customer service representatives that are as helpful as they are speedy. User reviews reflect satisfaction with the bank, with only the occasional angry customer reporting excessively long transfer holds, unexpected account closures, and the like.

Likewise, the Discover apps are top-notch. With 3.4 million consumer ratings on the Apple store, the IOS app receives a 4.9 out of 5 star rating as of March 2022. It also receives a 4.7 out of 5 star rating on Google Play with over 230k reviews.

Discover has multiple phone lines devoted to various banking needs, and these are all open 24/7 year-round. To open or manage an account, call 1-800-347-7000. For online banking tech support, call 1-800-290-9885. For everything else, visit ​this page​ for the right number. Mail can be addressed to:

General Correspondence Discover Bank
P.O. Box 30416
Salt Lake City, UT 84130

Discover has only one branch (the bank’s headquarters in Delaware), but there is a sizable network of ATMs​ from which you can service your accounts at no cost.

Discover will allow you to make incoming or outgoing ACH transfers of up to $250,000 per month.

Discover Bank Certificates of Deposit Q & A

Still have questions about Discover Bank’s CD rates? Here are some of the common questions consumers have plus our responses below.

Are Discover Bank CDs FDIC insured?

Yes. Like all reputable online banks, Discover Bank is member FDIC (#5649) and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 on joint accounts.

Are there better rates for Discover Bank AAA Members?

Yes. As of July 2022, you can earn 0.05% APY more than the standard CD rates listed above for most or all terms. You can learn more here.

Union Bank CD Rates – Now up to 3.00% APY!


[📍 Update September 2022: Although Union Bank has been very slow to lift the rates on their CDs (certificates of deposit), they did introduce a limited time 12 month CD yielding 3.00% APY (annual percentage yield) in September. See all of Union Bank’s CD rates below.]

Union Bank is a full service American bank that is wholly owned by one of Japan’s three mega banks – MUFG Bank.

Union Bank has almost 400 branches (398) across the Pacific Northwest – Washington, Oregon and California and commercial offices in major cities such as Dallas, Houston, Chicago, and New York.

Their deposit account offering consists of checking, savings, money market and certificates of deposit, which they refer to as “Time Deposit Accounts.”

Most of Union Bank’s deposit accounts need to be opened at a local branch, however their money market account and Priority Checking account can be opened online.

For the purpose of this review we will focus on Union Bank’s fixed-rate CDs. Union Bank offers several flexible short term CDs and long term CDs with durations ranging from just 7 – 31 days to 60 months.

To see if Union Bank’s CDs are right for you, continue reading our review below.

Union Bank CD Rates + Account Details

image credit: unionbank.com

Union Bank is member FDIC and consumer deposits are federally insured up to the applicable limits. Union Bank has a minimum deposit requirement of $2,500 for their short term CD ranging from 7 to 31 days and a minimum deposit requirement of $350 for all other durations.

Union bank also offers IRA CDs with terms ranging from 90 days to 60 months. The same APYs apply.

CD Rates

CD TermMin. DepositAPY
7 – 31 days$2,5000.05%
32 – 89 days$3500.05%
90 – 179 days$3500.05%
180 – 364 days$3500.10%
12 – 17 months$3503.00%
18 – 23 months$3500.35%
24 – 35 months$3500.60%
36 – 47 months$3500.75%
48 – 59 months$3500.75%
60 months$3500.75%

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 0.60% APY and 0.74% APY, respectively, according to FDIC data.

We should also note that Union Bank has a tiered rate structure based on deposit amount. Although all tiers pay the same APY currently, it is reasonable to assume that in more favorable savings rate environments Union Bank may offer higher yields on larger balances.

Compound Interest

Union Bank compounds interest daily on their CDs and the interest can be paid out according to the account holder’s discretion. This added flexibility is a nice feature for those living off interest payments. Generally interest payments are paid monthly, quarterly, semi-annually or annually.

Early Withdrawal Fees

If you need access to funds prior to your deposit’s maturity date, Union Bank will impose an early withdrawal fee. They calculate the fee on a 365-day basis as follows:

Union Bank Early Withdrawal Fees

  • For CD terms of 7 – 31 days: The greatest of 1) all interest earned on the amount withdrawn; 2) 7 days’ interest on the amount withdrawn; or 3) the amount of interest that could have been earned on the amount withdrawn for one-half the term.
  • For CD terms of 32 – 91 days: The greater of 31 days’ simple interest at the rate being paid on the amount withdrawn; or 2) the compensating penalty
  • For CD terms of 92 – 1 year: The greater of 1) 91 days’ simple interest at the rate being paid on the amount withdrawn; or 2) the compensating penalty.
  • For CD terms of 1 year plus: The greater of 1) 181 days’ simple interest at the rate being paid on the amount withdrawn; or 2) the compensating penalty.

Union Bank has a fairly standard grace period of 10 days for all CD terms EXCEPT their short term 7 – 31 day option. This CD comes with a grace period of just 3 days in which you can add or withdraw funds to your deposit penalty free. If nothing is done during this grace period Union Bank will renew your CD for the same terms and the going APY at that time. Be sure to set up reminders for yourself if you wish to take action on your CD funds upon maturity. It should be noted that Union Bank will also send out reminders of your upcoming grace period.

Union Bank CD Rates VS Other Big Banks

While Union Bank has offered competitive CD rates in the past, especially on higher deposit amounts, their current offers fall short of the national average.

That said they are still in line with other big banks like Bank of America, Chase and Wells Fargo.

Capital One and Citibank are the only major US banks that have begun increasing their deposit account rates since the FED’s latest rate hike on May 4.

Capital One has been the most aggressive in this regard with 1 year CD rates now at 1.25% APY and 60 month CDs at 2.25% APY.

Other Deposit Accounts offered at Union Bank

If you’re looking for a safe place to store some cash but want easier access to it, then you may want to consider one of Union Bank’s variable-rate savings products. They offer a money market account which can be opened online and a traditional savings account called the “Bank Freely” savings which needs to be opened at a local branch.

Money Market Account

Their money market account comes with a low APY of just 0.05% on all balances and you must maintain a $2,500 daily balance to avoid either a $9 or $10/month service charge. $9 if you opt for online statements and $10 if you choose paper statements.

Bank Freely Savings Account

The savings account is more lenient but comes with a lower APY. You can open their Bank Freely savings with any amount greater than $0 and there are no monthly service charges to worry about. That said, the APY is just 0.01% currently.

Sallie Mae CD Rates – Now up to 3.35% APY


[Update September 2022: Sallie Mae raised their CD (certificate of deposit) rates across the board again this month. Their variable-rate accounts like their money market and high yield savings account also saw rate increases. See all rates below.]

Sallie Mae has become a household name as the largest originator of student loans in the country.

Founded in 1972 as the Student Loan Marketing Association, Sallie Mae operated with government sponsorship by handling both federal and private sector loans.

Some may remember their Federal Stafford and Federal Perkins loans coming from Sallie Mae. However, Sallie Mae started the path of incorporation as a private company during the 90s and completed it in 2004, severing their operation from the government.

Today, their product suite covers a large range of financial services from private education loans and college savings programs to banking services and insurance programs.

In this review, we’ll focus on the savings side of Sallie Mae Bank. Sallie Mae is a member of the Federal Deposit Insurance Corporation and currently offers several types of FDIC-insured savings accounts for a variety of needs: the SmartyPig savings account, certificates of deposit, money market, and high-yield savings accounts are all on the menu with Sallie Mae.

Please note the SmartyPig savings account will not be covered here. Use the link above to read more about that account.

Sallie Mae CD Rates + Account Details

salliemae.com

If you’re looking to lock-in an interest rate, a certificate of deposit may be the way to go.

Sallie Mae was named as one of the best banks for certificates for deposit in 2020 by GOBankingRates.

Although their CD rates have been more competitive in the past, they still feature returns that beat the national average(s) for their respective terms by decent margins.

TermMinimum DepositAPY
6 months$2,5001.75%
9 months$2,5002.00%
11 months$2,5002.95%
12 months$2,5003.05%
13 months$2,5003.05%
15 months$2,5003.10%
18 months$2,5003.15%
24 months$2,5003.20%
30 months$2,5003.25%
36 months$2,5003.00%
60 months$2,5003.35%

To put Sallie Mae’s CD rates (above) in perspective, the current national average for a 12 month CD sits at 0.60% APY and the current average for a 5 year CD sits at 0.74% APY according to recent FDIC data.

As you can see from the table, there is a wide range of terms to choose from but the current yields don’t vary much by term.

Grace Period

Upon the maturity of your Sallie Mae CD, you’ll have a 10 calendar day grace period during which you can withdraw funds from your CD account without penalty. If no action is taken within the 10 day grace period, the funds will automatically renew into the same CD with its current rate.

Locking-In CD Rates

The interest rate and APY will be determined on the date you fund the CD account, not the date you open the account. However, you will receive the higher interest rate of the date your account opened or was funded if the first deposit occurs within ten days from the opening date.

Once your interest rate is set and fixed, you will be paid this rate until maturity. Interest is compounded daily and credited to your account monthly.

The interest begins to accrue on the same business day if the deposit is received before 11:00 PM ET. If the deposit occurs after 11:00 PM ET on a business day or non-business day, the deposit is considered received on the next business day.

Early Withdrawal Penalties

If your CD account has a maturity of 12 months or less, the penalty is equal to 90 days of simple interest on the amount withdrawn. If the CD account has a maturity greater than 12 months, the penalty will equal 180 days of simple interest on the amount withdrawn.

In circumstances such as death or incompetence of the account holder, the law may permit an early withdrawal penalty waiver.

Money Market Rate + Account Details

Sallie Mae’s money market account is similar to their SmartyPig account but with a few more features. For example, you can write checks from the money market account plus earn a slightly higher rate.

Unlike Sallie Mae’s CDs there are no minimum deposit requirements to open a money market account. The APY you receive applies to all balances as well, which is different from most money market accounts that tie yields to balances.

Money Market Rates

Monthly BalanceMinimum DepositAPY
$0$02.25%

To put the APY (above) in perspective, the current national average for a money market account sits at roughly 0.18% APY. On top of the respectable yield, the lack of both minimum deposit and monthly balance requirements make this an attractive account. Keep in mind money market rates are variable and can change at any time without notice.

Transaction Limitations

You may deposit or withdraw money via:

  • Check,
  • EFT, or
  • Wire Transfer.

There is a maximum of 6 transfers or withdrawals (a combination of either) during any calendar month or statement cycle per Federal Regulation D. Please note that if using your Sallie Mae money market account to repay loans at Sallie Mae, there is no limit in the number of transfers you may make.

Sallie Mae Fee Schedule

  • Check Order Charge (for orders placed after account opening; orders placed at the time of account opening are free): $5
  • Stop Payment Charge: $15
  • Returned Check Fee: $5
  • Insufficient Funds (NSF) Fee: $19
  • Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

High Yield Savings Account Rate + Details

The high yield savings account is similar to the SmartyPig and money market account in that it has no minimum balance/deposit requirements or monthly maintenance fees.

The rate is slightly lower than the money market account, but still handily beats the current national average for FDIC-insured online savings accounts.

High Yield Savings Rate

Monthly BalanceMinimum DepositAPY
$0$02.15%

Rates are compounded daily and credited to your account monthly. As with the money market account the APY is variable and subject to change at any time without notice.

Transaction Limitations

You may withdrawal or deposit money via:

  • Check,
  • EFT, or
  • Wire Transfer

The same 6 transaction limitation applies to the high yield savings account. This applies to both withdrawals and deposits (a combination of either) per federal regulation.

Fees

• Returned Check Fee: $5
• Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Banking Experience and Customer Sentiment

Sallie Mae has just one physical location in Utah, which is their headquarters. So if you value in-person banking this institution likely isn’t for you.

That said, if you value respectable rates and low maintenance accounts that can be managed 100 percent digitally then Sallie Mae deserves your consideration. Their rates are regularly among the top online offers available and their accounts have received a number of awards from third party sites.

According to user reviews on both Android and iOS apps, Sallie Mae’s app experience ranges from mediocre to comfortably above average (especially as far as banking apps go).

They receive just 3.6 starts on Android, but an impressive 4.6 stars on the App Store.

Sallie Mae’s SmartyPig account has a separate app and also receives high marks.

Capital One CD Rates – Now up to 3.50% APY!


[📌 Update September, 2022: Following the FED’s third historic rate hike on the summer on September 21st, Capital One bumped up the yields on nearly all their CDs (certificates of deposit) by between 0.30% and 0.55% APY. Top APY (annual percentage yield) is now 3.50%. See all of Capital One’s CD rates below.]

Capital One offers a number of online certificates of deposit as part of their 360 product suite. The terms come with standard lengths ranging from 6 months to 60 months and above average annual percentage yields.

Their CDs also come with more flexibility than most certificates offered by large national banks. Right now, all Capital One 360 CDs have no minimum deposit and can be opened with any dollar amount that is right for you.

That said, these products must be opened and managed online. But don’t worry, they make it exceptionally easy with their web (and mobile web) interface as well their highly rated apps for IOS and Android.

Below is our full review of their CD offerings. If you have experience opening a CD with Capital One, please feel free to share your experience in the comment section below.

Capital One 360 CD Rates + Account Details

Capital One 360 CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. As mentioned there are no minimum deposit requirements, but you will need to deposit something in the account to open it.

360 CD Rates

TermAPY
6 months2.00%
9 months2.00%
12 months3.25%
18 months3.25%
24 months3.30%
30 months3.30%
36 months3.40%
48 months3.40%
60 months3.50%

To give these yields some context, the average yield on a 12 month CD and a 60 month CD sit at just 0.60% and 0.74% APY, respectively, according to recent FDIC data.

Compounding and Crediting Interest

Interest is compounded monthly on all Capital One 360 CDs and credited to your account either monthly, yearly or upon maturity. You can have these funds deposited into a separate account or returned to the CD for further compounding.

Grace Period

Capital One 360 CDs come with a standard 10 day grace period. You’ll also want to note that Capital One CDs automatically renew, so if you plan on adding or withdrawing funds to your CD this 10-day period is the only time you can do so penalty free.

Early Withdrawal Penalties

If you withdraw funds from a CD you opened with a term of 12 months or less, you’ll have to pay three months’ interest as a penalty.

If you withdraw funds from a CD you opened with a term of greater than 12 months, you’ll have to pay six months’ interest.

Please note that it is possible to incur a penalty that dips into your principal if the withdrawal happens early enough.

How to Open a Capital One 360 CD?

If you decide you want to open a Capital One 360 CD, first navigate to their online CDs page here.

On this page you can take another look at any of the terms, conditions, or features one last time before you open the account.

Once you’re ready to open a deposit, click on the green “Open Account” button at the top of the page. This button remains static at the top of this page as you scroll.

It will look something like this (below):

Look for the green “Open Account” button that sticks to the top of your browser as you scroll the page.

Once you click on that green button, the process takes about 5 minutes to complete. They’ll first ask you whether or not you already have a Capital One login. If you’ve opened a checking, savings or even credit card with them (either online or in a branch) then you likely have a login already. If you do, this should expedite the process.

If you do not, and this is your first account with Capital One, then you’ll need the following:

  • Full legal name
  • Current address
  • telephone number
  • employment status (and job title)
  • social security number
  • date of birth

Capital One will then use your personal data to confirm your identity. If you are looking to open a joint account, you must first go through this process individually then you can add another account holder online.

Once your identity is confirmed and the account is opened, you will be provided with your account number and the routing number. You then have the option to add funds immediately to your CD. Your rates are locked in the moment you open the deposit until maturity.

Capital One 360 CD Reviews and Customer Sentiment

The Capital One 360 product suite receives high marks across the board from third party review sites. Their savings products in particular – both the variable rate online savings account and the fixed rate online CDs – receive above average marks for consistently higher than average yields and flexible terms. Most notably the lack of minimum deposit or balance requirements to earn the advertised interest.

You can manage your money easily either online or through one of their native apps. Their IOS and Android apps both receive high marks (especially as far as banking apps go). Their IOS app currently has 4.8 stars out of 5, while their Android app has 4.6 stars out of 5.

How Capital One’s CD Rates Compare

Of all the major US banks, Capital One offers the most competitive yields on their certificates of deposit via their 360 CD accounts. And it isn’t even close. Bank of America, Citibank, U.S.Bank, Wells Fargo, Chase, etc. all offer substantially lower yields on their CDs per the time of this writing.

There are, however, a handful of online banks and credit unions with nationwide acceptance that have slightly higher yields but the top rate leaders shuffle around often especially in our rising interest rate environment.

Capital One also offers extremely flexible terms with no minimum deposit requirements and several options for paying out interest which makes their accounts available for nearly everyone.

Wells Fargo CD Rates – New 7 Month Special CD


[📌 Update September 2022 – Wells Fargo has been extremely reluctant to raise their CD (certificate of deposit) rates this year, despite continued and historic rate hikes by the Federal Reserve. This September they finally added a “CD Special” to their deposit account suite which comes with a 7 month term and an APY (annual percentage yield) of 1.51% or 1.50%, depending on if you’re a current Wells Fargo customer or not. See all of their CD rates below.]

Wells Fargo is a household name—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 tremendously alongside the American economy.

However, although the bank’s history is rich, their current CD rates will leave you far from it. Their standard fixed rate CDs as well as their Relationship CDs come with rates that are well below the national average for each respective term.

To see if Wells Fargo’s CD rates are right for you, continue reading our review below.

Wells Fargo CD Rates + Account Details

Wells Fargo offers 3 standard term CDs with maturities at 3 months, 6 months and 12 months and one promotional CDs with a 7 month term which they call a ‘Special’ CD.

All deposits are federally insured up to the applicable limits by the FDIC. The minimum deposit requirement is $2,500 for a standard CD and $5,000 for a promotional CD.

Special CD Rates

Wells Fargo initially introduced this Special Fixed Rate CD in September with a 9 month term, however lowered the term to 7 months (and kept the same yield) following the 0.75% rate hike by the FED on September 21st. This account has a much higher APY than any of their standard CDs and comes with a minimum deposit requirement of $5,000.

CD TermStandard APYRelationship APY
7 months1.50%1.51%

The 7 month Special CD renews into a standard 6 month CD if nothing is done during the CD’s grace period upon maturity.

CD Rates

CD TermStandard APYRelationship APY
3 months0.01%0.02%
6 months0.01%0.02%
1 year0.02%0.02%

To put these offers in perspective, the current national average on a 6 month and 12 month CD sit at 0.60% and 0.74% APY, respectively, according to recent FDIC data.

To qualify for the relationship APY on any certificate, you must maintain a Wells Fargo Portfolio Checking account. That account comes with a $30 monthly service fee unless you can maintain $25,000 or more in qualifying linked bank deposits or $50,000 or more in qualifying linked bank, brokerage, and credit balances.

Normally, Wells Fargo CD accounts earn tiered interest rates based on balance. Right now, yields are the same across all tiers. For future reference, these balance 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+

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. They are as follows:

  • Transfer funds from an existing Wells Fargo account
  • Transfer funds from an external account. You’ll need this 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 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 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.

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 the people haven’t 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.

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 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-(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.