APY GUY: Maximize Your Savings & Earnings

CD Rates

CFG Bank CD Rates & Money Market – Up to 5.28% APY!

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CFG Bank – a quaint, FDIC-insured bank based out of Maryland – currently has some of the highest APYs (annual percentage yields) for both CDs (certificates of deposit) and money market accounts anywhere in the country.

In terms of CDs, they have just 4 options with terms ranging from 12 months to 5 years and minimum deposit requirements of $500.

CFG Bank’s money market account is currently offering an APY of 5.02% APY and comes with a minimum balance requirement of $1,000.

Their deposit accounts can be opened and managed completely online.

Learn more about CFG Bank and their competitive CD rates and high yield money market account in our review below.

CFG Bank CD Rates + Account Details

image credit: cfg.bank

Along with a high yielding money market account, CFG Bank offers some competitive online CDs as well.

They have 4 online deposit products with terms of 12 months, 18 months, 36 months and 60 months.

CD Rates

CD TermAPY
12 months5.28%
18 months5.13%
36 months4.51%
60 months4.41%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for 12 month and 60 month CDs sits at 1.59% and 1.37% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching above 5.00% and 4.50% APY, respectively, for the same terms – with CFG Bank among the rate leaders.

How Much Can You Make with a CFG Bank CD?

How much money you earn with a CD from CFG Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). Below is a table breaking down total earnings from interest payments for all of CFG Bank’s CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
12 months5.28%$1,320.00
18 months5.13%$1,948.22
36 months4.51%$3,537.34
60 months4.41%6,020.62
Earnings = sum of all interest payments through maturity.

How do CFG Bank’s CD Rates Compare?

CFG Bank offers some of the most competitive CD rates around. Take a look at their best CD rates compared to some of the best yields from other FDIC-insured online banks in the table below.

BankBest CD Rate (APY)
Fifth Third Bank4.85%
Merrick bank5.20%
Third Federal Savings & Loan5.50%
Sallie Mae5.00%
CFG Bank5.28%
CD rates surveyed May 31, 2023.

Compounding and Crediting Interest

CFG bank doesn’t appear to have a Truth-in-Savings disclosure which usually provides a section on compounding and crediting interest. The only mention of this we can find is a blurb where CFG Bank states that:

“Interest can be added to the account to compound for a higher yield and then withdrawn when needed, or an interest check can be mailed monthly or interest can be transferred to another account.”

Grace Period and Early Withdrawal Fees

Because CFG Bank does not provide Truth-in-Savings disclosure we also can not find the grace period or specific early withdrawal fees.

Generally speaking, banks and credit unions allow for a 7 or 10 day grace period upon the maturity of a CD in which consumers can add or withdraw funds without incurring a penalty. If nothing is done during this grace period, CDs usually automatically renew with the same term and the going APY at that time.

If you need funds prior to the maturity of your CD, you will pay an early withdrawal fee.

CFG bank refers you to your account agreement for the specifics of these penalties, but doesn’t post the agreement publicly. Presumably this is something you will be given access to during the application process.

3rd party websites have stated the early withdrawal fee is 180 days’ interest on all 4 of their CD options, but this should be verified via your account agreement.

Opening and Funding the Account

To start the application process click on the “apply for an account link” in the top right.

From there you will be prompted to complete a series of steps to open the account.

CFG Bank utilizes Fiserv technologies so while it will appear you’re completing the application on CFG Bank’s website, you’re actually on Fiserv servers for enhanced security and protection.

Requirements for Opening an Account:

  • Be a citizen of the United States or have Resident Alien Status
  • Have a Social Security Number
  • Have a physical United States address
  • Have a driver’s license or state issued ID 
  • Be at least 18 years old

Funding the Account:

If you open your CD online, you must fund it via an ACH transfer.

Interest payments can be returned to your CD or can be transferred into a CFG Bank savings account, an external account via ACH, or a cashier’s check to your physical address.

High Yield Money Market Account Details

CFG Bank’s money market account comes with a minimum deposit requirement of $1,000 and a $1,000 on-going minimum balance requirement to earn the advertised APY.

BalanceAPY
$1,0005.07%
APY = Annual Percentage Yield

To put the yield above into perspective, the current national average for a money market account sits at just 0.59% APY, according to recent FDIC data, while top online savings rates are inching above the 5.00% mark following the FED’s latest 0.25% rate hike with this account leading the way.

Account Details Below:

Minimum Balance Requirements? $1,000. This used to be a tiered account with balances above $25k earning the highest APY, but they have removed the tiers in 2022.

Any fees to worry about? There are no monthly maintenance fees or early withdrawal fees associated with the high yield money market account.

Availability? Nationwide and can be opened online through their Fiserv application process.

Credit Inquiry? None have been noted.

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Check Writing? No, there is no check writing allowed from this account.

Transfer, Withdrawal and Account Activity Limitations? You are allowed just 6 transfers per month, but can make an unlimited number of withdrawals if you’re willing and able to show up in person at one of their two branches in Maryland. Other restrictions include a daily transfer limit of $5,000 and a monthly transfer cap at $30,000 in a 30-day rolling period.

High Yield Money Market Account Features

Outside of the outstanding rates, you’ll be hard pressed to find many exciting features with this account. They have very basic online banking and bill pay features as well as native apps for both the App Store and Google Play.

Once you’ve opened the account, transferred funds and enrolled in online banking you may download their mobile app to do the following:

  • Pay bills online. Transfer money between accounts and pay your bills online.
  • Monitor activity. Check your account balances and review recent transactions.
  • Be stress free banking with multiple layers of security. Security is a priority at CFG Bank as you’ll quickly learn by speaking with any representative. The mobile apps use 128-bit Secure Socket Layer (SSL).

Who is CFG Bank?

CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It controls assets of just over $2.6 billion and has roughly $2.2 billion in consumer deposits. You can read more on their financial information here. It is a brick and mortar bank with just two locations – Lutherville and Baltimore. They offer online banking, bill pay and have mobile apps available for download, however, they lack some standard online features you’d expect from a more modern bank – most notably real time customer service via a live chat on their website or mobile apps.

Despite being behind the times perhaps on the technology side, CFG Bank gets an outstanding rating from the IDC of 300/300. This is quite significant as the IDC is the standard in rating financial institutions. You can read more about them here.

Santander Bank CD Rates – Now up to 5.25% APY!

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Santander Bank, originally Sovereign Bank, was founded in 1902 and is currently based out of Boston, Massachusetts.

They primarily operate in the Northeast and have 473 branches throughout the following states:

  • Connecticut
  • Delaware
  • Florida
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island

If you live in the Northeast (or Florida) are in the market for a FDIC-insured CD (certificate of deposit) with a competitive rate and APY (annual percentage yield), then you may want to stop by a branch and ask about their 9 month and 12 month CDs.

These two accounts are Santander Bank’s only CD offerings currently. To learn more, continue reading our review below.

Santander Bank CD Rates + Account Details

image credit: santanderbank.com

Santander Bank’s CDs come with a minimum deposit requirement of $500 and a maximum deposit allowance of $250,000 per depositor. Their CDs are federally insured by the FDIC up to the applicable limits.

CD Rates

TermAPY
9 months5.25%
12 months5.00%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a 12 month and 24 month CD sit at just 1.59% and 1.37% APY, respectively, according to FDIC data.

📌 Please note – Santander Bank CDs must be opened at one of their branch locations. To find a branch near you start here.

How Much Can You Earn with a Santander Bank CD?

How much money you can earn with a Santander Bank CD 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 each Santander CD assuming a one-time deposit of $10,000.

CD TermAPYEarnings
9 months5.25%$391.22
12 months5.00%$500.00
Earnings = Total amount of interest payments through maturity.

How do Santander Bank CD Rates Compare?

Take a look at the table below comparing Santander Bank’s CD rates with the best CD rates offered by other popular FDIC-insured banks and nationally available credit unions.

Bank or Credit UnionBest CD Rate (APY)
Santander Bank5.25%
Capital One4.75%
Tiaa Bank5.00%
American Express Bank4.25%
Navy Federal Credit Union4.85%
Mountain America Credit Union5.15%
Rates surveyed May 30, 2023.

Compounding and Crediting Interest

Santander Bank CDs feature daily compounding interest. Interest is credited back to the account monthly. If you wish to have the interest transferred to another Santander Bank account like a checking account or money market account you may do that as well. You can also have the interest payments mailed to you via a physical check.

Grace Period and Early Withdrawal Fees

Santander Bank CDs come with a 7 calendar-day grace period that starts the day after your CD’s maturity date.

During this 7 day period you can renew or close out your CD. You can also change the maturity date (if applicable) and/or your deposit size.

All Santander CDs automatically renew for the same term and the going APY if nothing is done during the grace period.

If you need funds prior to the maturity of your CD, you will incur an early withdrawal fee. The fee is determined based on the length of the term. See fee structure below:

CD TermFee
12 months or less3 months’ interest
Over 1 year and less than 5 years6 months’ interest
5 years +12 months’ interest

With Santander Bank’s 9 month and 12 month CD you’d owe 3 months’ interest for withdrawing funds early.

How to Open a CD with Santander Bank

As mentioned, the only way to open a CD with Santander Bank is to stop by a local branch. Once. your CD is opened, you may have it renewed without visiting a branch, but you will need to call their customer service line at 1-877-768-2265, 8 a.m. to 8 p.m. EST, Monday – Saturday.

If opening a CD at a Santander branch, please be prepared with the following:

  • Your Social Security number
  • A government-issued ID
  • A valid email address

If transferring from another bank, please have:

  • bank or credit union’s routing number
  • bank account number where the funds will be withdrawn from to fund your Santander CD

Morgan Stanley CD Rates – Now up to 5.27% APY!

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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 July 25, 2023 subject to availability

CD TermAPY
3 months5.25%
6 months5.27%
11 months5.26%
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 1.19% APY and 1.59% APY, respectively, according to FDIC data. However, top yields from FDIC-insured online banks are now rising above the 5.00% 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 4.60% 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 months5.27%$2,601.17
11 months5.26%$4,811.29
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 Bank4.80%
Apple Bank4.50%
Bank of America4.50%
Capital One4.75%
Navy Federal Credit Union4.85%
BECU4.07%
Morgan Stanley5.27%
Rates surveyed May 30, 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 Schwab5.50%
Edward Jones5.30%
Fidelity5.35%
Vanguard5.50%
Morgan Stanley5.27%
Rates surveyed May 30, 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 July 25th, 2023.

Capital One CD Rates – Now up to 4.75% APY!

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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.

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

Capital One 360 CD Rates + Account Details

image credit: capitalone.com

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 months3.90%
9 months3.90%
12 months4.75%
18 months4.75%
24 months4.30%
30 months4.30%
36 months4.30%
48 months4.20%
60 months4.10%
APY = Annual Percentage Yield

Capital One’s CD rates were surveyed May 30, 2023.

To give these yields some context, the average yield on a 12 month CD and a 60 month CD sit at just 1.59% and 1.37% APY, respectively, according to recent FDIC data.

How Much Can You Earn with a Capital One CD?

The total amount of money you can make from a Capital One CD is going to depend on your deposit size, the term you select and the going APY (annual percentage yield). Below is a table showing hypothetical earnings from a few Capital One CDs based on a $25,000 deposit.

CD TermAPYEarnings
6 months3.90%$482.84
12 months4.75%$1,187.50
24 months4.30%$2,196.22
60 months4.10%$5,562.84
Earnings = Sum of all interest payments through maturity.

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.

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

During the first quarter of 2023, Capital One had the most competitive CD rates of all the other big banks (Bank of America, Citibank, Chase, U.S.Bank, and Wells Fargo). They were also the first major bank to offer a 5.00% APY CD back in February.

Today, however, Capital One has pulled back on some of their rates and no longer offers the 11 month promotional CD that came with the 5.00% yield. On top of this, other banks have caught up and even surpassed them on CD rates. Take a look at the table below to see how Capital One’s best CD rates stack up against other well known U.S. banks.

BankBest CD Rate (APY)
Capital One4.75%
U.S. Bank4.75%
Citibank4.75%
Wells Fargo4.76%
Bank of America4.50%
Chase Bank4.00%
Rates surveyed May 30, 2023.

Want to see how Capital One’s CD rates stack up against the top rates offered by national credit unions with nationwide acceptance? Take a look at the table below.

Credit UnionBest CD Rate (APY)
NASA Federal Credit Union5.50%
Connexus Credit Union5.26%
Green State Credit Union5.15%
Navy Federal Credit Union4.85%
Langley Federal Credit Union4.50%
Capital One4.30%
Rates surveyed May 30, 2023.

Wells Fargo CD Rates – Now up to 4.76% APY!

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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.

Wells Fargo CD Rates + Account Details

Wells Fargo offers 3 standard term CDs with maturities of 3 months, 6 months and 12 months and 1 promotional CD with a 5 month term which they refer to as their “Special Fixed Rate CD.” They also have IRA CDs with customizable terms ranging from 1 month to 12 years. The Special Fixed Rate CD can be opened as an IRA CD 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

A minimum deposit of $5,000 is required to open a Special Fixed Rate CD.

Wells Fargo used to offer a 4 month and 8 month option, however as of May 2023, they only have a 5 month option.

CD rates surveyed May 29, 2023.

CD TermStandard APYRelationship APY
5 months4.50%4.76%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 6 month CD sits at just 1.19% according to FDIC data, however, top yields from online banks and nationally available credit unions are now inching over the 5.00% APY (annual percentage yield) mark.

Standard CD Rates

A minimum deposit of $2,500 is required to open a standard CD.

Deposit SizeCD TermStandard APYRelationship APY
$0 – $99,999.993 months0.50%0.51%
$100k +3 months1.01%1.02%
$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 1.59% APY and some of the top yields nationally are also just over 5.00% APY.

As you can see, Wells Fargo offers better yields for deposit sizes of $100,000 or more. Wells Fargo CD rates are tiered by deposit size with 6 tiers in total. The only tier that currently pays a different APY is the $100k+ tier, but this may change in the future. The 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 if you’re opening the 5 month special.

CD TermStandard APYRelationship APY
5 month special4.50%4.76%
1 – 2 months0.01%0.02%
3 – 5 months0.50%0.51%
3- 5 months
($100k +)		1.01%1.02%
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

How Much Can you Earn with a Wells Fargo CD?

How much you 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 all of Wells Fargo’s CD options assuming a $100,000 deposit.

CD TermAPYTotal Interest Earned
5 month Special4.76%$1,956.47
3 month standard1.02%$254.03
6 month standard2.51%$1,247.22
12 month standard2.01%$2,010.00
APY = Annual Percentage Yield

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
Wells Fargo$5,0004.76%
Chase$100,0004.00%
Bank of America$1,0004.50%
Citibank$100,0004.75%
U.S. Bank$1,0004.75%
CD rates surveyed May 29, 2023.

Wells Fargo’s CD Rates vs Online Banks

BankMin. DepositBest CD Rate
Wells Fargo$5,0004.76%
Ally Banknone4.80%
Bask Bank$1,0005.10%
Popular Direct$10,0005.10%
Tiaa Bank$1,0005.00%
CD rates surveyed May 29, 2023.

Qualify for Relationship APY

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.

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 about average. With an overall score of 3.8 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 8 million reviews and a 4.8 star rating out of 5 for Android users with over 2 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.

Vanguard CD Rates – Now up to 5.50% APY!

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Vanguard is an investment management company that has been around since 1975. They are the largest provider of mutual funds and the second largest provider of exchange-traded funds (ETFs). They service customers worldwide and have over $8.5 trillion in assets under management.

They also currently offer some competitive APYs (annual percentage yields) on their brokered CDs (certificates of deposit).

You can purchase both new issue CDs and secondary market CDs through Vanguard.

To see if these products are right for you, continue reading our review below.

Vanguard CD Rates + Account Details

image credit: vanguard.com

All of Vanguard’s CDs are federally insured by the FDIC or the NCUA via the issuing bank or credit union.

The brokered CDs available at Vanguard can change regularly as Vanguard may choose to purchase different CD accounts from different banks on an ongoing basis.

To find out which CDs are available at any given time, you can run a quick search on Vanguard’s site in their fixed income section or call an agent to see what Vanguard’s CD rates are today.

If you’re scanning Vanguard’s CDs online, you can search by the issuer, term length, yield, or quantity. A Vanguard broker can also help you choose a CD that fits your investment goals and target date.

Here is a sample of the current terms and CD rates available for new-issue CDs through Vanguard (surveyed May 26, 2023):

CD Rates

Term LengthAPY
1 – 3 months5.30%
4 – 6 months5.30%
7 – 9 months5.30%
10 – 12 months5.45%
13 – 18 months5.50%
2 years5.30%
3 years5.15%
4 years5.10%
5 years5.00%
7 years5.15%
10+ years4.90%
APY = Annual Percentage Yield

To put these in perspective, the national average rate for a 12 month and a 60 month CD sit at just 1.59% APY and 1.37% APY, respectively, according to FDIC data. However, some online banks and nationally available credit unions are paying over the 5.00% and 4.50% APY mark for the same respective terms.

How do Vanguard’s CD Rates Compare?

If you want to see how Vanguard’s CD rates compare against other major brokerages then take a look at the table below. This displays the best CD rate offered from each major brokerage and the associated term.

BrokerageBest APYCD Term
Vanguard5.50%13-18 months
Charles Schwab5.50%10-18 months
Edward Jones5.20%3 months
Fidelity5.35%3-12 months
Rates surveyed May 25, 2023

How Much Can You Earn with a Vanguard CD?

If you’re curious about how much money you can earn in interest with a Vanguard CD then take a look at the table below. This shows how much you’d earn in total interest payments for a few of Vanguard’s CD accounts. It assumes a deposit size of $10,000.

CD TermAPYTotal Earnings
6 months5.30%$261.58
12 months5.45%$545.00
24 months5.30%$1,088.09
120 months4.90%$6,134.48
Total Earnings = The sum of all interest payments throughout the life of the CD.

What Is a Brokered CD?

If you’re not familiar with brokered certificates, they differ from traditional certificates in a few key ways.

The main one being that Brokered CDs are not issued by the actual brokerage themselves. They are issued by banks and/or credit unions that have FDIC insurance (or NCUA insurance if a credit union) and are then resold by the brokerage firm to their clients.

The primary benefits of a brokered CD are:

  • They can offer higher yields than traditional CDs, because they broker accounts form a number of institutions and aren’t fixed to any one institution’s rates.
  • It expands your FDIC coverage. Because you can open multiple CDs from multiple banks through your brokerage, you will receive your full $250,000 in FDIC coverage for each deposit you open. This way you can invest more money in CDs without sacrificing FDIC coverage and with the convenience of managing all your CD accounts with one broker.
  • Flexibility. Because these are brokered securities, you may choose to sell your CD before it matures on the secondary market.

Both standard certificates of deposit and brokered certificates are considered to be low-risk investments because they earn a fixed interest rate until maturity and guarantee full principal and interest. If you sell a brokered CD, there is an inherent risk that you will lose some of your interest, but it is not possible to lose the principal you have invested whether you sell or not.

Vanguard brokered CDs may be callable or noncallable. Callable means that the issuing bank has the option to call or terminate your certificate before it matures and return the principal and interest to you. Issuers often choose to do this when interest rates drop as they can save money when paying you your interest. Some callable CDs can only be called for a certain period of time and others are eligible to be called at any time before maturity. If you choose a callable brokered CD, note the callable date and understand that your account may be closed.

When your certificate reaches maturity, the principal and interest is transferred into your settlement fund and you may withdraw the funds as cash. Brokered CDs do not automatically renew at maturity as traditional CDs do.

Primary and Secondary Market

Vanguard allows you to purchase both primary market and secondary market CDs.

  • Buying CDs in the primary market means your broker (Vanguard) is transacting with the issuer of the security directly (i.e. the bank or credit union).
  • Buying (or selling) CDs in the secondary market means you’re transacting with other market participants.

Are Bonds and Brokered CDs the Same?

Vanguard places brokered CDs and bonds in the same category and offers a variety of government-issued securities, but bonds and brokered CDs are not the same product. Both are fixed-income securities, but brokered CDs are issued by banks and credit unions while bonds are often issued (and insured) by the government.

Still, if you’re interested in both, you can choose from U.S. government agency securities and corporate bonds, U.S. Treasury securities, municipal bonds, mortgage-backed securities, and unit investment trusts.

How to Open

There are two different ways you can purchase a CD through Vanguard.

The first is to buy a new issue CD.

You must invest at least $1,000 to get started and can increase your investment in increments of $1,000. New certificates are issued directly from banks through Vanguard, so you earn the interest rate set by the bank.

The second is to purchase a secondary issue CD.

This is where you buy an existing CD from someone looking to sell theirs that has not yet matured. This is done on a secondary market through Vanguard brokerage. Vanguard charges a commission for these trades equal to $1 for every $1,000 you invest and will help you choose from available CDs and initiate the trade.

You pay commission fees when your certificate matures, not when you make your investment. If you choose to purchase various secondary market CDs with Vanguard at a time, you will pay commission for each.

You are not permitted to invest more money into your account after you have made an initial deposit. CDs can be opened online or over the phone (additional fees may apply for phone trading).

How to Earn Interest

Vanguard CDs pay simple interest at maturity into your linked Vanguard money market fund. This is another key difference between brokered and non-brokered CDs, as non-brokered CDs compound interest and credit it monthly or quarterly back into the certificate, onto the principal, until it reaches maturity (at which point you can withdraw the funds).

Remember, for Vanguard’s brokered CDs, yields are calculated as simple interest, not compounded.

Terms and Fees

Purchasing new issue CDs are completely free of charge.

As mentioned, when purchasing CDs on the secondary market, Vanguard charges a $1 transaction fee for every $1,000 you invest but no more than $250 in total.

If you place a secondary trade over the phone, you will pay a $25 fee for a broker to help you complete the trade.

The fees are waived for secondary trades if you hold more than $1 million across all of your Vanguard assets including fixed income investment products, mutual funds and index funds, and ETFs.

Vanguard CDs are federally insured up to $250,000 per depositor. All banks issuing new brokered CDs are also FDIC insured so that you are fully covered with each bank you have purchased a CD from.

If you decide to sell your brokered CD before it matures, you can do so through your Vanguard brokerage account.

Each bank imposes its own minimums and maximums. Some, for example, may require you to invest at least $10,000, not $1,000. Vanguard will help show you your options, but it is your responsibility to make sure you understand the terms for each of your CDs. Vanguard plays no role in deciding whether you qualify for an account.

Note that these brokered CDs do not automatically renew at maturity. Instead, the principal and interest you’ve earned is transferred to your linked Vanguard money market account.