APY GUY: Maximize Your Savings & Earnings

Wells Fargo

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.

Wells Fargo Checking Account Bonus – $300 [Nationwide]


https://bonusoffer.wf.com/checking300

Yes, you read that right–a $300 checking account bonus available to new customers nationwide!

Wells Fargo routinely proves how much they want your business with excellent welcome offers such as this one. From now until the end of July 15, 2022, Wells Fargo will provide all new checking account customers with $300 after jumping through a few hoops.

We know this is a lucrative checking account bonus and we’re excited to see Wells Fargo offer it. Just be sure this checking account would be right for you even without the bonus before signing up.

How to Get the $300 Checking Bonus From Wells Fargo

The Wells Fargo Everyday Checking account is Wells Fargo’s most popular account and from now until the July 15, 2022 you can snag $300 for opening it.

Here’s how to earn the $300 bonus (Online or In-Person)

  1. Use this link to receive your offer code. Then, enter this code when opening your new Everyday Checking account or provide it to the banker helping you.
  2. Deposit at least $25 into your new checking account before July 15 (this is the minimum opening deposit).
  3. Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 days from account opening (the qualification period).
  4. $300 will then be deposited into your account within 30 days of meeting the above requirements.

The $1,000 direct deposit requirement is fairly standard for checking account bonus offers like this. Just remember this can be in the form of salary, ACH transfers from an employer, social security, income from a rental property, side-hustle or small business, etc.

Finally, you must have a positive balance for this entire period in the account (and it goes without saying, but the account must not be closed for any reason).

If you do not meet these offer requirements within 90 days of opening your account, you will not receive the bonus. But if you ​do​ follow these steps, the bonus will be automatically deposited into your checking account within 30 days. Please keep in mind that this bonus will be considered taxable income.

Certain groups of people will not be eligible for this offer, including current owners of Wells Fargo consumer checking accounts, Wells Fargo employees, and any individuals that have received a Wells Fargo bonus offer on a new consumer checking account within the past year. So you don’t technically have to be a new Wells Fargo customer, but you can’t already have a checking account with them.

Locations That Qualify for the $300 Checking Account Bonus

When Wells Fargo first rolled out this lucrative promotion in the beginning of 2020, it was exclusively available to residents of Orlando, Florida and Phoenix, Arizona.

Now, it’s available nationwide and the requirements for qualifying are a lot less strict. Simply apply online or visit the Wells Fargo branch location nearest to you and open an account with the printed-out code.

How to Avoid Fees With the Wells Fargo Everyday Checking Account

As with many checking accounts offered by large, national banks, you will have to meet a few requirements to avoid a monthly maintenance fee.

The Wells Fargo Everyday checking account will charge you a monthly service fee of $10, but this can be avoided in a few different ways.

  1. First, if you are between the ages of 17 and 24, this maintenance fee will be automatically waived for you.
  2. If you are older than this, you can avoid the monthly fee by maintaining an average daily balance of at least $500.
  3. You may also avoid the fee by setting up direct deposits totaling $500 or more into this account (does not include peer-to-peer transfers or mobile deposits).
  4. Lastly, you can avoid the fee by linking this account with a Wells Fargo Campus ATM Card or Campus Debit Card in good standing.

Some other account fees (listed below) cannot be avoided, but you should still know about them.

  • $12.50 per overdraft transfer (when you’re enrolled in overdraft protection),
  • $35 per overdraft or returned item when you’re not enrolled in overdraft protection,
  • $2.50 per transaction using an out-of-network ATM in the U.S., and $
  • 5 per transaction using an out-of-network ATM outside of the U.S.

Withdrawals from Wells Fargo ATMs are, of course, free.

Wells Fargo Checking Account Features and Perks

By and large, this checking account is basically your standard checking account. However, it does boast a few features and perks that help to make it more attractive.

One of the most advertised features is the Debit Card On or Off feature. This is unique to Wells Fargo and is a good safety measure that could save your account balance in the event of card theft or loss.

Simply turn off a card temporarily that you’ve had stolen or misplaced without canceling it, and your balance will be protected until you turn it back on.

With an Everyday Checking account, you’ll have access to the usual—but still nice—features available through this bank such as:

  1. Online and mobile bill pay and transfers.
  2. 24/7 customer service.
  3. Over 13,000 Wells Fargo ATMs.
  4. Debit Card Overdraft Services (customer must opt-in). Details below.
  5. Overdraft Rewind. Details below.
  6. Card-free ATM access. Allows you a one-time ATM code for use at a Wells Fargo ATM right from the bank’s mobile app.
  7. Text banking. Access your account balance, transactions, due dates, and more via text message.

If you add Debit Card Overdraft services to your account, your debit card transactions could be approved and put into overdraft (at the discretion of Wells Fargo), rather than just having them automatically declined when you can’t pay for them based on your balance.

You will incur a fee of $35 for every overdraft applied, but this will be waived if you can get the money to pay for the transaction into your account on the same business day.

Overdraft Rewind, a much less common practice, is a free account feature that will allow you to dodge an overdraft fee if your account receives a direct deposit covering the full amount of the transaction that went into overdraft by the next day. You might not take advantage of this all the time, but it could come in handy once in a while.

Final Thoughts

This is a very solid checking account bonus by Wells Fargo. 

The Everyday checking account that the bonus is applied to is quite versatile and can be beneficial to a wide array of customers.

The $300 bounty for becoming a new checking account customer is also on the high end for bonuses of these types, which generally stay in the $100 – $200 range.

Just keep in mind that you’ll need to enroll in direct deposit right away to reach that $1,000 minimum.

Also, in the longer run, if you see yourself having trouble avoiding the monthly fees, this could eat away at the cash bonus over time, so be sure you can meet these requirements comfortably.

Wells Fargo Clear Access Banking Review


You may have heard of, or even used, Wells Fargo’s past checking accounts with debit cards for teenagers. However, both the Wells Fargo Teen Checking and Wells Fargo Opportunity Checking accounts have been discontinued by Wells Fargo and are not offered in 2022.

Today, the Wells Fargo Clear Access Banking account takes their place and combines many of their best features.

This account is a basic checking account with no check writing capabilities. It comes with a secure debit card with chip technology and must be opened in a branch with an adult co-owner. It requires a minimum deposit of $25 or more.

To see if this account meets your family and child’s needs, continue reading our review below.

Who is it For?

Average age: 13 to 16.

Good candidate: Younger teens who want a simple checking account, a secure debit card with chip technology, no overdraft fees and low account balances.

Kids aged 13 to 17 must open the account in a branch and kids 13 to 16 need to have an adult co-owner. Once you’re 18 you can open the account online and by yourself.

From age 18 to 24 you can enjoy this account fee free, however once you turn 25 you’ll need to meet monthly balance and activity requirements to avoid a $5 fee.

Noteworthy Features and Benefits

Lack of fees. There are no monthly service fees for ages 13 – 24, no overdraft fees and no non-sufficient fund fees.

This account helps people manage, save and spend their money wisely with budgeting, cash flow, and spending tools.

Account holders will have access to the vast Wells Fargo ATM and branch network with approximately 12,000 Wells Fargo ATMs. You can use your contactless debit card or digital wallet to make free ATM withdrawals.

This is also an ideal account for those looking for a second chance bank account that are unable to open standard checking accounts due to past credit history.

Features and Benefits for Parents

When a parent and teen open a Wells Fargo Clear Access Banking account, they become joint account owners with the parent as the primary account holder.

Parents can stay on top of their child’s spending by setting up alerts that can be sent via email, text, or push notification in the Wells Fargo Mobile App.

Wells Fargo is committed to account safety. They offer Zero Liability protection which reimburses you for any promptly reported unauthorized transactions. They also offer 24/7 customer support and fraud monitoring.

With the Wells Fargo Mobile App parents and kids can pay bills, deposit checks, send and receive money with Zelle and set up alerts. Zelle allows you to send money to friends and family similar to Paypal or Venmo by using a phone number. Both ends of the transaction must be enrolled in Zelle.

Features and Benefits for Teens

Teens get a simple, yet reasonably high tech account that offers secure chip technology, digital payments and a mobile app for easy account management.

Use the Wells Fargo Card Design Studio service to design a card that is custom to you.

The mobile app can be downloaded on iPhones and Androids and can be used on most smartphones and tablets. With the app you’ll have the ability to check your balance, pay your bills and send money digitally.

Fees and Costs

For most day to day usage there will likely be no little in the way of fees. There are no overdraft fees and non-sufficient fund fees. There are also no service fees for account holders aged 13 – 24. On your 25th birthday you may be subject to a $5/month fee if you do not meet monthly balance and/or activity requirements.

Here’s a full breakdown of fees:

Wells Fargo ATM Fee$0
ATM Fee: Out-of-Network$2.50
Debit Card Design Studio Fee$0
Debit Card Replacement Fee$0
Foreign Transaction Fee (Debit Card)3%
Monthly Fee$0 – $5
Online Bill Pay Fee$0
Overdraft Fee$0
Paper Statement Fee$0
Returned Deposit Fee (Domestic)$12
Returned Deposit Fee (International)$12
Wire Transfer Fee – Domestic (Incoming)$15
Wire Transfer Fee – Domestic (Outgoing)$30
Wire Transfer Fee – International (Incoming)$16
Wire Transfer Fee – International (Outgoing)$40

Wells Fargo Clear Access Banking vs Competitors

One of the primary benefits of the Wells Fargo Clear Access Banking account over competitors is its simplicity. It’s a simple and secure checking account with a debit card using chip technology.

You can do all the basic stuff on the mobile app like monitor activity, send and receive money and pay bills. The account also has limited fees as noted above.

If you’re looking for a more robust account however, there’s been an explosion of new FinTech companies offering sophisticated apps with debit cards that have chore management features, financial literacy courses, etc. To see a rundown of these products, check out our best debit cards for kids and teens report for 2022.

Potential Drawbacks

Depending on how you’d planned to use this account you have some concerns. For example, if you are accustomed to writing checks this account won’t be for you as there is no check writing capability at all.

If you tend to send or receive wire transfers, you’ll find this account to be a bit expensive as Wells Fargo’s wire fees are higher than other banks and credit unions.

If you were expecting an interest rate on your balance or a sign up bonus for opening an account, you’ll be let down as this account provides neither.

Lastly, if there aren’t many Wells Fargo branches in your area and will need to make out of network ATM withdrawals you’ll face a $2.50 fee for each from Wells Fargo. Remember, this is on top of whatever that particular bank or ATM is charging. This is costlier than other banks and credit unions – many of which don’t have their own fees for out of network ATM usage.

Customer Sentiment

There is little in the way of customer reviews for the Wells Fargo Clear Access Banking account since it is still relatively new and replaced two former accounts, but there is plenty of data on how people feel about banking with Wells Fargo.

Out of 750 reviews on Consumer Affairs, Wells Fargo receives an average rating of 3.5/5 stars.

Out of 513 reviews on the Better Business Bureau, Wells Fargo receives an average rating of just 1.07/5 stars with many links of government action against the institution involving the business’ marketplace conduct.

The Wells Fargo Mobile Banking app, which you’d use as a Clear Access Banking customer, has a 4.8/5 star rating with 6.7 million ratings on the App Store and a 4.7/5 star rating on Google Play with just over 1.4 million ratings.

Is it Safe?

Like any other checking account with an accredited financial institution, this checking account is FDIC-insured up to the federally allowed limit of $250,000.

The account also comes with:

  • 24/7 fraud monitoring
  • Account activity alerts that can be sent via text, email or in the app
  • Zero liability protection. Get reimbursed for any promptly reported un-authorized card transactions.
  • debit card with chip technology for added security

How to Sign Up

An adult parent or guardian must be present with the teen age 13 – 16 and go into a local Wells Fargo branch to open this account. For those aged 17 you can open the account on your own by going into a local branch. Anyone over the age of 18 can open the account online here.

What you’ll need to apply:

Adult co-owners and kid(s) will need the following if applicable:

  • Social Security number (or ITIN)
  • Valid ID (driver’s license, state ID, Matricula card)
  • $25 for minimum deposit to open account