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 savings and CD rates will leave you far from it. Both their fixed rate CDs (certificates of deposit) and their variable rate savings accounts come with rates that are well below the national average for each respective term.
To see all of Wells Fargo’s CD and savings rates, continue reading our review below.
In this post you'll learn:
Wells Fargo CD Rates + Account Details
Wells Fargo only offers 3 standard term CDs with maturities at 3 months, 6 months and 12 months at this time. They do not offer any promotional CDs or long term CDs currently.
All deposits are federally insured up to the applicable limits by the FDIC. The minimum deposit requirement is $2,500.
Wells Fargo CD Rates
|CD Term||Normal APY||Relationship APY|
To put these offers in perspective, the current national average on a 6 month and 12 month CD sit at 0.09% and 0.15% 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
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).
Wells Fargo CDs can be altered within a grace period of 7 days after renewal or account opening. Making changes or withdrawals after that qualifies as early withdrawal. Early withdrawal from terms of less than 3 months will cost 1 month’s interest, from terms of 3 to 12 months will cost 3 months’ interest, from terms of 12 to 24 months will cost 6 months’ interest, and from terms over 24 months will cost 12 months’ interest.
Way2Save Savings Account Details + APY
The Wells Fargo Way2Save savings account was designed for individuals (including minors) that need help setting aside savings regularly in an automated way. The account remains mildly popular despite historically low rates because of this benefit.
A Wells Fargo Way2Save savings account offers the option of having funds automatically transferred from a linked Wells Fargo checking account. You can achieve this by enabling “Save As You Go” transfers or by scheduling automatic transfers on a monthly basis. The Save As You Go savings feature is an optional program that automatically transfers $1 from your checking account into your Way2Save account for each debit card or online bill pay transaction.
Way2Save Savings Account Rate
To put this offer in perspective the current national average for a savings account is 0.06% APY, although many online banks are starting to increase their yields. The highest offers are now over 0.70% APY as of April 2022.
In addition to offering a rate that isn’t competitive, the Way2Save account also comes with the possibility of monthly service fees (if you do not meet the requirements outlined below) as well as a minimum daily balance requirement.
You will be charged a $5 monthly service fee unless you meet one of the following criteria in any given month:
- maintain an average daily balance of $300 or more,
- make one or more Save As You Go transfers from your checking account,
- schedule an automatic transfer of at least $25 per month or $1 per day from your checking account, or
- you are 24 years old or under.
Interest is compounded daily and credited monthly. These accounts are regulated by federal regulation D, which limits transactions to six a month. You will be charged $15 for each withdrawal or transfer over this.
As we mentioned, the Way2Save account was designed to help people reach savings goals without requiring them to plan or take much action. With a savings account of this nature, you’re prioritizing ease and convenience over everything else – namely respectable rates.
Generally speaking, savings accounts with higher interest rates are considered to be the best. But if you struggle with saving money and just want to take the pressure off of remembering to set aside funds each month, then this account might be beneficial for you.
Platinum Savings Account Details + APY
Wells Fargo’s Platinum Savings account has a $12 monthly service fee that can be waived by maintaining a $3,500 minimum daily balance each fee period.
Platinum Savings Account Rate
This account can be opened with just $25 and has no balance requirements to keep the account open. Just remember the $12 fee on accounts that do not maintain an average daily balance of at least $3,500.
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 3.55 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 5,400 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 6.8 million reviews and a 4.6 star rating out of 5 for Android users with over 1.5 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.