Overall, Wells Fargo’s CDs don’t offer a lot of upside for the customer. The rates on Wells Fargo CDs are not competitive, even if you get the extra boost that comes from having a Wells Fargo Portfolio relationship. Wells Fargo only offers fixed-rate CDs, unlike some banks that offer a wider variety of types of CDs. For CD terms between three and 12 months, this early withdrawal penalty amounts to three months’ worth of interest. If you take your money out of your Wells Fargo CD prior to the end of the agreed-upon term, you will be subject to an early withdrawal penalty. Wells Fargo compounds interest daily and pays it monthly, although you can choose interest to be paid quarterly, semi-annually, annually or at maturity. The APY is the same for all balances-you won’t qualify for a higher APY by depositing a more considerable amount of money into your CD-and all terms.
Wells Fargo CDs require a minimum opening balance of $2,500.
This gives you access to a Portfolio Relationship APY of 0.02% across CD terms and all balances. You can get a higher rate on your Wells Fargo CD if your account is linked to a Portfolio by Wells Fargo program.
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