Wells Fargo Certificate of deposit review

Are you interested in a comprehensive review of the Wells Fargo Certificate of Deposit? At Responsible Economy, we present you with an in-depth analysis covering all the essential aspects: interest rate, requirements, commissions, and opinions. Additionally, we offer an informative video that explains the features of the certificate of deposit in detail. Furthermore, we provide a comprehensive comparison with other top certificates of deposit to help you make an informed decision. Welcome aboard!

Explanatory video

We have created a video where we comprehensively explain all the features provided by the Wells Fargo certificate of deposit. By subscribing to our YouTube channel, you can show your support and receive daily updates with valuable information.

Features

In this section, we will discuss the various features offered by the Wells Fargo certificate of deposit:

Interest rate

The interest rate is a crucial factor when considering certificates of deposit. With Wells Fargo, the maximum interest rate achievable is 4.26% APY, but this rate is only available for an 11-month term, requiring an account opening and a $5,000 deposit in the certificate of deposit. The second-highest interest rate offered by Wells Fargo is 4.01% APY, but it is limited to a 5-month term.

It is worth noting that Wells Fargo’s certificate of deposits may not be as competitive as those offered by other banks. Furthermore, information regarding deposits beyond one year in terms is only available in-branch and not online.

As we continue, you will gain a deeper understanding of Wells Fargo’s offerings and the factors to consider in making your decision.

Wells Fargo certiticate of deposit interest rate
Wells Fargo certiticate of deposit interest rate

Terms

The minimum term for a Wells Fargo certificate of deposit is 3 months, while the maximum term is 12 months. It’s important to note that Wells Fargo requires customers to visit a branch to obtain more detailed information about longer-term options.

Fees

One of the advantages of the Wells Fargo certificate of deposit is that it does not impose any setup fees or annual maintenance fees. This means that you can open and maintain the certificate of deposit without incurring any additional charges. This fee-free approach can be beneficial for individuals looking to maximize their savings without worrying about extra costs associated with the account.

Minimum deposit

To open a Wells Fargo certificate of deposit with the highest interest rate, a minimum deposit of $5,000 is required. This is applicable for the specific term that offers the highest interest rate mentioned earlier.

For other terms, the minimum deposit requirement is $2,500. This means that you can open a certificate of deposit with a term other than the one offering the highest interest rate by depositing at least $2,500.

Comparison with the best certificates of deposit in 2023

We have conducted a thorough comparison between the Wells Fargo certificate of deposit and other top certificates of deposit available in the United States. Here are some key highlights:

Logo capital One CDs
  • 5.25% APY
  • Minimum deposit: $0
  • Term: 18 months
  • Member FDIC
Marcus by Goldman Sachs
  • 5.10% APY
  • Minimum deposit: $500
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 5.00% APY
  • Minimum deposit: $1,000
  • Term: 6 months
  • Member FDIC
synchrony-bank-logo
  • 5.40% APY
  • Minimum deposit: $0
  • Term: 16 months
  • Member FDIC
Alliant Logo
  • 5.18% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 5.15% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 5.15% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 5.25% APY
  • Minimum deposit: $1,000
  • Term: 13 months
  • Member FDIC

Certificates of deposit calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Wells Fargo certificate of deposit calculator

Wells Fargo Certificate of deposit calculator

Your earnings:
Total Result:

Pros and cons

Once we have seen all the characteristics of the Wells Fargo certificate of deposit and have compared it with the best CDs, we have made a table with all the advantages and disadvantages:

ProsCons
No feeslow interest
Minimum deposit $2.500
Not all the information is online
Pros and Cons Wells Fargo certificate of deposit

Requirements

To open a Wells Fargo certificate of deposit, it is not mandatory to have an existing Wells Fargo checking account. However, if you desire to avail the highest interest rates, having a Wells Fargo checking account may be a requirement. Here are the general requirements to open a Wells Fargo certificate of deposit:

  • Must be over 18 years old.
  • Reside in the United States.
  • Possess an American phone number.
  • Have a valid Social Security number.

Conclusions and opinions

Based on the comprehensive review conducted, it is concluded that Wells Fargo may not offer a highly competitive certificate of deposit due to several factors. The interest rates provided are relatively low, with the maximum interest rate reaching 4.26% APY. Additionally, a minimum deposit of $2,500 is required, which could be considered as a higher threshold compared to other options. Furthermore, the limited availability of complete information online, particularly for longer-term options, may present an inconvenience for customers seeking transparency and convenience.

Considering these factors, it is advisable to explore other banks and financial institutions that may provide more favorable terms and features for certificates of deposit, particularly for those seeking higher interest rates and enhanced online accessibility.

Frequent questions

If you still have any questions about the Wells Fargo certificate of deposit, here we answer all your questions:

More information about Wells Fargo

You also have information of interest about Wells Fargo:

InformationDescription
Websitehttps://www.wellsfargo.com/
Facebookhttps://www.facebook.com/wellsfargo/
Twitterhttps://twitter.com/wellsfargo/
Phone 1 (800) 869-3557
Information of interest about Wells Fargo

Anothers product of Wells Fargo

Here you have all the products that Wells Fargo offers:

Related content

Finally, you can read related posts about certificate of deposit:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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