Wells Fargo Certificate of deposit review

Want to see a full review of the Wells Fargo certificate of deposit? From Responsible Economy we show you all the characteristics: interest rate, requirements, commissions and opinions. You can also see an explanatory video and a comparison with the best certificates of deposit. Welcome!

Explanatory video

We have made a video in which we explain all the features offered by the Wells Fargo certificate of deposit. You can subscribe to our YouTube channel to support us and have daily information.

YouTube video
Video with all the features of Wells Fargo certificate of deposit

Features

In this section, we cover all the features that the Wells Fargo certificate of deposit offers.

Interest rate

Without a doubt, the interest rate is one of the most important points in certificates of deposit. The maximum interest rate you can get with Wells Fargo is 4.26% APY but only with a term of 11 months, you have to open an account with Wells Fargo and deposit $5,000 in the certificate of deposit. The second highest interest rate you can get is 4.01% but only with a term of 5 months.

As you will see later, Wells Fargo does not offer competitive certificates of deposits. In addition, Wells Fargo only offers deposit information up to one year in terms online. If you want longer terms you have to ask at a branch.

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

Terms

The minimum term is 3 months and the maximum term is 12 months. Remember that Wells Fargo requires you to go to a branch to get more information. From Responsible Economy we do not understand why Wells Fargo does this.

Fees

The Wells Fargo certificate of deposit has no setup fee or annual maintenance fee.

Minimum deposit

To open the certificates of deposits with the highest interest rate you need to deposit a minimum of $5,000 and for the rest a minimum of $2,500.

Comparison with the best certificate of deposit in 2023

We have made a comparison of Wells Fargo certificate of deposit with the best certificate of deposit that you can open in the United States:

Logo capital One CDs
  • 5% APY
  • Minimum deposit: $0
  • Term: 11 months
  • Member FDIC
Marcus by Goldman Sachs
  • 4,40% APY
  • Minimum deposit: $5000
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 4,65% APY
  • Minimum deposit: $1000
  • Term: 13 months
  • Member FDIC
synchrony-bank-logo
  • 4,60% APY
  • Minimum deposit: $0
  • Term: 14 months
  • Member FDIC
Alliant Logo
  • 4,60% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 4,55% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 4,50% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 4,50% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC

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 the Wells Fargo certificate of deposit it is not necessary to have an open checking account but if we want high interest we will have to have a Wells Fargo checking account. These are the requirements we need to meet:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone
  • Have a Social Security

Conclusions and opinions

After all the review we have done, our conclusion is that Wells Fargo does not offer a competitive certificate of deposit because the interest rates are low (the maximum interest rate we can get is 4.26% APY), you have to make a minimum deposit of $2500 and does not have all the information online.

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 27 February, 2023 by Alfredo Barandiarán

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