Wells Fargo publishes new CD rates every week, and the rate you get depends on how long you lock your money away

Wells Fargo updates CD rates weekly, usually on Tuesday or Wednesday. The longer you agree to keep your money in the account—called the term—the higher the rate Wells Fargo typically pays you. A three-month CD will pay less than a one-year CD, which will pay less than a five-year CD. The exact rates available to you depend on the day you open the account and the term you choose.

You can see Wells Fargo's current CD rates on their website under the Rates & APY section. The page shows rates for terms ranging from three months to ten years. Wells Fargo also offers no-penalty CDs, which let you withdraw your money early without losing the interest you've earned—but these rates are usually lower than standard CDs because you have that flexibility.

The rate you receive is locked in on the day you open the CD. If rates go up the next week, your rate stays the same. If rates drop, you keep the higher rate you locked in. This is why timing matters: if you think rates might fall, opening a CD sooner locks in the current rate.

Key Takeaways

  • Wells Fargo publishes new CD rates weekly, and the rate you receive is locked in on the day you open the account.
  • Longer terms (five years, ten years) typically pay higher rates than shorter terms (three months, six months).
  • No-penalty CDs let you withdraw early without losing interest, but pay lower rates than standard CDs.
  • You can view current rates on Wells Fargo's website under Rates & APY, or call a branch to ask about rates for a specific term.

How CD terms affect the rate you earn

A CD is a contract between you and the bank. You give Wells Fargo a sum of money, agree not to touch it for a set period, and in return they pay you interest at a fixed rate. The term is how long that period lasts. Wells Fargo offers terms of three months, six months, one year, two years, three years, four years, five years, seven years, and ten years.

The longer the term, the more interest Wells Fargo pays. This is because the bank gets to use your money for a longer time without you being able to withdraw it. A ten-year CD will pay significantly more than a three-month CD. However, you also give up access to your money for longer, so you need to be certain you won't need the cash before the term ends.

If you withdraw money before the term ends, Wells Fargo charges an early withdrawal penalty. This penalty is subtracted from your interest earnings or your principal. The penalty amount varies by term—longer terms usually have larger penalties. Before you open a CD, ask Wells Fargo what the penalty is for the term you're choosing.

No-penalty CDs versus standard CDs

Wells Fargo offers two types of CDs: standard CDs and no-penalty CDs. A standard CD locks your money away for the full term. If you need to withdraw before the term ends, you pay a penalty. A no-penalty CD lets you withdraw your money anytime without losing the interest you've already earned.

The trade-off is rate. No-penalty CDs pay lower rates than standard CDs with the same term. For example, a one-year no-penalty CD might pay 4.00% while a one-year standard CD pays 4.50%. The difference exists because Wells Fargo takes on more risk—you can leave at any time, so the bank can't count on having your money for the full year.

A no-penalty CD makes sense if you're not sure you'll keep the money untouched for the full term, or if you want the option to move your money if rates rise elsewhere. A standard CD makes sense if you're confident you won't need the cash and want the highest rate Wells Fargo offers.

Where to find Wells Fargo's current rates

The easiest way to see Wells Fargo's current CD rates is to visit wellsfargo.com and navigate to the Rates & APY page. This page updates weekly and shows rates for all available terms, both standard and no-penalty CDs. The rates shown are for new accounts opened that day.

You can also call a Wells Fargo branch directly and ask a representative what rates are available for the term you're interested in. Some branches may offer slightly different rates or promotions, so it's worth asking. If you have an existing Wells Fargo account, you can also log into your online banking and look for CD options there.

When you see a rate listed, that rate is good only for that day or that week. If you wait a week to open the CD, the rate may have changed. Wells Fargo does not hold rates—you lock in the rate when you actually open the account and deposit the money.

What happens when your CD reaches maturity

When your CD term ends, the account reaches maturity. At that point, Wells Fargo automatically renews the CD for another term at the new current rate, unless you tell them not to. This renewal happens within a grace period—usually seven to ten days after maturity. During this grace period, you can withdraw the money without penalty, or you can let it renew.

If you want to avoid automatic renewal, contact Wells Fargo before the maturity date and tell them you want the money returned to your savings account or paid out. If you miss the grace period and the CD renews, you're locked in for another term at the new rate. You can still withdraw, but you'll pay the early withdrawal penalty.

When a CD matures, the interest you earned is added to your principal. If you renew, the new CD earns interest on the larger amount. If you withdraw, you receive the full balance—principal plus all interest earned.

Comparing Wells Fargo CDs to other banks

Wells Fargo's CD rates are competitive but not always the highest available. Online banks and credit unions sometimes offer higher rates than Wells Fargo, especially for longer terms. The difference can be significant—an online bank might pay 5.00% on a one-year CD while Wells Fargo pays 4.50%.

However, Wells Fargo has advantages beyond rate. If you already bank with Wells Fargo, opening a CD is simple—you can do it online or at a branch without switching banks. Wells Fargo also has physical locations if you prefer to handle banking in person. Your CD is insured by the FDIC up to $250,000, the same as at any other bank.

If you're shopping for the best CD rate, check rates at several banks before deciding. The difference between 4.50% and 5.00% adds up over time, especially on larger amounts. But if convenience and having all your accounts in one place matter to you, Wells Fargo's rates may be worth it.

Frequently Asked Questions

Can I open a Wells Fargo CD online?

Yes. If you already have a Wells Fargo account, you can open a CD through online banking. If you don't have an account, you can open one online and then open a CD. You can also open a CD at a Wells Fargo branch in person.

What is the minimum amount I need to open a CD at Wells Fargo?

Wells Fargo requires a minimum deposit to open a CD, but the amount varies by term and account type. Check Wells Fargo's website or call a branch to confirm the minimum for the specific CD you're interested in.

If rates go up after I open my CD, can I change my rate?

No. Once you open a CD, your rate is locked in for the full term. If rates rise, you keep your original rate. If rates fall, you still keep your original rate. You cannot change the rate mid-term.

What happens if I need my money before the CD matures?

You can withdraw the money, but Wells Fargo will charge an early withdrawal penalty. The penalty is subtracted from your interest or principal. The penalty amount depends on the term—ask Wells Fargo what the penalty is before you open the CD.

Is my money safe in a Wells Fargo CD?

Yes. Your CD is insured by the FDIC up to $250,000. If Wells Fargo fails, the FDIC protects your deposit. This protection applies to all CDs at Wells Fargo, regardless of the term or rate.