Wells Fargo doesn't have one interest rate — it depends on the product
Wells Fargo offers savings accounts, checking accounts, money market accounts, certificates of deposit (CDs), home loans, auto loans, personal loans, and credit cards. Each product has its own interest rate or rates, and they change based on what the Federal Reserve does, market conditions, and your own financial profile. A savings account rate is completely different from a mortgage rate, and your credit score affects what rate you'll actually receive on a loan.
The rates Wells Fargo advertises online are typically the rates available to new customers with strong credit. If you already have an account or your credit score is lower, you may receive a different rate. Wells Fargo does not publish a single "Wells Fargo interest rate" because there is no such thing.
Key Takeaways
- Wells Fargo's interest rates vary by product type: savings accounts, CDs, mortgages, auto loans, and personal loans each have separate rates that change independently.
- The rate you receive depends on current market conditions, the Federal Reserve's actions, your credit score, and whether you're a new or existing customer.
- Savings and money market account rates are typically much lower than loan rates, and both are lower than credit card APRs.
- You can find current rates on Wells Fargo's website, but you'll need to specify which product you're interested in to see the actual number.
Savings accounts and money market accounts at Wells Fargo
Wells Fargo offers several savings products, each with its own rate. A traditional savings account typically earns a lower rate than a money market account or a CD. As of the time this was written, Wells Fargo's savings account rates were well below 1 percent annually, though this changes when the Federal Reserve adjusts its benchmark rate.
Money market accounts pay slightly more than savings accounts because they require a higher minimum balance and restrict how often you can withdraw. Wells Fargo also offers high-yield savings accounts through some of its online banking options, though these rates are still modest compared to rates from online-only banks.
The rate you earn on a savings account is called APY (annual percentage yield). This is the total return you'll get in one year if you deposit money and leave it untouched. Wells Fargo compounds interest daily, meaning you earn interest on the interest you've already earned, but the actual amount is small at current rates.
Certificates of deposit (CDs) and fixed-term accounts
A CD is a savings product where you agree to leave your money in the account for a set period — typically three months, six months, one year, two years, or five years. In exchange, Wells Fargo pays you a higher rate than a regular savings account. The longer you lock your money away, the higher the rate is usually (though not always — rates depend on market conditions).
If you withdraw the money before the CD matures, Wells Fargo charges an early withdrawal penalty. The penalty amount varies by CD term length. You should read the terms carefully before opening a CD, because the penalty can eat into your earnings if you need the money sooner than expected.
Mortgage rates at Wells Fargo
Wells Fargo offers fixed-rate mortgages (where your rate stays the same for 15, 20, or 30 years) and adjustable-rate mortgages (where the rate changes after an initial period). The rate you receive depends on the loan amount, down payment, your credit score, your debt-to-income ratio, and current market conditions.
Mortgage rates change daily and sometimes multiple times per day. Wells Fargo publishes current rates on its website, but the rate shown is typically the best rate available to borrowers with excellent credit and a large down payment. If your credit score is lower or your down payment is smaller, you'll receive a higher rate.
You can lock in a rate for a set number of days (usually 30, 45, or 60 days) while your application is being processed. If rates drop during that period, you may be able to renegotiate, but Wells Fargo will charge a fee to do so.
Auto loans and personal loans
Wells Fargo's auto loan rates depend on the age and mileage of the vehicle, the loan term (36, 48, 60, or 72 months), your credit score, and how much you're putting down as a down payment. Like mortgages, the advertised rate is typically the lowest available to the most creditworthy borrowers.
Personal loans from Wells Fargo are unsecured, meaning you don't pledge any collateral. The rate is based entirely on your credit score, income, and debt-to-income ratio. Personal loan rates are higher than auto loan rates because the bank has no asset to repossess if you stop paying.
Both auto and personal loan rates are fixed, meaning your monthly payment stays the same for the entire loan term. Wells Fargo publishes rate ranges on its website, but you won't know your exact rate until you complete an application and the bank pulls your credit report.
Credit card APRs and promotional rates
Wells Fargo credit cards carry an APR (annual percentage rate) that applies to purchases, balance transfers, and cash advances. The APR is much higher than any savings rate or loan rate — typically 15 to 25 percent depending on your creditworthiness and the specific card.
Many Wells Fargo credit cards offer a promotional 0 percent APR for a set number of months on purchases, balance transfers, or both. After the promotional period ends, the regular APR kicks in. If you carry a balance during the promotional period, you won't pay interest, but once it expires, interest accrues on any remaining balance.
The APR on a credit card is the cost of borrowing money if you don't pay your full balance by the due date. If you pay in full each month, the APR doesn't matter because you won't be charged any interest.
How to find Wells Fargo's current rates
Visit Wells Fargo's website and navigate to the product you're interested in — savings, CDs, mortgages, auto loans, personal loans, or credit cards. Each product page displays current rates. For savings and CD rates, you'll see the APY. For loans, you'll see a rate range.
Keep in mind that the rates shown online are marketing rates for new customers with strong credit. To find out what rate you would actually receive, you need to start an application or call Wells Fargo directly. A loan officer can give you a more accurate estimate based on your specific situation.
Rates change frequently, especially for mortgages and auto loans. If you're shopping for a loan, check rates from multiple lenders (not just Wells Fargo) to compare. A difference of even 0.5 percent can save or cost you thousands of dollars over the life of a loan.
Frequently Asked Questions
Why is Wells Fargo's savings rate so low compared to online banks?
Wells Fargo has physical branches and higher operating costs than online-only banks, so it typically pays lower rates on savings accounts. Online banks have fewer expenses and can pass those savings to customers in the form of higher rates. If you're looking to maximize interest on savings, comparing rates across multiple banks is worth your time.
Can I negotiate my interest rate with Wells Fargo?
On savings and CD rates, no — Wells Fargo sets those rates and they apply to all customers. On loans, your rate is determined by your credit score, income, and other factors, but you can't negotiate it down. You can, however, shop around and apply with other lenders to compare offers.
What happens to my rate if the Federal Reserve raises or lowers rates?
Savings account and money market rates usually move up or down within a few weeks of a Federal Reserve change. Loan rates (mortgages, auto, personal) adjust more quickly — sometimes the same day. If you have a fixed-rate loan, your rate never changes, even if the Fed raises rates later.
Do I need excellent credit to get Wells Fargo's advertised rate?
Yes, the rates shown on Wells Fargo's website are typically available only to borrowers with credit scores of 740 or higher and a substantial down payment. If your credit score is lower, you'll receive a higher rate. The exact rate depends on your full financial profile.
Is there a way to lock in a rate before I apply?
No, but once you start a loan application, Wells Fargo will lock your rate for a set period (usually 30 to 60 days). During that time, if rates drop, you may be able to renegotiate, but Wells Fargo charges a fee to do so. If rates rise, your locked rate protects you.