How To Open a CD Account With Wells Fargo

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Certificates of deposit are financial products that pay a fixed interest rate over a set period of time. Wells Fargo offers CDs with daily compounding interest so you can watch your money grow without taking on the risks that come with many other investment options. Read on to learn everything you need to know to open a CD account with Wells Fargo.

How To Open a CD Account With Wells Fargo 

You can open a Wells Fargo CD account online or in person at a local bank branch. Opening an account online is quick and convenient, but you’ll have a wider selection of terms available if you open an account in person, including terms up to 120 months.

You can fund a Wells Fargo CD by:

• Transferring money from a Wells Fargo account.
• Transferring money from a non-Wells Fargo account using your account and routing numbers.
• Using a check or money order.

Online Application 

When you open an account online, you’ll need the same items as when you visit in person:

• ID
• Social Security number or ITIN
• Money to fund your account

If you use a check or money order to open an online account, you must mail it in after completing your application.

To get started, you’ll fill out an application on the website. This will include questions about:

• Whether you’re opening an individual or joint account.
• If you’re a Wells Fargo banking customer.
• Information from your driver’s license or government-issued ID.
• Citizenship status.
• Contact information, including address, phone number and email address.
• How long you’ve lived at your present address.
• Your occupation.

After you fill out your information, you’ll need to review and accept the bank’s terms and conditions. It’s important to read this fine print to avoid getting stuck with an account that doesn’t match your needs. If you want to open a joint account, you’ll have to provide information for both you and the other person on the CD to finalize the account set up.

Before opening your account, Wells Fargo may order a credit report, but this won’t affect your credit score.

If you have questions or need help setting up your online CD account, you can call 800-869-3557 to speak to a Wells Fargo agent.

In-Branch Application

To open an account in person, visit a local Wells Fargo branch location. You’ll need:

• A valid ID
• Your Social Security number or ITIN
• The funds to open your account

Every Wells Fargo CD has a minimum deposit requirement of either $2,500, $5,000 or $10,000. You can use the Wells Fargo website to find a nearby branch location and make an appointment to open a CD account in person. While it’s possible to show up at the branch, it’s a good idea to make an appointment to avoid waiting too long for assistance.

Types of CD Accounts Offered by Wells Fargo

You can select from a wide variety of Wells Fargo CDs, all with different term lengths, interest rates and minimum deposit amounts. Broadly, Wells Fargo offers Special and Standard Fixed Rate CDs, which have advantages and disadvantages.

Standard CDs offer the convenience of a lower minimum deposit and a fixed term length and interest rate. But the APY on this type of CD is typically lower than those on Special Fixed Rate CDs.

Here’s a closer look at both:

Interest rates vary and are subject to change anytime until you open the CD. Check the Wells Fargo website for the most current rates.

When you open a CD account, you’ll know exactly how much interest your money will earn over the term length. And you’re guaranteed your initial deposit as long as you leave it in the CD for the full term.

Term lengths for CD accounts opened online range from three months to one year. If you link an eligible Wells Fargo banking account, you’ll earn a Relationship Interest Rate. This rate is higher than the standard interest rate offered on CDs.

When your Wells Fargo certificate of deposit matures, you’ll have seven calendar days to close your account or make other changes, including:

• Changing the account term.
• Making additional deposits. 
• Making withdrawals.

Minimum Deposit Requirements and Terms

Depending on the type of CD you open, your minimum deposit could be $2,500 or $5,000 or even $10,000. Special or promotional rate CDs tend to have higher minimum deposit amounts, but also typically offer a better interest rate.

The higher your deposit, the more interest you’ll earn over the term of the CD. Similarly, a longer term results in more earnings, as interest is compounded daily.

Early Withdrawal Penalties and Terms

If you withdraw funds from the CD before its maturity date, Wells Fargo will charge an early withdrawal penalty fee. This fee varies based on the CD’s term length and when you make the withdrawal.

The early withdrawal penalties are broken down below by term length:

• 90 days or less: Penalty equal to one month’s worth of interest
• Between 90 to 365 days: Penalty equal to 3 months’ worth of interest
• Between 12 and 24 months: Penalty equal to 6 months’ worth of interest
• Over 24 months: Penalty equal to 12 months’ worth of interest

To avoid early withdrawal penalties, consider opening a CD with a shorter term if there’s a possibility you’ll need the money soon. Shorter terms come with lower penalty fees, as well, so even if you unexpectedly have to take your money out, you won’t be stung as hard.

Pros and Cons of Opening a CD Account With Wells Fargo

As with financial products from any institution, Wells Fargo CDs have pros and cons you should consider before you decide to open one.

Wells Fargo CD Pros:

• Competitive interest rates
• Ability to open a CD online or in-branch
• Trusted national bank
• FDIC insured up to maximum limits

Wells Fargo CD Cons:

• Limited flexibility with CD terms
• Relatively high minimum deposits required
• Penalties for early withdrawals can be steep
• Must visit a branch to access full selection of CD options

Conclusion: Is a Wells Fargo CD Right for You? 

Thanks to its fixed interest rate and set term, a CD lets you earn more interest than you typically would from a traditional savings account or checking account. It also allows your money to grow without the risk inherent to investments in the stock market. 

Wells Fargo lets you pick from different term lengths, so you can find a CD that matches your needs. To open a Wells Fargo CD account, visit your local Wells Fargo branch or open an account online on the Wells Fargo website.

Sarah Sharkey and Jasmin Baron contributed to the reporting for this article.

Information is accurate as of Feb. 7, 2025. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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