|Minimum Opening Deposit||Starting at $5,000|
|APY (Annual Percentage Yield)||0.3%|
Wells Fargo Special CD Review
Wells Fargo Special CD is offered by Wells Fargo Bank, a bank founded in 1852 and based in San Francisco, CA. Wells Fargo Special CD is available in 50 states (and Washington, DC).
- Very high APY. This account offers an annual percentage yield of up to 0.3%, which is much higher than the national average for a CD account.
- High minimum deposit. You must deposit a minimum of $5,000, which is high compared to most CD accounts.
Are cd accounts from Wells Fargo Bank federally insured?
Yes, your Wells Fargo Bank cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What types of CDs does Wells Fargo Bank offer?Wells Fargo Special CD provides the following types of CDs.
- Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
- Jumbo CDs. A jumbo CD requires a higher minimum balance than that required by traditional CDs. In exchange, jumbo CDs pay higher interest rates.
- IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but Wells Fargo Special CD offers a CD that is specifically for retirement.
What CD rates does Wells Fargo Bank offer on its CDs?
The CD rates for this account have an APY of0.3% (APY stands for annual percentage yield, rates may change).
What is the minimum deposit to open a CD account with Wells Fargo Bank?
Wells Fargo Special CD requires a minimum deposit of $5,000 to open an account.
What is the grace period for Wells Fargo Special CD?
There is a 7-day grace period for Wells Fargo Special CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 7-day grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Wells Fargo Special CD charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.
Wells Fargo Bank does not charge an early withdrawal fee.
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Other Services by Wells Fargo Bank
- Washington, DC
- North Carolina
- North Dakota
- New Hampshire
- New Jersey
- New Mexico
- New York
- Rhode Island
- South Carolina
- South Dakota
- West Virginia