Wells Fargo Step Rate CD Review

Wells Fargo Step Rate CD is offered by Wells Fargo Bank, a bank founded in 1852 and based in San Francisco, CA. Wells Fargo Step Rate CD is available in 50 states (and Washington, DC).

• Only one CD account type available. Wells Fargo Step Rate CD only offers bump up CD accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.05.
• High minimum deposit. You must deposit a minimum of $2,500, which is high compared to most CD accounts.
• Limited selection of CD terms. Wells Fargo Step Rate CD only offers one CD terms. This limits your options when trying to set up a CD ladder.

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?

• 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.
• Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.

What CD rates does Wells Fargo Bank offer on its CDs?

Wells Fargo Step Rate CD offers an APY starting at 0.01% and ranging up to 0.05%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with Wells Fargo Bank?

Wells Fargo Step Rate CD requires a minimum deposit of $2,500 to open an account.

What is the grace period for Wells Fargo Step Rate CD?

There is a 7-day grace period for Wells Fargo Step Rate 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 Step Rate 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.