Business Time Account (CDs)

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Business savings with flexible terms

Earn a guaranteed rate of interest for the term you select

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Wells Fargo’s Business Time Account, also known as a CD, is designed for business owners with cash reserves that can be held for a specified length of time.  It offers competitive fixed interest rates with flexible terms, along with the security of FDIC insurance.

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Lock in a rate – it’s guaranteed for the term of your CD.

Special CD rates

Minimum Opening Deposit: $5,000

Term Interest Rate APY Renewal Term
9 months 0.3% 0.3% 6 months
19 months 0.55% 0.55% 12 months
39 months 0.8% 0.8% 36 months
58 months 1.0% 1.01% 48 months

Standard CD rates

Minimum Opening Deposit: $2,500

Term Interest Rate APY Balance
1 - 2 months 0.01% 0.01% $0 - $4999
0.01% 0.01% $5000 - $9999
0.01% 0.01% $10000 - $24999
0.01% 0.01% $25000 - $49999
0.01% 0.01% $50000 - $99999
0.01% 0.01% $100000 or more
3 - 5 months 0.01% 0.01% $0 - $4999
0.01% 0.01% $5000 - $9999
0.01% 0.01% $10000 - $24999
0.01% 0.01% $25000 - $49999
0.01% 0.01% $50000 - $99999
0.01% 0.01% $100000 or more
6 - 11 months 0.01% 0.01% $0 - $4999
0.01% 0.01% $5000 - $9999
0.01% 0.01% $10000 - $24999
0.01% 0.01% $25000 - $49999
0.01% 0.01% $50000 - $99999
0.01% 0.01% $100000 or more
12 - 23 months 0.05% 0.05% $0 - $4999
0.05% 0.05% $5000 - $9999
0.05% 0.05% $10000 - $24999
0.05% 0.05% $25000 - $49999
0.05% 0.05% $50000 - $99999
0.05% 0.05% $100000 or more
24 - 35 months 0.15% 0.15% $0 - $4999
0.15% 0.15% $5000 - $9999
0.15% 0.15% $10000 - $24999
0.15% 0.15% $25000 - $49999
0.15% 0.15% $50000 - $99999
0.15% 0.15% $100000 or more
36 - 47 months 0.2% 0.2% $0 - $4999
0.2% 0.2% $5000 - $9999
0.2% 0.2% $10000 - $24999
0.2% 0.2% $25000 - $49999
0.2% 0.2% $50000 - $99999
0.2% 0.2% $100000 or more
48 - 59 months 0.25% 0.25% $0 - $4999
0.25% 0.25% $5000 - $9999
0.25% 0.25% $10000 - $24999
0.25% 0.25% $25000 - $49999
0.25% 0.25% $50000 - $99999
0.25% 0.25% $100000 or more
60 - 71 months 0.35% 0.35% $0 - $4999
0.35% 0.35% $5000 - $9999
0.35% 0.35% $10000 - $24999
0.35% 0.35% $25000 - $49999
0.35% 0.35% $50000 - $99999
0.35% 0.35% $100000 or more
72 - 144 months 0.35% 0.35% $0 - $4999
0.35% 0.35% $5000 - $9999
0.35% 0.35% $10000 - $24999
0.35% 0.35% $25000 - $49999
0.35% 0.35% $50000 - $99999
0.35% 0.35% $100000 or more

What is a step rate CD?

A business step rate CD is a 24-month CD featuring guaranteed rate increases and one penalty-free withdrawal every six months, provided the minimum opening balance is maintained.

  • Guaranteed rate increases. Guaranteed, automatic rate increases (as shown in the table below); occur at seven, thirteen, and nineteen months. 
  • Access to funds. You can make one penalty-free partial withdrawal during the five business days beginning on each of the days the interest rate increases, provided the minimum opening balance remains on deposit . If a rate increase occurs on a weekend or non-business day, the penalty-free partial withdrawal period begins on the next business day.

Step Rate CD rates

Minimum opening deposit: $2,500

Term APY
24 months 0.68%

Understanding the Step Rate APY

You get an automatic interest rate increase every six months during the term of the CD. The APY (Annual Percentage Yield) reflects the total interest that will be paid from all step rates during the term of the CD and assumes interest remains on deposit until maturity. At maturity, the Step Rate CD will automatically renew as a standard (non-step) 24-month fixed rate CD (Time Account).

Steps and Time Periods Interest Rate Per Period
Step One: 1 - 6 months 0.3%
Step Two: 7 - 12 months 0.55%
Step Three: 13 - 18 months 0.8%
Step Four: 19 - 24 months 1.05%
 

What is a CD?

A CD is a financial product that usually pays a fixed interest rate for a set period of time, ranging from a few months to several years. This period of time is known as a “term.” By depositing your money into a CD for a set term, you lock in your initial deposit principal and interest rate until your money matures.

You earn interest from the date of your opening deposit up to your maturity date. Your interest compounds daily and is generally paid monthly, although interest payments made quarterly, semi-annually, annually, or at maturity are also available. Interest can be redeposited to the CD, to a checking account, to a savings account, or paid to you via check.

Benefits of CDs

There are a number of reasons you may want to open a CD:

  • Interest rates. CDs typically pay higher interest rates than other deposit products. Higher CD rates may be available for longer terms or larger deposited amounts.
  • Guaranteed return. Since the interest rate of a Fixed Rate CD is set at account opening and does not change until the CD matures, you know exactly how much money you will earn during the term of your CD.
  • Security. Your funds are FDIC-insured up to the maximum applicable limits.

You can withdraw your funds early if you need to, but you will be assessed an early withdrawal fee. See additional fee details in the Wells Fargo CD rate and fee disclosures below.

What happens when your CD matures?

Approximately one month before your CD matures, you’ll be sent a notice reminding you of the maturity date. At maturity, you'll have a seven-day grace period to renew or make any of the following changes:

  • Change the term
  • Make additional deposits
  • Make withdrawals (as long as the remaining balance in the CD meets the minimum balance requirements)
  • Close the CD
CDs renew automatically at maturity. Interest will not be paid during the grace period if you withdraw your funds and do not reinvest your CD.
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The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate and the frequency of compounding for a 365-day period. Your account statement will include the APY earned on your savings accounts and interest-earning checking accounts for the period covered by the statement.

The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate and the frequency of compounding for a 365-day period. Your account statement will include the APY earned on your savings accounts and interest-earning checking accounts for the period covered by the statement.

The APY (Annual Percentage Yield) is a percentage rate that reflects the total amount of interest paid on the account, based on the interest rate and the frequency of compounding for a 365-day period. Your account statement will include the APY earned on your savings accounts and interest-earning checking accounts for the period covered by the statement.

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A CD has a specific, fixed term (which is why they are sometimes called “time accounts”), and generally earns interest at a fixed interest rate.