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Preserving Your Savings While Optimizing Cash Flow

With excellent credit, you may qualify for the full range of credit options with lower rates. This may help you achieve your short- and long-term financial goals without having to deplete your cash reserves, disturb your savings, or interrupt cash flow.

Know your options

Having access to a wide range of credit options can also give you more control over your finances ― allowing you to use credit strategically when and how you choose. For example, instead of tapping into your savings, you could fund a large expense like a home improvement project in a variety of ways.

Funding Options Features
Considerations
Home Equity Line of Credit
  • Interest you pay may be tax deductible if funds are used to improve your home. You should consult with a tax advisor.
  • Variable and fixed-rate options
  • Your home is used as collateral. If payments are not made, you could lose your home.
  • Payments on variable-rate balances may increase if the balance or rate increase.
Secured Personal Loan -  CD/Savings
  • Requires collateral, allowing a lower Annual Percentage Rate (APR) when compared to a Personal Loan
  • Leverage your savings while still earning interest
  • Quick credit decision and access to funds in as little as 1 business day if approved
  • $75 annual fee required
  • Competitive fixed interest rates
  • Your Wells Fargo savings or CD is used as collateral. If payments are not made, you could lose your deposit account collateral
Secured Personal Line of Credit - CD/Savings
  • Requires collateral, allowing a lower Annual Percentage Rate (APR) when compared to a Personal Line of Credit
  • Leverage your savings while still earning interest
  • Quick credit decision and access to funds in as little as 1 business day if approved
  • $25 annual fee required
  • Competitive variable interest rates
  • Your Wells Fargo savings or CD is used as collateral. If payments are not made, you could lose your deposit account collateral
Personal Line of Credit


  • No cash advance or balance transfer fees
  • No collateral required
  • Quick credit decision and access to funds in as little as 1 business day if approved
  • $25 annual fee required
  • Competitive variable interest rates
Rewards-Based Credit Cards
  • Earn rewards  for virtually every $1 you spend in purchases
  • Ability to make payments over time or pay in full
  • No collateral required.
  • Payments may be low, but this means it will take you longer to pay off your balance if you only make minimum monthly payments.

When comparing your product options, you should always carefully consider the full credit costs of each product before opening a new credit or loan account. For more home improvement funding options, visit our Home Improvement Lending Center.


 Customize your options: 

My Credit Options Guide® allows you to create a personalized summary of the credit options that may help meet your needs — including key features, sample rates, and fees.
 

Potential tax advantages

Using credit instead of cash or savings can also give you potential tax advantages. You should consult with your tax advisor.

  • Mortgages for primary residences and second homes
  • Home equity lines of credit when used for home improvement
  • Student loans

 Need Help? 

Speak with your tax advisor and financial planner about how you can make your credit work harder for you in your overall financial and tax planning.