APY (Annual Percentage Yield)
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 (366 in a leap year).
If you receive a periodic statement, that statement will include the Annual Percentage Yield earned (APYE) on your account for the period covered by the statement.
Special CD Rates
Open a Special CD account
$5,000
minimum opening deposit
Special CD Rates table
| Term |
Interest Rate |
APY |
Bonus Interest Rate |
Bonus APY
|
Renewal Term |
5 months
|
0.01%
|
0.01%
|
0.02%
|
0.02%
|
3 months
|
Standard CD Rates
Open a Standard CD account
$2,500
minimum opening deposit
Standard CD Rates
| Term |
Interest Rate |
APY |
Bonus Interest Rate |
Bonus APY |
Balance |
| 3 months |
0.01% |
0.01% |
0.02% |
0.02% |
$0
- $4,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$5,000
- $9,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$10,000
- $24,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$25,000
- $49,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$50,000
- $99,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$100,000 +
|
| 6 months |
0.01% |
0.01% |
0.02% |
0.02% |
$0
- $4,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$5,000
- $9,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$10,000
- $24,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$25,000
- $49,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$50,000
- $99,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$100,000 +
|
| 1 Year |
0.01% |
0.01% |
0.02% |
0.02% |
$0
- $4,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$5,000
- $9,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$10,000
- $24,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$25,000
- $49,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$50,000
- $99,999.99
|
| 0.01% |
0.01% |
0.02% |
0.02% |
$100,000 +
|
A Step Rate CD is a 24-month CD featuring guaranteed interest rate increases and one penalty-free withdrawal every 6 months, provided the minimum opening balance is maintained.
- Guaranteed rate increases. Guaranteed, automatic rate increases occur at 7, 13, and 19 months.
- Access to funds. You can make one penalty-free partial withdrawal within 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.
- Bonus rates. Step Rate CD bonus interest rate and APY are available for the initial 24-month term if you link your Step Rate CD at account opening to a Portfolio by Wells Fargo® program.
Note: The Step Rate CD account can be opened only at a Wells Fargo branch.
APY (Annual Percentage Yield)
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 (366 in a leap year).
If you receive a periodic statement, that statement will include the Annual Percentage Yield earned (APYE) on your account for the period covered by the statement.
Step Rate CD Rates
Minimum opening deposit
$2,500
Step Rate CD Rates
| Term |
Interest Rate |
APY |
Bonus Interest Rate |
Bonus APY |
|
24 months
|
0.01% |
0.02% |
0.02% |
0.03% |
Understanding the Step Rate APY
Minimum opening deposit
$2,500
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.
Understanding the Step Rate
| Steps |
Time Period |
Interest Rate per Period |
Bonus Interest Rate, per Period |
|
1
|
1 - 6 months
|
0.01% |
0.02% |
|
2
|
7 - 12 months
|
0.02% |
0.03% |
|
3
|
13 - 18 months
|
0.03% |
0.04% |
|
4
|
19 - 24 months
|
0.04% |
0.05% |
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 penalty. See additional details in the CD rate and penalty 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.
Three ways to fund your account
It's fast and easy to fund your account with our secure online application. Here's how:
- Transfer from an existing Wells Fargo account.
- Transfer from a non-Wells Fargo account. You'll need your account number and the nine-digit routing number found on your check or deposit slip.
- Use a check or money order by mail or in person. You can mail in your check or money order or go to a local branch after you submit your application.
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