Certificates of Deposit (CDs)

A Certificate of Deposit (also known as a CD or Time Account) 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 set period of time is known as the "term." By keeping your money in the CD for the full term, you are guaranteed your initial deposit. If you withdraw funds from your CD account before the term is complete, a penalty may be charged on the amount withdrawn which will be deducted from any interest earned, and then principal if necessary.

The purpose of a Certificate of Deposit (also known as a CD or Time Account) is to provide a secure and predictable way to grow your savings. A CD serves several purposes:

• Safety: CDs are considered a low risk savings option. When you deposit money into a CD issued by Wells Fargo, your funds are FDIC-insured up to the maximum applicable limits and your principal is guaranteed if you hold the account until the Maturity Date.
• Fixed returns: CDs offer a fixed interest rate for a specified period known as the CD “term” which allows you to know in advance exactly how much interest you will earn over the term period. The fixed returns make CDs an attractive choice for individuals seeking stability and predictability in their earnings.
• Saving and financial goals: CDs are often used for short to medium term savings goals. Whether you're saving for a down payment on a home, a vacation, or a future goal, CDs can help you accumulate funds over time. By committing your money to a CD, you're less likely to spend it impulsively and more likely to achieve your targeted financial objective.

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 added to the CD, transferred to a Wells Fargo checking or savings account, or paid by check if the CD has a minimum balance of $5,000.

Joint CD accounts can be opened online or at a branch. Make an appointment.

You need the same information that is required to open an individual account, but you’ll need it for both applicants.

There are three ways to fund your account

• 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. A non-Wells Fargo transfer is limited to $25,000.
• Use a check or money order by mail. If you submit your application online, your check or money order must be mailed in after you submit your application; branches are not able to accept your opening deposit for an online application.

You can only add money to your CD account:

• At account opening
• At maturity through the ten-calendar-day grace period

You can select from standard fixed rate terms of 3, 6, or 12 months, or select from available Special Fixed Rate CD term(s) online. To select other standard fixed rate terms, up to 120 months, please visit a branch.

On the maturity date, your CD will automatically renew to the disclosed Renewal Term and the Standard Interest Rate and Annual Percentage Yield (APY) in effect on that day unless you take action on the maturity date or within the ten-calendar-day grace period.

Special Fixed Rate CDs are applicable for the initial term only and will automatically renew at the disclosed Renewal Term. The interest rate will reset at the standard interest rate in effect on the maturity date unless you make a change on the maturity date or during the ten-calendar-day grace period.

Approximately 30 days before maturity, we will send you a notice reminding you of the maturity date and scheduled renewal term. On the maturity date or during the following grace period you may make any of the following changes:

• Choose a different rate and term that is best for you
• Add or withdraw funds
• Close the CD

Interest is only paid through the maturity date if you choose to withdraw funds or close your CD during the grace period.

It is important to review the terms of your CD agreement or contact customer service to understand the renewal options available to you.

Call 1-800-869-3557 or make an appointment with a banker to help with the changes listed above.

You may pay an early withdrawal penalty or a Regulation D penalty, but not both, if you withdraw funds from your account before the term is complete. Some exceptions may apply. Penalties could reduce earnings on this account. The penalty amount is calculated and deducted from any earned interest. If the penalty is greater than the earned interest, the remaining penalty amount is deducted from the principal of the account.

The Regulation D Penalty is seven days' simple interest on the amount withdrawn and applies to:

• Withdrawals made within seven days of account opening including the day the account was opened
• Withdrawals made during the grace period, when additional deposits are made during the grace period and the withdrawal exceeds the amount of the matured CD balance
• Withdrawals within seven days of any prior withdrawal where the Bank's early withdrawal penalty is not applied

Other than the Regulation D penalty described above, any money withdrawn from the CD before the end of its term will be subject to an early withdrawal penalty based on the length of the CD term. If your term is:

• Less than 90 days (or less than 3 months), the penalty is 1 month's interest
• 90 through 365 days (or 3-12 months), the penalty is 3 months' interest
• Over 12 months through 24 months, the penalty is 6 months' interest, or
• Over 24 months, the penalty is 12 months' interest

No, there are no fees to open a CD.

Yes, all Wells Fargo savings product funds in both savings accounts and certificates of deposit (CDs) are FDIC-insured up to the maximum applicable limits.

Visit our FDIC Insurance page to learn more.