Wells Fargo Bank: Savings Account and CD Rates

Shawn Plummer

CEO, The Annuity Expert

Wells Fargo Bank provides money-saving products, including competitive CD rates, checking accounts, and high yield savings accounts. This guide will compare their interest rates to CD, checking, and savings account rates from the top banks in the USA.

Use a CD calculator to compare taxable and tax-deferred rates of return.

Let’s take a look!

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?

TermInsurance CompanyInterest Rate
24 MonthsOceanview Annuity2.85%
36 MonthsCanvas Annuity3.80%
48 MonthsOceanview Annuity3.35%
60 MonthsAthene Annuity3.85%
72 MonthsOceanview4.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.

Wells Fargo Checking Account Rates

As one of the biggest banks in the U.S., WF offers many different accounts for checking. Wells Fargo is safe. It is insured by the Federal Deposit Insurance Corporation (FDIC). So you will not lose your money if you deposit it in a Wells Fargo checking account.

If you need assistance, you can talk to an employee at their branch or bank, or you can use the internet. They have more than 13,000 ATMs and 7,200 brick-and-mortars in the United States.

The cons are low-interest rates and high fees.

NameAPY
Everyday Checking0.00%
*APY=Annual Percentage Yield.

WellsFargo Savings Account Rates

Their account interest rate is 0.01%. This is below the national average of 0.06% and much worse than other accounts with an annual percentage yield, or APY.

If you want higher rates on your savings account, then you should go to an online bank. They often have accounts with better rates than the megabanks.

TypeMinimum BalanceAPY
Wells Fargo Way2Save$0.000.01%
Platinum Savings$0.000.01%
*APY=Annual Percentage Yield.

Wells Fargo Bank Money Market Rates

The bank does not offer money market accounts, only savings, and Certificates of Deposit. Find the highest money market rates here.

Wells Fargo CD Rates

Wells Fargo CD rates are lower than other banks. There are only a few terms to choose from. If you have a checking account, your interest will be a little higher. Interest rates for CDs can vary depending on the type of account and branch location.

TermAPYMinimum Deposit
3 Month0.01%$2,500.00
6 Month0.01%$2,500.00
1 Year0.01%$2,500.00
APY = Annual Percentage Yield

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2-YEAR TERM: 2.85%
  • 3-YEAR TERM: 3.80%
  • 4-YEAR TERM: 3.70%
  • 5-YEAR TERM: 3.85%
  • 6-YEAR TERM: 4.30%
  • 7-YEAR TERM: 4.10%
  • Grow your money as fast as possible
  • Principal protection
  • The interest rate is locked for the term you select
  • Tax-deferred growth
  • Withdraw annually without penalty
  • Lump-sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and a CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Triple CompoundingYesNo
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

Wells Fargo Bank Vs.

The Best CD Rates Today

3 Month CD Rates

Best 3-Month CD RatesRateTermMinimum
Spectrum Federal Credit Union0.50% APY3 Months$500.00
Navy Federal Credit Union0.40% APY3 Months$1,000.00
Chevron Federal Credit Union0.50% APY3 Months$500.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU0.80% APY6 Months$500.00
Edward Jones 0.75% APY6 Months$1,000.00
Charles Schwab0.80% APY6 Months$1,000.00

1 Year CD Rates

Best 12 Month CD RatesRateTermMinimum
CommunityWide FCU0.90% APY12 Months$1,000.00
Edward Jones1.20% APY12 Months$1,000.00
Charles Schwab1.40% APY12 Months$1,000.00

2 Year CD Rates

Best 2-Year CD RatesRateTermMinimum
Amarillo National Bank1.75% APY24 Months$1,000.00
Edward Jones2.20% APY24 Months$1,000.00
Oceanview Fixed Annuity2.85% APY24 Months$80,000.00

3 Year CD Rates

Best 3-Year CD RatesRateTermMinimum
Edward Jones 2.55% APY36 Months$1,000.00
Canvas Annuity3.80% APY36 Months$2,500.00

4 Year CD Rates

Best 4-Year CD RatesRateTermMinimum
Edward Jones2.60% APY48 Months$1,000.00
Guggenheim3.05% APY48 Months$5,000.00

5 Year CD Rates

Best 5-Year CD RatesRateTermMinimum
Edward Jones2.30% APY60 Months$1,000.00
Canvas Annuity3.80% APY60 Months$2,500.00

The Best Fixed Annuity Rates Today

CompanyTermRateWithdrawals
Oceanview2 Years2.85%10% Annually
Canvas3 Years3.35%10% Annually
Oceanview4 Years3.35%10% Annually
Canvas5 Years3.35%10% Annually
Oceanview6 Years3.65%10% Annually
Canvas7 Years3.35%10% Annually

Key Takeaway – Retirement Income Planning

Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.

Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.

Frequently Asked Questions

Are CDs worth it in 2022?

Many people are wondering if 6% CD rates are available today. Unfortunately, the answer is no. CD rates at a bank, credit union, online banks, or financial institution haven’t had interest rates as high as 6 percent in over a decade. However, fixed annuities have peaked upwards of 4 percent in the last 10 years. So while 6% CD rates aren’t available today, there are still some options for earning a higher rate of interest on your savings.

Learn the differences and benefits between Fixed Annuities and Certificates of Deposits (CD).

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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