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Consumers Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Consumers Credit Union’s checking account options

Free Checking account

Consumers Credit Union’s Free Checking account offers a standard range of basic checking services in a free wrapper, but it doesn’t pay any interest.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0, but $1 for every ATM withdrawal exceeding six per month
  • ATM fee refund: None
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

The Free Checking account is a straightforward option for banking clients who need basic checking account access, but don’t want to pay any fees. Although the account doesn’t earn any interest, it has no minimum balance requirements and provides a number of free features and benefits, including the following:

  • Online and mobile banking access
  • Unlimited check writing
  • Online bill pay
  • Mobile pay via a linked debit card using Google Pay, Apple Pay or Samsung Pay
  • Mobile remote deposit of checks via smartphone

The Free Checking account carries a steep overdraft fee, but that can be reduced by signing up for transfers from a backup funding account. ATM access is available via debit card, and withdrawals up to six times per month are free of charge.

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Student Choice Checking

This account is designed for younger customers from 13 to 17 years old. Accounts must be opened jointly with a parent or guardian who is legally responsible for all account activity.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0; $10 if maintained after age 19 and not converted to a Rewards Checking account
  • ATM fee: $0, but $1 for every ATM withdrawal exceeding six per month
  • ATM fee refund: Up to $25 per month
  • Overdraft fee: No overdrafts allowed

Consumers Credit Union’s Student Choice checking account is a starter account for minors, who must open the account with a designated adult.

Daily debit card withdrawals are limited to $310. No checks are included and no overdrafts are allowed. However, the account does provide a generous up to $25 maximum ATM fee monthly rebate for non-network ATMs, and it allows minors to apply for a Visa credit card through the account.

Other benefits include free electronic statements and online banking. As with the Free Checking account, however, no interest is paid on the Student Choice checking account.

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Free Rewards Checking

The Consumers Free Rewards checking account pays high rates of interest on smaller balances, but it has a complicated, multi-tier structure.
Tier A
APYMinimum Balance to Earn APY
5.09%
$0
0.20%
$20,000.01
0.10%
$25,000.01
Tier B
APYMinimum Balance to Earn APY
4.09%
$0
0.20%
$15,000.01
0.10%
$25,000.01
Tier C
APYMinimum Balance to Earn APY
3.09%
$0
0.20%
$10,000.01
0.10%
$25,000.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0, if basic service requirements met
  • ATM fee refund: Unlimited, if basic service requirements met
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

Free Rewards account holders can earn high rates of interest but must clear certain hurdles earn the best rates. To qualify for Tier C, customers must ensure that each month, the following occurs:

  • Complete at least 12 debit/check card point-of-sale purchases of any amount (must be made without the use of a PIN code and must clear and post as a credit transaction by the end of the month)
  • Receive one direct deposit, pay one bill using the credit union’s online bill pay service, or make one ACH debit
  • Access online banking at least once
  • Receive bank correspondence (such as statements and notices) via the eDocuments service

Tier B customers must complete all of the above every month, and also spend $500 or more in Consumers Credit Union Visa credit card purchase transactions. Customers who spend $1,000 or more monthly on their Consumers Credit Union Visa credit card are bumped up to Tier A.

On top of the enhanced interest payments, the Free Rewards checking account offers the following additional benefits:

  • Reimbursement for any and all ATM fees, if Tier C or higher requirements are met
  • Online banking and bill pay
  • Mobile banking
  • No minimum balance requirement
  • No monthly maintenance fees
  • Unlimited check writing

If Tier C or higher requirements are not met, customers lose the fee reimbursement provision and are only paid interest at a 0.01% APY. To help customers keep on track, the credit union offers a service that shows activity such as monthly debit transactions and Visa spending.

How to open Consumers Credit Union’s checking accounts

As noted earlier, Consumers Credit Union has an online application for its flagship Free Rewards Checking account. Customers looking to open a Free Checking or Student Choice account can visit a branch or call the customer service line at (877) 275-2228.

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How Consumers Credit Union’s checking accounts compare

Consumers Credit Union offers a no-frills Free Checking account, but since the enhanced Free Rewards Checking account has no monthly maintenance fee, it would generally be the better choice. This is particularly true for account holders who can meet the credit union’s activity requirements — these actions make the interest rate rise dramatically.

The best rates that the credit union offers not only smash the national average rate, they easily top the best national checking rates offered by competitors. The primary downside is that the rates paid are limited to deposits of no more than $20,000.

Consumers Credit Union’s savings account options

Membership Share Savings account

The Membership Share Savings account is Consumers Credit Union’s traditional savings account.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0, but $1 for every ATM withdrawal exceeding six per month
  • ATM fee refund: None
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

A $5 deposit into a new Consumers Credit Union Membership Share Savings account is mandatory for any customers who want to be members of the credit union.

As required by Federal Reserve Regulation D, you are limited to up to six certain transactions each month from Consumers Credit Union’s Membership Share Savings or money market account. The credit union will assess a $5 fee for each additional transaction. Your account may also be closed, at the discretion of the institution.

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Christmas Savings account

The Christmas Savings account has limited access until the holiday period every year, but it does pay interest.
APYMinimum Balance to Earn APY
0%
$5
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The Christmas Savings account pays a higher interest rate than the credit union’s Membership Share Savings account, but funds must remain on deposit in the account from Nov. 1 through Oct. 31 of the following year, at which point money is automatically transferred into the account holder’s Membership Share Savings account.

The account requires a new $5 minimum deposit every year and automatically renews.

How to open Consumers Credit Union’s savings accounts

The credit union has a single online application for its accounts. Customers looking to open a Membership Share Savings or Christmas Savings account can also visit a branch or call the customer service line at (877) 275-2228

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How Consumers Credit Union’s savings accounts compare

Consumers Credit Union’s savings accounts pay low interest rates. The primary savings account doesn’t even match the national average savings account rate, and it falls far below the highest online savings rates available, The Christmas Savings account has a better-than-average rate, but it too is no comparison to the best available at other institutions. The accounts do come free of any monthly maintenance fees, but they don’t provide any exceptional services or payouts.

Consumers Credit Union’s CD rates

Regular CDs

TermAPYMinimum Balance to Earn APY
91 days0.50%
$250
6 months1.25%
$250
1 year1.70%
$250
15 months*2.75%
$250
18 months1.75%
$250
2 years1.75%
$250
30 months1.80%
$250
3 years1.90%
$250
45 months*3.25%
$250
4 years2.00%
$250
5 years2.15%
$250
* indicates a promotional rate
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: for terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

Consumers Credit Union’s CDs range in maturity from 91 days to 5 years, with rates guaranteed for the duration of the term. After a minimum deposit of $250, dividends are compounded daily and posted monthly. Promotional rates are offered in the 15 month and 45 month maturities. Withdrawing funds before CDs mature will trigger an early withdrawal penalty of between 60 and 120 days’ worth of dividends.

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Jumbo CDs

Consumers Credit Union’s Jumbo CDs match the maturity schedule as the credit union’s regular CDs, but rates may vary.
TermAPYMinimum Balance to Earn APY
91 days0.50%
$100,000
6 months1.25%
$100,000
1 year1.80%
$100,000
15 months*2.85%
$100,000
18 months1.85%
$100,000
2 years1.85%
$100,000
30 months1.90%
$100,000
3 years2.00%
$100,000
45 months*3.35%
$100,000
4 years2.10%
$100,000
5 years2.25%
$100,000
*indicates a promotional rate
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: for terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

Customers with $100,000 or more to invest have access to the credit union’s jumbo certificate rates, which are higher for some maturities than the credit union’s regular certificate accounts. Promotional rates are offered for the same 15 and 45 month maturities as Consumers Credit Union’s regular CDs. Dividends are credited daily and posted monthly, with rates guaranteed for the life of the CD.

How to get Consumers Credit Union’s certificate rates

Consumers Credit Union has one online application for all account types, including regular and jumbo CDs.

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How Consumers Credit Union’s CD rates compare

Although Consumers Credit Union offers additional interest on some CD maturities for jumbo deposits, the bump in rates isn’t particularly noteworthy. The best rates in Consumers Credit Union’s CDs are available on the two promotional maturities of 15 and 45 months, on both the regular and jumbo CDs. Overall, rates at Consumers Credit Union are far above the national average CD rates, and while these rates don’t approach the best CD rates available nationally, they are respectable. Early withdrawal penalties are fairly standard.

Consumers Credit Union’s money market account option

Money Market account

This account is Consumers Credit Union’s version of a traditional money market account, with larger balances earning higher interest rates.
APYMinimum Balance to Earn APY
0.15%
$2,000
0.15%
$20,000
0.25%
$40,000
0.50%
$70,000
1.00%
$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $2,000+ (see above table)
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts

Consumers Credit Union’s Money Market account pays a higher rate than the credit union’s savings account, but offers more access than its CDs. Rates are tiered, with the highest APY paid for balances of $100,000 or more.

Federal Reserve Regulation D requires that an account classified as a “savings deposit” must not permit more than six transfers or withdrawals per month. In the case of Consumers Credit Union, account holders will be assessed a fee of $5 per instance each time they exceed that limit — in some cases, the credit union may close the account in response to excess withdrawals. The account has no ATM access.

How to get Consumers Credit Union’s money market account

As noted earlier, Consumers Credit Union has one online application for all account types, including the money market account.

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How Consumers Credit Union’s money market account compares

Consumers Credit Union’s sole money market account is just about average when it comes to interest rates. Deposits below $20,000 earn less than the national average for money market accounts, while deposits of $100,000 or more earn about double the national average. Rates for all tiers fall well short of the highest available money market rates at other banks. On the plus side, the account carries no monthly maintenance fee.

Consumers Credit Union’s IRA rates

IRA CDs

Consumers Credit Union pays the same rates on its IRA CDs as it does on its non-IRA accounts. Jumbo certificates are available in the credit union’s IRAs as well.

Regular IRA CDs

TermAPYMinimum Balance to Earn APY
91 days0.50%
$250
6 months1.25%
$250
1 year1.70%
$250
15 months*2.75%
$250
18 months1.75%
$250
2 years1.75%
$250
30 months1.80%
$250
3 years1.90%
$250
45 months*3.25%
$250
4 years2.00%
$250
5 years2.15%
$250
*indicates promotional rates
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: For terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

Consumers Credit Union’s IRA CDs follow the same format as the credit union’s non-IRA CDs. Minimum deposits are $250, and rates vary over the 91 day to 5 year maturity schedule. Higher rates are paid for the promotional maturities of 15 and 45 months. Early withdrawal penalties apply, at a cost of either 60 days’ or 120 days’ worth of dividends.

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Jumbo IRA CDs

TermAPYMinimum Balance to Earn APY
91 days0.50%
$100,000
6 months1.25%
$100,000
1 year1.80%
$100,000
15 months*2.85%
$100,000
18 months1.85%
$100,000
2 years1.85%
$100,000
30 months1.90%
$100,000
3 years2.00%
$100,000
45 months*3.35%
$100,000
4 years2.10%
$100,000
5 years2.25%
$100,000
*indicates promotional maturities
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: For terms of one year or less, 60 days’ dividends; for terms of longer than one year, 120 days’ dividends

For IRA customers with at least $100,000 to invest, jumbo CDs are available in Consumers Credit Union’s IRA products. Rates are higher for some maturities than the credit union’s regular IRA CDs. Promotional rates are available for maturities of 15 and 45 months. Dividends are credited daily and posted monthly.

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IRA Money Market account

Rates for the Consumers Credit Union IRA Money Market account are the same as the credit union’s regular money market account.
APYMinimum Balance to Earn APY
0.15%
$2,000
0.15%
$20,000
0.25%
$40,000
0.50%
$70,000
1.00%
$100,000
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $2,000+ (see table above)
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: n/a
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts from IRA Savings account

Consumers Credit Union’s IRA Money Market account has the same interest rates as its non-IRA money market account. It pays more than the credit union’s IRA savings account, but for the most part, rates are lower than its IRA CD rates. Tiered rates pay the highest APY on balances of $100,000 or more. There is no ATM access with this account.

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IRA Savings

The IRA Savings account pays the same interest rate on all balances above the minimum.
APYMinimum Balance to Earn APY
0.25%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: $30, or $10 if signed up for automatic transfer of funds to cover overdrafts from IRA Money Market

The IRA Savings account at Consumers Credit Union is an interest-bearing account for cash that is not invested elsewhere, such as in the credit union’s CDs. The same rate is paid for every deposit above the account minimum of $10. There are no monthly fees with this savings account.

How to get Consumers Credit Union’s IRA rates

Consumers Credit Union requires applicants for IRA products to call (877) 275-2228 or visit a branch. No online application is available for an IRA product at the credit union.

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How Consumers Credit Union’s IRA rates compare

Rates for the money market and CD accounts in the credit union’s IRAs are the same as in the credit union’s non-IRA accounts. For the latter, this means that, overall, they are far above the national average CD rates, but well below the best IRA CD rates available nationally. Jumbo CD deposits earn slightly higher rates, but the promotional terms of 15 and 45 months are where investors will find the best rates at Consumers Credit Union. Rates are the same regardless of the size of deposit, with the exception of some jumbo maturities.

The credit union’s IRA savings account pays a modest amount of interest, above the national average savings rate.

Overall review of Consumers Credit Union’s banking products

Consumers Credit Union offers a mixed bag of banking options for customers. The clear highlight of the credit union’s entire roster is its Rewards Checking account, which pays an outstanding rate for balances of up to $20,000. However, the multi-tier structure of the account can be confusing, and it can take some doing to earn the best rate. For determined savers, however, it can be hard to find a better rate at any institution across the country.

The credit union also does well with its promotional CD rates, although they only come in two maturities. Other CD rates are respectable, but not noteworthy.

Beyond that, Consumers Credit Union’s other offerings are lackluster, with the savings accounts paying below-market rates and the money market account not leaping to new heights either.

Overall, Consumers Credit Union offers a wide range of products with low or no fees, which can be appealing to many consumers. With the exception of the exceptional flagship checking rate, however, better options can likely be found at other institutions.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Review of Chase Bank’s CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Chase Bank is a consumer and commercial bank operated by JPMorgan Chase & Co., an international business firm dating back to 1799 that currently has $2.6 trillion in assets and operations worldwide. Chase Bank has nearly 5,000 branches and 16,000 ATMs across the U.S., and offers a full range of financial products and services.In this article, we’ll concentrate on Chase Bank’s certificates of deposit (CDs). They can be opened at a branch or online, with terms ranging from 1 month to 120 months. And although there are multiple ways to open a Chase Bank CD, if you want to open one online, you will need to be an existing Chase Bank checking customer.

Chase Bank standard CD rates

Term

APY

Minimum Deposit to Open

1 month

0.01%

$1,000

2 months

0.01%

$1,000

3 months

0.01%

$1,000

6 months

0.01%

$1,000

9 months

0.01%

$1,000

12 months

0.01%

$1,000

15 months

0.01%

$1,000

18 months

0.01%

$1,000

21 months

0.30%

$1,000

24 months

0.30%

$1,000

30-Months

0.30%

$1,000

36 months

0.30%

$1,000

42 months

0.50%

$1,000

48 months

0.75%

$1,000

60 months

0.30%

$1,000

84 months

0.30%

$1,000

120 months

0.30%

$1,000

Chase Bank CD relationship rates

Chase Bank’s CD relationship annual percentage yields (APYs) are extended to customers who have a linked Chase Bank checking account. You can apply online, and if you use a transfer from your account to fund the CD, the account can be opened the same day. The minimum deposit is, again, $1,000. If you want to open a CD for than $1 million, you will need to visit a branch.

CD term

$1,000 - $9,999

$10K - $24,999.99

$25K - $49,999.99

$50K - $99,999.99

$100K - $249,999.99

$250K+

1 month

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

2 months

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

3 months

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

6 months

1.01%

1.50%

1.50%

1.50%

1.50%

1.50%

9 months

0.50%

1.01%

1.01%

1.01%

1.01%

1.01%

12 months

0.02%

0.02%

0.02%

0.02%

0.05%

0.05%

15 months

0.05%

0.15%

0.15%

0.15%

0.20%

0.20%

18 months

1.00%

1.00%

1.00%

1.00%

0.01%

0.01%

21 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

24 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

30 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

36 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

42 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

48 months

1.01%

1.01%

1.01%

1.01%

0.30%

0.30%

60 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

84 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

120 Months

1.39%

1.44%

1.44%

1.44%

0.45%

0.45%

How Chase Bank CD rates compare with those of other banks

You’ll need less money to qualify for a Chase Bank CD than you might at other banks. Chase Bank allows customers to open their CDs with a minimum deposit of $1,000, which is lower than at many other institutions. Chase Bank CDs are also open to applicants who do not bank with Chase, in contrast with the practices of some banks and credit unions that require member checking or savings accounts.

However, Chase Bank CD rates are well below the best seen on our round-up of the best CDs. You can easily find higher interest rates at other institutions, particularly for 1-year CDs. If you decide to go with Chase BAnk, look into its relationship rates for a higher APY.  Relationship rates are offered to customers who link their CDs to a Chase Bank personal checking account.

As mentioned, a minimum of $1,000 is required to open a Chase CD account, and interest is compounded daily. Depending on the term, your earned interest may be paid monthly, quarterly, semi-annually, annually — or at maturity.

Important information about Chase Bank CDs

Chase Bank CD fees

There are no monthly service fees, but there are $15 fees for inbound domestic and international wire transfers (waived if they are from another Chase Bank account) and outbound domestic wire transfer fees. Accounts can be opened online if you are an existing checking customer with Chase Bank. Deposits of more than $1,000,000 must be opened at one of its branches.

Non-Chase Bank customer access

You do not need to have a Chase Bank checking or savings account to open a standard Chase Bank CD account. You’ll need to provide a Social Security Number, driver’s license and contact information. Deposits must be made from a checking or savings account at your existing bank.

Maturity date and grace period

Law requires banks to alert consumers before the maturation date on CDs. Chase Bank considers the maturity date as the last day of the term. It offers a 10-day grace period on all CDs with terms of 14 days or longer. During the grace period, you can withdraw the funds without penalty or roll over the account to another term.

Automatically renewable CDs vs. single-maturity CDs

Account holders have the option of opening an automatically renewable or a single-maturity CD account.

With an automatically renewable CD, the account renews on the maturity date for the same term as the original one, making the new maturity date the last day of the new term. The standard rate will apply unless the owner qualifies for a relationship CD.

The single-maturity CD does not automatically renew and earns no interest following the maturity date. You may want to see if Chase Bank is offering any promotional rates during the 10-day grace period if you plan to invest in another Chase Bank CD using a ladder strategy.

Earning interest on a Chase Bank CD

Interest on Chase Bank CDs begins to accrue on the first business day of deposit into your account and is calculated on a daily balance, 365 days a year. The accrued interest can be withdrawn during the term or at maturity without incurring penalties. For maturities of more than 1 year, interest will be paid at least annually, according to the bank.  If the CD matures and automatically renews, the interest in the account is rolled over into the new principal.

Early-withdrawal penalties and fees

If you wish to withdraw money before your CD matures, Chase Bank will charge penalties. According to Chase Bank, early-withdrawal penalties are deducted from your principal and do not exceed the total amount of earned interest. The amount that is deducted is below, listed by the length of the CD:

  • Less than 6 months: 90 days of interest
  • 6 months to 24 months: 180 days of interest
  • 24 months or more: 365 days of interest

Chase Bank CD early-withdrawal penalties can be waived upon:

  • Death of a CD owner
  • Disability of a CD owner in retirement
  • Retitling/reissue of a CD
  • A court ruling that the CD owner is incompetent

Overall Review of Chase Bank’s CD products

Chase Bank’s CD rates are likely best for customers who link the CD to their personal checking accounts because they can qualify for those juicier relationship rates. The rates improve for longer terms and larger deposit amounts.

Chase Bank’s online tools allow you to apply for relationship CDs and track your investments. The minimum amount to open a standard CD account ($1,000) is on par or slightly lower than those required by other institutions.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Review of Wells Fargo CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Wells Fargo
Wells Fargo offers numerous financial products and services, including savings and checking accounts, insurance and investment products. The bank also offers certificates of deposit (CDs), though their rates are significantly lower compared to those from other big-name competitors.

Keep in mind that Wells Fargo CD rates will differ depending on where you live. The rates in this article are based on the bank’s headquarters in San Francisco. If you want an accurate list of Wells Fargo CD rates based on your location, go to its rates page and type in your ZIP code.

Wells Fargo’s Fixed Rate CDs

Wells Fargo’s Standard CD rates

CD Term

APY

Minimum Deposit to Open

3 months

0.05%

$2,500

6 months

0.30%

$2,500

1 year

0.15%

$2,500

The Wells Fargo Standard CD ensures that you get a guaranteed return for its entire term. Your annual percentage yield (APY) is locked in once you make an opening deposit into your account. Anyone can open an account online or in person as long as they have a minimum of $2,500 to deposit into an account.

Early withdrawal penalties, which depend on the original term of the CD, are:

  • Less than 3 months: 1 month of interest
  • 3 – 12 months: 3 months of interest
  • 12 – 24 months: 6 months of interest
  • Over 24 months: 12 months of interest

Wells Fargo’s Standard CD bonus rates

CD Term

Bonus APY

Minimum Deposit to Open

3 months

0.10%

$2,500

6 months

0.35%

$2,500

1 year

0.20%

$2,500

You can get the Wells Fargo Standard CD bonus rates if you link your CD to a Portfolio by Wells Fargo® account and make a $2,500 minimum deposit. This Portfolio product is the bank’s upgraded checking account, which offers better interest rates for many linked Wells Fargo products. You also get certain fees waived from your account, discounts on loans and additional credit card benefits.

All you need to open this checking account is a minimum opening deposit of $25. However, it has a $30 monthly maintenance fee, which is waived if you have $25,000 in qualifying linked bank deposits or more than $50,000 in qualifying linked bank, brokerage and credit accounts.

If your CD stops being linked to your Portfolio checking account, the bonus CD rate will revert to the standard rate.

Wells Fargo’s Special CD rates

CD Term

APY

Minimum Deposit to Open

9 months

1.45%

$5,000

29 months

1.15%

$5,000

39 months

1.15%

$5,000

To open a Wells Fargo’s Special CD and the higher rates, you’ll need a minimum opening deposit of $5,000. Additionally, these APYs only apply to the initial agreed term. Once your CD matures, it’ll automatically renew but with different terms. The 9-month CD renews for six months, the 29-month CD renews for 24 months and the 39-month CD renews for 36 months.

Wells Fargo’s Special CD bonus rates

CD Term

APY

Minimum Deposit to Open

9 months

1.50%

$5,000

29 months

1.20%

$5,000

39 months

1.20%

$5,000

To be eligible for the special bonus APYs, you’ll need to meet the same requirements as the regular Special CD, plus link your account to a Portfolio by Wells Fargo checking account and make a $5,000 minimum deposit. This will revert to standard APY once it matures and if you decide to renew your CD. You may be eligible for the bonus Standard CD rate upon renewal.

How to get Wells Fargo’s Fixed Rate CDs

To open a Fixed Rate CD, you can apply online using Wells Fargo’s secure online application form. During the application process, you’ll be asked to choose the term you want and submit details such as your Social Security Number, funding account information and a valid ID. You can fund your CD using a Wells Fargo account, a non-Wells Fargo bank account, or by mailing a check or money order after you submit your application. Once you complete the application, you’ll get instant notification of your application status and possible next steps.

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Wells Fargo Step Rate CDs

CD Term

APY

Minimum Deposit to Open

24 months

1.16%

$2,500

The Step Rate CD offers multiple APY increases and a penalty-free withdrawal every six months as long as you are able to maintain the minimum opening balance. At the date of publishing, you get an automatic rate increases at 7, 13 and 19 months into your CD term, as you can see below:

  • 1 – 6 months: 1.00%
  • 7 – 12 months: 1.10%
  • 13 – 18 months: 1.20%
  • 19 – 24 months: 1.30%

To make your penalty-free withdrawals, you’ll need to do it within five business days at the start of the days when your interest rate goes up. If the rate increase happens to fall on a weekend or on a holiday, the withdrawal period will begin on the next business day. Once your account matures, the CD will be automatically renewed and revert to a standard 24-month fixed-rate CD.

Wells Fargo Step Rate Bonus CD rates

CD Term

APY

Minimum Deposit to Open

24 months

1.21%

$2,500

To be eligible for the bonus rate, you’ll need to link your Step Rate CD to a Portfolio by Wells Fargo checking account. Keep in mind that there is a monthly maintenance fee of $30 for the checking account unless you have at least $25,000 in qualifying bank deposits or $50,000 in qualifying brokerage, bank and credit balances.

You’ll also get rate increases and penalty-free withdrawals every six months as long as you keep the minimum opening balance. You are subjected to the same interest-rate increases and requirements as the regular Step Rate CD. The bonus rates for the Step Rate CD are below at the time of publishing, and increase the same way as the Step Rate CD does:

  • 1 – 6 months: 1.05%
  • 7 – 12 months: 1.15%
  • 13 – 18 months: 1.25%
  • 19 – 24 months: 1.35%

Upon maturity, your CD will automatically renew into a standard fixed-rate bonus CD. If you don’t have a Portfolio checking account at the time, your rate will revert to the standard rate.

How to Get a Wells Fargo Step Rate CD

Unlike the Fixed Rate CD option that can be opened online, you can only open a Step Rate CD in person at a Wells Fargo branch. You can go to any of Well Fargo’s physical locations. You can also make an appointment online or by calling 1-800-869-3557.

Here’s how Wells Fargo CD rates compare to other banks

Wells Fargo rates don’t compete well with their competitors’ offers, even with the bonus rates. Those better rates often also come with a lower minimum deposit than what Wells Fargo requires. However, competitors with the highest rates tend to be online-only banks, which is only a disadvantage if you prefer to bank in person. If it’s important to you to keep all your banking products in one place, then Wells Fargo may be worth considering.

Check out the Best CD Rates page to see the most current offers available listed on MagnifyMoney .

Additional information about Wells Fargo CDs

All rates earned are compounded daily and interest starts to accrue as soon as you make your deposit, as long as it’s on a business day. Otherwise it’ll begin on the next available business day. Any interest earned is paid out monthly and deposited into a checking account, savings account or via check. You could also opt to leave it your CD until maturity. You can also choose to have your interest payments paid out annually, semi-annually or when your CD matures. The only exception is for CDs with terms of 12 months or more, where you can’t choose to have your interest paid out at maturity.

There are penalties if you make early withdrawals on fixed-rate CDs. You either have to pay the early withdrawal fee or be subjected to other penalties.

People who may have to pay a penalty include those who make withdrawals within seven days of account opening. This penalty also applies if you make a withdrawal during the grace period that exceeds the allowed number of deposits during that time.

Any withdrawals after the first seven days are subjected to the following early withdrawal fee, based on the CD term:

  • 3 months or less: 1 month’s interest
  • 3 months to a year: 3 months’ interest
  • 12 to 24 months: 6 months’ interest
  • 24 months and over: 12 months’ interest.

If you make a withdrawal on a Step Rate CD or the Step Rate Bonus CD, the early withdrawal fee will apply if the money you take out will cause the balance to be under the minimum opening deposit. The penalty will be based on the whole amount taken out. You’ll also be subject to early withdrawal penalties if you make a withdrawal on days other than the five-day withdrawal period when interest rates increase.

There are some exceptions where you may be able to get early withdrawal penalties waived. Common ones include death of the account owner, but you’ll need to contact Wells Fargo customer service to chat about your exact situation and circumstances. (This exception isn’t unique to Wells Fargo.)

Wells Fargo will send you a notice to remind you of the CD maturity date about a month before it happens. When your CD actually matures, you have a seven-day grace period. You can either renew the CD or choose to change the terms (such as linking your Portfolio by Wells Fargo account). Other options include closing the CD, making another deposit or withdrawing money as long as the remaining balance can meet minimum balance requirements.

If you choose not to do anything, the CDs renew automatically. However, no interest will be paid during the seven-day grace period if you don’t choose to reinvest your CD or you take money out of the account.

Overall review on Wells Fargo CD rates

Wells Fargo offers myriad services, including the ability to link your checking account to your CD to get a higher APY, but the bank’s rates fall short compared to that at other financial institutions as well as national averages. There are online banks that offer much better rates and with lower minimum deposits. Unless you are already banking with Wells Fargo and want to keep all your accounts in one place, its CD options are probably worth passing over.

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