With its Way2Save account, Wells Fargo offers an interest rate of 0.01%. On online savings accounts, annual percentage yields are significantly lower than the national average of 0.07%. On top of that, many of the best online savings’ accounts earn rates around 0.50%.

What are Wells Fargo interest rates?

What are Wells Fargo interest rates

What are Wells Fargo interest rates

Wells Fargo CDs and other savings options

The company also offers a Platinum savings account that has a rate that’s only slightly higher. But you have to have a linked Wells Fargo Portfolio account in order to qualify. CDs are also available at the bank, but they come with a minimum opening balance of $2,500.

Find out how much interest you could be earning with the savings calculator below. The higher the rate, the faster your money can grow.

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How Wells Fargo compares to online banks

Several megabanks, such as Wells Fargo, offer low-interest savings accounts. You’ll probably find better savings account rates at online banks if you want higher rates. Some of these accounts offer higher yields and don’t require minimum balances or monthly fees.

what are wells fargo interest rates

what are wells fargo interest rates

Wells Fargo Personal Loan Interest Rates

In general, personal loans have higher rates than other loans since collateral isn’t required. There are no origination fees or prepayment penalties at Wells Fargo when you get a personal loan between $3,000 and $100,000.

The interest rate for a loan depends on your credit history and amount of credit requested. You may be able to get a personal loan with a low interest rate of 5.74% for a $10,000 loan over three years. If you have a relationship account, you can receive an additional 0.25% discount.

Wells Fargo Mortgage Interest Rates

A fixed-rate mortgage and an adjustable-rate mortgage are two types of mortgages offered by Wells Fargo. The company offers fixed rates for a 30-year or 15-year term.

Interest rates can adjust every year after the fixed rate period ends. Once the adjustable period begins, the mortgage agreement will indicate a range in which the interest rate can lie.

Depending on the type and amount of the loan, closing costs vary. A 30-year Veterans Affairs loan is also available from Wells Fargo, which does not require any cash up front.

Jumbo mortgages are also available from Wells Fargo. These loans have a higher interest rate than conforming loans.

When possible, Wells Fargo mortgage consumers should take out a 15-year loan to get the lowest interest rates. Placing at least 20% down will also lower costs.

In addition to the lower loan amount, 20% down-payment borrowers avoid mortgage insurance. You may need a jumbo loan in high-cost areas, but a larger down payment may save you from having to get one, which is typically associated with higher interest rates.

Wells Fargo Certificate of Deposit Interest Rates

Savings accounts are special types of certificates of deposit. In exchange for locking up your money for a certain period, you receive a higher interest rate. In most cases, depositors must pay a penalty for early withdrawals, however.

You can choose from CDs ranging from three months to twelve months at Wells Fargo. With a relationship account, you may qualify for an APY bonus that pays a slightly higher rate.

Participation in Portfolio by Wells Fargo is required to receive this bonus, however.

A Wells Fargo account must be linked to your CD under this program. Participation in this program currently amounts to 0.02 percent of the APY.

Getting the Best Interest Rates Depends on several Factors

From checking and savings accounts to CDs, Wells Fargo offers a complete range of interest-bearing products. Personal loans, auto loans, and mortgages are also subject to interest charges.

A good credit rating, a high amount on deposit, and a good banking relationship with the company are the keys to getting better rates across the board.

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