Does Wells Fargo Have Money Market Accounts
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!
- Wells Fargo Checking Account Rates
- Wells Fargo Savings Account Rates
- Wells Fargo Money Market Rates
- Wells Fargo CD Rates
- Wells Fargo Bank Vs.
- The Best CD Rates Today
- The Best Fixed Annuity Rates Today
Wells Fargo Checking Account Rates
As one of the biggest banks in the U.S., Wells Fargo 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 a Wells Fargo 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.
| Name | APY |
|---|---|
| Everyday Checking | 0.00% |
Wells Fargo Savings Account Rates
The Wells Fargo savings 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 like Wells Fargo.
| Type | Minimum Balance | APY |
|---|---|---|
| Wells Fargo Way2Save | $0.00 | 0.01% |
| Platinum Savings | $0.00 | 0.01% |
Wells Fargo Money Market Rates
Wells Fargo 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 has CDs with rates that are lower than other banks. There are only a few terms to choose from. If you have a Wells Fargo checking account, your interest will be a little higher.
Interest rates for CDs can vary depending on the type of account and a Wells Fargo branch location.
| Term | APY | Minimum Deposit |
|---|---|---|
| 3 Month | 0.01% | $2,500.00 |
| 6 Month | 0.01% | $2,500.00 |
| 1 Year | 0.01% | $2,500.00 |
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: 2.15%
- 3 YEAR TERM: 2.60%
- 4 YEAR TERM : 2.60%
- 5 YEAR TERM: 3.05%
- 7 YEAR TERM: 3.25%
- Grow your money as fast as possible
- Principal protection
- 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 CD?
| Feature | Fixed Annuity | CD |
|---|---|---|
| Who Offers | Insurance Company | Banks |
| Premium Amounts | $2,500 to $1 Million | $500 – No Maximum |
| Terms | 2 Years to 20 Years | 3 Months to 7 Years |
| Guaranteed Interest Rates | Up to 3.25% | Up to 1.25% |
| Principal Protection | Yes | Yes |
| Can Lose Money? | No | No |
| Liquid After Term | 100% | 100% |
| How Are Gains Taxed? | Tax-Deferred | Taxed Annually |
| Annual Liquidity | Up to 10% Annually | No Liquidity |
| Who Protects My Money? | Insurance Company/SGA | FDIC |
| Accepts IRA | Yes | No |
| Accepts 401(k) | Yes | No |
| Death Benefit | Lump-Sum | Lump-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.
- Suntrust
- Bank of America
- BECU
- Suncoast Credit Union
- Umpqua Bank
- Regions Bank
- TCF Bank
- Bank of the West
The Best CD Rates Today
3 Month CD Rates
| Best 3-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Spectrum Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
| Service Credit Union | 0.40% APY | 3 Months | $500.00 |
| Chevron Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
6 Month CD Rates
| Best 6-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| CommunityWide FCU | 0.70% APY | 6 Months | $500.00 |
| Lafayette Federal Credit Union | 0.70% APY | 7 Months | $500.00 |
| Spectrum Federal Credit Union | 0.50% APY | 6 Months | $500.00 |
1 Year CD Rates
| Best 12 Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Lafayette Federal Credit Union | 0.80% APY | 12 Months | $5,000.00 |
| CommunityWide FCU | 0.75% APY | 12 Months | $1,000.00 |
| Live Oak Credit Union | 0.75% APY | 12 Months | $2,500.00 |
2 Year CD Rates
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Lafayette Federal Credit Union | 0.80% APY | 24 Months | $500.00 |
| Live Oak Credit Union | 0.75% APY | 24 Months | $2,500.00 |
| SILAC Fixed Annuity | 2.15% APY | 24 Months | $10,000.00 |
| Oceanview Fixed Annuity | 1.80% APY | 24 Months | $20,000.00 |
3 Year CD Rates
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| First National Bank of America | 0.90% APY | 36 Months | $1,000.00 |
| Lafayette Federal Credit Union | 1.00% APY | 36 Months | $500.00 |
| Canvas Annuity* | 2.60% APY | 36 Months | $2,500.00 |
4 Year CD Rates
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| First National Bank of America | 0.95% APY | 48 Months | $1,000.00 |
| Lafayette Federal Credit Union | 1.15% APY | 48 Months | $500.00 |
| Hiway Federal Credit Union | 1.10% APY | 48 Months | $25,000.00 |
| Nassau Fixed Annuity | 2.50% APY | 48 Months | $5,0000.00 |
5 Year CD Rates
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| First National Bank of America | 1.20% APY | 60 Months | $1,000.00 |
| Lafayette Federal Credit Union | 1.26% APY | 60 Months | $500.00 |
| Canvas Annuity* | 3.05% APY | 60 Months | $2,500.00 |
The Best Fixed Annuity Rates Today
| Company | Term | Rate | Withdrawals |
|---|---|---|---|
| SILAC | 2 Years | 2.15% | None |
| Oceanview | 3 Years | 2.35% | 10% Annually |
| Canvas* | 3 Years | 2.60% | 10% Annually |
| Oceanview | 4 Years | 2.60% | 10% Annually |
| Canvas* | 5 Years | 3.05% | 10% Annually |
| Nassau | 6 Years | 3.10% | 5% Annually |
| Canvas* | 7 Years | 3.25% | 10% Annually |
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.
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I'm a licensed financial professional. I've sold 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.
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.
Does Wells Fargo Have Money Market Accounts
Source: https://www.annuityexpertadvice.com/rates/wells-fargo/#:~:text=Wells%20Fargo%20does%20not%20offer,savings%2C%20and%20Certificates%20of%20Deposit.
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