CDs typically pay higher interest rates than other deposit products. There are a number of reasons you may want to open a CD: Interest can be re-deposited to the CD, transferred to a Wells Fargo checking or savings account, or paid to you via check if your CD has a minimum balance of $5,000. Your interest compounds daily and is generally paid monthly, although interest payments made quarterly, semi-annually, annually, or at maturity are also available. You earn interest from the date of your opening deposit up to your maturity date. By depositing your money into a CD for a set term, you lock in your initial deposit principal and interest rate until your money matures. This period of time is known as a “term". Minimum Opening Deposit: $2,500 Standard CD rates table TermĪ CD 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. Minimum Opening Deposit: $5,000 Standard CD rates table Term Lock in a rate – it’s guaranteed for the term of your CD.
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