Certificates of deposit are a great way to let your money earn interest. Many investors choose to place their money in CDs because of the security it offers. Despite having higher rates, some investors may have second thoughts about investing in long term CDs because of the lock in period. Penalty charges usually apply for early withdrawals. However, CD depositors at Wells Fargo need not worry about having to pay penalty fees with early withdrawals. With the Step Rate Certificate of Deposit, investors can enjoy higher rates with the option to withdraw early.
Many people are quite familiar with Wells Fargo because they have been known for providing and offering the best rates in terms of certificate of deposits. Wells Fargo was recognized in the year 1852 and since then has established an excellent and stable banking system. Services they offer include loans, mortgages, savings, credit and debit cards, and more.
The Step Rate certificate of deposit is a 24 month CD featuring guaranteed rate increase. It also has penalty free withdrawals for every six months. This will be allowed when the account owner has maintained the minimum opening amount or balance of the CD account. What is the minimum opening deposit? It is only $2,500 and this is has an annual percentage yield of 0.32%. When the account owner will use the step one which will mean 1-6 months, the interest rate is 0.10%. Step two will then be from 7-12 months with an interest rate of 0.25%. On the other hand, step three with the term 13 to 18 months has an interest rate of 0.40% and so on. This is then how advantageous it will be when people will choose this CD at Wells Fargo.