There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.
Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.
CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.
Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.
CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.
The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.
The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.
Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.
Wells Fargo offers an Opportunity Checking account. This account is for those who do not qualify for a regular checking account. It offers checks, a debit card, bill pay, and mobile banking. With the Opportunity account, there is a $10 monthly fee. There are options to waive the fee.
Many business accounts are available through Wells Fargo. Business savings and checking accounts are available. They offer CDs, loans, and credit cards. Commercial finance options are available. Wells Fargo offers retirement and investment options for businesses, along with payroll options.
Wells Fargo offers a checking account specifically for kids 13-17 years old. A parent must open the account with the child. There are no monthly fees and it offers a debit card and mobile banking. Parents can set limits on the number of purchases and withdrawals made from the account.
To open a Wells Fargo checking and savings requires a low opening deposit. The savings and checking accounts only need $25 to open. The accounts may require more money to earn interest, but to open the account only requires $25.
The interest rates for Wells Fargo accounts are low. They are not competitive with other online-only accounts. Even the highest interest rates offered are low compared to other online accounts.
Most Wells Fargo accounts have a monthly fee. The fees range from $10-30, depending on the account. Ways to waive the fees include:
Wells Fargo does not offer many CD term lengths. There are only four CDs with an opening amount of $2,500. Those terms are three-month, six-month, and one-year CDs. The 9, 29, and 39-month CDs require $5,000 to open. The Step Rate CD is a 24-month term. To open requires $2,500 and must be done in a branch location.
Wells Fargo does not offer a money market account. They offer a basic and a Platinum savings account. Neither account offers interest rates competitive to online accounts.