Wells Fargo does not sell or issue savings bonds

Wells Fargo is a bank, not a bond dealer or broker. The bank offers deposit accounts like savings accounts and certificates of deposit (CDs), but it does not sell U.S. savings bonds, corporate bonds, or municipal bonds directly to customers. If you want to buy savings bonds, you will need to go through a different channel.

U.S. savings bonds are issued by the U.S. Department of the Treasury. You can buy them directly from TreasuryDirect, the government's online platform, or through a bank or broker that has been authorized to sell them. Wells Fargo is not an authorized savings bond seller, though some Wells Fargo branches may be able to direct you to resources for purchasing bonds elsewhere.

Key Takeaways

  • Wells Fargo does not sell U.S. savings bonds or any type of bonds through its branches or online banking.
  • You can buy U.S. savings bonds directly from TreasuryDirect.gov without paying a fee or commission.
  • Wells Fargo offers savings accounts and CDs as alternatives to bonds, though they have different interest rates, terms, and tax treatment.
  • If you want to buy bonds through a financial institution, you will need to use a bank or brokerage firm that is authorized to sell them.

Where to buy U.S. savings bonds instead

The simplest way to buy U.S. savings bonds is through TreasuryDirect.gov, the official government website. You create an account, link a bank account, and purchase bonds electronically. There are no fees, no commissions, and no middleman involved. You can buy Series EE bonds or Series I bonds (inflation bonds) in amounts as small as $25.

If you prefer to work with a financial institution, you can also buy savings bonds through an authorized bank or brokerage. Some larger banks and most full-service brokerages offer this service, though they may charge a fee. You will need to contact the institution directly to ask whether they sell savings bonds and what their process is.

How Wells Fargo savings accounts compare to savings bonds

Wells Fargo savings accounts and savings bonds serve different purposes, and the choice between them depends on how long you plan to keep your money and what interest rate you are willing to accept.

A Wells Fargo savings account gives you when ready access to your money. You can deposit and withdraw at any time without penalty. The interest rate on a savings account changes based on Federal Reserve decisions and Wells Fargo's own pricing, so the rate you earn today may be lower or higher next month. As of now, Wells Fargo's savings account rates are typically lower than what you would earn in a CD or savings bond, though rates change frequently.

U.S. savings bonds require you to hold them for at least one year before you can cash them in. If you cash in a Series EE bond before five years have passed, you lose the last three months of interest as a penalty. Series I bonds have the same one-year holding period, but the penalty for early withdrawal is also three months of interest. In exchange for this commitment, savings bonds often offer higher interest rates than savings accounts, especially Series I bonds, which adjust for inflation every six months.

How Wells Fargo CDs compare to savings bonds

Wells Fargo certificates of deposit (CDs) are more similar to savings bonds than savings accounts are, because both require you to lock up your money for a set period of time. The main differences are in how long you lock the money away, what happens if you need it early, and how the interest rate is set.

A Wells Fargo CD has a fixed term — typically three months, six months, one year, two years, or five years. The interest rate is locked in when you open the CD and does not change. If you withdraw the money before the term ends, you pay an early withdrawal penalty, which is usually a certain number of months of interest. The longer the CD term, the higher the interest rate Wells Fargo typically offers.

U.S. savings bonds also lock up your money, but the terms and penalties work differently. Series EE bonds have no maturity date — you can hold them for 30 years or longer. Series I bonds also have no set maturity date. Both types have a one-year holding period before you can cash them in at all, and a three-month interest penalty if you cash them in before five years. After five years, you can cash them in with no penalty. The interest rate on Series I bonds changes every six months based on inflation, while Series EE bonds have a fixed rate.

Tax treatment of Wells Fargo accounts versus savings bonds

Interest earned in a Wells Fargo savings account or CD is taxed as ordinary income in the year you earn it. Wells Fargo will send you a 1099-INT form at the end of the year showing how much interest you earned, and you report that amount on your federal tax return.

U.S. savings bonds are also taxed as ordinary income, but you have a choice about when to report the interest. You can report the interest each year as it accrues, or you can wait until you cash in the bond to report all the interest at once. Many people choose to wait until they cash in the bond, which can be useful if you plan to cash it in during a year when your income is lower. Series I bonds have an additional feature: if you use the money to pay for may have access to education expenses, you may be able to exclude the interest from your taxable income entirely, though this has income limits.

What to do if you want to buy bonds through Wells Fargo

If you have a Wells Fargo account and want to explore bond options, you have a few paths. First, you can visit a Wells Fargo branch and ask whether they have information about authorized bond sellers in your area. Some branches may be able to refer you to a broker or provide educational materials about bonds.

Second, you can open an account with Wells Fargo Investments (the bank's brokerage arm) if you want access to a wider range of bonds, including corporate and municipal bonds in addition to U.S. savings bonds. This requires a separate process and account setup, and you will be able to buy and sell bonds through that platform.

Third, and most directly, you can go to TreasuryDirect.gov and set up an account there. You do not need to be a Wells Fargo customer, and you do not need to use Wells Fargo at all. You only need a Social Security number, a valid email address, and a U.S. bank account to link for deposits and withdrawals.

Frequently Asked Questions

Can I buy savings bonds at a Wells Fargo branch?

No. Wells Fargo branches do not sell U.S. savings bonds. You can buy them directly from TreasuryDirect.gov or through an authorized bank or brokerage that is not Wells Fargo.

Does Wells Fargo offer any products similar to savings bonds?

Yes. Wells Fargo CDs are the closest product to savings bonds because both lock up your money for a set period in exchange for a fixed or variable interest rate. Wells Fargo also offers savings accounts, though they typically pay lower interest rates and allow you to withdraw money anytime.

What is the difference between a Series EE bond and a Series I bond?

Series EE bonds have a fixed interest rate that does not change. Series I bonds have an interest rate that adjusts every six months based on inflation. Series I bonds are often better if you expect inflation to rise, while Series EE bonds are better if you want to lock in a may provide rate.

Can I hold savings bonds and Wells Fargo CDs at the same time?

Yes. There is no rule against owning both. Many people use savings bonds for long-term savings and CDs or savings accounts for money they may need sooner.

Do I need a Wells Fargo account to buy U.S. savings bonds?

No. You can buy U.S. savings bonds from TreasuryDirect.gov with any U.S. bank account, regardless of which bank you use. You do not need to be a Wells Fargo customer.