bank rates

58-Month CD Rates Wells Fargo’s Best Bet

The Wall Street Journal earlier this week sounded cautious optimism when it noted some of the country’s biggest banks had increased long-term CD rates.

Big bank is paying as much as 2.15% APY for odd-term CD ratesThe trend doesn’t appear to have reached Wells Fargo.

For months now, this big bank with more than 6,000 branches has offered a respectable 58-month CD rates special that tops out at 2.15% in some states.

For most U.S. savers, Wells Fargo is paying 1.90% APY with a $5,000 minimum deposit.

That’s nearly a fifth of a percentage point better than the average annual yield for 60-month CDs from large banks and thrifts, which is 1.71% APY.

Wells Fargo’s CD rates differ by state, so savers in California, Florida and Ohio earn the top rate, 2.15% APY, while those in Iowa, only 1.65% APY. And there’s no 58-month special offer in a few states.

If you want a better deal, check out the latest CD Rates Leaderboard. Although the 60-month leader fell to 2.93% APY this week, that rate still bests Wells Fargo’s 58-month special offer by more than 1% in some states.

Other special offer terms vary widely by state, and most aren’t much better than average. But they are miles above Wells Fargo’s standard CD rates, which are as low as 0.05% APY for a 3-month CD and 0.15% APY for a 12-month CD.

There are definitely better deals out there, and you’ll find them if you compare Wells Fargo’s returns with the best CD rates from scores of other banks in our extensive database.

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Comments (3)
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3 Existing Comments
  1. SeniorSaver said:
    on March 11th at 10:33 am

    Capital One just raised its 5-year CD rate to 2.30% from 1.75%. Unfortunately, it’s one of those banks with an early redemption double-whammy, requiring both prior bank consent to early withdrawal and the payment of a breakage penalty.

  2. Kathy at Bankaholic said:
    on March 27th at 08:35 am

    Wells Fargo’s rates are still offered as of March 27, 2011.

  3. Kathy at Bankaholic said:
    on May 26th at 06:09 am

    The 58-month special is still being offered as of May 26, 2011.