bank rates

At Least Wells Fargo’s CD Rates Didn’t Fall

Wells Fargo signGood news, Wells Fargo fans. This big bank has held back on cutting its terrible CD rates.

The 58-month special – typically the best and most consistent offering at this San Francisco-based big bank with more than 6,000 branches – pays 0.55% APY in the major markets of Boston, Chicago, Detroit, Houston and Los Angeles. Miami and New York City check in at 0.60% APY.

That’s the same deal Wells Fargo offered when we last reviewed its rates in January.

To be sure, this isn’t exactly a recipe for winning.

Both of those rates are far below average. The average annual yield large banks and thrifts are currently paying for the 60-month term is a record-low 0.82%.

Even though 60-month CD rates on our CD Rates Leaderboard have a taken a recent hit, the lead rate is 1.85% APY.

Wells Fargo’s CD rates, and its odd-term specials, aren’t consistently available across the country. You have to enter your ZIP code on the website to get specific rates for your area.

Here are the other special CD rates for New York City, which should be among the best of the crop:

9-month special CD rate is 0.15% APY versus an average 6-month CD rate of 0.16% APY. (Leaderboard leader is 0.89% APY.)

26-month special CD rate is 0.25% APY versus an average 24-month CD rate of 0.41% APY. (Leaderboard leader is 1.30% APY.)

39-month special CD rate is 0.35% APY versus an average 36-month CD rate of 0.51% APY. (Leaderboard leader is 1.40% APY.)

All of Wells Fargo’s special CDs require a $5,000 minimum deposit.

Learn more about Wells Fargo at www.wellsfargo.com or call 800-869-3557.

Bottom line: You can easily find deals that beat the best Wells Fargo can offer when you compare CD rates from scores of other banks in our extensive database.

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