bank rates

Best Wells Fargo CD Gets Cut Again

Big bank pays as much as 0.80% APY for odd-term CD rates.If you thought CD rates at Wells Fargo couldn’t get any worse, think again.

This San Francisco-based big bank with more than 6,000 branches now pays just 0.80% APY for its 58-month special, which remains its most widely available offer.

That’s more than a third of a percentage point less than what Wells Fargo paid for this odd-term special at the beginning of 2012. (It was 0.90% APY when I last checked in the beginning of August.)

I found that 0.80% APY, with a $5,000 minimum deposit, in Chicago, Detroit, Los Angeles, Miami and New York.

What’s really sad about this rate is that the average annual yield large banks and thrifts now pay for the 60-month term set a new record low at 0.98%.

Wells Fargo’s CD rates, or even the terms it offers, aren’t consistently available across the country, so you have to enter your ZIP code on the website to get the specific rate for your area.

Or, you could just head over to our CD Rates Leaderboard.

This is what we’d suggest.

You’ll quickly see that the top nationally available CD rates listed there are far better than what any big bank is offering these days.

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

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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