bank rates

Go Long For Wells Fargo’s Best CD Rates

The trick to finding decent CD rates at Wells Fargo is to go long.

It’s impossible to find a big bank with great rates. But most big banks offer average rates on at least some certificates of deposit if you know where to look.With a $5,000 minimum deposit Wells will sell you one of three longer, odd-term CDs that pay an average rate.

Wells is no exception.

None of its offerings come close to any of the best nationally available CD rates.

Take a look at the most recent CD Rates Leaderboard and you’ll see what we mean.

The three short-term CD rates Wells Fargo is currently promoting (with a $2,500 minimum deposit) are even way below average.

You can get a:

3-month CD for 0.10% APY vs. an average rate of 0.24% APY.

6-month CD for 0.15% APY vs. an average rate of 0.35% APY.

12-month CD for 0.20% APY vs. an average rate of 0.61% APY.

Yuck. You don’t want that.

But with a $5,000 minimum deposit Wells will sell you one of three longer, odd-term CDs that pay an average or, in one case, somewhat higher than average rate:

You can get a:

23-month CD for 0.90% APY vs. an average return of 0.91% APY for a 24-month CD.

33-month CD for 1.15% APY vs. an average return of 1.18% APY for a 36-month CD.

54-month CD: for 1.90% APY vs. an average return of 1.72% APY for a 60-month CD.

Compare that to what Chase and Bank of America are offering.

Wells might be a little less generous. But it’s in the ball park.

One odd thing.

When we didn’t see 24-, 36- and 60-month CD rates on the bank’s Web site, we called and asked for the returns.

We were told they’re not selling those CDs right now. Just the odd-term specials.

If you want to shop around, you’ll also find better CD rates from other banks in our extensive database.

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Comments (1)
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One Existing Comment
  1. Charley Rechlin said:
    on September 6th at 10:37 am

    Wells Fargo had some very competitive 25-month CD rates until mid-2009, then decided to shrink their deposit base and turn the screws on customers. Wachovia also had some good CDs until the merger went through. Although I haven’t checked recently, WF use to bump its published rates 10 basis points for customers having a PMA checking package and at least $25,000 on deposit in all their accounts. In any event, I expect to move all my CD accounts at WF to online banks as they mature.