bank rates

Just Say No To CDs At Wells Fargo

Wells Fargo signWhen your top “special” CD can’t come close to paying the average rate for that term, it’s time to give up.

Yes, CD rates at Wells Fargo have fallen again.

The 58-month special – typically the best offering at the big bank with more than 6,000 branches – now pays 0.55% APY in most major markets. It was 0.70% APY when I last reviewed this bank in the fall.

Here’s how bad this deal is:

  • Top savings rates – which don’t force you to lock your money up for five years – pay double.
  • The average 60-month CD rate pays more than three-tenths of a percentage point better than Wells Fargo’s “special” CD.
  • The average 60-month CD rate set a new record low last week at 0.88% APY.

But there’s good news for all the savvy savers on Bankaholic.com. Wells Fargo customers can easily find a better deal.

For example, the top 60-month deal on our CD Rates Leaderboard is the best offer we’ve seen in more than a year.

Leaderboard newcomer CSBdirect pays 2.05% APY with a $1,000 minimum deposit.

That’s more than triple what you’ll earn on Wells Fargo’s 58-month special, which requires a $5,000 minimum deposit.

If you don’t like that offer, we’re tracking nearly two dozen other nationally available deals that pay double – and even triple – the Wells Fargo deal.

Just say no to this bank’s certificates.

Like a lot of other big banks, Wells Fargo’s CD rates, and even 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.

Before you go to all that work, know that I couldn’t find a single above-average rate among its special and standard CD rates in the markets I reviewed.

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

Compare Wells Fargo’s returns with the best CD rates from scores of other banks in our extensive database.

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