bank rates

Wells Fargo Cuts Its 58-Month CD Rates

With a $5,000 minimum deposit Wells will sell you one of three longer, odd-term CDs that pay an average rate.It’s official: Wells Fargo’s special CD rates are really anything but special.

The 58-month special – this big bank’s most widespread offering – has dropped again. The most it pays in the major markets I checked is now 0.90% APY with a $5,000 minimum deposit.

That’s a quarter of a percentage point lower than when we last reviewed Wells Fargo’s CD rates in June.

And I found that yield in Boston, Chicago, Detroit, Los Angeles, Miami, New York City, Phoenix and Washington, D.C.

The average annual yield large banks and thrifts pay for the 60-month term is a record-low 1.05% APY.

Why settle for below average when the 5-year leader on our CD Rates Leaderboard pays 1.85% APY?

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

Wells Fargo also offers standard CD terms (such as 6-, 12-, 24- and 60-month CDs). Please don’t bother with them.

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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