bank rates

Wells Fargo Fails To Deliver Top CD Rates

Only one special on 58-month CDs offers better than average returns.

When it comes to CD rates, Wells Fargo is so typical of Big Banks.

They pay below average rates – usually way below average rates – on most of their CDs.

You have to search their rate sheets to find even one or two exceptions that allow you to earn a slightly better than average returns on your savings.

In Wells Fargo’s case, it’s the 58-month special that’s paying 1.65% APY with a $5,000 minimum deposit.

That beats the national average of 1.55% APY on 60-month CDs, and these certificates of deposit can be bought online or at any of Wells Fargo’s 9,000 branches.

I guess the best we can say is that Wells Fargo CDs are convenient to buy, even if their returns can’t compete with those on our most recent CD Rates Leaderboard.

It’s currently offering three other odd-term specials, but they don’t come close to paying an average return. Its:

7-month CD rate is 0.20% APY versus an average rate of 0.32% APY for a 6-month CD.

26-month CD rate is 0.50% APY versus an average rate of 0.79% APY for a 24-month CD.

39-month CD rate is 0.90% APY versus an average rate of 1.07% APY for a 36-month CD.

It may be hard to believe, but the yields on traditional CDs are even worse. Wells Fargo’s:

3-month CD rate is 0.05% APY vs. an average rate of 0.21% APY.

6-month CD rate is 0.10% APY vs. an average rate of 0.32% APY.

12-month CD rate is 0.15% APY vs. an average rate of 0.53% APY.

Don’t even consider them.

You’ll come out ahead even if you buy a 58-month CD, want to bail after a year, and have to pay the early withdrawal penalty of 6-months interest.

Compare Wells Fargo’s returns with the best CD rates from scores of other banks in our database and we know you’ll find better deals.

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