bank rates

Wells Fargo’s Top CD Rates Take A Tumble

With a $5,000 minimum deposit Wells will sell you one of three longer, odd-term CDs that pay an average rate.Wells Fargo’s 58-month special CD rates, once the best this big bank had to offer, are now only above average in one state.

The current rate, 1.15% APY, is good in every state where this deal is offered except Alaska, which earns 1.40%. So, congratulations (we guess) are in order for residents of The Last Frontier.

North Dakota, South Dakota and Wyoming don’t have the 58-month CD special.

The current average annual yield for 60-month CDs is 1.20% — a new record low that honestly shouldn’t be tough to beat.

But Wells Fargo just can’t do it.

Just two months ago, Wells Fargo was paying from 1.64% APY to 1.70% APY for this odd term, depending on the state.

That’s a drop of a half a percentage point for some states.

The top nationally available 60-month CD rate on our CD Rates Leaderboard is 2.20% APY, which is also significantly less that it was just a two months ago. (The top 60-month rate at the beginning of September was about a third of a percentage point better.)

But it’s still a much better deal than what you’ll get at Wells Fargo and other big banks.

Wells Fargo has a plethora of odd-term CD specials that vary by geographic area, and standard CD rates. None of those rates are stellar, either.

The website (www.wellsfargo.com) allows you to search by state, which you should do if you’d like to check out your rates for yourself.

But 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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Comments (2)
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  1. Kathy at Bankaholic said:
    on November 21st at 09:26 am

    Wells Fargo still offers this 58-month rate.

  2. Kathy at Bankaholic said:
    on November 28th at 09:44 am

    The 1.15% rate is still being offered.