bank rates

Wells Fargo: Watch For Falling CD Rates

Wells Fargo signCD rates at Wells Fargo now top out at a mere 0.50% APY.

That’s as much as a tenth of a percentage point lower than they were last time we dared to look.

While rates and even the special terms this San Francisco-based big bank with 6,000 branches offers typically vary by state, we found its 58-month special consistent in the major markets of Boston, Chicago, Detroit, Houston, Los Angeles, Miami and New York City.

Truth be told, this special is not very special, especially considering the average annual yield large banks and thrifts are currently paying for the 60-month term set a new record low this week, at 0.78%.

And the top nationally available 60-month CD rate on our CD Rates Leaderboard is 1.85% APY.

Keep in mind that you have to enter your ZIP code on the website to get specific rates for your area.

This is what we recently found for Chicago, in addition to the 58-month special:

11-month special CD rate is 0.15% APY versus an average 12-month CD rate of 0.25% APY. (Leaderboard leader is 1.05% APY.)

26-month special CD rate is 0.20% APY versus an average 24-month CD rate of 0.38% APY. (Leaderboard leader is 1.20% APY.)

39-month special CD rate is 0.30% APY versus an average 36-month CD rate of 0.48% APY. (Leaderboard leader is 1.41% APY.)

All of Wells Fargo’s special CDs require a $5,000 minimum deposit.

Its standard CD rates are low – we’re talking 0.05% APY for 12-month CDs with a $2,500 minimum deposit.

If you must, 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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Comments (2)
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2 Existing Comments
  1. zimmy@moneyandpotatoes.com said:
    on May 18th at 08:14 am

    It is almost like they are incentivizing people to find other investment options with these low rates. I have looked at P2P lending and other options with much high rates of return instead of just letting my money sit in a bank with almost a 0% rate of return.

  2. paoli the putz said:
    on May 24th at 12:47 pm

    wells fargo would be good if they would get rid of the likes of slovinsky cannon and fouled mouth miller imho