bank rates

You’ll Wait For Wells Fargo’s Best CD Rate

While Wells Fargo’s 58-month CD rates have improved since we last looked at this big bank two months ago, there’s still little reason to buy most of its CDs if you’re looking for the biggest payday.

Its 58-month special offer is paying better than the national average 1.59% APY on 60-month CDs, and can be bought online or at any of Wells Fargo’s 9,000 branches.

With a $5,000 minimum deposit Wells will sell you a 58-month CD that beats the average yield.

But, watch out: Wells Fargo’s CD rates differ by state. So, for example, savers in Ohio and Indiana will earn 2.15% APY on this deal, which requires a $5,000 minium deposit. Iowa, Minnesota and Washington residents will get only 1.65% APY. And there’s no 58-month special offer in the Dakotas or Wyoming.

The 58-month deal is not bad for a big bank – but not great when compared to our CD Rates Leaderboard. The 60-month leader there is paying 2.93% APY with the same minimum deposit.

Whatever you do, stay far away from the standard certificates of deposit. As is the case with other big banks, most CD rates at Wells Fargo are, in a word, abysmal. (0.15% APY for a 12-month CD? Come on.)

Wells Fargo’s other odd-term specials aren’t much better. In most cases, the bank doesn’t come close to paying an average return. Two common ones are:

11-month CD rate is 0.20% APY versus an average rate of 0.48% APY for a 12-month CD.

26-month CD rate is 0.50% APY versus an average rate of 0.73% APY for a 24-month CD.

There are 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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