Wells Fargo has joined the brigade of big banks holding CD rates steady.
And like the other big banks, Wells Fargo has little to offer.
Sure, its 58-month special is above average — by a one one-hundredth of a percentage point.
But the average annual yield that large banks and thrifts are now paying is a record low for the 60-month term.
So Wells Fargo’s 1.15% APY is really mediocre, at best.
Especially when you consider that the 60-month leader on our CD Rates Leaderboard pays 1.95% APY.
That 58-month special, which requires a $5,000 minimum deposit, isn’t always consistently available, so you should always enter your ZIP code on the website to get the specific rates for your area.
And about those terms.
Wells Fargo is famous for offering odd-term specials paying a variety of rates in various geographic areas across the country.
To be honest, it’s a lot of work for not a lot of return.
For instance, Illinois has an above-average 45-month special. While that 0.90% APY easily beats the current average rate of 0.69% APY, it doesn’t touch the 1.55% APY the 36-month leader on the CD Rates Leaderboard is paying.
Our advice is to head to the Leaderboard, or check our listing of thehighest CD rates we’ve found at local banks and credit unions. Some of those deals are available nationally.
Wells Fargo’s standard CD rates are limited — and bad. Like 0.05% APY for 12-month CDs bad.
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.