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5.25% 7-Month CD at Wells Fargo


Update: This CD special is no longer available. Please check with the bank for the latest rates.

Wells Fargo branches in many states are offering a special 5.25% APY 7-month certificate of deposit. Minimums range from $5K to $10K. This isn't the best rate, but it's not bad for a large brick-and-mortar bank. For those who prefer to do their banking at a local and established bank, this is a decent deal.

If you do bank at Wells Fargo, just beware of fees. Wells Fargo just reported its quarterly earnings this week. As this LA Times article mentioned, Wells Fargo non-interest income (which is mostly fees it charges customers) totaled $3.8 billioin in the quarter which was a jump of 14% from the same quarter last year.

There were fears that the rising rates would make it difficult for the banks, but they continue to do well. Here's a quote from the article about Wells Fargo:
The San Francisco-based company, the nation's fifth-largest bank and the biggest bank headquartered in California, reported net income of $2.09 billion, or $1.23 a share, up from $1.91 billion, or $1.12, a year earlier.

Anonymous   |     |   Comment #1
I was a Wells Fargo customer in college. I had an student ATM only account where they would charge me if I went in to see the tellers. I received a grand check for $36000 and deposited it into my account via the ATM. Not only did they reject the deposit, the sent it back to my dorm via USPS regular mail. This was an ENDORSED check. As soon as I received the check, I went to the branch and closed the account immediately and vowed never to bank with Wells Fargo again and to recommend the same to everyone I know. I went next door to Great Western, now Washington Mutual and have had nothing but good experiences with the bank.

Thanks for reading my rant.
Anonymous   |     |   Comment #2
You are definitely the only idiot I know who would deposit a $36,000 check through the ATM.

Wells is a great bank, they have changed since the merger with NORWEST.

They have the best CEO & COO.

The stock is splitting next month
Anonymous   |     |   Comment #3
if you are a PMA account, you get a .1 bonus on a 7-month cd. minimum 10k.
Anonymous   |     |   Comment #4
I live in Arizona..I called our Wells Fargo bank in Marana Arizona. They don't know anything about a 5.25% APY 7 month CD. What information can you give me. Thank you.
Anonymous   |     |   Comment #5
this article is from two years ago the best your gonna get right now is 2.5 from wells fargo for 5 months
Anonymous   |     |   Comment #6
Wells Fargo's 60-month CD rates are not posted at wellsfargo.com but can be found at bankrate.com and in the banking stores. In my state (Washington), their current APY is 4.5%. Bankrate shows minimum $2500 opening deposit. Portfolio Management Account clients can receive a 0.10% bonus (i.e. raising APY from 4.5% to 4.6%).

In Washington, the current Special Offer CDs are: 7-month 3.30% APY, 15 month 3.50% APY, and 25 month 3.75% APY.