Wells Fargo, the second largest bank in the Unites States by deposits, is offering nationwide specials on their non-traditional term CDs. Although the CD rates are not close competition for many online banks, the CD specials may be favored by current Wells Fargo customers.

The avid rate-chasing banking customer would never think to checking at a big bank for the best CD rates – they’d first check with community banks, online banks, and credit unions. Wells Fargo makes a satisfactory attempt to lure such customers, or at least attract current customers who want to save and have all their money in one place.

Big national banks are pushing promotional CD rates to bring in more deposits. U.S. Bank, the nation’s fifth largest bank, is also running a CD rates promotion offering odd-term CDs. Possibly in an attempt to confuse customers, big banks often differentiate their standard, often low-yielding, CDs apart from the more enticing odd-term CD rates to prevent comparisons.

CD Rates Differ By State

Here are several CD special offers depending on your residential state (as of 1/24/11):

CD TermNew YorkGeorgiaIdahoMinnesotaSouth Dakota
11 months0.20%-0.20%-0.20%
29 months0.65%---0.65%
37 months-1.15%---
39 months--1.15%1.15%-
45 months1.15%1.40%--1.15%
58 months1.90%1.90%1.90%1.65%-

While the CDs are available to customers nationwide and can be opened online or at a local Wells Fargo branch, the terms and APYs of the Wells Fargo CD specials vary from state to state and require a $5,000 minimum deposit. You can check your state’s CD rates offers by visiting our Wells Fargo rates page here.

None of the Wells Fargo CD rates stated above are able to beat the national CD rate averages among the banks tracked on MyBankTracker. The highest offered rate of 1.90% APY for the 58-month term is 0.16% less than the 60-month national CD rate average of 2.06% APY. For comparison reasons, a leading nationwide 60-month CD product from EverBank is paying 2.61% APY.

Aside from the promotional CDs, the standard CD rates from Wells Fargo are producing highly disappointing yields with the highest rate at 0.15% APY for 1-Year standard CD.

To find and compare more CD products available, visit the CD rates page.

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