While Wells Fargo is still lagging behind many online banks in terms of CD interest rates, their rates have been steadily increasing over the past few months. However, after the recent Fed rate cut, Wells Fargo and other brick and mortar banks such as Bank of America and WaMu have cut their rates as well. Looking at Wells Fargo’s certificate of deposit rate table, it shows a high of 4.20% APY but only if you have more than $100,000 and then only for 72-144 month maturity CDs.

While it may be convenient for those who already have a Wells Fargo bank account, there are several better interest rate deals available. Capital One Direct has a great rate on their money market savings account. WaMu has a great rate on their checking/savings account combo promotion. As a consumer you should definitely consider all your options before committing yourself to a bank or institution.