Wells Fargo Bank Promotions

New Wells Fargo Everyday Checking customers can get up to $300

Reviewed by Michael J Boyle

Wells Fargo is the fourth-largest bank in the country and frequently offers incentives to bring new customers in the door. The lineup of Wells Fargo bank promotions is always changing, and you can earn a tidy little bonus if you time things right while shopping for a new bank account.

Wells Fargo: Everyday Checking – $300

• Bonus Amount: $300
• Promotion Expiry: April 1, 2024
• Qualifications: Deposit, direct deposit

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How to Get the Bonus

1. Open a new checking account with a minimum $25 deposit. The offer page specifies that you’ll need to open an Everyday Checking account for this offer. The fine print, on the other hand, says that you can choose any personal checking account except for a Private Bank account. Opening an account online is easiest, but you can also do so at a branch if you enter your email address on the offer webpage to receive a coupon code.
2. Receive at least $1,000 in direct deposits within 90 days. Direct deposits include automatic payments made to you, usually from your employer or benefits provider. Payments that your friends send you on Zelle and transfers you make from another checking or savings account, for example, don’t count. 
3. Keep your account open with a positive balance for 90 days. If your account balance drops to $0, Wells Fargo will close your account and you won’t be eligible for the bonus. One way to avoid a $10 monthly maintenance fee is by keeping at least $500 in your account each day. 
4. Receive the bonus within 30 days. After you meet the bonus requirements, Wells Fargo will verify you met them and then deposit the bonus into your new checking account within 30 days. Your account can’t have a $0 balance in it when Wells Fargo deposits the bonus; after that, you can do anything you want with the account. 

Bonus Restrictions and Account Fees

• You’re not eligible for this bonus if you already have a Wells Fargo personal checking account or if you’ve earned a checking-account-opening bonus within the last year.
• Wells Fargo employees and non-resident aliens aren’t eligible. 
• You can’t pair this offer with any other promotions. 
• The Wells Fargo Everyday Checking account has a $10 monthly fee, ATM fees ranging from $2.50 to $5, a $35 overdraft fee (charged up to three times per day), and more. 
• The monthly fee is waived if you keep at least $500 in your account for the month, receive at least $500 in direct deposits, are between the ages of 17 and 24, or are a college student and you link up a Wells Fargo Campus ATM or debit card to this account. 

Wells Fargo: Premier Checking Account – $2,500

• Bonus Amount: $2,500
• Promotion Expiry: April 1, 2024
• Qualifications: Deposit, maintain balance

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How to Get the Bonus

1. Open or upgrade to a new Premier Checking account at a Wells Fargo branch using the offer code and with a minimum $25 deposit. Follow the link above and enter your email address to get your code. You must present the code in the branch location when you open or upgrade the account. You’re eligible for this offer when upgrading an existing Consumer Checking account to Premier.
2. Receive at least $250,000 in new deposits to qualifying linked accounts within 45 days. Qualifying linked accounts include consumer bank deposit accounts like checking, savings, CDs, IRAs, and investment accounts.
3. Maintain at least a $250,000 balance in qualifying linked accounts for 90 days.
4. Receive the bonus within 30 days. After you meet the bonus requirements, Wells Fargo will deposit the bonus into your Premier Checking account within 30 days.

Bonus Restrictions and Account Fees

• Wells Fargo employees and non-resident aliens aren’t eligible. 
• You can’t pair this offer with any other promotions.
• The Wells Fargo Premier Checking account has a $35 monthly fee, which can be waived if you keep at least $250,000 in qualifying linked accounts.
• You’re not eligible for this bonus if you’ve earned a bonus for opening a Premier Checking account in the last 12 months.

Compare Wells Fargo Promotions

In the News

In the News: In October, Wells Fargo announced stronger-than-expected results with a significant jump in profits, bringing in $5.8 billion in the third quarter of 2023. Due to its strong consumer business and the surprising resilience of the economy so far this year, Wells Fargo’s stock price has steadily increased since April, and as of December 2023, its quarterly dividend is $0.35 per share.

Pros and Cons of Wells Fargo Bank Promotions

Pros

• Quick bonus disbursement

• Solid bonus amounts

• Reasonable fee waiver for accounts like Everyday Checking

Cons

• Significant direct deposit requirements

• Bonus requirements separate from fee waivers 

• No interest paid on most accessible checking account

Pros Explained

• Quick bonus disbursement: Banks can make customers wait 180 days or more to receive a cash bonus. But with certain Wells Fargo promotions, you can receive the bonus in as little as 30 days after you satisfy the requirements. 
• Solid bonus amounts: While some banks offer higher bonuses, others offer lower payoffs. Wells Fargo has offered fairly large bonuses for its Everyday Checking account for new customers who meet requirements, with higher bonuses for high-deposit customers opening certain other accounts (although current bonus offers may not always be above average).
• Reasonable fee waiver for accounts like Everyday Checking: Wells Fargo charges monthly account fees, which can be waived with specific actions or minimum account balances. One simple way to waive the associated fee for Everyday Checking, for example, is by keeping a $500 minimum in the account, a lower bar than some competitors.  

Cons Explained

• Significant direct deposit requirements: With some of Wells Fargo’s checking promotions, you must make at least $1,000 in qualifying direct deposits to be eligible. This is higher than some competitors, which have lower requirements. 
• Bonus requirements separate from fee waivers: Wells Fargo’s promotions may include the fine print: “The actions required to earn this bonus are separate and distinct from the options available to you to avoid any applicable monthly service fee for the checking account you opened.” If you’re wondering exactly how to earn the bonus while qualifying for a monthly fee waiver, you may want to contact customer support when opening your new account.
• No interest paid on most accessible checking account: Some banks offer bonuses in tandem with interest-earning checking accounts. The Wells Fargo Everyday Checking account, however, doesn’t offer interest; but if you have higher amounts to deposit, the Premier Checking account does pay some interest. 

Important

Be sure to set aside a portion of any bonuses you receive from opening a new bank account, as the bonus is taxable as income. The bank will send you Form 1099-INT.

Alternatives to Wells Fargo Bank Promotions

If you aren’t eligible for a Wells Fargo bonus offer or would prefer to work with another bank, consider these alternatives to earn extra money. Remember that wherever you place your savings, the returns must keep up with the inflation rate, or you lose buying power. 

Warning

Wells Fargo has a less-than-stellar reputation for customer service. Wells Fargo was in position eight out of nine banks in J.D. Power’s 2023 U.S. National Banking Satisfaction Study.

Bank of America Promotions

Although Wells Fargo can be relatively quick, with some banks you have to wait months after meeting the offer requirements to receive your cash bonus. But with Bank of America, depending on the promo terms, you may receive your bonus in as little as 60 days. 

TD Bank

TD Bank usually offers fairly generous bonuses, which may have relatively low direct deposit requirements. But you may end up waiting longer for the bonus to hit your account.

Chase

Chase typically has several promotional offers at once. In some cases, Chase’s bonus offers have had no minimum deposit requirements, instead asking you to complete a number of transactions to qualify for the promotion. 

High-Yield Savings Account (HYSA)

While bank bonuses give you a one-time lump sum, a high-yield savings account provides long-term benefits through the interest you earn on your total. These savings accounts offer higher-than-average annual percentage yields (APYs), so your money could earn more interest over time compared to a Wells Fargo savings account or bonus. 

Certificates of Deposit (CDs)

For those looking to maximize their savings, certificates of deposit tend to have higher APYs than other deposit accounts, such as savings or money market accounts. You deposit money into the CD and leave it untouched for a specific term, such as six to 120 months. In exchange, the bank pays a fixed rate of interest. Depending on your deposit amount, you may earn more with a high-rate CD compared to a bank bonus, but you typically can’t withdraw funds during the term or you’ll face a penalty fee. 

Series I Bonds 

U.S. government I Bonds help you beat inflation with a rate tied to the rate of inflation. As a result, you may find I Bonds deliver higher returns due to higher interest rates. However, you cannot take your money out of an I Bond for one year, and you will pay a penalty of three months of interest if you take it out before five years have passed. There’s also a max amount ($10,000) you can buy in one year. 

Frequently Asked Questions

Are Wells Fargo Promotions Taxed?

Yes, any bonuses you earn from opening a new account with Wells Fargo (or any other bank) are considered taxable income. At the end of the year, Wells Fargo will issue you a tax form that you can use to report that income on your tax return.

How Do You Find Wells Fargo Promotions?

You can find some Wells Fargo bank promotions advertised on its website. Some of its other bank promotions aren’t quite so easy to find, although we can point you to the correct location.

Are Wells Fargo Promotions a Good Deal?

The current Wells Fargo bank promotions aren’t bad, but they’re not the best. Currently, Wells Fargo is only offering two promotions, and they’re for the same account. Wells Fargo isn’t offering any promotions for its other accounts, even business bank accounts.

How Do Wells Fargo Promotions Compare to Other Bank Promotions?

Wells Fargo bank promotions are a bit lacking compared to other big banks. Chase Bank promotions, for example, are currently more widely available for different types of bank accounts, and the promotion bonus amount may be higher too.

When Will I Get My Wells Fargo Bonus?

Although the terms vary by promotional offer, Wells Fargo generally pays out bonuses for opening new accounts within 30 days after meeting the offer’s requirements.

How Do I Get My Bonus From Wells Fargo?

Once you’ve met the promotional offer requirements, such as deposits and average balance maintenance, Wells Fargo will deposit the bonus amount into your new bank account.

How Do I Get a Higher Bonus From Wells Fargo?

To qualify for Wells Fargo’s highest bonus offers, you will likely need to qualify for and open a new high-net-worth account of some kind, such as the Wells Fargo Premier Checking account, which provides a suite of financial products and services.

Read the original article on Investopedia.