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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 – $325
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Wells Fargo Logo
- Bonus Amount: $325
- Promotion Expiry: April 10, 2023
- Qualifications: Deposit, direct deposit
- Open a new checking account with a $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.
- 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.
- 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.
- 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.
- 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.
- You can get a waiver for the monthly fee 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 is essentially offering different bonus amounts for meeting the same requirements. If you’re able to apply before February 28, choose the first one, offering $325.
Wells Fargo : Everyday Checking – $200
Wells Fargo Logo
- Bonus Amount: $200
- Promotion Expiry: March 28, 2023
- Qualifications: Deposit, direct deposit
- Open a new Wells Fargo checking account. Open the account with at least $25. You can do this online or in person. To do it in person, enter your email address on the promotion page. Wells Fargo will email you a coupon code you can take with you to a branch location.
- Receive at least $1,000 in direct deposits. You’ll have 90 days to complete this requirement after you open the account. Direct deposits are automatic payments like your paycheck or any government benefits you receive—not transfers that you make yourself, such as from other checking accounts or PayPal. To be on the safe side, fill out new direct deposit forms with the people paying you as soon as you can.
- Keep a balance in the new account for at least 90 days. If your account balance drops to $0, Wells Fargo will close your account and you won’t earn the bonus. To be safe, keep some money parked in there for this 90-day period. If you keep at least $500 in the account, you can avoid a $10 monthly service fee. Otherwise, three months’ worth of service fees ($30) will wipe out your minimum deposit ($25)—in which case, you’d earn no bonus, and you’d also owe the bank $5.
- Earn the bonus within 30 days. Once you’ve met the requirements, Wells Fargo will verify everything and then deposit the bonus into your new account as long as it doesn’t have a zero balance. Wells Fargo states that this process can take up to 30 days.
The promotion page is a bit contradictory: It says that the offer only applies if you open an Everyday Checking account, but also that any personal checking account qualifies except for a Private Bank account. Opening the account via the promotion page will take you to the right place.
- The bonus is not available if you already have a Wells Fargo personal checking account, or if you earned another bonus for opening another Wells Fargo checking account within the past year.
- It is also not available if you’re a Wells Fargo employee, or if you’re a non-resident alien.
- You can’t combine this with any other Wells Fargo bonus offer.
- Wells Fargo charges many fees for its accounts, including a monthly service fee ($10), overdraft fees ($35, up to three times per day), out-of-network ATM withdrawal fees ($2.50 to $5), and wire transfer fees ($15 to $30), among others.
- You can qualify for a monthly fee waiver if you keep at least $500 in your new checking account each day, or if you receive at least $500 in direct deposits during the month.
- You can also qualify for a monthly fee waiver if you’re between the ages of 17 and 24 or if you’re a college student with a linked Wells Fargo Campus ATM or debit card.
Compare Wells Fargo Promotions
| Promotion | Bonus Amount | Promotion Expiry | Qualifications |
|---|---|---|---|
| Everyday Checking | $325 | April 10, 2023 | Deposit, direct deposit |
| Everyday Checking | $200 | March 28, 2023 | Deposit, direct deposit |
Frequently Asked Questions
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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.
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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.
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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.
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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.
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