Offer has now expired, you can view more banking bonuses here.
Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide, but targeted
- Direct deposit required: Optional
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: $50
- Monthly fees: $30, avoidable
- Early account termination fee: None, don’t close account straight away please
- Household limit: None
- Expiration date: May 5th, 2017
The Offer
- Receive a sign up bonus of $500 from Wells Fargo when you complete the following:
- Open a new Wells Fargo Portfolio Checking account linked to a Portfolio by Wells Fargo program with a $25 minimum opening deposit by May 5th
- Within 60 days of account opening, reach $25,000 in cumulative deposits into the new Wells Fargo Portfolio Checking account
- Within 60 days of account opening either make 10 debit card transactions or set up a qualifying direct deposit
The Fine Print
- Only a Wells Fargo Portfolio Checking account is eligible for the $500 bonus.
- Offer available to customers who received a personalized offer by mail or email.
- You cannot be:
- A current primary owner on a Wells Fargo consumer checking account
- A Wells Fargo team member
- A recipient of a consumer checking bonus in the past 12 months (limit one bonus per customer)
- $500 bonus will be deposited to your Wells Fargo Portfolio Checking account within 45 days of meeting the requirements
- A qualifying direct deposit is the customer’s salary, pension, Social Security, or other regular monthly income of an accumulated $500 or more, electronically deposited by his/her employer or an outside agency to the consumer checking account opened for this offer. Transfers from one account to another or deposits made at a retail banking store or ATM do not qualify as a direct deposit.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Portfolio by Wells Fargo has a $30 monthly fee, this is waived if you meet any of the following requirements:
- $25,000 or more in qualifying linked bank deposits (checking, savings, time accounts (CDs), FDIC-insured IRAs) OR
- $50,000 or more in any combination of qualifying linked bank, brokerage (available through our brokerage affiliate Wells Fargo Advisors®), and credit balances (including 10% of mortgage balances; certain mortgages not eligible)
Our Verdict
In the past Wells Fargo hasn’t enforced the targeted language in their promotions, I think there is a much greater chance that they will enforce it for this bonus. Previous best bonuses have been for $250, so this is significantly better but it does require $25,000 in cumulative deposits (that should mean depositing and withdrawing will count towards the total). Excellent deal if you’re targeted, but obviously most people won’t be. Because of this it won’t be added to our best checking bonus page. Keep in mind there is a public $100 ATM offer.
Big thanks to reader, Albert H who let us know. Learn how to find bonuses and contribute to the site here.
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- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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- Complete List Of Ways To Close Bank Accounts At Each Bank
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Bummed….just got off the phone with WF. I didn’t get this bonus because i had received the $250 bonus earlier in the year for the Everyday Checking Account. Seems the only difference with me is that i didn’t close that account before applying for this one. Learned the hard way…
I wish they’d do another one of these since this one is expired.
Same, I’d love $500
I was not targeted for this bonus, and Both my wife and I had already earned a $150 bonus from opening a new Wells Fargo standard checking account in November. However, a $500 bonus for this offer just posted today July 3rd for both me and my wife. It doesn’t seem that Wells Fargo is very careful about the qualification criteria.
Awesome!
Finally.
4/28 – Opened
6/8 – Met deposit requirement, had a real direct deposit prior to this
7/3 – Bonus posted
Not targeted. I was starting to get a little nervous waiting for the bonus.
Just want to update:
04/30 – Closed WF everyday checking account (which was opened in March and I got a $250 bonus from it)
5/1 – Opened WF portfolio checking account (not being targeted for the offer, code still worked)
6/28 – Transfer $25k into that account
6/30 – $500 bonus posted!
Score
Wells Fargo will only let me transfer $6000 a month from another bank. And, there is no Wells Fargo branch within about 100 miles of where I live, so I can’t just walk in and fund my account with a check. Any idea how I can meet the $25k minimum deposit requirement?
Push the funds from your external bank to Wells Fargo. I think you are currnelty pulling from Wells Fargo and hitting this limit.
MontyFC, you are right — I was pulling the funds into Wells Fargo. I will try pushing instead. Thanks very much!
Just tried it. Amazingly, my main account ( a credit union account) doesn’t allow pushing funds to another bank. They have no way to link one of their accounts to another bank. Guess I will have to try “pulling” from my credit union into PayPal, and “pushing” from PayPal to Wells Fargo.
You can write a check, if that’s allowed.
Can confirm 25000 + 10 small debit purchases trigger the 500 bonus. Came in two days after both requirements met. Previously a WF customer, but closed account a long while ago. Now the money is going to mother-in-law’s new Chase to trigger another 500 bonus.
5/3 – Closed old WF account
5/4 – Opened new account
5/15 – Hit $25k and $500 direct deposit
6/2 – $500 bonus posted!
Did your available balance ever hit 25k or did you just transfer money back and forth?
I kept using the same $5k and got the bonus.
Didn’t even bother opening WF, but simply kept pushing and pulling from Capital One.
Did you pull/push the 5k in the same statement period to hit the 25k (I think they use calendar month) or was part of it on another statement?
Are the 10 debit card purchases even necessary? It says make 10 debit card purchases OR set up a qualifying direct deposit. DD would be easier for me
You can do either. I did a direct deposit and got the bonus about 5 days later.
Definitely a great bonus but I was afraid I wouldn’t get it. I wasn’t targeted and got a 250 dollar bonus earlier in the year. I also closed my regular checking and applied for this offer the next day and still got the bonus.
Did you use Direct Deposit or 10 debit purchases? How long after fulfilling the requirements did it post?
I’m still waiting after 30 days 🙁
Sorry, I can’t read.
Any luck yet, Peter?
AFAIK had to open account by May 5th, 2017, but have up to 60 days to fund the $25k. So still in the window to fund, but not to open, for the $500 bonus.
Alright, thanks.