[Expired] [AK, DC, ID, MN, NJ, NE, TX, WY] Wells Fargo $500 Checking + Savings Bonus with $25,000 Deposit [YMMV]

Deal has expired, view the best current checking bonuses by clicking here.

Offer at a glance

• Maximum bonus amount: $500
• Availability: Must open in-branch in one of the following states: AK, DC, ID, MN, NJ, NE, TX, WY
• Direct deposit required: Yes, 3 direct deposits of $500 each
• Additional requirements: $25,000 savings deposit
• Hard/soft pull: Soft
• ChexSystems: Mixed reports, likely doesn’t pull
• Credit card funding: None in branch
• Monthly fees: $10, waivable 
• Early account termination fee: None
• Household limit: None
• Expiration date: November 16, 2018

The Offer

A reader sent in a Wells Fargo bonus which is showing in a print newspaper:

• Signup for a new Wells Fargo checking and savings account and get a $500 bonus when you do the following:
  • Within 150 days, receive 3 consecutive monthly qualifying direct deposits of $500 or higher.
  • Within 10 days of opening the savings account, deposit $25,000 in new money into either the new checking account or the new savings account and maintain that balance for 90 days.

A valid bonus offer code will be provided to each customer while meeting with a banker.

The Fine Print

• All consumer checking accounts are eligible for this offer.
• $25 minimum opening deposit for the checking account, and another $25 opening deposit for the savings account.
• You cannot be a recipient of a consumer checking or savings bonus in the past 12 months (limit one per customer).
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them.
• $500 will be deposited within 45 days of when requirements have been met. Checking account must remain open to receive bonus.
• You are responsible for any taxes due on your bonus.
• Checking account balance must always remain $1 or higher.

Avoiding Fees

The Everyday Checking account comes with a $10 monthly fee. Get the fee waived with one of the following:

• 10 debit card purchases and/or payments each statement cycle from this checking account, OR
• Direct deposits totaling $500 or more each statement cycle, OR
• Maintain a $1,500 minimum daily balance, OR
• Link checking account to a Wells Fargo Campus ATM or Campus Debit Card

If you have a Wells mortgage, you might be able to get a higher-level account with no fees.

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

The standard best bonus we see from Wells Fargo is $200 for their checking account, either an online offer or an in-branch offer. Those offers are for checking accounts only while this $500 offer requires a savings account with $25,000 as well.

This is a nice offer, pretty similar to Chase’s $500 offers, though this is slightly harder/worse since it requires a higher deposit ($25k vs $15k) and more direct deposits (3 vs 1). Could make sense if you have $25k lying around. This was put out in a newspaper ad so it should work for anyone, but it’s possible not all bankers will be able to pull it up – maybe try calling in first if you want to save a trip.

I’d probably bite on this one if it were available online, but going in branch and hoping the banker gives me the offer is an extra hurdle. Also, remember that the bonus is not available to those who got a bonus within the past 12 months.

If you’re going into a Wells Fargo branch don’t forget there is a $500 business checking bonus as well and you can also grab the Wells Fargo Business Platinum card for another $500 at the same time. If this bonus is confirmed as broadly available in these select states, we’ll it our best checking sign up bonus page in the specific-states section.

Big thanks to reader JohnnyBoyJr who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• 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?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times