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.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
