Deal has expired, view more bank account bonuses by clicking here
Update 10/27/19: Deal is back and valid until December 6th, 2019. Hat tip to reader XenaWP
Offer at a glance
- Maximum bonus amount: $500
- Availability: Targeted
- Deposit required: $25,000 for 90 days
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Mixed reports, likely doesn’t pull
- Credit card funding: Can fund up to $50 online
- Monthly fees: $5, avoidable
- Early account termination fee: None
- Household limit: None
- Expiration date:
August 30th, 2019December 6th, 2019
Contents
The Offer
No direct link to offer, sent out via snail mail
- Wells Fargo is offering some customers a bonus of $500 when they open a savings account and complete the following requirements:
- Deposit at least $25,000 in new money within 10 days of account opening
- Maintain that balance of at least $25,000 for 90 days from account opening
The Fine Print
- Within 10 days of account opening, deposit at least $25,000 in new money into your new savings account AND THEN maintain a minimum daily balance in your account of at least $25,000 for 90 days from account opening. “New money” is money from sources outside of the customer’s relationship with Wells Fargo Bank, N.A. or its affiliates (which includes all deposit, brokerage and loan/credit accounts).
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Way2save savings account has a $5 monthly fee, this is waived if you do any of the following:
- A $300 minimum daily balance OR
- A recurring, automatic savings option OR
- Are under the age of 18 (19 in AL) and are the primary owner of this account3
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
Reader Brian who sent this in is also reporting that Wells Fargo is offering 2% APY for 12 months on balances over $25,000 in addition to this $500 bonus. Not sure if that is available at all branches or not. It seems like Wells Fargo is starting to push saving account bonuses more often now as well. This bonus is worth doing especially with the extra 2% APY if you have $25,000 in spare funds but we won’t be adding it to the best savings bonuses due to the fact it’s targeted.
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
