Posted by William Charles on July 29, 2019
Bank Account Bonuses

Published on July 29th, 2019 | by William Charles

51

[TX & DC only] Wells Fargo $400 Checking & $250 Savings Bonus

Offer at a glance

The Offer

Direct link to offer

  • Wells Fargo is offering a bonus of up to $650. Bonus is broken down as follows:
    • Open a new personal everyday checking account and get a bonus of $400 when you set up a direct deposit and receive a cumulative monthly total of $3,000 in qualifying direct deposits into your new account for 3 consecutive months
    • Open an eligible savings account IN BRANCH and receive a $250 savings bonus when you deposit $15,000 within 10 days of account opening and maintain that for 90 days

 

The Fine Print

General:

  • Eligibility Requirements:

    • Only certain consumer checking accounts, including non-interest earning checking accounts, are eligible for the bonus of $400Teen CheckingSM, GreenhouseSM accounts, and the prepaid Wells Fargo EasyPay®Card are not eligible for this offer.
    • All consumer savings accounts are eligible for the bonus of $250 excluding Time Accounts (CDs).
    • This offer is intended for new checking and savings customers only. You are not eligible for this offer if:
    • You are a current owner of a Wells Fargo consumer checking or savings account
    • You are a Wells Fargo team member
    • You have received a bonus for opening a Wells Fargo consumer checking or savings account within the past 12 months
  • Bonus Requirements:

    • To receive a $400 bonus, open a new, eligible consumer checking account with a minimum opening deposit of $25 by December 31, 2019. All account applications are subject to approval.
    • Within 150 days of account opening, receive a total of $3,000 or more each month in qualifying direct deposits to the checking account opened for this bonus offer for three consecutive months. During this time, your new account balance must be $1 or more.
    • A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income, electronically deposited through the Automated Clearing House (ACH) network to this checking account by your employer or an outside agency.
    • Non-qualifying direct deposits include transfers from one account to another, mobile deposits, deposits made at a banking location, or ATM.
    • To receive a $250 bonus, open a new, eligible consumer savings account with a minimum opening deposit of $25 by December 31, 2019. All account applications are subject to approval.Within 10 days of account opening, deposit at least $15,000 in new money into your new savings account AND THEN maintain a minimum daily balance in your account of at least $15,000 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).

$400 checking bonus:

  • Open an eligible checking account with a $25 minimum opening deposit by December 31, 2019.
  • Within 150 days of account opening, you must have a total of $3,000 or more each month in qualifying direct deposits to the checking account opened for this bonus offer for three consecutive months.

$250 savings bonus:

  • Open an eligible savings account with a $25 minimum opening deposit by December 31, 2019, and within 10 days, deposit at least $15,000 in new money.
  • Maintain a minimum daily balance of at least $15,000 for 90 days from account opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly 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 $400 checking bonus is not new, but the savings portion of the bonus is new. It’s annoying that the savings account has to be opened in branch as not all states have branches. The savings bonus in general does look like it’s worth doing though as a balance of $15,000 for 90 days is better than most savings account bonuses. I’ll be adding this to the list of the best checking & savings bonuses.

Hat tip to Rohith

Useful posts regarding bank bonuses:



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Sevillada
Sevillada

If both P1 and p2 have an account, would it count if we got a joint?

Zac
Zac

Got an error: Sorry, this offer is currently not available in your area.

RB
RB

Same here – Not available in my area FL, Zip Code: 32128.

Superman
Superman

+1, not available in AZ or CA.

CS
CS

+1, not available in NJ, 07310.

Scott
Scott

+1 for 42301 KY

Mali
Mali

The saving requires 15000 deposit.

tinytavosa
tinytavosa

+1 your information says $10,000 but the savings terms says $15,000 for 90 days.

Chris
Chris

x2

Matt
Matt

Not valid in Los Angeles (maybe CA?)

Roronoa
Roronoa

Being 24 years old and under also waive to checking account monthly fee.
William Charles

Information Booth
Information Booth

Not valid in my area… Michigan. Fyi… I don’t have a branch within 100 miles of my location. Perhaps that’s why I’m not in the targeted area? John 3:16

Ben
Ben

No, it’s because there are only two metropolitan areas which are eligible, shown on the landing page. DoC shouldn’t be treating this one as a nationwide bonus.

Evan
Evan

Which are the two?

Rye
Rye

checking account still works for MI

Gerald
Gerald

For the savings bonus, it sounds like you have to maintain the $15K balance for 80 or 81 days (deposit it on day 10, keep it there until day 90). If I’m calculating correctly, that would be over 7.5% APR.

JJ
JJ

How soon after closing a WF personal checking account can I open a new one? It’s been >12 months since I last received a checking account bonus.

Betelgeuse
Betelgeuse

If it’s been more than one year since last bonus you can reopen right away. I did that and got my bonus.

SA
SA

Showing not available for me as well in Houston area.

Chris
Chris

This just says eligible savings account. Does that mean Way2Save Savings or Platinum savings? Because both accounts have very different requirements to avoid the monthly service fee.

A M
A M

I’m doing the $400 one right now and should be getting it paid out in a few weeks at very latest

This savings bonus has following fine print:

You are not eligible for this offer if:
You are a current owner of a Wells Fargo consumer checking or savings account
You are a Wells Fargo team member
You have received a bonus for opening a Wells Fargo consumer checking or savings account within the past 12 months

So I guess I wouldn’t be eligible for savings one right now. BUT if for some reason my current $400 bonus doesn’t pay out, I can close current account and do this checking + savings bonus?

Betelgeuse
Betelgeuse

Correct. You can close and reopen to get the bonus. No waiting period requirement as long as no bonus for 12 month. You can close after 400$ posts and open savings.

Anduhson
Anduhson

That’s a lotta work to have already completed the $400 challenge, close the account, and open both accounts just for and extra $250. I’m currently waiting for my $400 bonus and I can tell you that this was one of the most painful account bonuses to complete.

A M
A M

Why has it been so painful for you? I just wanted to make sure I was understanding that the $250 was basically not available to me if the $400 pays out soon as expected; don’t really intend to close and redo all of it

Anduhson
Anduhson

Painful bc I used real DD to fund and was locked into this bonus requirement for 3 months while missing out on other bonuses bc of its high DD requirements.

A M
A M

Anduhson WF has a lot of simulated DD options I felt. BoA is a killer on the other hand

Derrick C
Derrick C

Is eligibility restriction per person or per household? I am currently working on this bonus for a personal account, but want to get my wife going on this as well as P2. Allowable per the rules?

Staradmiral
Staradmiral

It’s per person. All bank account bonuses are per person unless it actually says per household in the terms and conditions.

crystal
crystal

just opened the checking for the $400 bonus 10 days ago, can I still do the savings bonus?

SamY
SamY

It appears that if your checking is open, you don’t qualify for saving. That’s a bit odd but okay. But I would just wait for checking bonus to be posted than open for the saving given that you have until Dec 31, 2019 for the saving account opening. See comments below…

SamY
SamY

Correction to everything. Read comments by A M since the saving account has some term that disqualify you if you have a checking account bonus within the last 12 months. So you only qualify for BOTH if you open it now, OR you close your checking account before bonus and do both.

Bob
Bob

See higher rates for Platinum Savings. Some are over 2%.

https://www.wellsfargo.com/savings-cds/platinum/

SamY
SamY

It seems for anyone who has gotten the original $400 checking bonus already (quite a few) that you don’t qualify for the $250 bonus. As mention in A M post for ToS, the saving account has term “You have received a bonus for opening a Wells Fargo consumer checking or savings account within the past 12 months”

So, can’t get saving account after the checking account bonus has already posted.

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