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

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Offer at a glance

• Maximum bonus amount: $650
• Availability: Checking account can be opened online, savings bonus is in branch only
  • Dallas, TX
  • Washington, DC
• Direct deposit required: Yes, $3,000 for three consecutive months
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Mixed reports, likely doesn’t pull
• Credit card funding: Can fund up to $50 online
• Monthly fees: $10, avoidable
• Early account termination fee: None, don’t close account straight away please
• Household limit: None
• Expiration date: December 31st, 2019

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 $400. Teen Checking^SM, Greenhouse^SM 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:

• 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