If you’re considering opening a bank account with Wells Fargo, take note of the current promotions: You can earn a quick buck without too much effort.
Still, a promotion shouldn’t be the only reason you open an account at a particular bank.
Account details and annual percentage yields (APYs) are accurate as of March 6, 2024.
Wells Fargo promotions overview
Wells Fargo currently has a couple of promotions on some of its savings and checking accounts. Continue reading for promotion details and to find out how to qualify.
Wells Fargo Everyday Checking: Get a $300 bonus
New Wells Fargo customers can earn a $300 bonus by opening a Wells Fargo Everyday Checking account in person or online with a $25 initial deposit.
The Everyday Checking is the bank’s most popular checking account. With a contactless debit card and features like Bill Pay, overdraft protection and Zelle, it’s got everything you need in a basic checking account — but nothing above and beyond.
There’s a $25 minimum opening deposit and a waivable $10 monthly service fee.
How to qualify
To get the bonus, you must receive a total of $1,000 worth of qualifying electronic deposits within 90 days of opening your account.
You have to provide a bonus offer code when applying for your account in order to receive the bonus, which you can get by submitting your email address on the account promotion webpage.
Account fees
The Everyday Checking account has a $10 monthly service fee. But you can avoid the fee by meeting one of the following requirements during each statement period:
- Maintain a $500 minimum daily balance.
- Receive $500 or more in total qualifying electronic deposits.
- Be between the ages of 17 and 24 — once you turn 25, age can no longer be used to avoid the fee.
- Link your account to a Wells Fargo Campus ATM Card or Campus Debit Card.
Expiration date
This promotion expires on April 1, 2024.
Wells Fargo Way2Save® Savings: Get a $525 bonus
Customers new to saving with Wells Fargo can get a $525 bonus for opening a Wells Fargo Way2Save® Savings account with a minimum deposit of $25. This account can only be opened in person.
The Wells Fargo Way2Save Savings account is a low-cost savings account you can open with just $25. But interest on this savings account is only 0.01% APY — nowhere near what you could earn by opening a savings account or certificate of deposit (CD) at many online banks.
With the Way2Save account, you can take advantage of Wells Fargo’s widespread presence. The account comes with an ATM card and access to more than 12,000 Wells Fargo ATMs. Other perks include mobile banking and optional overdraft protection.
How to qualify
You can earn a $525 bonus by opening a new Way2Save account with a $25 opening deposit and by doing the following:
- Deposit $25,000 or more into your new account within 30 days of opening.
- Maintain a balance of $25,000 through the first 90 days after account opening.
You’ll also need to provide a bonus offer code to the banker when opening your new account. You can get a code by providing your email address on the account promotion webpage.
Account fees
The Way2Save savings account has a $5 monthly service fee, but you can avoid it by meeting one of these requirements each fee period:
- Maintain a $300 minimum daily balance.
- Make one automatic transfer of at least $25 each fee period from a linked Wells Fargo checking account.
- Make one automatic transfer of at least $1 each business day from a linked Wells Fargo checking account.
- Make one or more Save As You Go® transfers from a linked Wells Fargo checking account.
- Be under 25 years old.
Expiration date
This offer expires on April 1, 2024.
How Wells Fargo promotions compare
Wells Fargo’s current promotions for its checking and savings accounts are noteworthy. Not all banks offer promotions, so the fact that you can earn a bonus with minimal effort is an advantage, no matter the cash value.
Wells Fargo’s current offers are comparable to those at other banks. For example, JPMorgan Chase Bank is offering a $300 bonus for opening a Chase Total Checking® account (offer expires April 17, 2024) and Citi Bank is currently advertising a bonus of up to $2,500 with a Citi® checking account, but you need a balance of $300,000 to earn it (offer expiresJuly 8, 2024). As far as competitors go, Wells Fargo’s bonuses, for the most part, match or exceed them.
But promotions aren’t the only thing to consider when opening a new bank account. Even though Wells Fargo offers impressive bonuses, its accounts have monthly fees and don’t earn much — if anything — in terms of interest. If you don’t qualify for waived monthly fees, you might be better off with a free checking account or high-yield savings account.
Wells Fargo review
Founded in 1852, Wells Fargo is one of the largest banks in the U.S. and has thousands of physical branches and ATMs throughout the country. Rates on savings accounts are low compared to high-yield savings accounts, but if you like to bank in person Wells Fargo is worth considering.
They offer a full range of banking products, including checking, savings, CDs, credit cards, loans, mortgages and investment services.
Frequently asked questions (FAQs)
When it comes to checking and savings accounts, Wells Fargo is offering two bonuses for new accounts as of January 2024. These offers expire April 2024. By meeting each promotion’s eligibility criteria, new customers can earn $300 with a new Everyday Checking account and $525 with a Way2Save Savings account.
As of this writing, Wells Fargo is offering bonuses of $300 and $525 on qualifying checking and savings accounts. There’s no current offer for a $400 bonus. But that’s not to say there won’t be one in the future.
Wells Fargo is an FDIC-insured financial institution, so you don’t need to worry about the safety of your deposits. FDIC insurance protects your balances of up to $250,000 per account ownership category per financial institution in case of bank failure.
FDIC insurance aside, the Consumer Financial Protection Bureau (CFPB) recently ordered Wells Fargo to pay more than $3 billion for illegal activity involving millions of customer accounts. This isn’t the first action the CFPB has taken against Wells Fargo, but it’s likely raised more red flags among cautious customers.
Current bonuses are outlined above, with the highest bonus being the $300 promotion for the Everyday Checking account.
Keep in mind, these offers expire in early 2024, but there will likely be new bonuses available when the current ones expire. If you want to save money in addition to earning a bonus offer with your new account, you can make sure you meet the qualifications to waive your monthly account fees.
