Wells Fargo savings account bonuses to new account holders have been fairly generous in the past, but the 2020 offers expired at the end of July. New offers haven’t yet been announced.
The expiring Wells Fargo new account bonus amounts ranged from $100–$400, which is in line with most other banks that offer bonuses. Most bonuses required a new checking or savings account and, in some cases, a direct deposit linked to that account.
Past Bonus Examples
Since past bonuses can give you an idea of what to expect, here are some details about what’s been offered.
Wells Fargo Checking Account Bonus $400 (expired)
The largest Wells Fargo bonus offers have been tied to direct deposit amounts.
For example, if you opened a new Everyday Checking account online or at one of the participating branches and received $4,000 or more in qualifying direct deposits within 90 days, you would have earned a $400 bonus.
This offer expired on July 31, 2020, but could be revived in the future.
Wells Fargo Checking and Savings Bonus $650 (expired)
Another way to maximize your Wells Fargo sign up bonus is to open a new checking and savings account at the same time.
Before this offer expired on July 31, 2020, you could have earned a $400 bonus for your checking account with a qualifying direct deposit of $3,000 or more, plus a $250 bonus for your savings account. The savings account bonus required a $15,000 new-money deposit (not a transfer from an existing account). All the requirements had to be met within 90 days.
What’s the catch?
In order to qualify for bonuses, account holders in the past have needed to either make a sizable deposit or sign up for direct deposits. Although the accounts might require opening deposits of as little as $25, bonuses have been tied to much higher balances.
Some offers have been available primarily online, with some participation by a limited number of branches. Others have been available only when an account is opened in a brick-and-mortar branch location and aren’t advertised online. If you’re thinking of opening an account at Wells Fargo, call your local branch and ask about bonus offers in addition to checking the website before you decide where to open your account.
Always read the details of any offer carefully before opening an account based on account opening bonuses.
Is this a good deal for you?
If having access to local services wherever you go in America is important to you, Wells Fargo could be a good fit for you. The bank has more than 5,500 branches and 13,000 ATMs, which is one of the largest physical networks of any bank in the country. It’s a good option for people who travel the country for business and need access to physical banking services.
Wells Fargo also has low minimums and customer-friendly overdraft policies, so it’s a good choice if you don’t carry a large balance.
However, the interest rates paid for savings accounts and certificates of deposit are no higher than other large banks, so if you’re looking for big earnings on your savings, you might want to go elsewhere.
Wells Fargo bonuses have been generous in the past. If you were willing to schedule direct deposits to your new account or make sizable deposits, you could have earned up to $650 before the current batch of bonuses expired.
New account bonuses could return to Wells Fargo, so watch for them online or inquire at your local branch to see what’s offered.