Wells Fargo Bank Has $300 Bonus For New Checking Customers

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Deal Summary: $300 bonus for new checking customer.

Availability: Nationwide

Now through March 31, 2022, Wells Fargo Bank (Wells Fargo) is offering a $300 bonus when opening a new checking account. This offer is only for new checking customers.

As stated in the fine print of the bonus landing page, the following individuals are excluded from the current $300 bonus:

  • Current Wells Fargo consumer checking account owners
  • Wells Fargo employees
  • Any recipients of a consumer checking bonus within the last 12 months

How the $300 Bonus Works

Bonus Requirements:

  • 1. Open a new Wells Fargo consumer checking account with a minimum opening deposit of $25 by March 31, 2022. All account applications are subject to approval.
  • 2. Within 90 calendar days of account opening (the "qualification period"), receive a total of $1,000 or more in qualifying direct deposits* to your new checking account.

Bonus Payment:

  • Once the 90-day qualification period has elapsed, we will determine if you have met the offer requirements, and will deposit any earned bonus into your new checking account within 30 days.
  • The new checking account must remain open throughout the 90-day qualification period and at the time we attempt to deposit any earned bonus payment. Please note that an account with a zero balance may be closed by us without prior notice, as further described in the Deposit Account Agreement.

*In addition to defining a qualifying direct deposit as an ACH deposit of “salary, pension, Social Security, or other regular income,” Wells Fargo suggests confirming “with your employer or the agency or company making these payments that they use the ACH network.”

There is a limit of one bonus per person per account and a valid U.S. Taxpayer Identification Form is required for bonus payment. Although the official end-date is March 31, 2022, the offer may be discontinued or modified at any time.

Everyday Checking Account

While all Wells Fargo consumer checking accounts are eligible for the $300 bonus (with the exception of Wells Fargo Private Bank checking accounts), only a new Everyday Checking account can be opened online using the bonus landing page.

The Everyday Checking account can be opened with a $25 minimum deposit. The account has a $10 monthly service fee that can be waived with one of the following each statement cycle.

  • $500 minimum daily balance
  • $500 or more in total qualifying direct deposits
  • Primary account owner is between 17 and 24 years of age
  • Linked to a Wells Fargo Campus ATM Card or Campus Debit Card

Availability

Headquartered in San Francisco, Wells Fargo Bank is currently the third largest bank in the country, with assets in excess of $1.7 trillion and more than 68 million customer accounts.

New checking customers can apply for the $300 bonus online or in-branch. If applying online, the bonus offer code will be automatically applied when completing the online application from the offer landing page.

If you plan on opening in-branch, the bonus offer code will be sent to you.

Enter your information below to get the bonus offer code to provide to a banker at account opening. This bonus offer code will also be sent to you via email.

Wells Fargo has nearly 4,900 branch locations in 40 states and the District of Columbia. States without a Wells Fargo branch include Kentucky, Louisiana, Maine, Massachusetts, Missouri, New Hampshire, Oklahoma, Rhode Island, West Virginia, and Vermont.

Bank Overview

Wells Fargo Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.97% (excellent) based on September 30, 2021 data. In the past year, Wells Fargo Bank has increased its total non-brokered deposits by $96.06 billion, an excellent annual growth rate of 6.89%. Please refer to our financial overview of Wells Fargo Bank (FDIC Certificate # 3511) for more details.

Bottom Line

Even though rates have started to rise, albeit slowly, checking and savings bonuses still offer a significant return not available in either a liquid account or short-term CD. To use my standard example, earning $300 in three months in a top-rate online savings account (currently earning 0.70% APY) would require a minimum balance of approximately $172k.

If you don’t qualify for the Wells Fargo Bank checking bonus, our full list of the best savings and checking account bonus offers can help you find a bonus that fits your needs.

The above information and rates are accurate as of 2/11/2022.

Related Pages: checking accounts, nationwide deals, bank bonuses

Comments
enduser
  |     |   Comment #1
This bonus has remained consisted in that it can only be done once every 12 months, however this bonus offer used to be for $400 two years ago now reduced to $300 with the same terms.
Choice
  |     |   Comment #21
Enduser.. can you elaborate on why the reversal of your Marcus (as I recall) post in January on no more posts by you…what changed? We didn’t see any filter change. Thanks
Hooked
  |     |   Comment #2
At certain times last year, the bonus was only $200 so I have signed up for this $300 offer. Set up alerts and received a ‘Wells Fargo direct deposit is available’ email after doing an ACH transfer of $1000 from another bank. Very easy to tell that you have met their direct deposit requirement.

I am posting this in case it helps someone who is interested to sign up, not for anyone who is not.
Rickny
  |     |   Comment #3
I had a targeted new checking offer last year $700 bounus after making a 50k deposit. No direct deposit requirement.

I only partake in bounus offers with no direct deposit requirements.
milty
  |     |   Comment #4
Looks like to avoid fees, without involving their debit card, would need to open with at least $500. Am I correct in assumimg that as long as the initial direct deposit, within 90 days, is at least $1000, you can then cancel further direct deposits?
Hooked
  |     |   Comment #5
@milty - Readers in another blog had mentioned that one ACH/direct deposit qualified but I had always made two ACH transfers over the 90 days since the requirement says ‘Receive ……. in qualifying direct depositS’.

I then withdrew my deposits other than $500, to waive the monthly service fee. Or, leave a few dollars in the account and do another ACH/direct deposit of $500 each month to waive the fee. Do not have a zero balance while waiting for the bonus, as they may close your account.
milty
  |     |   Comment #13
Spoke with a Wells Fargo CSR, and although the person seemed to think one $1000 DD would work, am not 100% confident given what sounded like some uncertainty. Regarding how the monthly fee might get dealt with till you meet the 90 day DD requirement, also some uncertainty albeit the CSR mentioned something about a grace period with respect to the fee, which I don't see in the fine print.

In any case, it would seem if one can meet that $1000 DD with just one DD then best to put that off till towards the end of the 90 days. Btw, seems one has to be persistent to get a CSR on the phone.
Choice
  |     |   Comment #14
Does one hear “trust me” from Wells?
NYCnative
  |     |   Comment #6
Anyone know if Wells Fargo does hard/soft pull?
Hooked
  |     |   Comment #7
No hard pull. Does not show on my CHEX report either. Someone says they pull Earning Warning Services (EWS) but I have never checked EWS to verify.
dnc2933
  |     |   Comment #8
Will an ACH from another bank qualify when the notice says social security, pension, or another source of income. That is, is an ACH from another bank considered "other source of income"?
dnc2933
  |     |   Comment #9
Make that "salary, pension, social security, or other source of income"
Choice
  |     |   Comment #10
Monthly deposits/distributions from IRA account (QMDs) could do it…but youngsters don’t have that option.  But with the reputation of Wells….
gregk
  |     |   Comment #11
Check this out dnc (I hope the link works):

themoneyninja.com/what-counts-as-a-direct-deposit-when-it-comes-to-bank-sign-up-bonuses/
gregk
  |     |   Comment #12
Easy to access t the money ninja site. I've found it very helpful.
Rickny
  |     |   Comment #15
The bonus I got from Wells required a visit to the branch. The process was clear and all items documented. They paid the bonus promptly. Shortly after I closed the account. Received a verification at the branch that the account was closed.

Now with Citibank did not receive the bonus. Called customer service who wrote up ticket and it took them 5 days to respond.
dnc2933
  |     |   Comment #16
I was planning on doing deposits (ACH) from Frost National Bank fr the WF $300. But, I noticed Frost was not on the list of Money Ninja for Wells Fargo. Is the list of banks on Money Ninja exclusive? Is anybody using ACH from other banks not on Ninja list?
enduser
  |     |   Comment #17
Just about any ACH will qualify. All you have to do is send/push the $1k from the external FI to WF. When the deposit makes it to WF click on Everyday Checking, Activity, click "+" left of the deposit itself, look at Details, Category: xxxx xxxx and if you see it classified as "Direct Deposit" you are good to go. Last time I did it ally, cap 1, discover, all met that qualification. This time around marcus also met that qualification.

After those deposits hit, you can reduce the total balance to $500 to keep the account fee free until the bonus posts.
Rickny
  |     |   Comment #18
end-user The bonuses I received from Capital One, Discover and Ally did not require Direct deposits. Were you successful using an ACH to Wells Fargo to meet the DD requirement?
enduser
  |     |   Comment #19
Not sure I understand your question. What I stated is that a $1k ACH push from ally, cap 1, and discover to WF previously showed ups as DD at WF. This time around the $1k ACH push form marcus also showed up as DD at WF. And yes the bonus posted when the ACH push from those FI showed up as DD at WF previously.

I have to wait 90+ days for to find out if the bonus posts this time around. I've also sent a $1k ACH push from cap1 and disc, just waiting on those to post at WF. Ridiculously slow transfer times from disc and cap1.
NYCnative
  |     |   Comment #22
@enduser I'm confused...you're pushing 1K each from Ally, Cap1 and DC to the same WF acct (or to different WF checking accts) to earn the bonus(es)?.
Hooked
  |     |   Comment #23
NYCnative - I think enduser was saying that he did several pushes to the same WF account, just to be on the safe side.
Hooked
  |     |   Comment #24
Received $300 bonus after 94 days of opening the account in February. Made two ACH transfers from Ally ($1,000 and $50), both treated as direct deposit.

Offer is extended to July 15.

(This may be a duplicate post as my earlier one seemed to have disappeared.)
#29 - This comment has been removed for violating our comment policy.
#30 - This comment has been removed for violating our comment policy.
#31 - This comment has been removed for violating our comment policy.
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