Wells Fargo Bank Has $300 Bonus For New Checking Customers

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.