Well Fargo failed the test by making false assertions contrary to the bonus disclosure to rob me of the bonus.
Bring $250,000 or more in new deposits to qualifying linked accounts by Day 45 and maintain at least a $250,000 balance through Day 90 after account upgrade or opening. Link your accounts with a banker or online.
I'm also considering the HSBC Premier checking $1500 bonus, but HSBC integrity is much criticized as well.
But from past experience HSBC was horrendously difficult organization to deal with. likely things got worse since HSBC abandoned US Retail Banking. it had very powerful International Master Card, that was canceled as well last year.
None of these bonuses are easy to those who strives for superior returns.
Contrary to stated disappointments, I had so far no problems with WF and recently promoted my Checking Account to Premier.WF Premier Checking Bonus was never off, it was recently extended beyond January 8th to April Fool.
WF has it quirks, every minor things requires the visit to the branch. I got so annoyed that I ditched Premier Banker in favor of regular Banking in closest branch.
I'll be sharing with Vlad the rest of my personal experiences via PM
Terms here: https://accountoffers.wellsfargo.com/premierbonus/
It's weird set of assumptions, poor reading of promotion and false calculous.
- for calculous.
1% bonus over 90??? days or 900!!! days equates to $2500.00 whether " relationship balance" is $250K or$250M. But if that is the true that 0.5% ANNUAL YIELD of $250K equates to $1275 then the true COMPASIT AND ANNUALIZED "ROI" would be...of $250K, NOT $250M... exactly $3750.
Where APY %%%, NOT Amount of $$$ is your preferred metric you would equate $3750 to exactly 1.5%, BUT ONLY when "relationship balance may be" exactly $250K
-for assumptions.
You'd have to explain to yourself why and how you ANNUALIZE AND COMPASIT 90??? days Bonus AND 12 months Interest.
-for reading.
When you read "Day 90" you mustn't miss Day 0.
Overall it is very descent and flexible Bonus Offer, much more attractive than Chase, HSBC or Citi...for those looking to park at least $250K for the minimum of about 45 days.
Those who make no assumptions of 0.5% Base Interest can safely assume "ROI" of about 6% over about 12 months of holding
The downsides, as with most of Bonuses, it is a one time and short term...and it is the Wells Fargo...I personally had no major problems with.
on small upside, WF is not ChexS shop
https://www08.wellsfargomedia.com/assets/pdf/personal/investing/wellstrade-money-market-funds.pdf
Those who consider Bonuses for the INVESTMENTS outside of FDIC Coverage, can get batter deal from Brokers or Fintechs.
I explored this option with FW Advisors(it went hilariously ballistic), in terms of Treasury Bonds as alternative to FDIC Insured Deposits.
It requires another, WellsTrade Account, I could not verify functionality off, except...Fixed Income trades, aka Treasury Actions, only available through Wells Advisor or phone call to Wells Trade Advisors Trading desk, where ordering goes verbally, verification goes verbally and confirmation goes verbally in real time
People who find comfort in SIPC protection are not the kind that bargain for 1% bonus.
They are People with different priorities, investment profiles and forums
The Accounting is Calculous and Calculous is nothing but precise formula where every number is in right place according to the meaning of it.
If I can't explain the meaning of Bonus in the context of APY and If I cant explain the meaning of APY in the context of Comparing Returns, then so be it!
If you mean 8% ANNUALIZED, IT ISN'T 8%, it is only $2500.00 "PREMIUM" on $250K Principal.
To have $2500.00 ANNUALIZED into 8% APY requires 1% Bonus EVERY 45 Days for 365 days time period.
Tell me how and we are in business and retire happily thereafter.
If 8%, APY and "Premium" are the means and statements in context of comparison then you should be able to show and proof that in real numbers of $$$ Return over 365 Days on the Basis of $250K( or any amount of your choice) Principal.
Show to me how to make ANNUALLY $20,000.00 out of $250K "FDIC or NCUA insured deposit" and we are in business and retire happily thereafter.
In a meantime, while "(even if the $250k is earning nothing while in the account)" is in context of "the money in something that pays around 5.5%", I am sure you would CALCULATE the loss of unrealized Interest as $1695.00 that when it's CALCULATED as an Offset(Reduction) to the Bonus will reduce the "PREMIUM" to $805.00
I don't expect you to make the case of 8% out of extra $805.00
If I can't explain the meaning of Bonus in the context of APY and If I can't explain the meaning of APY in the context of Comparing Returns, then so be it!
Guys... or Girls
I gave to you fare chance to right yourselves.
Every comparison, such as APY, is only valid to compare one instance in the condition that all over criterias are equal, make it ANNUAL Percentage Yield of $250K Principal.
But if you insist on Complaining 45 DAYS gain rather than 365, then you are in the league of your own.
It is a league of one claiming that $5 dollars win on $1 lottery ticket equates to 1825% of ANNUALIZED gain.
I live in real world of simple arithmetic where $5 dollar is a $5 dollar no matter how it is ANNUALIZED.
If I can't explain the meaning of Bonus in the context of APY and If I can't explain the meaning of APY in the context of Comparing Returns, then so be it!
But, I'll enjoy the competition
Personally, I'd be concerned about the economy of it, $700 on $250K makes such a minuscular rate of return gain that every hassle must be considered.
Learning ACAT dependency on CD Value turns the hassle into Pain.
Real Pain will come April 15th and beyond.
I have only 1.5 Brokerage Accounts, yet Every Year I get 1099 Corrected past Tax deadline.
Sometimes, I get lucky, sometimes I have to refile 1040 Amended and sometimes i just leave extra for IRS, because it is a major hassle to deal with 1040X.