Wells Fargo is offering a $400 bonus for opening up a checking account and set up a direct deposit for 3 months. This is one of the best bank bonuses that can be done over and over again. We recommend you do this whenever you become eligible.
Where do I enroll?
You can enroll directly at the promotion page Wells Fargo set up for this special offer:
Who qualifies for the bonus?
You are eligible once every 12 months unless:
- You are a current owner of a Wells Fargo consumer checking account
- You are a current employee of Wells Fargo
- $600 Citizens Bank Checking and Savings Bonus
- $200/$1,000 Capital One 360 Savings Bonus
- $600 Chase Checking and Savings Account Bonus
- $300 U.S. Bank Checking Account Bonus
- What Counts As A Direct Deposit When It Comes To Bank Sign Up Bonuses
What are the details?
The $400 bonus requirements are as follows:
- Open an Account: Open an Everyday Checking account online
- Deposit $25: Fund your account with a minimum initial deposit of at least $25
- Receive Direct Deposits: Within 150 days of opening your account, receive three consecutive monthly direct deposits of $3,000 each month
12/31/2019 Extended until 07/31/2020
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: Yes (see what counts as a direct deposit)
Early Account Termination Fee: None
You can either apply directly online, or enter your email address and Wells Fargo will send you a coupon which you bring with you to redeem at a Wells Fargo branch.
When will I receive the bonus?
Wells Fargo usually pays the bonus as soon as you complete the requirements. For this promotion, my bonus came right after I met the terms and conditions on the third month:
The checking account has a monthly fee of $10, which can be waived if you do ONE of the following:
- Have direct deposits totaling $500 each month
- Keep a minimum daily balance of $1,500 or more
- Make 10 debit card purchases and/or payments during each monthly statement cycle
- Link your checking account to a Wells Fargo Campus ATM or Campus Debit Card
If you have a mortgage with Wells Fargo, you can also call them and possibly have them give you a higher level account with no fees.
The Bottom Line
This is the best promotion Wells Fargo has offered to the public. The monthly direct deposits of $3,000 is higher than their normal promotion, but the additional bonus is worth it if you can swing it.
For direct deposits, be sure to check out other ways that count as a direct deposit. If you’re going to do it the traditional way (paycheck deposits), remember you don’t have to deposit the $3,000 monthly requirement all at once.
One strategy if you get paid b-weekly is to transfer $1,500 per pay period. You don’t have to keep the money in your Wells Fargo account either! Once it comes into your Well Fargo checking account, you can just withdraw it back out to you regular bank account wherever it may be. It will still count for that month!
I’ve done this for 3 years now, and between 4 family members, this is an easy $1,600 in free money every year!