Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
To borrow from Broadway’s The Music Manthe Wells Fargo Wagon is a-coming down the street—and it might offer hundreds of dollars if you get on board.
One of the most storied brands in banking, Wells Fargo has been around for over 150 years and has built a national retail presence of approximately 4,900 locations and more than 12,000 ATMs across most of the US The bank is currently offering cash incentives to open a personal checking account.
If you are considering switching your banking to Wells Fargo, now might be the right time to jump on the wagon.
How Can You Earn a Wells Fargo Checking Account Bonus?
Earning a welcome bonus for a new checking account with Wells Fargo is simple. You must:
- Open an Everyday Checking account online. (You also can open an account in a branch location, using an offer code.)
- Make a minimum opening deposit of $25.
- Receive $1,000 or more in direct deposits into the account within 90 days.
Here is the current slate of Wells Fargo new-account promotions. Offer details are accurate as of July 14, 2022.
Wells Fargo Promotions for 2022
Wells Fargo Everyday Checking: Earn $300
Wells Fargo calls Everyday Checking its “best checking account for managing day-to-day financial needs.” The account features: free transactions at Wells Fargo ATMs; mobile access; digital payments through Zelle; a contactless debit card; and more. It also has a $10 monthly service fee.
- What is the offer? Open a new Everyday Checking account with a minimum opening deposit of $25, receive a total of $1,000 in qualifying direct deposits during the first 90 days, and earn a $300 bonus.
- What is considered a direct deposit? Any ACH (automated clearing house) deposit of your salary, pension, Social Security or other regular income into your bank account counts toward the $1,000 goal. Wells Fargo recommends that you check with your employer or the agency or company making the payments to ensure that ACH is used.
- When do you receive your bonus? After the 90-day qualification window closes, Wells Fargo will determine if you have met the offer requirements and will deposit your bonus within 30 days.
- Is there a time limit on the offer? Yes. It’s available to customers who open a new account by July 15, 2022.
- Can you avoid the monthly service fee? Wells Fargo will waive your account’s $10 monthly service fee if you maintain a $500 minimum daily balance or receive $500 or more in qualifying direct deposits during the month. Wells Fargo also waives the maintenance fee for primary account owners between ages 17 and 24, and those who have linked a Wells Fargo Campus ATM or Campus Debit Card to their checking account.
Wells Fargo Everyday Checking: Earn $200
Wells Fargo sometimes runs concurrent promotions, so you may have seen an offer to earn $200 for opening an Everyday Checking account. The $200 Wells Fargo promo has the same eligibility and direct deposit requirements as the $300 bonus promotion.
- What is the offer? Open a new Everyday Checking account with a minimum deposit of $25, take in $1,000 worth of qualifying direct deposits during the first 90 days, and earn a $200 bonus. (But obviously, why would you—when you can do the same and collect $300?)
- What is considered a direct deposit? Any ACH (automated clearing house) deposit of your salary, pension, Social Security or other regular income into your bank account counts toward the $1,000 target.
- When do you receive your bonus? Again, once the 90-day qualification period ends and you’ve met the requirements, the cash will be deposited into your account within 30 days.
- Is there a time limit on the offer? This offer expires on September 30, 2022.
Wells Fargo Initiate Business Checking℠: No Bonus Currently Available
Wells Fargo is not offering any welcome bonuses for new business checking account customers right now, but sign-up bonuses as high as $1,500 for these accounts are not unusual.
Why Does Wells Fargo Give Sign-Up Bonuses?
Long-term customers are highly valuable to banks. A checking account customer may eventually open a credit card, take out a mortgage or hold an auto loan.
To attract new customers Wells Fargo and many other banks offer welcome bonuses as an alternative to spending their marketing budgets on advertising.
How to Sign Up In-Branch
If you’d prefer not to apply for a new checking account online but would rather do that at one of Wells Fargo’s branch locations, the bank makes that easy.
Simply click on “OPEN IN-BRANCH” on the welcome offer promotion page, fill out your name, email address and ZIP code, and Wells Fargo will give you a unique bonus offer code that you can take to a branch and use to open an account.
Bonus offer codes are valid for one-time use only and must be provided to your banker at account opening to qualify for the welcome bonus.
What Else Should You Know About Wells Fargo Checking Account Promotions?
Current Customers, Recent Bonus Recipients and Employees Are Not Eligible
Wells Fargo targets these introductory offers to attract new customers who do not already have a personal checking account with the bank.
If you are a current owner of a Wells Fargo consumer checking account or have received a bonus for opening a Wells Fargo personal checking account within the past 12 months, you are not eligible to receive a welcome bonus if you open a new consumer checking account now .
Also, the bank’s employees are not eligible to receive a welcome bonus for opening a Wells Fargo consumer checking account.
You Must Keep the Account Open for a Time
Wells Fargo requires your new account to remain open for the entire 90-day qualification period, plus the time it takes to deposit your welcome bonus. But then, Wells Fargo charges no early account termination fees and will not claw back your bonus if you close your account shortly after you get your cash.
Your Bonus May Be Taxable
Generally welcome bonuses for bank accounts are considered interest income for tax purposes. While Wells Fargo doesn’t explicitly state that you will receive a 1099 for your welcome bonus, you should not be surprised if your bonus amount is reported as interest income to the IRS and you get a 1099-INT.
You Can Receive Both a Personal and a Business Welcome Bonus
From time to time, Wells Fargo does offer welcome bonuses to new business checking account customers, in addition to its personal checking promotions.
If Wells Fargo is running a new account promotion for small business customers, you can receive a bonus for a new business account even if you’ve gotten a welcome bonus for opening a consumer checking account at Wells Fargo.
And, holding a business checking account with Wells Fargo checking won’t make you inligible for a personal account welcome bonus.
Find The Best Online Savings Accounts Of 2022
Wells Fargo’s $300 welcome bonus for new personal checking account customers is competitive with similar offers from other national banks. The bonus is easy to qualify for, with a direct deposit requirement that will be within reach for most people. Even better, the Everyday Checking account’s maintenance fee can be waived simply by holding $500 or more in the account.
If you are shopping for a new bank, value having branches across the US and want to snag an extra $300, Wells Fargo’s welcome bonus on its Everyday Checking account might be a great deal for you.