Banks need accounts.
You need more cash.
How about $200 to open a Wells Fargo Everyday Checking account and making it your main bank account?
That's what Wells Fargo is willing to do if you're willing to open an account and set up a direct deposit of at least $500. After you've had three deposits (within 150 days), they'll give you two hundred bucks. It's reported as interest, so you'll owe taxes on it, but that's a nice chunk of change to switch banks.
This looks a lot like other similar high dollar bank promotions.
Definitely worth a look if you're in a state where the offer qualifies (there are a few restrictions, listed below) but you can apply online (you actually must apply online) so you're not even required to change out of your jammies and visit a branch!
How to Get $200 from Wells Fargo
(the offer gets frequently updated so the above screenshot can be out of date, datewise)
The promotional requirements are quite straightforward:
- Open an Everyday Checking account online (from this webpage only) by the promotional dealine.
- Make a minimum opening deposit of $25 to fund your account.
- Set up Direct Deposit and receive at least 3 consecutive monthly direct deposits of $500 each into your new account within 150 days. A qualifying direct deposit is one that is from your salary, pension, Social Security, or other regular monthly income, electronically deposited through the Automated Clearing House (ACH) network (by an employer, the government, or an outside agency).
Do those three simple steps and you'll see the $200 bonus deposited into your account within 45 days.
The restrictions and exclusions are important to note. You cannot be an existing Wells Fargo consumer customer and you are limited to one bonus per customer per 12 months. You also cannot be an employee of Wells Fargo. If you don't qualify for Everyday Checking but can get an Opportunity Checking account, this offer still applies.
The offer is online only and not available to folks in AA, AE, AP (U.S. Armed Forces locations in Americas, Europe and Pacific), American Samoa, Guam, Hawaii, Kentucky, Louisiana, Massachusetts, Maine, Michigan, Northern Mariana Islands, New Hampshire, Oklahoma, Puerto Rico, Rhode Island, U.S. Virgin Islands, Vermont, and West Virginia.
Wells Fargo Everyday Checking Account Fees
The account has a $10 monthly service fee. It is easily avoided though.
To get the fee waived, you need to do only one of the following each “fee period” (statement period):
- 10+ posted debit card purchases/payments from this checking account. This does not include transactions at an ATM.
- Qualifying direct deposits totaling $500 or more.
- Maintain a $1,500 minimum daily balance.
- A linked Wells Fargo Campus ATM or Campus Debit Card.
The fee is only $5 if you, as the primary account owner, are between 17 and 24 years old.
Wells Fargo Everyday Checking Account Perks
The account itself is pretty standard for a checking account.
They do promote three features that are quite rare:
- You can turn off your debit card in the event you lose it, so it's not an outright closure unless you're 100% sure you've lost it. If you are 100% sure, you need to report it stolen. If you've misplaced it (say at a bar or something) and you know where it is, you can disable it until you get it back.
- Access ATMs without your card by requesting a one-time access code via the app.
- Overdraft Rewind lets you avoid an overdraft fee if you overdraft your account but receive a direct deposit the following day that replaces the amount you overdrew by.
Open a Wells Fargo Checking Account
(This offer expires March 22, 2018)
Other Promotions Worth Checking Out
Wells Fargo offers some solid cashback credit cards as well. Those cards also offer bonuses for new account holders.
Get $200 when you open a Wells Fargo Cash Wise Visa Card and spend $1000 in purchases in the first 3 months. The card is an unlimited 1.5% cashback credit card on all purchases and does not have an annual fee. $200 to start plus 1.5% is a great start. It's 50% better than your standard cashback card – plus it's actual cashback, not points you have to convert or play other games with. There is also a 0% introductory APR for 12 months on purchases and balance transfers (there is a balance transfer fee).
Worth a look if you want to go full Wells Fargo or just need to up your cashback credit card game.
If you're flexible on what bank account to open, Chase offers a pretty solid promotion right now. You can get up to $350 by opening a Chase Total Checking Account and a Chase Savings Account. The terms are similar to the Wells Fargo offer except the mininmum daily balance is much higher, but so is the bonus!