Wells Fargo has extended its regular offer for new checking account customers. The offer is available in-branch or online and gives a $400 bonus when opening a new Everyday Checking account and completing a total of $3,000 in direct deposits within 90 days. See Doctor of Credit’s list of what Wells Fargo considers a direct deposit here.
The Deal
- Wells Fargo is offering a $400 bonus when opening a new Everyday Checking account and making a total of $3,000 in direct deposits within 90 days of account opening.
- Expires January 13, 2026
In order to receive the bonus, you must:
- Open a new Wells Fargo consumer checking account with a minimum opening deposit of $25 by January 13, 2026. All account applications are subject to approval.
- Within 90 calendar days of account opening (the “qualification period”), receive a total of $3,000 or more in qualifying electronic deposits to your new checking account.
- A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and is (1) a direct deposit made through the Automated Clearing House (ACH) network, (2) an instant payment processed through the RTP® network (real-time payment system) or FedNowSM Service, or (3) an electronic credit from a third party service that facilitates payments to your debit card using the Visa® or Mastercard® network (e.g. an Original Credit Transaction). Transfers from one account to another, mobile deposits, Zelle®, or deposits made at a branch or ATM are not considered a qualifying electronic deposit.
How to get the monthly $10 fee waived
- The monthly service fee can be avoided with one of the following for each fee period:
- $1,500 minimum daily balance.
- $500 or more in total qualifying electronic deposits
- The primary account owner is 17-24 years old. (When the primary account owner reaches the age of 25, age can no longer be used to avoid the monthly service fee.).
- Linked to a Wells Fargo Campus ATM Card or Campus Debit Card.
- A qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program.
Terms and Conditions
- This offer is for new checking customers only.
- You are not eligible for this offer if:
- You are a current owner of a Wells Fargo consumer checking account
- You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months
- You are a Wells Fargo employee
- 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.
- You are responsible for any federal, state, or local taxes due on the bonus and we will report as income to the tax authorities if required by applicable law. Consult your tax advisor.
Quick Thoughts
This is better than the standard checking account offer Wells Fargo has had out for a couple of years, which it keeps extending. You get an extra $75 for the effort, but the direct deposit requirement has increased as well, from $1,000 to $3,000.
Wells Fargo has a broad definition of “direct deposits,” including ACH transfers from many banks. When I did this a couple of years ago, I just scheduled an ACH from my local credit union (BECU).
The terms require the account to remain open until the 90-day qualification period ends, so it’s important to understand the requirements to avoid the $10 monthly fee. You could schedule a monthly $500 ACH into the account and then transfer most of it back out to keep the account free, or just leave $1500 in the account. There’s no early termination fee if you close the account. Still, with Wells Fargo, it’s generally considered best practice to leave it open for at least a few months to avoid getting blacklisted from future bonuses.
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Note that a month or two ago, Wells Fargo changed the amount of deposit required to waive the monthly fee from $500 to $1,500. So the statement (in the post above) “or just leave $500 in the account” needs to be tweeked.
This is why I closed my checking account. Yeah, this and that they also charge $5 to use ATMs outside the network.
Note also that WF makes you wait at least 90 days to get your bonus. Some other banks give you the bonus immediately after you qualify.
I am seeing this offer again when i log in (i don’t currently have a Wells Fargo checking account). However, when i try to apply online, they say they can’t verify my identify; not sure whether that’s normal for them or not.
BMO – no fees, $400 bonus. Direct Deposit of $4k in 90 days
Citi – $450 bonus. Direct deposit $6k in 90 days. no fees ONLY if direct deposit >$250 per month
SoFi – no fees, $300 bonus AND 35k AMEX (via Rakuten). Direct deposit $5k in 45 days
US Bank – $450 bonus. Direct deposit $8k in 90 days. Maintain $1500 balance
I just applied for Citi and the bonus is $425; however, you must keep the account open for at least 120 days.