Wells Fargo bonuses and promotions of May 2024

If you’re considering opening a bank account with Wells Fargo, take note of the current promotions: You can earn a quick buck without too much effort.

Still, a promotion shouldn’t be the only reason you open an account at a particular bank.

Account details and annual percentage yields (APYs) are accurate as of April 8, 2024.

Wells Fargo promotions overview 

Wells Fargo currently has a couple of promotions on some of its savings and checking accounts. Continue reading for promotion details and to find out how to qualify.

Wells Fargo Everyday Checking: Get a $300 bonus

New Wells Fargo customers can earn a $300 bonus by opening a Wells Fargo Everyday Checking account in person or online with a $25 initial deposit. 

The Everyday Checking is the bank’s most popular checking account. With a contactless debit card and features like Bill Pay, overdraft protection and Zelle, it’s got everything you need in a basic checking account — but nothing above and beyond. 

There’s a $25 minimum opening deposit and a waivable $10 monthly service fee. 

How to qualify

To get the bonus, you must receive a total of $1,000 worth of qualifying electronic deposits within 90 days of opening your account. 

You have to provide a bonus offer code when applying for your account in order to receive the bonus, which you can get by submitting your email address on the account promotion webpage. 

Account fees

The Everyday Checking account has a $10 monthly service fee. But you can avoid the fee by meeting one of the following requirements during each statement period:

• Maintain a $500 minimum daily balance.
• Receive $500 or more in total qualifying electronic deposits.
• Be between the ages of 17 and 24 — once you turn 25, age can no longer be used to avoid the fee.
• Link your account to a Wells Fargo Campus ATM Card or Campus Debit Card.

Expiration date

This promotion expires on June 25, 2024. 

Wells Fargo Way2Save® Savings: Get a $525 bonus

Customers new to saving with Wells Fargo can get a $525 bonus for opening a Wells Fargo Way2Save® Savings account with a minimum deposit of $25. This account can only be opened in person. 

The Wells Fargo Way2Save Savings account is a low-cost savings account you can open with just $25. But interest on this savings account is only 0.01% APY — nowhere near what you could earn by opening a savings account or certificate of deposit (CD) at many online banks.

With the Way2Save account, you can take advantage of Wells Fargo’s widespread presence. The account comes with an ATM card and access to more than 12,000 Wells Fargo ATMs. Other perks include mobile banking and optional overdraft protection.

How to qualify

You can earn a $525 bonus by opening a new Way2Save account with a $25 opening deposit and by doing the following:

• Deposit $25,000 or more into your new account within 30 days of opening.
• Maintain a balance of $25,000 through the first 90 days after account opening.

You’ll also need to provide a bonus offer code to the banker when opening your new account. You can get a code by providing your email address on the account promotion webpage.

Account fees

The Way2Save savings account has a $5 monthly service fee, but you can avoid it by meeting one of these requirements each fee period:

• Maintain a $300 minimum daily balance.
• Make one automatic transfer of at least $25 each fee period from a linked Wells Fargo checking account.
• Make one automatic transfer of at least $1 each business day from a linked Wells Fargo checking account.
• Make one or more Save As You Go® transfers from a linked Wells Fargo checking account.
• Be under 25 years old.

Expiration date

This offer expires on June 25, 2024.

How Wells Fargo promotions compare

Wells Fargo’s current promotions for its checking and savings accounts are noteworthy. Not all banks offer promotions, so the fact that you can earn a bonus with minimal effort is an advantage, no matter the cash value. 

Wells Fargo’s current offers are comparable to those at other banks. For example, JPMorgan Chase Bank is offering a $300 bonus for opening a Chase Total Checking® account (offer expires July 24, 2024) and Citi Bank is currently advertising a bonus of up to $2,500 with a Citi® checking account, but you need a balance of $300,000 to earn it (offer expiresJuly 8, 2024). As far as competitors go, Wells Fargo’s bonuses, for the most part, match or exceed them.

But promotions aren’t the only thing to consider when opening a new bank account. Even though Wells Fargo offers impressive bonuses, its accounts have monthly fees and don’t earn much — if anything — in terms of interest. If you don’t qualify for waived monthly fees, you might be better off with a free checking account or high-yield savings account. 

Wells Fargo review

Founded in 1852, Wells Fargo is one of the largest banks in the U.S. and has thousands of physical branches and ATMs throughout the country. Rates on savings accounts are low compared to high-yield savings accounts, but if you like to bank in person Wells Fargo is worth considering. 

They offer a full range of banking products, including checking, savings, CDs, credit cards, loans, mortgages and investment services. 

Frequently asked questions (FAQs)