Wells Fargo Savings Bonus, Get $525 with $25K Deposit

Wells Fargo Savings Bonus

Wells Fargo has a new bonus that can earn you $525 when you open a savings account. This is a big bonus, but also requires a deposit of $25,000. Considering the high interest rates elsewhere and the 0.15% interest offered by Wells Fargo, the bonus is more like $300. Check out the details below.

Update: This offer is back again through April 1, 2024. Now there’s also a link for existing savings account holders for the same bonus.

How to Earn This Bonus

Here’s how this bonus works:

• Use promo code to open a new Wells Fargo consumer savings account with a minimum opening deposit of $25 in a Wells Fargo branch by June 27, 2023. 
• Bring $25,000 or more in new money to your new savings account by Day 30 and maintain at least a $25,000 balance through Day 90 after account opening.

Are You Eligible?

• Offer available nationwide, at Wells Fargo branches.
• This offer is for new savings customers only. All Wells Fargo consumer savings accounts are eligible for this offer with the exception of Time Accounts (CDs) and savings accounts offered by Wells Fargo Private Bank.
• You must use your bonus offer code at account opening when you apply for a new eligible Wells Fargo savings account.
• You are not eligible for this offer if:
  • You are a current owner of a Wells Fargo consumer savings account
  • You have received any other consumer savings offer bonus or promotional rate that required a bonus offer code within the past 12 months.
  • You are a Wells Fargo employee

Account Fees

Wells Fargo Way2Save Savings account monthly service fee is $5. Minimum opening deposit is $25. The monthly service fee can be avoided with one of the following each fee period:

• $300 minimum daily balance
• 1 automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account
• 1 automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
• 1 or more Save As You Go® transfers from a linked Wells Fargo checking account. A qualifying Save As You Go transfer is an automatic transfer of $1 from your linked Wells Fargo checking account to your Way2Save Savings account each time you (or any authorized signer or joint owner) use your debit card for a one-time purchase or complete a Bill Pay transaction through online banking, and the one-time debit card purchase or Bill Pay transaction posts to the account. We reserve the right to determine through our sole discretion if a particular transaction is a qualifying transaction.
• Primary account owner is 24 years old or under. (When the primary account owner reaches the age of 25, age can no longer be used to avoid the monthly service fee.) Customers 12 and under must have an adult co-owner.

The new savings account must be open 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.

Guru’s Wrap-Up

$525 is normally a great bank bonus. But considering that you need to deposit $25K for three months and the high interest rates that you can earn nowadays (up to 5.25%), the offer is not that enticing. It could still be worth doing and you should come out ahead by about $300 compared to some of the best high-yield accounts.

Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. And, if you’re new to bank account bonuses, you can learn more about churning bank accounts here.

Link & Key Details

• OFFER PAGE
• Bonus: $525
• Account Type: Way2Save Savings
• Availability: Nationwide in-branch
• Type of Inquiry: Soft pull
• Direct Deposit Requirement: No
• Other Requirements: $25K balance for 90 days
• Credit Card Funding: No
• Early Account Closing Fee: Must keep account open to receive bonus
• Expiration Date: 6/27/23 1/9/24 4/1/24

HT: Doctor of Credit

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