How much does Wells Fargo give you for opening an account?

When opening a new checking or savings account with Wells Fargo, the bank offers various sign-up bonuses and rewards to attract new customers. The exact amount you can receive depends on the type of account you open and any promotional offers that are available at the time.

Checking Account Bonuses

For new checking accounts, Wells Fargo periodically offers cash bonuses that range from $100 to $400 when you meet certain qualifications. For example, they may offer a $200 cash reward if you open a new Everyday Checking account and meet requirements like:

  • Make a minimum opening deposit, usually $25
  • Set up a recurring direct deposit of your paycheck, benefits, etc within a certain timeframe
  • Keep the account open and active for a minimum period, such as 3 months

These types of promotions tend to change over time. The bank may increase the bonus amount they offer as a special limited-time deal. But typically expect bonus offers in the $100 to $400 range.

Savings Account Bonuses

Similar to checking accounts, Wells Fargo provides cash incentives for opening a new savings account when you meet certain qualifications. For example:

  • $100 cash reward when you open a Way2Save Savings account with a $25 minimum opening deposit and $25 automatic transfer from a Wells Fargo checking account for three consecutive months.
  • $200 cash reward when you open a Wells Fargo Platinum Savings account with a $25 opening deposit and maintain a $25,000 minimum daily balance for three months.

Savings bonuses are commonly in the $100 to $200 range, though they can vary. The bank may increase bonus offers for special promotions.

Requirements for Bonuses

While the specific qualifications can differ depending on the account and promotional offer, there are some standard requirements to earn opening account bonuses from Wells Fargo:

  • You cannot have held an existing Wells Fargo checking or savings account that received a bonus within the past 12 months.
  • You must be a new customer to Wells Fargo, or an existing customer that does not have an eligible account type already.
  • You need to register and apply for the account online to qualify for the advertised bonus.
  • The minimum opening deposit amount must be met when you open the account.
  • Ongoing activities like direct deposits, a minimum balance, and number of debit card transactions must be satisfied within the timeframe stated in the offer.
  • The account needs to remain open for a minimum period, generally 3 months, in order to earn the full bonus amount.

Always read the specific terms and conditions that accompany any advertised promotional offer from Wells Fargo. The requirements will spell out eligibility and what must be done in order to earn the account opening bonus.

Benefits of Switching to Wells Fargo

Beyond any upfront rewards, here are some other benefits that Wells Fargo offers when you switch your banking relationship to them:

  • Large ATM network – Access to over 13,000 Wells Fargo ATMs across the country for free withdrawals and cash deposits.
  • Mobile app – Manage your accounts via app with features like mobile check deposit, Zelle person-to-person payments, and credit score access.
  • Personalized offers – You may qualify for additional account holder promotions and discounts on products like loans and credit cards after account opening.
  • 24/7 customer service – Talk to a Wells Fargo representative any time of the day or night for account assistance.

Reasons To Switch To Wells Fargo

Here are some key reasons why opening a new checking or savings account with Wells Fargo may make sense:

  • Earn up to $400 with the cash sign-up bonuses and rewards they offer.
  • Access useful digital banking features through their mobile app.
  • Take advantage of fee waivers and relationship discounts when you maintain a qualifying balance.
  • Establish a relationship for convenience and perks if you already use Wells Fargo credit cards or consumer lending.
  • Get nationwide access to physical branches and ATMs which is great for traveling or if you move.

Drawbacks of Switching to Wells Fargo

While Wells Fargo offers some attractive incentives and features, there are some potential drawbacks to consider as well:

  • Their ongoing account fees can be high if you don’t maintain the required minimum balance or meet other qualifications.
  • Interest rates earned on savings accounts tend to be lower compared to online banks.
  • Recent scandals related to fraudulent account openings have hurt Wells Fargo’s reputation.
  • Limited physical presence outside of the Western and Southern U.S.
  • Reported issues with customer service response times and satisfaction.

Weighing the Pros and Cons

Here is a quick pros vs cons comparison when deciding if switching to Wells Fargo is the right move:

Pros Cons
  • Up to $400 cash sign-up bonus
  • Large branch and ATM network
  • Full-service banking options
  • High fees if minimum not met
  • Lower interest rates
  • Recent scandals

Overall, the upfront account opening bonuses along with the convenience of Wells Fargo locations and full-service offerings will appeal to many customers. But maintaining an ongoing balance and qualifying activity is key to avoid high monthly fees. Carefully compare costs against any incentives.

Maximizing the Bonus Offers

To maximize the value of Wells Fargo’s cash bonus offers, be sure to:

  • Review the current promotional deals and read all terms and conditions
  • Open your account online to qualify for the advertised bonus amount
  • Deposit the minimum opening balance stated
  • Complete any required activities within the timeframe, such as direct deposits or debit card transactions
  • Keep the account open for the minimum duration, usually 3 months

Completing these steps will help ensure you earn the full bonus being offered. Also take advantage of the opportunity to set up other convenient services with Wells Fargo like online banking and bill pay. Just be aware of the balance requirements and fees to avoid any unexpected costs down the road after earning your sign-up reward.

Who Should Open a Wells Fargo Account?

The following types of individuals or situations may find the most benefit in a new Wells Fargo account right now:

  • New college graduates – Going from student banking to professional banking, earn a sign-up bonus and establish a relationship with Wells Fargo.
  • New job or direct deposits – Opening an account is a requirement to get payroll or other funds deposited from your employer or benefits programs.
  • Existing Wells Fargo mortgage or loan customers – Deepen your relationship to qualify for relationship discounts and boost application approval odds.
  • Active debit card users – Frequent spenders can maximize debit rewards programs that require a certain number of transactions per month.
  • Frequent travelers – Use the national ATM network and bank branches to easily access your money anywhere.

For these situations, the convenience, monetary incentives, and account features at Wells Fargo can outweigh some of the drawbacks.

Who Might Want to Avoid Wells Fargo?

While Wells Fargo can be a good option for many customers, here are some cases where other banks may be better:

  • Infrequent debit card users – Without enough monthly transactions, you could get hit with an activity fee on checking accounts.
  • Low account balances – It’s hard to waive monthly service fees without maintaining minimum balances or direct deposits.
  • Online banking fans – Other banks offer better mobile apps, websites, and digital experience than Wells Fargo.
  • Investors seeking high interest rates – Online banks and credit unions offer higher savings rates than Wells Fargo.
  • West Coast focus – Wells Fargo’s branch presence is more limited in Midwest, Northeast, and Southeast.

For these situations, a competitor may have lower fees, better digital tools, or a more convenient location that would be a better fit.

How to Get Started with Wells Fargo

Ready to open an account and earn your sign-up bonus? Here are some tips to get started:

  1. Research the latest promotional offers for new checking and savings accounts on the Wells Fargo website.
  2. Decide which account best fits your needs based on features, fees, and bonuses.
  3. Gather the required documents like your Social Security number, driver’s license, and money for your opening deposit.
  4. Enroll online by clicking the “Open Now” button for the offer you want.
  5. Complete the online application to open your new Wells Fargo account.

The online application process takes around 10-15 minutes. You’ll need to set up funding sources, registration preferences, and order debit cards. That’s all it takes to earn your initial sign-up bonus from Wells Fargo!

Bottom Line

Wells Fargo provides new checking and savings customers with cash sign-up bonuses that can range from $100 up to $400 when opening an eligible account online. While the upfront rewards are appealing, customers need to watch out for high monthly fees and balance requirements to avoid paybacks later on. Compare any offers and fine print details carefully before switching your accounts to Wells Fargo to maximize the incentives.

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