Wells Fargo: Get $525 Bonus with New Savings Account
Wells Fargo has a bonus for new savings account customers. This offer is available nationwide, but you need to visit a branch in order to open the new account. You also need to deposit $25,000, which makes the bonus less valuable since you’re forfeiting the interest you might be earning elsewhere. But you can still make a decent profit, so let’s see the details.
The Offer
Open a new Way2Save® Savings account, or other eligible consumer savings account, with a minimum opening deposit of $25 and complete the steps outlined below:
- 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.
Once the 90-day qualification period has elapsed, Wells Fargo will determine if you have met the offer requirements, and will deposit any earned bonus into your new checking account within 30 days.
Key Terms
- This offer is for new savings customers only.
- All Wells Fargo consumer checking accounts are eligible for this offer with the exception of checking 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 checking account.
- You are not eligible for this offer if you are a current owner of a Wells Fargo consumer savings account, or have received any other consumer savings offer bonus or promotional rate that required a bonus offer code within the past 12 months.
- Wells Fargo Way2Save Savings account monthly service fee is $5. The monthly service fee can be avoided with a $300 minimum daily balance.
Conclusion
A bank bonus of $525 is normally a great deal. However, in this case the actual bonus is probably closer to $300, depending on how much interest you’re forfeiting.
You need to deposit $25,000 and keep in the Wells Fargo savings account for 90 days in order to earn the $525 bonus. The interest rate on this account is only 0.15%, when you can get up to 4.75% elsewhere, or even above 5% with CDs or treasury bills.
HT: Doctor of Credit
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Less than $300 because banks always report to IRS. More like $150-200 after tax.
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Haha!