Wells Fargo Promotions 2024 (2024)

Pros and Cons of Wells Fargo Bank Promotions

Pros Explained

• Quick bonus disbursem*nt: Banks can make customers wait 180 days or more to receive a cash bonus. But with certain Wells Fargo promotions, you can receive the bonus in as little as 30 days after you satisfy the requirements.
• Solid bonus amounts: While some banks offer higher bonuses, others offer lower payoffs. Wells Fargo has offered fairly large bonuses for its Everyday Checking account for new customers who meet requirements, with higher bonuses for high-deposit customers opening certain other accounts (although current bonus offers may not always be above average).
• Reasonable fee waiver for accounts like Everyday Checking: Wells Fargo charges monthly account fees, which can be waived with specific actions or minimum account balances. One simple way to waive the associated fee for Everyday Checking, for example, is by keeping a $500 minimum in the account, a lower bar than some competitors.

Cons Explained

• Significant direct deposit requirements: With some of Wells Fargo’s checking promotions, you must make at least $1,000 in qualifying direct deposits to be eligible. This is higher than some competitors, which have lower requirements.
• Bonus requirements separate from fee waivers: Wells Fargo’s promotions may include the fine print: “The actions required to earn this bonus are separate and distinct from the options available to you to avoid any applicable monthly service fee for the checking account you opened.” If you’re wondering exactly how to earn the bonus while qualifying for a monthly fee waiver, you may want to contact customer support when opening your new account.
• No interest paid on most accessible checking account: Some banks offer bonuses in tandem with interest-earning checking accounts. The Wells Fargo Everyday Checking account, however, doesn’t offer interest; but if you have higher amounts to deposit, the Premier Checking account does pay some interest.
  

Alternatives to Wells Fargo Bank Promotions

If you aren't eligible for a Wells Fargo bonus offer or would prefer to work with another bank, consider these alternatives to earn extra money. Remember that wherever you place your savings, the returns must keep up with the inflation rate, or you lose buying power.

Bank of America Promotions

Although Wells Fargo can be relatively quick, with some banks you have to wait months after meeting the offer requirements to receive your cash bonus. But with Bank of America, depending on the promo terms, you may receive your bonus in as little as 60 days.

TD Bank

TD Bank usually offers fairly generous bonuses, which may have relatively low direct deposit requirements. But you may end up waiting longer for the bonus to hit your account.

Chase

Chase typically has several promotional offers at once. In some cases, Chase's bonus offers have had no minimum deposit requirements, instead asking you to complete a number of transactions to qualify for the promotion.

High-Yield Savings Account (HYSA)

While bank bonuses give you a one-time lump sum, a high-yield savings account provides long-term benefits through the interest you earn on your total. These savings accounts offer higher-than-average annual percentage yields (APYs), so your money could earn more interest over time compared to a Wells Fargo savings account or bonus.

Certificates of Deposit (CDs)

For those looking to maximize their savings, certificates of deposit tend to have higher APYs than other deposit accounts, such as savings or money market accounts. You deposit money into the CD and leave it untouched for a specific term, such as six to 120 months. In exchange, the bank pays a fixed rate of interest. Depending on your deposit amount, you may earn more with a high-rate CD compared to a bank bonus, but you typically can’t withdraw funds during the term or you’ll face a penalty fee.

Series I Bonds

U.S. government I Bonds help you beat inflation with a rate tied to the rate of inflation. As a result, you may find I Bonds deliver higher returns due to higher interest rates. However, you cannot take your money out of an I Bond for one year, and you will pay a penalty of three months of interest if you take it out before five years have passed. There’s also a max amount ($10,000) you can buy in one year.