Update 10/27/19: According to reader Chas a similar/the same deal is available again until December 31st, 2019. Looks like it might be restricted to branches inside grocery stores (Vons).
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â Targeted & In branch
- Direct deposit required:Â Yes, $3,000 for three consecutive months
- Additional requirements:Â None
- Hard/soft pull:Â Soft
- ChexSystems: Mixed reports, likely doesn’t pull
- Credit card funding:Â Can fund up to $50 online
- Monthly fees:Â $30, avoidable
- Early account termination fee: None, don’t close account straight away please
- Household limit:Â None
- Expiration date:Â May 31st, 2019
Contents
The Offer
No direct link to offer, physical mailer sent out
- Wells Fargo is offering a bonus of $500 when you open a new Wells Fargo Portfolio Checking account linked to the portfolio by Wells Fargo program and complete the following requirements:
- Open with a minimum deposit of $25
- Within 150 days set up and receive cumulative monthly total of $3,000 in direct deposits for three consecutive months
The Fine Print
- Bonus will post within 45 days of meeting all the requirements
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $30 monthyl service fee, this is waived when you have one of the following Portfolio by Wells Fargo qualifying statement ending balances:
- $25,000 or more in qualifying linked bank deposits (checking, savings, time accounts (CDs) or
- $50,000 or more in qualifying linked bank, brokerage and credit balances
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
There is currently a public $400 bonus with the same requirements, the major difference is that this is $100 more but this account is significantly more difficult to keep fee free. Because of how difficult it is to keep fee free I wouldn’t recommend going for this offer and I’d stick to the $400 bonus instead. Because of that we won’t be adding it to our list of the best checking bonuses.
Hat tip to reader T Y
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
