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
If you received the bonus please let everyone know when the account was opened, DD method and dates and date bonus posted. Posting “I received the bonus” doesn’t help anyone.
I opened the everyday checking in August for the $400 bonus offer paired with the $250 bonus offer for opening the Savings (in DC and TX). The Savings only required $15k be maintained for 90 days, but bumping it up to $25k covered the fees on a portfolio checking package AND qualified for a 2.03% APY bonus rate for up to 12 months.
I opened a portfolio checking a month later to increase the total dollar value of WF-initiated ACH’s allowed per day and month via the WF app, and the portfolio package also waived monthly fees on the everyday checking (eliminating the need for a minimum balance of $1500).
My third monthly ACH initiated from USAA posted earlier this week accompanied by a text message stating a DD to the everyday checking is available.
$25k in Savings earning 2.03% APY and a one-time $250 bonus;
$1 in everyday checking earning no interest and a one-time $400 bonus;
$0 in portfolio checking earning no interest and no bonus;
If you can qualify for the $500 portfolio checking offer and opt for the savings deposit to waive fees, ask about the promo APY offer. The offer for new money dropped to 1.95% in September.
If you can push at least $3k from USAA to the checking each month, you should be able to meet the offer’s requirements without bothering your payroll office.
I have been seeing click-through ads for this. I’ll save a link for it next time I see it.
Please do!
Today I just signed up for this ( Looks identical) deal in a wells fargo branch located in a California Vons . They provided “bonus offer code”. (I asked for a bonus code in a nearby free standing branch and the “banker” said he couldn’t do it.) The Vons branch had a promo card for the deal displayed.
To avoid the $30 service charge i opened a savings account which will require $25G balance.
but first 2 statement cycles are service charge free.
The flyer I received at the branch (while signing up) is very similar to one above, but with a deadline of 12/31/19. To my eye it is otherwise identical re: rules.
I agree it is difficult to keep fee-free ($25,000). Can the offer on this page be paired with this targeted on? https://www.doctorofcredit.com/targeted-wells-fargo-500-savings-account-bonus/? And if so, how do I get myself targeted?
I just opened the Portfolio by Checking by Wells Fargo yesterday inside a branch in Orange County, CA. No issues whatsoever. I just asked the banker to show me some checking account offers etc….
We applied for a similar $200 deal in July 2018. Never got the money. F**k Wells Fargo. Don’t be a fool, stay far, far away from this.
Would a mortgage qualify as a credit balance?
I think monthly fee should be waived for the first 2 months which could be sufficient time to complete the requirements (If you have it all ready to go from Day 1) and then downgrade or close, max loss will be 1 months fee.
I agree that the $400 is a better offer. But the $400 offer may not be nationwide. I am in CA and try to get the $400 offer in branch. But the banker showed me this offer was only available at Denver, Houston, Miami, Seattle, and Washington D.C. Is there anyone get this offer at cities that are not listed above?
I don’t think that is correct, $400 seems to be more widely available if not nationwide, I am in IL and I was able to apply. It asks for zip first so that should give you indication and it clearly says – “This is an exclusive, online-only offer and not valid for branch or phone account opens”.
I am in CA and had no problem getting the $400 offer in branch, not sure what that banker was talking about
I’m in GA and got the $400 offer.
I opened mines at the Wells Fargo Branch near the LAX airport. No issues. I showed the banker a printed coupon code I got from their Wells Fargo email link. There was/is a link to request a code to be emailed to you.
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I live in CA, but I applied online and got the offer without any issues.
You can do the deal online
Has this deal really expired? Perhaps resurrected or modified?, please check my post of 10/17/19.
I received the $ 400.00 in Portland, OR
Is the monthly fee also waived for those under 25 y.o like the $400 one?