[Expired] Wells Fargo $100 Checking Account Bonus

This offer expired on April 28th, click here to view current checking account offers.

[We will receive a small commission if you purchase the Amazon gift cards through our link. We don’t receive any comission for you signing up for a Wells Fargo bank account. By using our links you help this site grow]

The Offer

• Wells Fargo is offering $100 when you sign up for any of their checking accounts

The Fine Print

• You must be within a participating zip codes (haven’t found any that don’t work as of yet)
• Account must be opened and funded before April 18th, 2014
• Minimum amount account can be opened with:
  • $50 at a Wells Fargo store or
  • $25 online or by phone
• You must have a W-9 form filed (tax-payer identification number) with Wells Fargo
• Offer valid for all checking accounts apart from the Teen Checking^SM  account
• You must complete one of the following to receive the $100 bonus within 60 days of account opening:
  • Receive a qualifying direct deposit of at least $500, Wells Fargo considers alary, pension, Social Security, or other regular monthly income to be eligible. Click here to find out what other methods will trigger this bonus. Or
  • Complete 10 debit card purchases or payments
• Bonus will be deposited within 45 days after the requirements have been met. This bonus will be reported to the IRS and have taxes taken from it.

Avoiding Fees

All three of the accounts eligible for the bonus come with a monthly fee, but it is possible to avoid these:

• Wells Fargo Value^SMChecking account ($9 montly with paper statements and $7 with e-statements):
  • Maintain a monthly balance of $1,500 or more OR
  • Receive qualifying direct deposits of $500 or more each statement cycle
• Way2Save^®Checking Package. This comes with both a checking and savings account
  • Checking (monthly fee of: $12 with paper statements or $10 with e-statements) can be waived when you complete one of the following:
    • Maintain a $2,000 minimum daily balance, OR
    • Qualifying direct deposits5 totaling $750 or more each statement cycle, OR
    • 10 debit card purchases and/or payments each statement cycle from this checking account
  • Savings ($5 monthly fee)
    • Maintain a $300 minimum daily balance OR
    • Set up $25 monthly automatic transfer from your Way2Save Checking account to this savings account OR
    • Set up $1 daily automatic transfer (every business day) from your Way2Save Checking account to this savings account OR
    • Set up the Save As You Go® transfer option from your Way2Save Checking account to this savings account OR
• Wells Fargo Preferred Package, this package also comes with both a savings and checking account:
  • Checking account: ($15 monthly with paper statements or $13 with e-statements) waived when:
    • Maintain $10,000 combined minimum deposit balances, OR
    • Have a linked Wells Fargo Home Mortgage
  • Savings account ($10 monthly fee):
    • Maintain a $3,500 minimum daily balance, OR
    • Set up a $75 monthly automatic transfer into your Wells Fargo Money Market Savings account

In all of the product disclosures, there is no mention of an early account termination fee. But a worker for Wells Fargo stated that if the account is closed with six months, there is an early account termination fee of $25. We will update this if it’s confirmed or denied.

Our Verdict

Opening a Wells Fargo account is a soft pull, so it’ll have no effect on your credit score. This bonus is quite easy to meet as a direct deposit isn’t required. There are two tactics for receiving this bonus and both have their positives and negatives.

Tactic One

• Open a Wells Fargo Value^SMChecking with an opening deposit of $1,500 (this will keep the account fee free)
• Complete ten debit transactions by purchasing ten $0.15 gift cards from Amazon (this will trigger the account bonus)

Total cost: $1.5 and keeping $1,500 in a deposit account for at least two months (it takes 45 days for the bonus to post once the requirements are met) you might need to keep it open for six months to avoid the early termination fee. You’ll end up with $1.5 in Amazon gift cards as well.

Tactic Two

• Open a Way2Save^®Checking Package with an opening deposit of $60-$180
• Set up an automatic transfer from the checking account of $1 per day into the savings account (this will keep the savings account fee free)
• Complete ten debit transactions by purchasing ten $0.15 gift cards from Amazon (this will trigger the account bonus and keep the checking account free).

Total cost: Keeping $60-$180 in a deposit account with virtually no interest for at least two months. Purchasing 20-60 ($3-$9) $0.15 gift cards from amazon. You’ll also end up with $3-$9 in amazon gift cards

What I’ll Be Doing

I’m going to go for tactic one, it’s less hassle than constantly remembering to purchase 10 gift cards each month and it’ll be easier to close one account than two. I’ll have to forgo 2-6 months of interest on $1,500, but with interest rates at only 1% i’m only really missing out on $0.75 which is nothing.  If you’re low on available money, then option two will be better as you’ll have less money tied up.

You can also fund the account with a credit card up to $500, I’ll use one of my cards to fund this account and earn at least $5 cash back or 500 points/miles. Find out which cards count as a cash advance and which don’t.

• Find more bank account sign up bonuses