Wells Fargo $525 Savings Bonus With $25,000 Deposit (In-Branch)

Update 10/3/24: Extended until Jan 08 2025

Update 8/21/24: Extended until October 1, 2024

Update 7/10/24: Extended until August 20, 2024

Offer at a glance

  • Maximum bonus amount: $525
  • Availability: Nationwide, branch visit required
  • Direct deposit required: None
  • Additional requirements: $25,000 deposit
  • Hard/soft pull: Soft
  • ChexSystems: Mixed reports, likely doesn’t pull
  • Credit card funding: None
  • Monthly fees: Avoidable
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: June 27, 2023

The Offer

Direct Link to offer for new savings customers | Link for existing savings customers

  • Wells Fargo is offering a $525 bonus when you open a new savings account and deposit $25,000 within 30 days. Must maintain the balance through Day 90 from account opening.

The Fine Print

  • This offer is for new savings customers only. All Wells Fargo consumer savings accounts are eligible for this offer with the exception of Time Accounts (CDs) and savings 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 savings account.
  • You are not eligible for this offer if:
    • You are a current owner of a Wells Fargo consumer savings account
    • You have received any other consumer savings offer bonus or promotional rate that required a bonus offer code within the past 12 months.
    • You are a Wells Fargo employee
  • To receive the bonus, you must: 1) Open a new Wells Fargo consumer savings account with a minimum opening deposit of $25 in a Wells Fargo branch by June 27, 2023. All account applications are subject to approval. 2) 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. New money is money that is new to the customer or new to Wells Fargo (deposited into the customer’s new savings account directly from outside of Wells Fargo and Company and all affiliates, or from a Wells Fargo account not owned by the customer).
  • We will deposit your bonus into your new savings account within 30 days after you have met all offer requirements.
  • The new savings account must be open at the time we attempt to deposit any earned bonus payment. Please note that an account with a zero balance may be closed by us without prior notice, as further described in the Deposit Account Agreement.
  • You are responsible for any federal, state, or local taxes due on the bonus and we will report as income to the tax authorities if required by applicable law. Consult your tax advisor.

Avoiding Fees

The Wells Fargo Way2Save Savings account monthly service fee is $5. Minimum opening deposit is $25. The monthly service fee can be avoided with one of the following each fee period:

  • $300 minimum daily balance
  • Automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account
  • Automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account
  • or more Save As You Go® transfers from a linked Wells Fargo checking account. A qualifying Save As You Go transfer is an automatic transfer of $1 from your linked Wells Fargo checking account to your Way2Save Savings account each time you (or any authorized signer or joint owner) use your debit card for a one-time purchase or complete a Bill Pay transaction through online banking, and the one-time debit card purchase or Bill Pay transaction posts to the account. We reserve the right to determine through our sole discretion if a particular transaction is a qualifying transaction.
  • Primary account owner is 24 years old or under. (When the primary account owner reaches the age of 25, age can no longer be used to avoid the monthly service fee.) Customers 12 and under must have an adult co-owner.

Initial monthly service fee waiver (pdf): “We’ll waive the monthly service fee for each fee period ending within the first 64 days of opening.”

Our Verdict

You’ll lose out on $200-$300 in interest by using this savings account which doesn’t earn much interest versus a high yield savings account. Still might be worth it for the $525 bonus + .15% interest that the account earns. Update: readers note that you can have the banker enroll you in this Platinum savings account which has a decent interest rate.

I see this as more interesting in conjunction with the Wells Fargo Premier checking $2,500 bonus offer which requires $250,000 in assets transferred. Far as I can tell from the fine prints, the two offers should work in tandem, and the $25,000 savings account will count toward your $250,000 threshold needed for the checking/investing bonus. Seems like a nice way of sweetening the pot a bit on that $2,500 Premier checking bonus, and it should be possible to bring in both promo codes to the branch and open both accounts at the same time. Update 3/24/23: multiple readers heard from their banker that the $25k won’t stack with the $250k offer. Update 11/24/24: In reality it probably will stack.

We’ll add this to our list of Best Bank Signup Bonuses.

Hat tip to reader nik

Post history:

  • Update 5/31/24: Back until July 9, 2024.
  • Update 4/2/24: Extended until June 25, 2024
  • Update 1/10/24: Extended until April 1, 2024
  • Update 10/2/23: Deal is back until January 9, 2024
  • Update 6/28/23: Deal is back and valid until July 3, 2023. For existing users.
  • Update 5/29/23: There’s a new offer link for existing Wells Fargo Way2Save savings account holders to get the  $525 bonus as well. It still requires a branch visit to attach the offer to your account. (ht Eric)
  • Update 3/24/23: multiple readers heard from their banker that the $25k won’t stack with the $250k offer.
    Chuck
  • On May 31, 2024, 11:00
Tags: bank bonusbignationwide bank bonusesnationwide savings bonuswells fargo

View Comments (1837)

  • Where is everyone finding the 4%+ Platinum savings rate? When I search online, I can only find a .25% rate.

  • I live in Oklahoma (no WF branches here) but will be in NYC next week for a trip, any reason I can't open an account there in person and deposit a cashiers check I have from a car sale?

    • You can open it with just $25 cash. You have 30 days to ACH in the $25k.

      Put your cashiers check in a HYSA then fund this account on day 28-29.

    • No reason you shouldn't. But, I wouldn't take a cashier's check. Deposit that at a local bank as soon as possible. I wouldn't take anything to a faraway bank that you don't know for sure is going to clear.

      I'd use cash or a check written from your own bank account.

      • Thanks for the reply. Sort of an unusual situation where I'm selling a car to Carvana tonight and leaving for a trip in the morning. I won't have a chance to take the check to a local bank and it just so happens the sale of the car is slightly over $25k so thought it would be a nice simple way of completing the deposit requirement vs waiting until I get back, depositing the check locally, adding WF as external account, waiting for verification, transferring the funds, etc.

        • Ok, so much for my catastrophic thinking with the chop shop and your potentially fake Cashier's Check. I'd assume Carvana/Carmax etc is not going to stiff you.

          I would still deposit it elsewhere. Why? Because a brand new bank account is not where you want to deposit a $25K check from a 3rd party, IMO.

          Also, because the WF account earns crap for interest... unless you do the 4% APR promo, which not all bankers want to do. You have 30 days to fund the $25K.... why would you post it from day 1?

          Ultimately, it's your decision. I just find it really strange to walk into a bank to open an account with a 3rd party check. EVERYTHING is under scrutiny in the early days...

          Think like a normal person... they open the account, then they shift in their money. Stray from the norm and you can get bit. @guest_1968904

        • Were you present when the Cashier's Check was printed?

          Why risk it? You are asking someone else to give you a check. If that cashiers check bounces/not legit, you lose that account, guaranteed.

          You should offload a cashier's check as fast as possible. Before they take the car to the chop shop. @guest_1860416

          Awhile back a teller told me they treat cashier's check's with the same scrutiny as a regular check. They can be forged and copied, just like any other check.

          If I use my own checkbook, I KNOW I have money in my account. I KNOW my check is good. (well, unless you Citi and haven't activated it...)

          • A friend of mine once got HIS BANK to print him a cashiers check to use as a down payment on a home purchase and it bounced. Needless to say that was a very angry visit to the bank that afternoon.

          • That is a good point! I thought Cashier's check and money orders should be safer than personal checks, but I didn't think of the angle that they can be forged too...

          • Not only forged, but the purchaser could also put a stop payment on it at any time and that would make the Cashiers check invalid.

  • DP
    8/15 Opened Platinum Savings with $25 opening deposit and the new account $525 offer code
    8/19 The same banker applied the code for the 4.60% APY offer
    09/06 $25K in deposits completed.
    09/14 Day 30: Begin holding period.
    11/13 Day 90: Holding period over.
    11/19 Pulled most of the fund out, left $3500 to avoid the monthly fee
    12/11 $525 bonus pending as “Promotion Bonus- II $525.00”. (Day 119)

    Now after the bonus is posted, is it safe to downgrade the account to WaytoSave savings so that the minimum balance to avoid fee is down to $300?

  • DP: Stacking works. Expect to wait the full term to get the bonus though.

    08/16 Platinum savings acct opened with $25 cash. $525 promo code applied.
    08/20 4.60% APY promo code applied at another branch. (www.wellsfargo.com/greatrate)
    09/11 $25K in deposits completed.
    09/15 Day 30: Begin holding period.
    09/16 4.50% visible in online banking on “Interest” tab.
    11/14 Day 90: Holding period over.
    12/11 $525 bonus pending as "Promotion Bonus- II $525.00". (Day 118)

    Interest earned by using the "Great Rate" promo at 4.60% APY = over $90 per month.

    I didn't end up pulling the $25K in funds out at Day 90, just in case I needed to fight to get this bonus. The WF rate of 4.6% APY was not far off my current best HYSA of 5% to 4.75% APY. WF had a fair offer (when stacked), so I was willing to lose a little interest...

    Didn't ask permission to do both promos. I knew from past encounters with WF bankers is that they will call the "back office" for anything they are not sure of, and I didn't feel like getting the runaround.

    Took two bankers to apply the interest rate promo to the TWO systems that WF uses. They stated they will be going to one system at some point.

    • Thanks for the DP. I followed a similar strategy for mine. Opened last month with the $525 bonus code and then applied the 4.0% rate code the following week at a different branch. Fingers crossed.

  • DP
    P1 + P2
    8/16 Opened Way2Save, $25 transferred from Everyday chk.
    8/17 Converted to Platinum Savings.
    9/12 Deposit $25k.
    12/11 Promo bonus $525.

    The branch banker was a bit hesitant about stacking the Platinum sav offer after opening the Way2Save acct, so I just thanked them and left. Next day went to another branch to convert to Platinum savings with code, no issues or questions. Overall predictable and smooth enough outcome based on stacking DP, thanks all! Cha-ching!

    • Mine paid out today as well. I did NOT have to reach out. Day 119 from opening... boy, they made me sweat. @guest_1572125

      12/11/24 Promotion Bonus- II $525.00

      @guest_1572119 @guest_1572348 Status?

      • I still haven’t received mine and contacted the banker that opened my account. She submitted a request internally but said it could take 5-10 business days to get a response.

        • BTW, did banker provide you with a copy of the finish opening paperwork w/code attached? I got it for both Way2Save and Platinum Sav. and good insurance policy for when bonus is past due. Hope it shows up for y'all, GL! @guest_1572119 @guest_1572348 @guest_1576719

          • Yes I still have the account application opening paperwork with the promo code and I think I had the banker confirm it to me when I called to inquire this week. Both codes were applied same day. $525 first then the platinum rate after.

          • Per DoC comments, most bankers said two promos couldn't be added on the same day... I didn't ask my banker(s) what they thought.

  • I opened the account on 11/12, and deposited $25,075 on 11/27.
    On opening the teller first opened the platinum savings account with the $525 promo, then added the 4% promo.
    I called today, 12/6, and the CSR acknowledged the promo rate was applied.

        • It should have been there a few days after reaching $25k… you should see the interest rate on the account information when you view it online.

          In the app, it's under Routing and balance info tab, then scroll to Interest rate.

          The big question is if the $525 promo is still attached after that shows up.

          • I thought the two offers should stack until I read the additional terms for the $525 offer:

            • This offer cannot be:Paid to non-resident aliens and foreign entities signing any version of IRS Form W-8.
            • Combined with any other consumer savings offer (limit one bonus per customer/account).
            • Reproduced, purchased, sold, transferred, or traded.

            Can't be combined with other savings offers indicates that the $525 code might fall off after the 4% code is applied. Sure wish I could be certain about the stacking!

          • WF premier checking has similar language: cannot be combined with other deposit offer and one bonus per customer. But ppl are getting both regular checking and premier checking bonuses. Of course it doesn’t help this case :(.

          • There is a risk. It's discussed numerous times on this page. Some bankers say it can stack, some say it cannot. I went with the option of doing it and not asking permission. @guest_1950702

            I opened mine 8/16. No bonus yet. My day 120 will be Friday. So, I imagine next week I am going to have to ask to be credited.

            I had two people involved when applying the promo rate offer, and said the code had to be put into two separate systems. Maybe the bankers that said it did stack only put the code into one? No clue.

          • Thanks to you and Betelgeuse for the information. I could do Wells Platinum $525/4% plus US Bank biz checking for $400 or US Bank biz checking $900, each option requiring $30k funding. If stacking of the Wells promos fail, the US Bank $900 makes more sense since I don't want to burn a potential future slot for $25. No guarantees but less banker time with one app.

          • Ahh, thanks, I see it on app now.
            I knew it was there because, as you said, interest started accruing-in my case, $5.57-two days after the $25k push. So I was just confirming this with the CSR.
            I'm not too concerned about the $525 bonus, I do have an account opening document from the banker showing the promo attached.

      • Still no bonus and officially past day 120. The CSR submitted a request to have it escalated but reassured me that the codes could be stacked when I suggested that may be what’s causing the issue with both being added on the same day. The local CSR that opened my account said it could be up to 10 business days to get a response back from the department that deals with the tickets for this issue.

        • Just to restate the obvious for future pioneers on why your bonus probably did not post properly is because the two promo codes were provided on the same day. Not trying to be a jerk, just looking out for the next person that tries this.

    • I got the $2.51 check from WF today, indicating it as an interest for late bonus payment last year! Probably for Premier checking because that was paid after escalation.

      Savings bonus last year posted for both P1 and P2 on 102nd day.

      • Well that’s not good news and I’ll probably need to call. I have the printout with the $525 promo code.

        • @guest_1572119 We've done this WF $525 Savings deal twice:
          P1 Opened 5/23/23. Deposited $25K on Day 20. Bonus paid 9/14/23, Day 114th.
          P2 Opened 10/10/23. Deposited $25K on Day 23. Bonus paid 1/26/24, Day 108th.

        • There is no history of someone getting paid WF bonus on 91st day, so I won't worry. P1/P2 opened on 9/5/24, and no bonus yet.

  • If one wants to "double dip" on both the $525 and high apy offer, is there ever a risk of overriding the $525 offer if the high apy offer is added later?

    I went with the two separate trip route and the banker of the second trip was extremely incompetent, he didn't know how to add the high apy offer after more than 30 min. I wonder if he could accidentally erase the first, $525 offer by accident...

    • My banker confirmed with the back office that the apy code covered the $525 code. Maybe the back office mannually removed the old one although my banker said it was automatically covered when the back office was contacted.

    • did you end up getting the second code applied while the first one remained in tact ?
      what apy does online banking show ?

  • Has anyone ran into the issue of WF holding funds past the 30 days? They are holding back funds for almost two weeks, saying because it’s a new account. And not depositing the rest of the funds needed for the 25k until the 31st day.

    • Holds are ok, as long as they show on your Current balance, even if they are not on your Available balance. @guest_1963162

      You could use a different bank to push funds into WF.

      Other ideas... not sure what your Check deposit limits, but you could deposit a check/money order/cashiers check.

      Could even deposit cash, if local. I would keep that under $10K though.

      • Yeah, it is showing the amount needed as total balance not available. Wrote a check from my own account at another bank and they decided to hold $12k for two weeks.

        • That hold will not affect the bonus. They just aren't allowing you to move/take it out. @guest_1963400

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