Wells Fargo's $325 Checking Bonus: Is It Worth Your Time?

Let's talk about free money. Wells Fargo is dangling a pretty tempting carrot right now: $325 just for opening a checking account and moving some money through it. It's a solid chunk of change, especially for a checking bonus. But as with any bank promotion, the devil is in the details. Is this offer a no-brainer, or does it come with too many strings attached? I've dug into the fine print so you don't have to.

The Nuts and Bolts of Earning Your $325

Here's the straightforward path to that bonus. First, you need to be a new checking customer to Wells Fargo. If you've gotten a bonus from them for a checking account in the last year, you're out of luck—they have a 12-month cooling-off period.

You'll have to open the account using a specific bonus offer code (you'll need to find this when you apply). Once your account is open, the clock starts ticking. You have 90 days to receive at least $1,000 in qualifying electronic deposits. This is the crucial part. Not just any deposit counts.

• Qualifying deposits include: ACH direct deposits (like your paycheck or government benefits), instant payments via RTP or FedNow, and certain Visa/Mastercard credits to your debit card.
• What DOESN'T count: Transfers between your own accounts, mobile check deposits, Zelle payments, or cash/check deposits at a branch or ATM.

How to Sidestep the $15 Monthly Fee

The Everyday Checking account normally carries a $15 monthly service fee. That can add up quickly if you're not careful. The good news is there are several fairly easy ways to get it waived, so you shouldn't have to pay it while you're chasing the bonus.

• Have at least $500 in total electronic deposits each month.
• Maintain a $1,500 minimum daily balance.
• Keep a combined $5,000 in deposit and investment balances with Wells Fargo.
• If you're between 17 and 24 years old, you get the fee waived automatically.
• Receive a qualifying military direct deposit.

Practical Advice and Potential Pitfalls

This is a decent offer, but it requires some planning. First, make sure you can reliably meet the direct deposit requirement. Don't guess—know exactly what your employer's payroll system uses. An ACH deposit is your safest bet.

Timing is everything. The bonus posts *after* the 90-day qualification window, and then it could take up to another 30 days to hit your account. You need to keep the account open that whole time. Don't close it right after your last qualifying deposit.

Remember, the bank will report this $325 as interest income on a 1099-INT form. You are responsible for paying taxes on it, so when tax season rolls around, don't forget to include it.

• Double-check your eligibility: No Wells Fargo checking bonus in the last 12 months.
• Plan your direct deposit source *before* you apply.
• Set a calendar reminder for 90 days after account opening to confirm you've met the requirement.
• Keep enough in the account to avoid a zero balance, as the bank can close inactive $0 accounts without notice.

Bottom Line

• A $325 bonus is a strong incentive for a checking account, making it worth considering if you need a new account.
• The direct deposit definition is strict; ensure your income source qualifies as an ACH, RTP, or FedNow payment.
• The monthly fee is easily avoidable for most people, especially if you plan to use the account actively.
• Factor in the tax implications—the bonus is taxable income.

Common Questions