I’ve been opening new bank accounts for bonuses for over 20 years now, and the bonuses have only gotten bigger over time. People still hate switching bank accounts (a big fraction are on the very first checking account they ever opened), which means that banks have to offer big bounties to convince them to switch.
You may be surprised that the well-known banks often offer some of the biggest bonuses, but those are also the banks that pay 0% interest on their deposits, while the bank goes off and earns at least 4% (more as they are lending it out too). If you leave $5,000 in a checking account, that’s at least $200 a year the bank is earning on you, and that can go on for decades.
Right now, Wells Fargo will give you a $400 bonus when you open a new Everyday Checking account and make $1,000 or more in qualifying direct deposits within 90 days of account opening. Offer marked to end 4/7/2026.
The Wells Fargo Everyday Checking account monthly service fee is $15, but it is waived with one of the following each fee period:
- $1,500 minimum daily balance.
- $5,000 or more in qualifying deposit balances, investment balances, or both.
- $500 or more in total qualifying electronic deposits.
- A primary account owner who is 17 to 24 years old (they want this to be your first checking account!)
- A qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program.
In the past, Wells Fargo has not done a “hard credit check” upon a new account opening, while also being very flexible with what qualifies as a direct deposit.
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How difficult is it to close a checking account at Wells Fargo? I recall mailers from them or another large bank featuring a similar promotion but with the *requirement* that I close the account in person since the bank has branches in my community.
Seems like the usual phone call works:
https://www.wellsfargo.com/help/checking-savings/open-close-account-faqs/
Why in the world would you recommend Wells Fargo regardless of how big the bonus is!
Around 3.5 million fake accounts were opened due to aggressive sales targets.
I don’t even understand how there still in business there is a reason the bonus is so high!
I wouldn’t take this as a recommendation, in fact by taking this bonus you could actually put a tiny dent in their earnings.
so if you make payments to your CC’s directly from your account do you just change it when you open a new account.
I usually keep one primary account that pays my credit cards, and treat these new accounts as only a trial. They pay me a bounty, and I agree to try them out. Occasionally, a bank will impress me and I will actually switch my activity over to them.
Do you know if transfers from another checking account qualify for a direct deposit?