And, who wouldn’t?
They are offering $325 if you open a new Everyday Checking account (at this link) by August 20, 2024. You can also open the account in-branch and give them the code that you get at the same link.
To earn the bonus, you need at least $1,000 in qualifying electronic deposits (think direct deposit of your paycheck) within 90 days of the account opening.
That should be pretty easy for most people.
And the good news is, you can do it twice. Once for you and once for your spouse (if you’re married).
That’s $650 in just a few months by direct depositing at least $1,000 into the two accounts you open.
Wells Fargo is also offering a $2,500 bonus (at this link) if you’re willing to do something a bit more complicated with significantly more money.
They’re giving a $2,500 bonus (in branch) if you’ll open a Premier Checking Account and deposit $250,000 in qualifying linked balances by September 24, 2024.
Now, before you say, “I’m out. I don’t have $250k laying around,” there’s another way to do this.
“Qualifying linked balances” is a key phrase. It means it doesn’t just have to be cash in a checking account. It can also be $250k in investments that you transfer over.
And depending on how long some of you have been investing, you may have $250k+ in investment/retirement funds saved up.
In that case, if you wanted to go through the effort, you can do what’s called an ACATS transfer of your investments from one brokerage to another. Then you can ACATS the funds back once you earn the bonus. Explaining ACATS is beyond the scope of this newsletter, but just wanted you to know there may be a way for you to earn $2,500 x 2 = $5,000 (for you & spouse) by moving some investments over for a short time.
I went in to the local Wells Fargo here last week and began the process of earning the $2,500 bonus. I transferred funds over and kept it invested in a Vanguard fund so I’m earning money while I wait on the bonus.
Then, once I get the bonus, my wife will do the same thing.
That will be an extra $5,000 in cash with very little effort. And our investments will still be invested well during the hold period of 90 days where we’re earning the bonus.
There are many bank & brokerage bonuses like this out there. If you don’t mind moving money around occasionally, you can definitely make thousands of dollars each year taking advantage of these bonuses.
