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In exchange, the bank pays a fixed rate of interest. You deposit money into the CD and leave it untouched for a specific term, such as six to 120 months. These savings accounts offer higher-than-average annual percentage yields (APYs), so your money could earn more interest over time compared to a Wells Fargo savings account or bonus.įor those looking to maximize their savings, certificates of deposit tend to have higher APYs than other deposit accounts, such as savings or money market accounts. While bank bonuses give you a one-time lump sum, a high-yield savings account provides long-term benefits through the interest you earn on your total. In some cases, Chase's bonus offers have had no minimum deposit requirements, instead asking you to complete a number of transactions to qualify for the promotion. But you may end up waiting longer for the bonus to hit your account.Ĭhase typically has several promotional offers at once. TD Bank usually offers fairly generous bonuses, which may have relatively low direct deposit requirements. But with Bank of America, depending on the promo terms, you may receive your bonus in as little as 60 days. Bank of America PromotionsĪlthough Wells Fargo can be relatively quick, with some banks you have to wait months after meeting the offer requirements to receive your cash bonus. Wells Fargo was in position eight out of nine banks in J.D. Wells Fargo has a less-than-stellar reputation for customer service. The Wells Fargo Everyday Checking account, however, doesn’t offer interest but if you have higher amounts to deposit, the Premier Checking account does pay some interest. No interest paid on most accessible checking account: Some banks offer bonuses in tandem with interest-earning checking accounts.Bonus requirements separate from fee waivers: Wells Fargo’s promotions may include the fine print: “The actions required to earn this bonus are separate and distinct from the options available to you to avoid any applicable monthly service fee for the checking account you opened.” If you’re wondering exactly how to earn the bonus while qualifying for a monthly fee waiver, you may want to contact customer support when opening your new account.This is higher than some competitors, which have lower requirements. Significant direct deposit requirements: With some of Wells Fargo’s checking promotions, you must make at least $1,000 in qualifying direct deposits to be eligible.One simple way to waive the associated fee for Everyday Checking, for example, is by keeping a $500 minimum in the account, a lower bar than some competitors. Reasonable fee waiver for accounts like Everyday Checking: Wells Fargo charges monthly account fees, which can be waived with specific actions or minimum account balances.Wells Fargo has offered fairly large bonuses for its Everyday Checking account for new customers who meet requirements, with higher bonuses for high-deposit customers opening certain other accounts (although current bonus offers may not always be above average). Solid bonus amounts: While some banks offer higher bonuses, others offer lower payoffs.But with certain Wells Fargo promotions, you can receive the bonus in as little as 30 days after you satisfy the requirements. Quick bonus disbursement: Banks can make customers wait 180 days or more to receive a cash bonus.No interest paid on most accessible checking account Your account can’t have a $0 balance in it when Wells Fargo deposits the bonus after that, you can do anything you want with the account.īonus requirements separate from fee waivers After you meet the bonus requirements, Wells Fargo will verify you met them and then deposit the bonus into your new checking account within 30 days. One way to avoid a $10 monthly maintenance fee is by keeping at least $500 in your account each day. If your account balance drops to $0, Wells Fargo will close your account and you won’t be eligible for the bonus. Keep your account open with a positive balance for 90 days.Payments that your friends send you on Zelle and transfers you make from another checking or savings account, for example, don’t count. Direct deposits include automatic payments made to you, usually from your employer or benefits provider. Receive at least $1,000 in direct deposits within 90 days. Opening an account online is easiest, but you can also do so at a branch if you enter your email address on the offer webpage to receive a coupon code. The fine print, on the other hand, says that you can choose any personal checking account except for a Private Bank account. The offer page specifies that you’ll need to open an Everyday Checking account for this offer. Open a new checking account with a minimum $25 deposit.
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