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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.