$50 From Wells Fargo, 5.65% APY 4-Month CD

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Wells Fargo Bank is offering a $50 bonus for opening a checking account with them. Note that they do perform a hard credit check. Their checking account rules vary by state, but I think most have one that is free with direct deposit. You can simply simulate a direct deposit with an online bank transfer via Capital One 360 or similar. Via commenter Paul.

Limit one $50 bonus per household. To qualify for your $50 bonus, you must open and fund a new personal Wells Fargo checking account with a minimum initial deposit of $100 (not including the $50 bonus) by November 30, 2007. The $50 bonus is available with all Wells Fargo checking accounts, including non interest-earning checking accounts, except for Wells Fargo College Checking?, Wells Fargo Teen CheckingSM and Wells Fargo Opportunity Checking? accounts. The $50 bonus will be deposited to your new Wells Fargo checking account within 30 to 45 days of opening.

I thought I’d also throw out there that IndyMac Bank is offering a 4-month CD paying 5.65% APY. $5,000 minimum, online-only.

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  1. Well…………I don’t wanna be a fear-monger, but I started what I thought was an important thread on another forum several months ago regarding **ANY** investment with the U.S. dollar when I felt the dollar might possibly have one foot in the grave & another on a banana peel.

    In regards to today’s blog topic……….hey………great investment choice. But I won’t be playing.

    Next up for me……………..

    Do I invest in more U.S. dollars because they’re *cheap* now??? (I remember when I didn’t buy gold at $300/oz several years ago because I thought it was overpriced)

    ***OR*** Do I start to worry that perhaps China or Oil is gonna chance from U.S. dollars to Euros?????

    (Yes, Jonathan, this is a blatant suggestion for a “U.S. Dollar” blog post……..like soon!) 😉

  2. I think the fundamentals suggest that the U.S. dollar has more to fall against other currencies. With the U.S. continually running budget deficits, and the balance of trade the way it is, there’s only so much foreign investment that can prop the dollar up.

  3. I agree 100%. I posted a note on this issue at the end of the Fed Funds Rate discussion:

    The Fed is more than willing to shoot the dollar (and by induction, all ‘savers’) in the head. They’ve proven it over the entirety of their existence since ~1913. And the US government is thoroughly complicit.

    I predict USD/CAD will reach 1.20 within 6-8 months.

  4. Very cool on that CD offer, that’s what I was looking for. I’d love it if it was longer, but we can’t have everything.

  5. … “I thought I?d also throw out there that IndyMac Bank is offering a 4-month CD paying 5.65% APY. $5,000 minimum, online-only.”…

    I found on the website the rate is only 5.45% rather than 5.65%. Did the bank change the rate yesterday?

    If this rate is only 5.45%, then everbank.com offers a better checking rate for 3 months and additional 3 months for saving account both at 5.51%.

    Is there any better rate than 5.51% for either CD or saving?

  6. I see country-wide bank has a 6-moth, 10K min for 5.40%. Thats the best I can see so far..

  7. I thought it was 5.65% before, or maybe it was just a typo. Either way, I see it is 5.45% now.

  8. That’s a very nice CD offer now after the rates have been dropping quite a bit of late. I wonder how much longer these companies will be able to keep these CD rates so high.

  9. I’m actually wondering (in general) if the usual suspects will react to the recent Fed drop or, if maybe it’ll take another drop (help us all if that happens) before they react.

    Emigrant still holding 4.75%
    FNBO still holding 5.05%

  10. What exactly does this all mean??

    A Checking Package with accounts and services that meet your everyday financial needs

    Wells Fargo Custom Management? Checking account
    Wells Fargo? Gold Check Card
    Wells Fargo? Goal Savings account
    Online Banking with Free Bill Pay

    Fee waived with the accounts and services listed above, plus one of the following1:
    Automatic Transfer of $25 or more, OR
    Direct Deposit of $100 or more, OR
    $1,000 minimum daily balance, OR
    Automatic loan payment

    Otherwise, $8

  11. Here in Virginia at least, Wells Fargo offered their Free Checking account with this bonus (no fees, no balance reqts, no direct deposit):

    Free Checking That’s Really Free ? Enjoy no monthly service fees, no minimum balance requirements, and a Wells Fargo? Check Card with no annual card fee.

  12. Well, my last hyperlink didn’t work right so I’ll just post the intro & you can read if you’d like. While I usually ain’t to keen on Jubak’s (I pwn the markets daily) attitude……..I have to admit this was pretty right on in my book……….

    “Ben Bernanke is a wuss and his Fed, like that of his predecessor, can’t abandon reason fast enough. It surrenders to Wall Street’s demands regardless of consequences.”

    Front page of MSN’s money central page today!! 🙂

  13. Michael,

    I work at Wells, and will put it in easier terms for you:

    Checking Package is:
    Checking Account
    Savings Account
    ATM/Debit Card
    Online Banking

    Your checking is free with either $1000 daily min balance, or a $25 auto transfer to the savings account (which makes the savings account free as well).

    Basically, open the checking and savings account, do the online and debit card, and set up the $25 transfer between checking and savings, and you earn your $50 🙂

  14. I think the amount of hassle combined with the hard credit check will make this one a pass in my book.

  15. I usually browse a lot of bank deals and didn’t come across this one. I think I’ll be taking advantage of this.

    Also, IndyMac is a wonderful bank to work with and they have always offered competitive rates like that. Good Post!

  16. Michael,

    Agreed. Now, if they were offering $100+ AND one of those limited edition Plush Ponies, maybe it’ll be a lil better deal. I think what some people end up doing is setting up an account in Arizona for example (via online), and having things mailed to their state (this gets you the “Free Checking”)

  17. I think the bonus is also best suited for people who are going to open an account anyways for a local bank account.

  18. Fundraiser says


    How do you simulate a direct deposit?

    I need a detailed instruction as I never did this myself.



  19. Normally you can simulate a direct deposit by doing and ACH transfer online from another bank account. In this case I’m not exactly sure that will work though. From their website:

    A qualifying Direct Deposit is a Direct Deposit of your salary, pension, Social Security, or other regular monthly income of $100 or more electronically deposited to your account.

    Anyone have more information? I believe the alternative here is to make a transfer from PayPal which will definitely qualify as monthly income (but is more hassle).

    Also, anyone know what the stipulations are for closing this account? Are there any minimum time periods to avoid fees?

  20. Remember to make the direct deposit for more than $100. I got hit with the account fee this month (they won’t reverse it). They didn’t hit me with it last month, though, which means the fees may be arbitrary month-to-month.

    Oh well, it’s almost time to close the account, anyway.

  21. In bank statement/activity, ACH transfer is categorized as deposit, which is different from direct deposit. I have no idea how to simulate a direct deposit for free. Some bank offers small business account the ability to do direct deposit into their employees’ accounts. So, you can set up your account with same or another bank as direct deposit account. The point is this service is not free.

    If anyone has such info for a free direct deposit functionality, please share with us here. Thanks!

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