"New Money" requirement for Savings bonus

Before I start moving around funds if I xfer $25K from BANK WF and put in in BANK CB then xfer it back in BANK WF fto get a $525 new savings account bonus will BANK WF have a problem as they could see where it was transfered TO then back. Don't want to waste the effort if it won't work.

Would this still be considered "New Money" ?

You would have to read the rules, but in my experience most banks put a start date on the offer and will basically consider "new money" to be external transfers that put your balance over and above your balance on that start date and make you hold that balance for a set period of time. So no, they are generally not going to allow you to transfer money in and then out and give you a bonus for that.

Yea, I read the rules 50x and even expanded them into 18pt type so I could see them! The only date mentioned is the END of the promo.

This is the actual offer: https://bonusoffer.wf.com/savingsbonus

This is all their terms regarding new money:
*How to qualify for your $525 bonus:
Eligibility Requirements:
This offer is for new savings customers only. All Wells Fargo consumer savings accounts are eligible for this offer with the exception of Time Accounts (CDs) and savings accounts offered by Wells Fargo Private Bank.
You must use your bonus offer code at account opening when you apply for a new eligible Wells Fargo savings account.
You are not eligible for this offer if:
You are a current owner of a Wells Fargo consumer savings account
You have received any other consumer savings offer bonus or promotional rate that required a bonus offer code within the past 12 months,
You are a Wells Fargo employee
Bonus Requirements:
To receive the bonus, you must:
Open a new Wells Fargo consumer savings account with a minimum opening deposit of $25 in a Wells Fargo branch by June 27, 2023. All account applications are subject to approval.
Bring $25,000 or more in new money to your new savings account by Day 30 and maintain at least a $25,000 balance through Day 90 after account opening.
New money is money that is new to the customer or new to Wells Fargo (deposited into the customer's new savings account directly from outside of Wells Fargo and Company and all affiliates, or from a Wells Fargo account not owned by the customer).

Which clearly states you need to leave the money there for at least 90 days. So you can't take the money out prior to that and get the bonus.

Bring $25,000 or more in new money to your new savings account by Day 30 and maintain at least a $25,000 balance through Day 90 after account opening.

Which clearly states you need to leave the money there for at least 90 days. So you can't take the money out prior to that and get the bonus.

Bring $25,000 or more in new money to your new savings account by Day 30 and maintain at least a $25,000 balance through Day 90 after account opening.


And it is for new savings accounts only, so if you have one already, you most likely do not qualify at all.

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OK, obviously I was not clear and you have misunderstood my "plan." Let me try to be more clear as I can see that I was not.

NO, I DO NOT have any WF savings account. I have other accounts.with them but no savings account.
YES, I am very aware the $25K has to stay there for 90 days.

My question and plan was:

1. FIRST, BEFORE opening the WF SAVINGS ACCT I would like to trasfer $25K from a Wells Fargo CHECKING ACCOUNT into a (for example only) CITI BANK SAVINGS ACCOUNT
2. **THEN**, a few days later, after the transfer has cleared into CB, go to Wells Fargo and THEN open this NEW savings account with their minimum $25 deposit.
3. **THEN** a few days after that transfer clears CITIBANK transfer the $25K FROM CITIBANK SAVINGS into the NEW Wells Fargo savings account to fund it as required.
4. **THEN**, with the $25K now sitting in the NEW WF SAVINGS ACCOUNT wait 90 days to collect $525.

After item #4 I can do as I please with the $25,525 in the savings account but would likely just leave it there as it gets a much better APR than the checking account.
The main question. that I wanted to find out was "does that incoming $25K count as new money" because of it's movement from WF->CB->WF

Hope I cleared up the confusion!

No way to know as it depends on whether WF is going to track transfers prior to the account opening\your total balance with them when the offer started as opposed to when you opened the new account or throw some other requirement on you as such. Usually banks bury stuff like that deep in the fine print but I don't see anything in the details that would preclude doing what you want to do. However, this is Wells Fargo, one of the most customer hostile banks around imo, so imo you simply will never know for sure until 90 days after you do it lol.


That said, you do realize that WF gives you next to zip in interest Since you can now get 4% in many online banks, 4% over 3 months on 25k amounts to $250. So you basically are going through all this to maybe make an additional roughly $275 over the 3 months. And some like Marcus\Goldman Sachs can get you 4.75% with a referral code for the same 3 months (about $300) and will yield 3.75% after that (assuming no further rate hikes). And then there are 17 and 26 week T-bills which you can get direct from the Treasury Direct online which are currently paying about 5% and are state and local tax free. So opening the Wells Fargo account for the bonus on what amounts to a 3 month commitment is a marginal endeavor imo and in fact even storing the money there in the first place is not what I would do, but that is me. No commercial bank is worth storing money in imo as they simply are not competitive with the big online banks or at this point with the US Treasury lol.


My 2 cents.