Update 4/27/24: New link added for $300 bonus. Says it’s for billerica branch but can be opened online.
Offer at a glance
Maximum bonus amount: $250
Availability: MA & NH
Direct deposit required: Yes, $1,000+ per month for three months
Additional requirements: Enroll in online banking
Hard/soft pull: Soft
ChexSystems: Unknown
Credit card funding: None
Monthly fees: $10, avoidable
Early account termination fee: None
Household limit: None listed
Expiration date: None listed
The Offer
Stoneham Bank is offering a bonus of $250 when you open a new Optimum Plus or Optimum One checking account and complete the following months within each of the first full three calendar months:
Receive a monthly direct deposit(s) totaling $500 or more
Enroll in Online Banking
The Fine Print
Earn a $250 bonus when you open a new Optimum Plus or Optimum One Checking account with a $10 minimum opening deposit balance and complete the following requirements within each of the first full three calendar months following the date the new account is funded: (1) Receive a monthly direct deposit(s) totaling $1,000 or more and; (2) Enroll in Online Banking.
For example, a qualifying account type opened and funded during the month of September must complete the requirements in the months October, November and December in order to qualify for the bonus.
Examples of qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits from your employer or the government.
You must not currently have a StonehamBank personal checking account or have had one in the last 24 months.
A $250 bonus will be deposited into your new account within 30 days of completing requirements if qualification conditions are met, and the account remains in good standing.
The primary account holder is solely responsible for any federal, state and local taxes, and must provide StonehamBank with a valid social security number or taxpayer identification number before the bonus will be provided.
A form 1099-MISC will be issued to the primary account holder. This offer may be withdrawn at any time.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Optium One is the easiest of the two accounts to keep fee free. It has a $10 monthly fee, this is waived if you do any of the following: Maintain a monthly direct deposit of $500 or; Maintain an average daily balance of $1500 or; Use your debit card 5 times per month for point of sale transactions.
Early Account Termination Fee
I wasn’t able to find any early account termination fee though in their fee schedule.
Our Verdict
Previously we’ve seen $200 & $250 bonuses. This is a good bonus and worth doing if you live in an eligible area. We will add this to our list of the best checking bonuses.
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times