[MA & NH only] Stoneham Bank $300 Checking Bonus

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

Direct link to 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 This offer may be withdrawn at any time.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.

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• A Beginners Guide To Bank Account Bonuses
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• 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?
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