[Expired] [MA & NH only] Stoneham Bank $250 Checking Bonus & Free Oil Change

Offer at a glance

• Maximum bonus amount: $250 + free oil change
• Availability: Most likely MA, NH only [Branch locator].
• 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: February 21st, 2020

The Offer

Direct link to offer

• Stoneham Bank is offering a bonus of $250 & a free oil change when you open a new Optimum checking account and complete the following requirements:
  • Receive a monthly direct deposit(s) totaling $1,000 or more
  • Enroll in Online Banking

The Fine Print

• Earn a $250 bonus (“Bonus”) and $60 retail value Stoneham Ford voucher (“Voucher”) for an oil change when you open a new Optimum Plus or Optimum One Checking account with a $10 minimum opening deposit balance between the dates of 02/10/2020 and 02/21/2020 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 February must complete the requirements in the months March, April and May in order to qualify for the bonus and voucher. 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 12 months.
• The bonus will be deposited to the qualifying account and the voucher will be emailed within 30 days of completing requirements if qualification conditions are met, and the account remains in good standing. StonehamBank shall have no liability for a recipient’s failure to receive notices due to recipient’s spam, junk email or other security settings or for recipient’s provision of incorrect or otherwise non-functioning contact information.
• To redeem your voucher: Simply print and present at Stoneham Ford 211 Main St, Stoneham, MA 02180.
• 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 and voucher will be provided. A form 1099-MISC will be issued to the primary account holder.
• Limit one bonus/voucher per qualified account. This offer may be withdrawn at any time. All other rules and regulations for checking accounts apply.
• 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 the best bonus was $300. Good deal likely worth doing for most people, depends how you value the oil change I guess.

Hat tip to Mdam0re

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