Posted by William Charles on February 15, 2020
Bank Account Bonuses

Published on February 15th, 2020 | by William Charles

12

[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

Useful posts regarding bank bonuses:



12
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
NH4NO3
NH4NO3

Last time it was a $300 amazon gift card. This time it’s a $250 account credit + $60 oil change voucher.

Does anyone know wether the gift card or voucher will be treated as TAXABLE interests as the account credit or not? If not, I think last time’s bonus should be valued more.

LaHossBoss
LaHossBoss

Not entirely sure what 1099-MISC counts as, nor if they will truly send one out…I’d be interested to know, too.

dayTradeIt
dayTradeIt

Guess we’ll soon start getting free baby diapers as well as dog food for opening new checking accounts.

But hey, freebies are freebies, no complaints from me!

David
David

That’s more like the way it used to be actually.

Gerald
Gerald

When I was a kid, it was toasters and clock radios. Speaking of toasters, this is a hoot: https://www.youtube.com/watch?v=C4Uc-cztsJo

dayTradeIt
dayTradeIt

Yeah I got a nice set of tools from a local bank this way, a few years ago.
Still using it as of today

LaHossBoss
LaHossBoss

It definitely states MA & NH residents only. I wonder if that means you require to present a DL from those 2 states? I live on the NH/VT border and move interchangeably between the two for work. I have a VT lease, but a NH address I can use where I stay occassionally, NH job, but my residence/DL is in NM lol I am getting a sneaking suspicion that I won’t qualify…

Peek
Peek

LaHossBoss Most apps ask for drivers license state and number. This one did as well when I tried it for P2. I guess you could try but I’d assume they use the drivers license state to determine if you qualify.

LaHossBoss
LaHossBoss

I may mosey my way in and give it a go, just for kicks. Not counting on it and thanks for the info!

Peek
Peek

Yeah it’s worth a shot if you’re near a branch. Seeing you in person may make a difference, never know.

Churny
Churny

Chex sensitive. Denied with 7/12.

Tom
Tom

Must be super sensitive, denied

Back to Top ↑