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:Â $250
- Availability:Â MA & NH
- Direct deposit required:Â Yes, $1,000+ per month for three months
- Additional requirements:Â Enroll in online banking
- Hard/soft pull:Â Soft
- ChexSystems:Â Unknown
- Credit card funding:Â None
- Monthly fees:Â $10, avoidable
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
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 This offer may be withdrawn at any time.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
Opened 2/18/25
$600+ Chase Biz DD 5/8/25
$300 “Bonus Payment” received 5/19/25
Opened 1/28/25
Bonus Received 5/5/2025
Used a combination of Real DD’s <500, and fake Chase Buiz pushes >500, unsure what actually triggered the bonus
Approved in MA. My Chex numbers:
1/1 (a week prior)
3/3
10/6
12/12
22/24
31 total
The app was pretty barebones, and had biometric verification with selfie through Socure. Like to other users, they also called me a few days after applying, and said the account was all set to approve; they just needed a video banking session and for me to take a picture of my ID again on camera, give my mother’s maiden name and set up a security question. At the end I asked if I planned on setting up direct deposit, no further questions. Didn’t get the account opening email with the link to complete funding for a few days, and you get the account number in that link.
Here is what I think the generic URL is for that link: https://eopen.myvirtualbranch.com/1631/Application/%5Bapplication number]. It’s the application dashboard.
To be clear: it’s Application, slash, then your application number
There is a $100 referral if anyone is interested. Unsure if it is stackable tho.
Sent!
I’d love to get your referral too. My temp email: pibox14204 {at} ranpets {dot} com
Sorry the temp email didn’t work. Can you try again? Email: wise.hamster.narn {at} mask {dot} me
Thanks, I used your referral and opened the account. The video chat rep confirmed both bonuses will stack.
Thank you so much!
Does anyone know if you only need one >$500 DD within 90 days or one >$500 DD every month for 90 days? The terms are a little unclear.
What they *want* you to do is set it up within 90 days and keep it there indefinitely. As for the letter of these terms, personally if approved I’m doing at least 2, around the same time each month with at least the first within the 90 day period
Opened early June. Real DD. $300 bonus posted today.
I received the bonus last week, fyi
Can confirm no CC funding for me either. Approved with Chex 0/1, 2/2, 3/3, 7/6, 24/12, 33/24.
No cc funding as of 6/17/24.
Denied due to Chex. Inquiries per month at time of app: 1/1, 1/2, 3/3,8/6, 22/12, 52/24
Got approved with very similar Chex stats, perhaps because I also opened a CD.
Confirm $2500 credit card funding. Citi Double Cash posted as purchase.