Posted by William Charles on August 10, 2019
Bank Account Bonuses

Published on August 10th, 2019 | by William Charles

5

[MA & NH only] Stoneham Bank $200 Amazon Giftcard Checking Bonus

Offer at a glance

  • Maximum bonus amount: $200 Amazon giftcard
  • Availability: Most likely MA 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: None listed

The Offer

Direct link to offer

  • Stoneham Bank is offering a bonus of a $200 Amazon gift card when you open a new Optimum Plus or Optimum One Checking account and complete the following requirements for the first full three calendar months:
    • Receive a monthly direct deposit(s) totaling $1,000 or more
    • Enroll in online banking

The Fine Print

  • Earn a $200 Amazon Gift Card 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 April must complete the requirements in the months May, June and July in order to qualify for the gift card.
  • 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.
  • A $200 Amazon Gift Card claim code will be emailed to you within 30 days of completing requirements if qualification conditions are met, and the account remains in good standing.
  • To redeem your gift card for online users: Simply set up or log in to your Amazon account; Click the “Your Account” tab; Click on “Gift Cards”; Click on “Redeem a Gift Card”; Enter your gift card’s claim code in the claim code field; Click on “Apply to Your Balance”. For mobile users: Simply set up or log in to your Amazon account; Go to “Your Account”; Tap the “Manage Gift Card Balance” from the “Amazon Wallet” options; Tap “Redeem Another Gift Card” and enter or scan your claim code; then Tap “Apply to Your Balance”.
  • The retail value of the Amazon.com gift card is $200.00.
  • 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 gift card will be provided.
  • A form 1099-MISC will be issued to the primary account holder.
  • Limit one gift card per customer.
  • 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

Previous best bonus was for $130 cash, this is a bigger bonus but there is a monthly fee to worry about and bonus is in the form of an Amazon gift card. Still think this is a better bonus. I will be adding this to our list of the best bank account bonuses.

Useful posts regarding bank bonuses:


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Chris
Chris

So tempting but don’t have Cap1 or Walls Fargo like the two DPs from last promo.

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August 10, 2019 4:32 pm
Chase-ing UR points
Chase-ing UR points

William Charles It seems to be NH also…

“Offers open to Massachusetts and New Hampshire residents only and are subject to change without notice.”

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August 10, 2019 5:31 pm
William Charles
William Charles

Let me add, thanks!

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August 10, 2019 8:15 pm
DJ
DJ

Are “point of sale” transactions not amazon.com reloads?

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August 13, 2019 2:07 pm
RunForFun
RunForFun

Why are they issuing a 1099 for a gift card?

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August 26, 2019 9:51 am
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