Posted by William Charles on November 27, 2019
Bank Account Bonuses

Published on November 27th, 2019 | by William Charles

23

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

Deal has expired, view more bank account bonuses by clicking here

Update 11/27/19: Deal has been increased to $300, valid until December 2nd. Hat tip to SuperBankOfferMan

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 $300 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.

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.”

DJ
DJ

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

RunForFun
RunForFun

Why are they issuing a 1099 for a gift card?

qmc
qmc

Because the tax law says they should. It’s not just currency that is taxable.

Peek
Peek

William Charles They have a limited time bonus running now for a $300 dollar card 11/25 to 12/2: https://www.stonehambank.com/OptimumChecking/ . I noticed it when going to check terms since I still haven’t received my card.

Mdam0re

Cool thanks for heads up was looking at this one the other day,, might as well try for it since the extra 100

DJ
DJ

Seems like it is chex sensitive as I received a message “cannot open at this time”

Dima
Dima

How many accounts do you have opened in the past year?

BL
BL

Any wire transfers that will trigger this bank as DD? Capital One still working?

JJM292
JJM292

NH Resident. Tried twice, and application could not be processed either time. I’m not sure if it’s Chex sensitive or if I answered one of their ridiculous ID verification questions wrong. They asked which hospital was closest to my house, and I had to use Google maps. One was 15 miles away and the other was 16.5… they also asked which street was closest to my house, and again, I had to use Google maps and the answer was a street 10 miles away in the adjacent town. What the hell.

Mdam0re

Signed up and starting DD next week thanks

Woori
Woori

Just a heads-up that it seems like the account doesn’t open until initial funding, which can take several days
I don’t know what the implications of this are

“Test deposits and withdrawals will show up in your account activity as StonehamBank TEST TRAN.

After you have completed these steps *we will open your new account* and transfer money from your account at CAPITAL ONE N.A. to your new account.”

Eddy Cue
Eddy Cue

You are correct and that affects the Direct Deposits. I opened the account online on 11/29 and the initial funding still hasnt posted as of today even after confirming the deposits. This means according too the terms: “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.”

My first 3 calendar months AFTER funding the account will be Jan, Feb, March (by my reading of the terms). Something to keep in mind so that one doesnt potentially miss out on the bonus. I hope they are reading it the same way i did (because they could potentially misread this and claim that I was supposed to start DD in December because I opened in Nov)

L T
L T

Just tried online and was also met with:

“Thank you for your interest in opening a new account.
Unfortunately, we cannot process your application.
For assistance, please contact us at (888) 402-2265.”

(I also got a question w/ 2 streets that were either 5 miles or 7 miles away, respectively)

I called and the lady on the phone mentioned that only MA residents are able to apply online despite the mention that the offer is “open to Massachusetts and New Hampshire residents only.” She also mentioned that in-branch the offer would only be $200, rather than $300. Still might end up doing it anyway. 🙂

L T
L T

Ended up going in branch and applied for the $200 promo, only took about 1/2 hr. No issues w/ Chex. No other promos visible in branch. Debit card issued on the spot.

Jon H

Counter DP – NH resident, applied successfully online 12/2

Sarah D
Sarah D

This would be reported as taxable income?

Peek
Peek

Sarah D They mention a 1099 in the offer though I’m unsure they will really issue one. You could ask the bank I suppose but I just took the risk since getting 200 with taxes is still better than getting zero (I signed up before the $300 offer). I’m betting they never issue a 1099 but I guess we’ll see.

Mdam0re

Did work DD got this month done 2 more months to go

Peek
Peek

DP:
Apply 7/16/19, Approve 7/18/19
Logged into Online Banking (already registered from prior offer)
Employer DD – 2 x $502 – Aug 2019
Employer DD – 2 x $502 – Sept 2019
Employer DD – 2 x $502 – Oct 2019
Amazon GC Emailed 11/12/2019 (got caught in spam filter so just saw it now)

William Charles This seems to be dead now. The link is dead and I see no mention on the site anymore.

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