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

Published on August 10th, 2019 | by William Charles


[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 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.

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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.”


Are “point of sale” transactions not reloads?


Why are they issuing a 1099 for a gift card?

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