Posted by William Charles on February 8, 2017
Bank Account Bonuses

Published on February 8th, 2017 | by William Charles

10

[MA only] Stoneham Bank $130 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $130
  • Availability: Most likely MA only [Branch locator]
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: $10 minimum opening deposit required
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None mentioned
  • Expiration date: July 10th, 2017
  • Household limit: None mentioned

The Offer

Direct link to offer

  • Open a new Optimum Free Checking Account with Stoneham Bank and receive a bonus of $130 when you complete the following requirements:
    • Deposit $10 or more at account opening
    • Receive a qualifying direct deposit within 90 days of account opening, no minimum specified

stoneham

The Fine Print

  • Checking offer is not available to existing StonehamBank checking customers. To receive the $130 checking bonus: 1) Open a new Optimum Free Checking Account, which is subject to approval; 2) Deposit $10 or more at account opening; AND 3) Have your direct deposit made to this account within 90 days of account opening.
  • Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government.
  • After you have completed all the above checking requirements, we’ll deposit the bonus in your new account within a month following your 90-day retention.
  • The value of the credit is $130.00 and will be reported as interest on IRS Form 1099-INT.
  • Offer is valid as of 1/10/2017 through 7/10/2017, and may be withdrawn at any time.
  • The Optimum Free Checking Account offer cannot be combined with any other offer.
  • All other rules and regulations for checking accounts apply.
  • This offer is available through our online account opening and branches.
  • You must be at least 18 years old or older to open this account.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is no monthly fees on this account. There is a monthly inactivity fee of $10 per month if the account is inactive for 12 months. I wasn’t able to find any early account termination fee though in their fee schedule.

Our Verdict

Not a bad deal considering it’s a soft pull and there are no monthly fees to worry about. Hopefully it’s not too difficult to meet the direct deposit requirement. We’ve added it to our best checking promo page, but it’s down near the bottom as there are much better bonuses out there.

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10 Responses to [MA only] Stoneham Bank $130 Checking Bonus

  1. Adam says:

    Opened this account online last night (MA resident). They gave 3 options for initial funding: mail a check, ACH push from another account, or ACH pull from another account. I chose ACH pull, which requires the usual verification of trial deposits in the external account, so I’m currently just waiting to complete that. Planning to do an actual DD from my employer to satisfy the requirement – lack of DPs makes me hesitant to try any shortcuts there. Will follow up if/when I get the bonus in a few months.

  2. S says:

    Does anyone have any further information about this bonus yet?

    • WE says:

      “a month following your 90-day retention” will be 6/11 for me. Still no bonus posted. Had several real DD from my employer (though small amounts, ~3% of my pay) post to the account throughout the 90 days. Will report back.

    • WE says:

      $130 bonus posted yesterday, 6/1.

      • Max says:

        Mine too :). You know, the T&C of the bonus just mention no existing account holders, so I think we might be able to close the account, reopen and get another bonus.

  3. Sean says:

    Got my bonus. DP: Wells Fargo push worked to trigger it. State messed up and sent me a paper check.

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