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

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: $250
  • Availability: MA & NH
  • 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 $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 This offer may be withdrawn at any time.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.

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    William Charles
  • On April 27, 2024, 13:00
Tags: direct deposit requiredma bank bonusesnh bank bonusesno credit card fundingsoft pull

View Comments (45)

  • 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

  • You must keep the account for 6 months. No EATF but the T&C's for the bonus say:

    "In the event of the checking account’s closure by the customer or StonehamBank within 6 months of the account opening, StonehamBank reserves the right to deduct the bonus amount from any of the involved accounts upon closure."

      • After jumping through all their hoops I got an email with the subject line "Success!" and my initial deposit posted. So I think I'm still in the game...

        I secured messaged them asking if the Billerica promo was attached to my account and got the response of "thanks for letting us know" ????
        I hope that'll be good enough.

        I'm going to do Real DD, given everything so far I'm not expecting the bonus to post automatically. Will be happily surprised if it does.

        • Thanks of the update! I should give it a try as it seems not impossible even with high chex given your DP so far.

  • this is the first bank where they've actually opened my account and then closed it after

  • This bank is a joke.
    Approved online, already received account number, but got a phone call from an unlisted number saying they needed to talk to me. Meanwhile their website has a huge red banner warning us about phone call scams, :face-palm:.
    So I call them and they say actually they can't do it on the phone, I need to VIDEO call them. So I video call them and submit documentation, and after all that they tell me they need another 2 business days to review my account, and that I shouldn't make any deposits until next week just in case the back office changes their mind.
    I'm already regretting dealing with them. And my Chex is pretty busy too so I give it 50/50 that I'll be rejected after all this.

    • Here's an email I got from them when I submitted feedback about the process:

      "All accounts opened online are subject to review. I do realize it comes up immediately as approved but that is temporary. The account will be reviewed and if it is to remain open you will see it online. If the account is rejected, you will receive a letter in the **mail** stating so. This process can take a about **10 days,** depending on the outcome."

  • Living in northern NH and got declined. Called them and was told "Only serves MA and southern NH".

  • Tried to open via video call hoping that would be better than the online options given lol/24 Chex. MA resident, not near Billerica. Video agent entered my information and processed my application, though after running my Chex report, she could not open an account and that I would receive a letter in the mail explaining why. My guess is too many Chex inquiries :(

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