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

Deal has ended, view more bank account bonuses by clicking here.

Update 6/20/20: Deal is back but has been decreased to $200. Hat tip to reader AnnaR

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 $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:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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