MountainOne Bank (Massachusetts) is offering a $100 bonus when opening a new Pinnacle Value Checking account, or a $200 bonus when opening a new VISTA Premier Checking and a new VISTA Personal Money Market accounts.
Funds not currently on deposit with MountainOne Bank must be used in order to qualify for either bonus. This is a limited time offer, but no end date is specified on MountainOne Bank’s website.
According to the fine print on MountainOne Bank's Value Banking page, the requirements to earn the bonuses are as follows:
1. Within 60 days of opening your new account, have two direct deposits (each $500 or greater).
2. Within 60 days of opening your new account, make three online bill payments OR make six purchases with your new MountainOne debit card. It’s that easy.
Pinnacle Value Checking
- Minimum Opening Deposit - $25
- Monthly Maintenance Fee - $4.95, cannot be waived
VISTA Premier Checking
- Minimum Opening Deposit - $50
- Monthly Maintenance Fee - $10, but can be avoided by maintaining an average daily combined balance of $2.5K in a VISTA Premier Checking and VISTA Money Market.
VISTA Personal Money Market
- Minimum Opening Deposit - $50
- 0.21% APY – Balances <>
- 0.31% APY – Balances <>
- 0.46% APY – Balances <>
- 0.61% APY – Balances >$50K
The VISTA Premier Checking and VISTA Personal Money Market accounts must be open simultaneously to qualify the $200 Bonus.
One note of caution: the fine print contains the following statement:
To redeem offer, visit or call any MountainOne Bank office and notify branch personnel that incentive requirements have been met.
In other words, it’s the customer’s responsibility to make sure the bonus is paid.
Although MountainOne Bank has branches only in Massachusetts, the website states that you "Must be a resident of New England or New York State" to qualify for these checking account bonuses.
Opening either a Pinnacle Value Checking account or VISTA Personal Money Market can be done online, by phone (855.444.6861), or in person at any of seven branches located in Danvers, North Adams, Pittsfield, Quincy, Rockland, Scituate, and Williamstown.
MountainOne Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 13.19% (above average) as of March 31, 2015 data. In the past year, MountainOne Bank increased its total deposits by $7.76 Million, an above average annual growth rate of 1.39%. Please refer to our financial overview of MountainOne Bank for more details.
MountainOne Bank (FDIC Certificate # 90253) was originally founded in 1848 as the North Adams Hoosac Savings Bank; "Hoosac" refers to the Hoosac Range, an extension of Vermont’s Green Mountains. After 150 years, the Bank went through a reorganization, an organization type change, and a name change (Hoosac Bank) in 1998, while the Bank’s headquarters remained housed in the 1892 Hoosac Savings Bank building. A further reorganization in 2011 led to the acquisitions of the Williamstown Savings Bank and the South Coastal Bank, with a final name change to MountainOne Bank in 2013.
How MountainOne Bank's Checking Bonuses Compare
As there is no mention on the website of how long either account must remain open to qualify for the bonus (or if there is an early termination fee), I have arbitrarily chosen six months on which to base the comparisons.
Pinnacle Value Checking $100 Bonus
- The direct deposit requirement ($1K) would yield approximately $4.99 in six months in a savings account earning 1.00% APY.
- Six months of monthly maintenance fees would be $29.70, reducing the value of the $100 bonus to $70.30.
- The $100 bonus essentially pays for 20 months worth of maintenance fees.
VISTA Premier Checking $200 Bonus
- The balance requirement to avoid the $10 monthly maintenance fee ($2.5K) would yield approximately $12.57 in six months in a savings account earning 1.00% APY.
Other Bank Promotions and Bonuses
Not eligible for the MountainOne Bank bonuses? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Deals Forum.