Update on January 8, 2023 – Offer has been extended till February, 2023. The new offer code is ONAT01232. The new requirement is having $1,000 in cumulative deposit within 90 days of account opening. This means no direct deposit requirement.
Update on November 4, 2022 – Offer has been extended till January 6, 2023. The new offer code is ONAS1222.
Key Bank is offering a $200 bonus for opening their Key Smart Checking, Key Advantage Checking, Key Privilege Checking or Key Privilege Select Checking. The offer is valid online only. To be eligible, you need to open the checking account and setup a direct deposit of at least $500 within 60 days of account opening.
Key Bank offers Smart Checking with no account fees. Although the other checking accounts has maintenance fees, they can be avoided by fulfilling minimum deposit requirement or qualifying activities.
Key Bank Checking Account Bonus
Bonus – $200
Account – Key Smart Checking, Key Advantage Checking, Key Privilege Checking or Key Privilege Select Checking
Direct Deposit – Yes, at least $500 within 60 days
Availability – Select States (AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA)
Offer Expiry – January 6, 2023
Account Fees – $0 or $18 or $25 or $50 monthly (See below on how to avoid it)
- Open a new checking account using offer code: ONAS1222
- Get qualifying direct deposit of $500 within 60 days of account opening
- Your gift will be deposited into your account within 90 days of meeting requirements if your account is open and not overdrawn.
Checking Account Fees | How to Avoid It?
- Key Smart Checking – $0 monthly.
- Key Advantage Checking – $18 monthly. To avoid it:
- Any combination of balances from your KeyBank checking, savings deposit, certificates of deposit, retirement deposits, investment (including annuity balances reflected on your KIS account statement) and credit accounts was $10,000.00 or more. OR
- You have a KeyBank originated mortgage and you have automatic payment deducted via ACH deducting $500.00 or more from your Key Advantage Checking account during a statement cycle. If your mortgage automatic payment deduction plan should be discontinued, you may be subject to the combined balance requirements to avoid the monthly maintenance fee. OR
- You are a Key@Work® program member and you have direct deposits totaling $1000.00 or more credited to your Key Advantage Checking account during a statement cycle. If you leave your current employer and direct deposits are discontinued, you may be subject to the combined balance requirement to avoid the monthly maintenance fee until direct deposits are reinstated by your new employer.
- Key Privilege Checking – $25 monthly. To avoid it:
- You maintain a combined balance of $25,000 or more in any combination of deposit, investment* and credit accounts. OR
- You have a mortgage originated through KeyBank and you have an automatic payment deduction plan via ACH deducting $500 or more from your Key Privilege Checking Account during a statement cycle. If your mortgage automatic payment deduction plan should be discontinued, you may be subject to the combined balance requirements to avoid the maintenance fees. OR
- You are a Key@Work program member and you have direct deposits totaling at least $2,500.00 or more credited to this Account during a statement period. If you leave your current employer and direct deposits stop, you may be subject to the combined balance requirement to avoid the monthly maintenance fee until direct deposits are reinstated.
- Key Privilege Select Checking – $50 monthly. To avoid it:
- Maintain a minimum of $100,000 in combined relationship balances (sweep investment, deposits and investment* [including annuity balances reflected on your KIS account statement]) each statement cycle. OR
- Be a Key@Work program member and have a total of at least $5,000 in direct deposits each statement cycle credited to this Account.
Early Account Termination Fees
There is $25 early termination fees if you close your account before 180 days.
The Fine Print
- You must open a Key Smart Checking® Account (this is the basic banking account in NY), Key Advantage Checking® Account, Key Privilege Checking® Account or Key Privilege Select Checking® Account by the expiration date at 11:59 p.m. (ET) and make ONE single KeyBank direct deposit of $500 or more within the first 60 days after account opening to get $200.
- Normal account service charges and balance requirements apply to these accounts, including the minimum opening deposit. Direct deposit transactions are limited to: payroll, Social Security, pension and government benefits.
- Accounts titled as Trust Accounts, Estate and No Access are excluded from eligibility.
- Employees of KeyBank, its affiliates and subsidiaries are not eligible for this offer. Limit one gift per qualifying account. Limit one gift per individual.
- The value of your gift will be reported on Form 1099-INT and deposited into your account within 90 days of meeting requirements.
- If you close your account within the first 180 days of account opening, you will be charged a $25 account early closure fee. Other miscellaneous charges may apply.
- Offer not available to individuals who have had a KeyBank checking account or a KeyBank Hassle-Free Account® in the last 12 months. Accounts overdrawn or closed at the time of gift payment are not eligible.
- Offer is subject to cancellation without notice and cannot be combined with any other offer. KeyBank is not responsible for, and will not honor, promotional offers that appear on non-KeyBank websites or that are not authorized by KeyBank.
This is a decent offer. $200 for opening a checking account with no maintenance fees (Key Smart Checking) and having direct deposit of $500 is good and we recommend it.
Key Bank had an alternative offer where they had offered $400 but that offer has now expired.