KeyBank $200 Checking Account Bonus

KeyBank is offering a $200 bonus for opening a Key Smart Checking® account and making a a single direct deposit of at least $500 within 60 days of account opening.

The easy requirements for this promo make it a great bank bonus offer and a good time to try out this free checking account with no monthly maintenance fee and no balance requirement.

Full details of this checking bonus below. Here are other KeyBank promotions you may be interested in.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, U.S. Bank, and Axos Bank.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

KeyBank Checking Account Opening Bonus Overview

Get a $200 account opening bonus when you open a Key Smart Checking account and make one direct deposit of $500 or more within 60 days of account opening.

$200 Checking Bonus Requirements:

  1. Open a new Key Smart Checking account online using this link.
  2. Enter offer code ONAF1223 in the application (offer code is automatically applied when you open your account from this page).
  3. Make the minimum opening deposit of $10.
  4. Complete one single direct deposit of $500 or more within 60 days of account opening.
  5. Receive a $200 cash bonus deposited into your account within 90 days of meeting requirements.

Your account must not be closed or restricted during the time of the promotional period.

Who qualifies for the bonus?

The KeyBank checking account bonus is a public offer that is open to everyone who meets these three conditions:

  • You reside in one of the following 15 states: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA.
  • You don’t have or haven’t had a KeyBank checking account in the last 12 months.
  • You’re not an employee of KeyBank or any of its affiliates or subsidiaries.

What are the details?

Availability: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
Expiration: 3/8/24
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: Yes, $500+
Soft/Hard Pull: Soft
Early Account Termination Fee: No

KeyBank $200 checking bonus call-to-action banner
(Image from KeyBank)

Avoiding Fees

Checking Accounts

There are actually two different eligible checking accounts that you can open for this bonus; Key Smart Checking and Key Select Checking.

I recommend Key Smart Checking account. It’s KeyBank’s basic checking account with no monthly maintenance fee and no minimum balance requirement to worry about.

KeyBank Key Smart Checking®:

There is no monthly maintenance fee to worry about.

KeyBank Key Select Checking:

There’s a $25 monthly maintenance fee, but note that KeyBank waives the fee for the first three statement cycles. After that, the $25 monthly maintenance fee is waived if you:

  • Have direct deposits totaling at least $5,000 during each statement period OR
  • Have a combined balance in any combination of KeyBank checking and savings deposit accounts, certificates of deposit, retirement deposits, and Key Investment Services LLC accounts is $15,000 or more OR
  • Are a Key@Work® program member and have at least $3,000 in cumulative direct deposits each statement period. 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.

KeyBank Bonus Terms and Conditions

  • Offer redeemable online only.
  • You must open a Key Smart Checking® Account (this is the basic banking account in NY) or Key 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.
  • Employees of KeyBank, its affiliates and subsidiaries are not eligible for this offer. One account opening gift per qualifying account.
  • One account opening 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.
  • Fees may reduce earnings. Offer not available to individuals who have had a KeyBank checking account or a KeyBank Hassle-Free Account® in the last 12 months.
  • Account must not be closed or restricted during the time of promotional period. Offer is subject to cancellation without notice.
  • Geographic restrictions apply and account opening is subject to approval.

The Bottom Line

Keep in mind that KeyBank is a regional bank that operates primarily in the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.

If you’re not a resident in one of those states, you can check out other bank promotions that may be available to you.

Receiving a $200 bonus for opening a checking account and making a single direct deposit of $500 represents a 40% “return” for your time. I consider this one of the better account opening bonuses available.

The sign-up process is simple, the bonus is decent, and the requirements are relatively easy compared to bank bonuses of the same amount at other financial institutions.

KeyBank, Member FDIC.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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1 year ago

So do they actually wait 90 days until they give you the bonus or does it happen sooner. I deposited $1200 into my account 2 weeks ago and haven’t see. It yet.

1 year ago

This offer shows as expired now

1 year ago

Is money sent via paypal still considered a direct deposit?

1 year ago
Reply to  Melikcan

I did it in December of last year or January of this year and it worked for me. Used PayPal to push funds to KeyBank. I heard Wise is pretty reliable too.

2 years ago

I see that a deposit via PayPal will work with the KeyBank promotion, but my question is this:
How long does that money have to stay in the account? Is there a specific time, or can I immediately pull that money out after I put it in?

Pamela J Walsh
Pamela J Walsh
3 years ago

I started this offer in September 2020. I talked to various reps at the bank and was assured this was acceptable transferring SS check into the Key account from the account it was currently going to. LONG story short. I was refused the bonus yesterday after I had done everything as instructed and had dates and names of those I talked to at the bank that promised me I would get the bonus.

Kara Dishman
Kara Dishman
3 years ago

I’m wondering if it counts as a push deposit if coming from someone else’s account via zelle, PayPal, or venmo, or other? depositing into keybank or chase?