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 Bank, SoFi, 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 at this page.
2. Enter offer code ONAF0923 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, MI, NY, OH, OR, PA, UT, VT, WA
Expiration: 12/08/23
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

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 $5,000 or more in direct deposits during each statement period OR
• Have $15,000 or more in combined balances in any combination of KeyBank checking and savings deposit accounts, certificate of deposit, retirement deposits, and Key Investment Service LLC accounts 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.