KeyBank is offering a $300 bonus for opening a Key Smart Checking® account and making one single eligible direct deposit of at least $1,000 within 60 days of account opening.
The simple requirements for this promo make it a great bank bonus offer and a good time to try out this 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, KeyBank, BMO 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 $300 account opening bonus when you open a Key Smart Checking account and make one single eligible direct deposit of at least $1,000 within 60 days of account opening.
$300 Checking Bonus Requirements:
- Open a new Key Smart Checking account online using this link.
- Make the minimum opening deposit of $10.
- Complete one single eligible direct deposit of at least $1,000 within 60 days of account opening.
- Receive a $300 cash bonus deposited into your account within 60 days of meeting requirements.
Your account must not be closed at the time of gift payment.
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: 5/16/25
Household Limit: None (one bonus per qualifying person/account)
Direct Deposit Required: Yes, $1,000+
Soft/Hard Pull: No
Early Account Termination Fee: No
Avoiding Fees
Checking Accounts
I recommend the 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 Bonus Terms and Conditions
- Offer redeemable online only.
- You must open a Key Smart Checking® Account by the expiration date at 11:59 p.m. (ET) and make ONE single eligible direct deposit of $1,000 or more within the first 60 days after account opening to get $300.
- 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 60 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 at the time of gift payment. 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.
Previously, the bonus was $200 for making one direct deposit of $500. This bonus is $100 more than before while slightly raising the direct deposit amount to $1,000. That represents a 30% “return” for your deposit. 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.
Do you know if a DD from a brokerage firm is accepted??
It could as someone had mentioned that E*TRADE and TD Ameritrade worked for them.
I just tried to do this one again and got this message: “Based on the info you shared with us, we couldn’t confirm your identity. If you’d still like to apply, talk with a banker at your nearest KeyBank branch.” Perhaps because they do a soft pull of my credit report? Anybody know?
That’s likely the reason. Most banks do a soft pull to verify your identity, so while it won’t affect your credit score, you’d likely get denied if they can’t access the credit report. Did you freeze your reports?
Yes, all of the Big 3 are frozen – as are the Little 2 as I call them (LexisNexis and Innovis). The Big 3 are easy to thaw, and I have to work on the Little 2 (that is, try to actually speak to a human so I can reset my passwords because I have no records of either). The obvious solution is to call XYZ bank before applying and ask which, if any, credit bureau they pull … and thaw that report before applying.
I’ve tried this bonus in the past and was denied even though I’m on Long Island and Key has a branch in Manhattan. Boooo!
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.
This offer shows as expired now
Thanks for the heads up. I updated the post with revised links – KeyBank extended the offer again.
Is money sent via paypal still considered a direct deposit?
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.
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?
There’s no minimum time frame to keep the money in the account, but don’t close the account before 180 days or you’ll forfeit your bonus.
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.
Hi Pamela – how exactly did you transfer your Social Security benefits. You mean your SS was deposited into another bank under your name and then you manually transferred it to KeyBank?
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?
Push deposits from others are viewed in a similar fashion as push deposits from yourself. So for KeyBank, you can see PayPal and Venmo are listed as triggering the bonus. Chase doesn’t recognize PayPal and Venmo transfers.