KeyBank $200 Checking Bonus

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KeyBank is offering a $200 bonus for opening up a checking account. This is a churnable bank offer with easy requirements. See why this bank bonus is part of our top bank offers to take advantage of!

KeyBank $200 Checking Bonus Overview

KeyBank, part of KeyCorp, is a regional bank based in Cleveland, Ohio. It’s the 27th largest bank in the United States. In other words, it’s a very large and safe bank.

They have a promotion that will pay you a $200 bonus when you open a new eligible checking account and complete qualify activities.

Normally, KeyBank also has a $300 checking bonus for people who live in Connecticut, New York, Ohio, and Pennsylvania, but that deal has expired.

Where do I enroll?

You can enroll directly at the promotion page KeyBank has set up for this $200 bonus offer:

Direct Link

KeyBank $200 checking bonus call-to-action banner

Who qualifies for the bonus?

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

  1. You do not have or haven’t had a KeyBank checking account or a KeyBank Hassle-Free Account during the past 12 months.
  2. You must reside in one of the following 15 states:
    • Arkansas (AK)
    • Colorado (CO)
    • Connecticut (CT)
    • Idaho (ID)
    • Indiana (IN)
    • Massachusetts (MA)
    • Maine (ME)
    • Mississippi (MI)
    • New York (NY)
    • Ohio (OH)
    • Oregon (OR)
    • Pennsylvania (PA)
    • Utah (UT)
    • Vermont (VT)
    • Washington (WA)

Although the terms and conditions make it seem like it’s available nationwide, the application process stops if you enter a zip code outside of these states.

Let’s hope this changes because this is a great offer with minimal requirements.

Related:

What are the details?

Availability: AK, CO, CT, ID, IN, MA, MI, NY, OH, OR, PA, UT, VT, WA
Expiration: 08/14/20
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: Yes, $500 (see what counts as a direct deposit)
Soft/Hard Pull: Soft
Early Account Termination Fee: $25 if closed within 180 days of account opening

You’ll get the Keybank $200 checking bonus once you do the following:

  • Open an eligible new checking account with the offer code: ONAS0720
  • Receive ONE single direct deposits totaling at least $500 within the first 90 days

The $200 bonus will be deposited into your account within 60 days if your account is open and not overdrawn.

Avoiding Fees

Checking Accounts

There are 4 different eligible checking accounts that you can open; Key Express Checking, Key Advantage Checking, Key Privilege Checking, and Key Privilege Select Checking.

I recommend opening Keybank’s Key Express Checking. It’s their basic checking account with no minimum balance requirement.

The checking accounts have a monthly fee between $7 and $50, but they can be waived if you do ONE of the following:

KeyBank Key Express Checking:

The $7 monthly fee is waived if you:

  • Deposit at least $500 monthly OR
  • Use your account at least 8 times per month (ANY deposits, withdrawals, transfers)

KeyBank Key Advantage Checking:

The $18 monthly fee is waived if you:

  • Have at least $10,000 in combined Key account balances OR
  • Auto deduct at least $500 for a KeyBank mortgage payment

KeyBank Key Privilege Checking:

The $25 monthly fee is waived if you:

  • Have at least $25,000 in combined Key account balances OR
  • Auto deduct at least $500 for a KeyBank mortgage payment

KeyBank Key Privilege Select Checking:

The $50 monthly fee is waived if you:

  • Have at least $100,000 in combined Key account balances

KeyBank Relationship Rewards Membership

KeyBank also has a rewards program called KeyBank Relationship Rewards Membership. The fee is $30 to sign up for the program so make sure you opt out of it during the application process.

Terms and Conditions

  • Offer available online only.
  • You must open a Key Express Checking account, Key Advantage® checking account, Key Privilege® checking account, or Key Privilege Select Checking® account by the expiration date and make ONE single KeyBank direct deposit of $500 or more within 60 days after account opening to get $200.
  • Normal account service charges and balance requirements apply to these accounts.
  • 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. Offer/Reservation number is non-transferable, cannot be sold and is required to qualify.
  • 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 60 days of meeting requirements.
  • If you close your account within 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 third-party websites that are not authorized by KeyBank.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

The Bottom Line

I consider this one of the best bank bonuses if you’re eligible. The sign up process is simple, the bonus is decent, and the requirements are easier than other bank bonuses of the same amount at other financial institutions.

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