KeyBank $300 Checking Account Bonus

KeyBank is offering a $300 bonus for opening a Key Smart Checking® account and making a 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 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, KeyBank, 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 eligible direct deposit of at least $1,000 within 60 days of account opening.

$300 Checking Bonus Requirements:

  1. Open a new Key Smart Checking account online using this link.
  2. Make the minimum opening deposit of $10.
  3. Complete one eligible direct deposit of at least $1,000 within 60 days of account opening.
  4. 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: 12/13/24
Household Limit: None (one bonus per qualifying person/account)
Direct Deposit Required: Yes, $1,000+
Soft/Hard Pull: Soft
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 (this is the basic banking account in NY) by the expiration date at 11:59 p.m. (ET) and make ONE eligble 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.

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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Sweepster
Sweepster
3 months ago

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?

Sweepster
Sweepster
3 months ago
Reply to  John Pham

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.

Sweepster
Sweepster
3 months ago

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!

Randall
Randall
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.

Anon
Anon
1 year ago

This offer shows as expired now

Melikcan
Melikcan
1 year ago

Is money sent via paypal still considered a direct deposit?

Johnny
Johnny
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.

RileyD
RileyD
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?