KeyBank $200 Checking Bonus

KeyBank is offering a $200 bonus for opening up a checking account with qualified deposits. No direct deposit is needed for this promo, making it a great bank bonus due to the easy requirements. Full details of this KeyBank promotion below.

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

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KeyBank $200 Checking Bonus Overview

KeyBank is a regional bank based in Cleveland and is the 27th largest bank in the United States. Currently, they’re offering a $200 bonus when you open a new eligible checking account and complete qualifying deposits.

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

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 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)

However, this offer is sometimes available nationwide. You can find out by entering your zip code on the landing page. If it won’t let you continue your application, than it’s not available in your state at this time.

Where do I enroll?

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

What are the details?

Availability: AK, CO, CT, ID, IN, MA, MI, NY, OH, OR, PA, UT, VT, WA
Expiration: 2/3/22
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: No
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 ONAT0123
  • Make deposits totaling $1,000 within the first 90 days of account opening

The $200 bonus will be deposited into your account within 90 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 Smart Checking, Key Advantage Checking, Key Privilege Checking, and Key Privilege Select Checking.

I recommend opening the Key Smart Checking account. It’s their basic checking account with no minimum maintenance fee and no balance requirement. Other checking accounts have a monthly fee ranging between $18 and $50, but they can be waived if you do ONE of the following:

KeyBank Advantage Checking:

The $18 monthly fee is waived if you:

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

The $25 monthly fee is waived if you:

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

KeyBank Bonus Terms and Conditions

  • Offer available online only.
  • You must open a Key Smart Checking® Account (this is the basic banking account in NY), Key Advantage Checking® Account, Key Privilege Checking® Account or Key Privilege Select Checking® Account by the expiration date at 11:59 p.m. (ET) and make $1,000 in cumulative deposits within the first 90 days after account opening to get $200.
  • Employees of KeyBank, its affiliates and subsidiaries are not eligible for this offer.
  • 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 90 days of meeting requirements.
  • If you close your account within the first 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.
  • Geographic restrictions apply.

The Bottom Line

This is the first time we’ve seen KeyBank launch a bonus that doesn’t require a direct deposit, which makes the deal much more convenient for people who don’t have a payroll/government payment. A total deposit of $1,000 over 90 days should be easy peasy for most folks.

I consider this one of the best bank bonuses available 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.

11 thoughts on “KeyBank $200 Checking Bonus”

  1. 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.

    • 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. 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.

  3. 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.

  4. 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.


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