KeyBank Promotions of April 2024 ($200 Checking Bonus)

Here are all the details about the latest KeyBank promotions; how to qualify, what are the best bonuses available and the offer requirements, when do the promos expire, and more!

KeyBank is a regional bank based in the United States and 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 of those states, you can check out other bank promotions that may be available to you.

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

Current KeyBank Promotions

1. Key Smart Checking® Account – $200 Account Opening Bonus

KeyBank is offering a $200 bonus for opening a Key Smart Checking account using this link and making a single direct deposit of $500 or more within 60 days of account opening. For those looking for a free checking account with no monthly maintenance fee and no balance requirement, I recommend the Key Smart Checking account.

Bonus Amount: $200
Availability: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
Expiration: July 19, 2024

Bonus Requirements:

  1. Open a new Key Smart Checking account online using this link.
  2. Make the minimum opening deposit of $10, plus one direct deposit of at least $500 or more within 60 days of account opening.
  3. Receive a $200 cash bonus deposited into your account within 90 days of meeting requirements. Account must not be closed or restricted during the time of promotional period.

2. Key Select Checking® Account – $200 Account Opening Bonus + $100 Annual Cash Bonus

Get a $200 bonus when you open a Key Select Checking account with qualified activities. This is KeyBank’s premium checking account that earns interest and a $100 cash bonus year after year with qualifying activities (this is separate from the $200 welcome bonus – see requirements below) and has a waivable monthly maintenance fee.

While it does have a $25 monthly maintenance fee, it can be waived by making at least $5,000 in direct deposits during each statement period, or being a Key@Work® program member and having at least $3,000 in cumulative direct deposits each statement period, or having a combined balance in any combination of KeyBank checking and savings deposit accounts, certificates of deposit, retirement deposits, and Key Investment Services LLC accounts of $15,000 or more.

The fee is also waived for the first three statement cycles.

Bonus Amount: $200 account opening bonus + $100 annually
Availability: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
Expiration: July 19, 2024

$200 Account Opening Bonus Requirements:

  1. Open a new Key Select Checking account via this link.
  2. Make the minimum opening deposit of $50, plus one direct deposit of at least $500 within the first 60 days of account opening to receive a $200 account opening bonus deposited into your account within 90 days of meeting requirements.

3. Key Select Money Market Savings® Account

Earn 4.00% – 4.50% Interest Rate (2.41% – 2.92% blended APY) for 6 months with Key Select Money Market Savings.

Rate available on balances of $25,000 to $1,999,999.99 with an increase in total relationship balances of at least $25,000. See specific rate for your location here.

Bonus Details: 4.00% – 4.50% Interest Rate (2.41% – 2.92% blended APY) for 6 months
Availability: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
Expiration: None listed (offer is subject to change or cancellation without notice)

Tips & Tricks for KeyBank Promotions

Existing vs New Customers

KeyBank typically offers account opening bonuses to new customers of a “product family” unless stated otherwise.

For example, personal checking accounts is considered a “product family”. You can only receive one personal checking account opening bonus and can’t open multiple checking accounts to receive multiple bonuses, but you may still be eligible for a savings account bonus or a business checking account bonus since they’re considered a different “product family”.

You may be wondering if you’re considered a new customer or if you’re eligible for a particular offer. While terms vary, we’ll examine the KeyBank checking account promotion terms and conditions. You’re eligible for a KeyBank checking bonus as long as you:

  • are not an employee of KeyBank or any of its affiliates and subsidiaries.
  • are not an existing KeyBank personal checking account customer (including signers on joint accounts).
  • do not have an existing KeyBank personal checking account and if you had one in the past, it had to be closed more than 12 months ago.

When other product families have account opening bonuses (savings account, business checking account), they may have similar terms and conditions, but be sure to read them carefully as they’re subject to change.

KeyBank Promotions FAQs

Are bank sign-up bonuses taxed?

Yes, cash bonuses from bank account offers are taxable. Cash bonuses are not considered part of the opening deposit and will be reported to the IRS for tax purposes.

Expect to receive a IRS Form 1099-INT or 1099-MISC from the bank at the end of the calendar year. Keep in mind that even if you don’t receive a tax form, you’re still required to self-report and pay taxes. Consult your tax advisor for further information.

Do KeyBank offers expire?

Yes. Most offers have an expiration date unless otherwise stated (although KeyBank may decide to end an offer earlier than the offer expiration date).

If you want to take advantage of a promo, you need to open an account before the stated deadline.

How long does it take to receive my bank bonus from KeyBank?

KeyBank will deposit account opening bonuses within 90 days of meeting the offer requirements. Every bank bonus offer has its own timeline so I recommend that you read the specific promotion that you’re intending to sign up for.

Can I take advantage of multiple KeyBank promotions?

It depends. For example, once you receive a bonus for opening a KeyBank personal checking account, you won’t be eligible to receive another account opening bonus on a different personal checking account.

However, you may still be eligible to get a KeyBank savings account bonus or a KeyBank business checking bonus since the offer terms only exclude you from other personal checking account promotions.

The Bottom Line

KeyBank may be smaller than national banks like Bank of America, Chase Bank, and Wells Fargo, but they have great banking products for consumers and businesses.

I consider them to be a good bank with a strong and stable operation. Their sign-up bonuses are very competitive too.

If you live in one of the states that these KeyBank bonus offers are available in, I’d definitely try out their banking products.

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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