Posted by William Charles on July 9, 2015
Bank Account Bonuses

Published on July 9th, 2015 | by William Charles


[Expired]KeyBank $300 Checking Promotion [AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA only]

This offer has now expired, but you can view an even better current KeyBank checking bonus by clicking here.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA only
  • Direct deposit required: Yes, a total of at least $1,000 within 60 days of account opening. Almost any ACH transfer should trigger this requirement, click here to see what has worked in the past.
  • Additional requirements: Combination of five debit card purchases and or bill payments 
  • Hard/soft pull: Soft
  • Credit card funding: Up to $100
  • Monthly fees: None – $18, waive-able
  • Early account termination fee: $25 if closed within 180 days of opening
  • Expiration date: October 9th, 2015

The Offer

Direct link to offer

  • Receive a sign up bonus of $300 when you open a Key Advantage®, Key Privilege®, or Key Privilege Select Checking and receive a direct deposit of $1,000 or more and a combination of five debit card and/or bill payments within 60 days after account opening
  • Receive a sign up bonus of $100 KeyBank Hassle-Free Account or other qualifying checking account and Make a direct deposit of $500 or more and a combination of five debit card and/or bill payments within 60 days after account opening

keybank 300 promo

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
  • Offer is available to new bank clients who have not had any type of account with KeyBank within the last 12 months
  • Direct deposit transactions are limited to payroll, Social Security, pension and government benefits, although in the past other direct deposits have triggered this bonus.
  • Bonus will post within 90 days of meeting the requirements

Avoiding Fees

Hassle Free Checking Account

The best account to open for the $100 bonus is the Hassle Free Checking account which has no monthly fees or monthly minimums.

Key Advantage Checking Account

This is the best account to open for the $300 bonus, the monthly fee is $18 and is waived for the first three months. After that you need to do one of the following to avoid the $18 monthly fee:

  • Maintain a minimum of $10,000 in any combination of checking, savings, CDs, retirement deposits, investments (including annuity balances reflected on your Key Investment Services LLC (KIS) account statement)4, credit cards1, loans2, and lines of credit2, OR
  • Have a KeyBank mortgage automatic payment deduction of $500 or more each statement cycle, OR
  • If you are a Key@Work program member and have at least $1,000 in cumulative direct deposits each statement cycle

Early Account Termination Fee $25

If you close your account within 180 days, you are required to pay an early account closure fee of $25

Our Verdict

In the past KeyBank has offered $200 for the Hassle Free account, so I’d only recommend signing up for the $300 bonus. The difficulty is keeping the account fee free, if you have $10,000 spare you can deposit it into the account at the end of the third month and then close the account at the end of the six months to avoid the early account termination fee of $25. You’d lose out on about $25 in interest compared to a 1% checking account, but that isn’t too bad considering the $300 bonus.

The other option would be to complete the bonus requirements as quickly as possible and close the account as soon as the bonus posts, you’d need to pay the early account termination fee of $25 and possible one months fees of $18 as well.

We’ve added this bonus to our best of list due to how large the bonus it is and how easy it is to meet the direct deposit requirements. You can also view all of the current bank account bonuses by going here. One last thing to keep in mind is that some people are being targeted for a further $50 when they haven’t used their KeyBank checking account for awhile.

56 Responses to [Expired]KeyBank $300 Checking Promotion [AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA only]

  1. Ff says:

    I have multiple experiences with keybank. Had several accounts in last 2 years for bonuses. If you dry the account t and funds zero out and you close account, they won’t post a Debit of$25 and overdrawn your account. My experience.

    • Jim says:

      Are you sure that there won’t be an overdrawn? How many times have you try to do so? Just dry the account the call to close the account? Thanks

  2. misty says:

    Thanks… great offer –I plan to apply.

    Newbie Question Please—

    1. PayPal Reload Card– is this how to fund Paypal account to Push money to the Bank?
    2. And can you buy PayPal Reloads with a CC?


    • steve says:

      1. No. Doing this will cause Paypal to shut down your account. You can load money to Paypal by linking a checking account, but there’s no advantage to just linking it to the Keybank account.

      2. In theory, yes. In practice, good luck finding a place that’s not cash only.

    • Misty…if you are talking bout the PayPal Prepaid Debit card, you CAN reload them at some gas stations…..I’ve been doing that and using a credit card to do it.

  3. Kris says:

    Oh no…I signed up a hassle free checking account with KeyBank in March for $200 bonus…Guess I won’t be eligible to get this $300 bonus right? Since the $200 has been posted I don’t think the bank will match the bonus as well…

    • Mark O says:

      How long did it take for your bonus to post. Just did the $200 bonus last month and was wondering what the time frame was…does it take the entire 90 days?

  4. Cav says:

    I wonder if it’s possible to downgrade to the fee-free checking account after the $300 bonus posts. Has anyone tried this with Keybank?

  5. emma says:

    anyone knows how soon the $300 will arrive and how soon we can close that account? Thanks!

  6. Vic says:

    Everything looked great until I realized that it’s not available in my/relative’s state..

    • LWT says:

      I’m not sure why you were surprised. This is in the “state-specific offers” category, and the applicable states are clearly listed in the post.

  7. Ken says:

    How do you close this account after the 6 months is up? Is there an option to do it online? Via letter? Is it necessary to do it in branch?

  8. Sam says:

    Data point: Their backup withholding waiver I need to send in says that the New Account Verification was done by EQX-PASS, approved by BOSCO.

  9. Chris says:

    Curious if anybody has successfully used an ACH Push/Pull (and from what bank) to do this- since the datapoints are from 2012.

    • Generally people don’t keep me informed of a method continuing to work, but if it dies they let me know quick smart.

    • Ken says:

      Yes, it still works. Since I take it you’ve done this before, can you tell me how you plan to close the account when the time is right to do so? I’ve asked in this thread and in the thread for the $200 bonus if closing the account can be done online or via letter or whether it’s necessary to go into a branch to do it, and nobody has answered.

  10. Sam says:

    Wow. I received a bonus back in October. And I thought that a 90 day waiting period between closing and reopening was long.

  11. joe says:

    How fast is Key Bank at paying out the bonus after your fulfilled your requirements.

  12. joe says:

    Does Key Bank let you know that you’ve indeed met the requirements? Basically I’m wondering how will I know that they’ve considered my direct deposit a genuine direct deposit.

    • Chris says:

      Joe, they definitely DONT Let you know if you missed it. I went into a branch and the Rep kept telling me I met all the requirements and should be getting it soon, OR have it already… FF to the present, I had to talk to a person online and found out he was wrong, my DD didnt go through within the 60 day period, do i missed the $1000 deposit # and got nothing. There’s really know way to know besides waiting 5 weeks…but you can call customer service maybe.

  13. Sam says:

    Data point: Discover bank to bank transfer showed up as DISCOVER BANK PREARRANGE plus numbers, while my actual paycheck showed up as CHECKING ACCOUNT DEPOSIT DEP

  14. Scott says:

    Cap One 360 showed up as a direct deposit. Waiting to see if it triggered the bonus. Sucks I have to wait 4 to 6 weeks or longer.

  15. Austin says:

    Will withdrawing PayPal funds from an account into this bank account satisfy the direct deposit requirement?


  16. Alex says:

    Note that according to their web site, there is a transaction requirement as well: a combination of five debit card and/or bill payments within 60 days after account opening. Don’t forget to do this or else you’ll miss the bonus. You can charge a small amount ($1 or less) five separate times to your debit card to meet this requirement.

  17. joe says:

    So … opened the acct 7/22. Direct Deposit 7/24 (via Chase) and did 5 billpays $22 each on 7/24. So it’s been roughly 7 weeks since I met the requirements…and I still have not received the bonus. Have most of you received the bonus faster than that? Did you receive the bonus prior to the 2nd statement being sent out? any data points would be much appreciated. thanks!

    • Vic says:

      I opened on 7/10 and fulfilled all requirements on 7/22.
      Still no bonus yet.
      CSR kept saying 90 days, which would be 10/20.

    • Scott says:

      I opened the account on 7/14. Direct deposit was an ACH from Capitol One 360 account, which shows as a direct deposit. Completed 5 debit transactions on 8/10. Nothing so far.

  18. mh says:

    Looks like this is now extended through 10/23/15. Also, i was prevented from applying because my ZIP is in Brooklyn, even though this offer is valid in NY, oddly.

  19. John says:

    Data Points:

    Opened 7/10.
    Requirements Met 8/4.
    $300 Bonus Posted 9/25

    Did payroll direct deposit and 5 bill payments (in a row, over 5 days) to one bill/company.

    Never received my debit card.

    Plan to close the account and pay the $25. Net $275. Unless there is more data points on emptying the account and closing… I don’t want to get hit with an overdraft fee.

  20. Matt says:

    More data points:
    Account Opened 8/7
    Direct Deposit requirement met 9/4
    Bill Pay requirements met 9/14 (did 3 one day, 1 another day, 1 a final day) to 5 different companies.
    Bonus posted 9/24.

  21. Charuhans says:

    Data Points:

    A/C opened – 08/04
    DD requirement met (payroll) – 09/01
    Bill Pay Requirements met – 09/18 (4 companies, various days)
    Bonus posted – 09/24.

  22. Nate says:

    [Data point]

    Advantage Checking opened 9/7
    Direct Deposit (ACH) & Bill Pay posted 9/10
    Bonus posted 9/24

  23. Vic says:

    Account opened 7/10.
    Bonus posted 9/24.

    It seems like they’re processing these bonuses in bulk.

  24. Scott says:

    For those who have had bonuses post was your direct deposit payroll or an ACH. If ACH from where?

  25. John says:

    Yeah, bulk for sure. Mine was the 24th too. I misspoke on the 25th. Anyone thinking of downgrading Advantage to Hassle Free? Thinking of doing that to avoid the monthly fee and then hope for a $50 inactive offer? Of course, closing would be best for churning purposes. But if it pays out $50 now and then might be easier to just keep around…. do those $50 offers come around a lot?

  26. joe says:

    mine hit on 9/24 as well.

  27. Joe says:

    If I closed a Key Bank credit card in 12 months, am I eligible for the $300 bonus?

    • This is a checking bonus, so I imagine you’d be fine.

      • Dave_B says:

        I found out the hard way that this is not true. After waiting the 90 days, talking to multiple customer service reps, and then waiting another 7 weeks, and talking to another customer service rep, I was informed that when they say “any accounts”, they include credit cards in that. Even the fact that my credit card account used to belong to HSBC, and was transferred over to Key when HSBC left my area didn’t help(I brought up the fact that this checking account was the first account I had ever opened with Key bank, to no avail).

        So, no bonus here. If you have or had a credit card with Key in the last 12 months, you can’t get this bonus.

        • Yong says:

          I wish I read your comment before I opened Key checking account.
          No $300 bonus for me because I have credit card account. Other banks seem OK with credit card. This teach me a lesson that I need to read requirements very carefully. Do not assume anything.
          Thank you for taking time to alert others.

          Just found out new requirement I’ve not seen before:

          Offer is available to new bank clients who have not had any type of account with KeyBank within the last 12 months. Only residents of Ann Arbor MI, Alaska, Cincinnati OH, Columbus OH, Dayton OH, Idaho, Indiana (Central and Northern), Maine, Toledo OH, Utah and Vermont are eligible for this offer.

        • Yong says:

          Requirement changes with each Bonus. I just emailed $300 bonus coupon (EDGF0317, exp. date 4/21/17) and it said you can not have any CHECKing accounts within 12 months, not mentioning ANY accounts, ie credit card which I was denied the bonus last year
          because I had Key credit card account..

          At this time there is also a $200 bonus with same requirement.

  28. Dave says:

    What is the “Relationship Rewards membership fee – $30 annual fee (optional)”

    I signed up for the Key Advantage MM Checking – will I get charged a $30 AF?


  29. Matt says:

    To anyone thinking of downgrading to avoid the account closure fee, bad news: it doesn’t work out that way.

    To “downgrade” to the no-fee account, you actually need to apply for a new account and then they close your old one. I figured out at the end of a long process with their reps that you will still incur the early account closure fee if you try to do this.

    • Yong says:

      “Downgrade” is one way to manage monthly fee. I downgrade PNC virtual Wallet with performance spend ( $25 or $5000 balance) to VW ($5 or $500 balance) after I got my $300 bonus. You can also downgrade from Huntington 5 ($5 ) to hassel free account( no fee). May be there are other banks which allow you to downgrade which I do not know.

  30. Eric says:

    I have a $300 email offer from KeyBank from August that is expiring in a week. It doesn’t say anything about being limited to the states mentioned here. Should I be okay for the bonus then even though I don’t live in one of those states? Does Serve or PayPal work for the direct deposit?

  31. Scott says:

    I am going to call this on a bust for me. Opened account on 7/14. Direct Deposit was ACH from capitol one 360. completed 5 debit by 8/10. It is now 10/31 and nothing. I am now having to pay the monthly fee as well. Can you close the account online?

    • Vincent says:

      In my opinion, you might want to wait, until there are other data points for one more month. Since it seems like they are batch depositing for everyone.

  32. James says:

    Any datapoints of actual payouts? Fulfilled requirements on 10/16, opened late September.

    • CharlieK says:

      Hi James, both my wife and myself opened accounts in September. She completed requirements at the end of September and I completed mine at the very banning of October. Both did Capital One 360 transfer of $1000 which showed up as direct deposit. We both had our bonuses posted today, showing yesterday’s date as the deposit date. I suspect you may have yours today as well and if not, there should be one last set of bonuses deposited in December.

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