[CO & OH only] KeyBank $300 Checking Bonus

Offer at a glance

• Maximum bonus amount: $300
• Availability:  Cleveland, OH, Akron, OH and Canton, OH and Denver, CO only
• Direct deposit required: Yes, $2,500+
• Additional requirements: Use promo code and complete five debit and/or bill pays
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $100
• Monthly fees: $7, avoidable
• Early account termination fee: $25 if closed within 180 days of opening
• Household limit: None
• Expiration date: June 30th, 2017

The Offer

Direct link to offer

• KeyBank is offering a sign up bonus of $300 when you open a new Key Advantage, Key Privilege or Key Privilege Select Checking Account checking account with offer code OSTP0217 and complete the following requirements:
  • Receive a direct deposit of $2,500 or more within 60 days of account opening
  • Receive a combination of five debit card and/or bill payments within 60 days of account opening
• KeyBank is offering a sign up bonus of $200 when you open a new KeyBank Express checking account with offer code OSTE0217 and complete the following requirements:
  • Receive a direct deposit of $500 or more within 60 days of account opening
  • Receive a combination of five debit card and/or bill payments within 60 days of account opening
• KeyBank is offering a sign up bonus of $200 when you open a new KeyBank Hassle Free checking account with offer code OSTH0217 and complete the following requirements:
  • Receive a direct deposit of 300 or more within 60 days of account opening
  • Receive a combination of five debit card and/or bill payments within 60 days of account opening

The Fine Print

• Offer is available to clients who do not have or haven’t had a KeyBank Hassle-Free Account® or a KeyBank checking account during the past 12 months.
• Receive $100 when you open a KeyBank Hassle-Free Account between 3/25/2017 and 6/30/2017 and make a direct deposit of $300 or more AND a combination of five debit card and/or bill payments within 60 days after account opening.
• Receive $200 when you open a Key Express Checking Account® (this is the basic banking account in New York) between 3/25/2017 and 6/30/2017 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.
• Receive $300 when you open a Key Advantage, Key Privilege or Key Privilege Select Checking Account® between 3/25/2017 and 6/30/2017 and make direct deposits totaling at least $2500 within 60 days after account opening.
• Direct deposit transactions are limited to payroll, Social Security, pension and government benefits. There is no check writing with a KeyBank Hassle-Free Account. Coupon/code required to qualify. Coupon/code cannot be sold.
• Normal account service charges and balance requirements apply to the checking accounts. Refer to key.com for checking account service charges and balance requirements applicable to the checking accounts listed above. Limit one gift per qualifying account.
• Limit one gift per individual.
• Offer available in the following markets ONLY: Cleveland, OH, Akron, OH and Canton, OH and Denver, CO.
• The value of your gift will be reported on Form 1099-INT.
• Your gift will be deposited into your account within 90 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.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Key Advantage Checking Account $18 Monthly Fee ($300 Bonus)

The monthly fee on this account is waived if you do either of the following each statement cycle:

• The combined balance in any combination of KeyBank checking and savings deposit accounts, certificates of deposit, retirement deposits, investment account* (including annuity balances reflected on your KIS account statement) and credit accounts was $10,000.00 or more.
• You have a mortgage originated through KeyBank and you have an automatic payment deduction plan via ACH deducting $500.00 or more from your Key Advantage Money Market Checking Account during a statement cycle. If your mortgage automatic payment deduction plan should be discontinued, you may be subject to the combined balance requirements to avoid the monthly Maintenance Service Charge.
• You are a Key@Work program member and you have direct deposits totaling $1000.00 or more credited to your Key Advantage Money Market Checking Account during a statement cycle. If you should leave your current employer and direct deposits have been discontinued, you may be subject to the combined balance requirement to avoid the monthly Maintenance Service Charge until direct deposits are reinstated by your new employer.

Key Express Checking $7 Monthly Fee ($200 Bonus)

The monthly fee on this account is waived if you do either of the following each statement cycle:

• Direct deposits of at least $500
• At least 8 customer initiated transactions (any deposits, withdrawals, which includes transfers)

KeyBank Hassle-Free Account No Monthly Fee ($100 Bonus)

KeyBank Relationship Rewards Membership Fee $30

This is optional so make sure you opt out of it.

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

There is a bonus of $300 for those in Ann Arbor MI, Alaska, Cincinnati OH, Columbus OH, Dayton OH, Idaho , Indiana (Central and Northern), Maine, Toledo OH, Utah and Vermont and this only requires the Express Checking account. This bonus is worse as it’s extremely difficult to keep the $300 bonus account fee free. In the past they have offered:

• $400 bonus with the Express Checking account
• $300 bonus with the hassle free checking account

So this bonus is significantly worse than those as well, but KeyBank seem to be a lot less generous than they have in the past. I’d still personally wait for a better offer to come along, so we won’t add it to our list of the best bonuses.

Hat tip to @TheRetailTrader

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