[AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA, In Branch] Keybank $500 Business Checking Bonus

Offer at a glance

The Offer

Direct link to offer

  • Keybank is offering a $500 bonus when you open a new business checking account in branch and complete the following requirements:
    • Schedule an appointment with a banker to open your KeyBank Basic Business Checking or Key Business Reward Checking® account by October 3, 2025
    • Make the $25 minimum opening deposit and a total of $5,000 or more within 30 days. Maintain a minimum daily balance of $5,000 or more for the first 90 days.
    • Your bonus will be deposited into your account within 60 days of meeting the requirements.

The Fine Print

  • To receive the $500 Key Business Checking offer, open a new KeyBank Basic Business Checking® or KeyBank Business Reward Checking® account with marketing code MDN12025 by 10/3/2025.
  • Accounts are subject to approval. Offer only available if the business entity (SSN/TIN) has not had a KeyBank commercial or business savings or a KeyBank commercial or business checking account during the past 12 months.
  • Make a total of $5,000 or more in deposits into your new qualifying checking account within 30 days of account opening.
  • You must then maintain an end-of-day balance of at least $5,000 from the date you first reach this balance in the new checking account for at least 90 consecutive days.
  • If the balance deposit amount decreases below the threshold during the 90-day period, your checking account will no longer qualify for the promotion.
  • Your $500 bonus will be deposited into your new KeyBank Basic Business Checking or KeyBank Business Reward Checking account within 60 days of meeting all requirements.
  • The minimum opening deposit for a KeyBank Basic Business Checking or KeyBank Business Reward Checking account is $25.
  • Limit one account-opening offer per qualifying account.
  • Limit one account-opening offer per business entity (SSN/TIN).
  • The value of your account-opening offer will be reported on Form 1099-INT.
  • Account must not be closed at the time of gift payment.
  • This account-opening offer is subject to cancellation without notice.
  • Valid Social Security Number and/or Taxpayer Identification Number and U.S. address required to qualify for offer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

KeyBank Basic has a $5 monthly fee this is waived if either are met:

  • The Average Ledger Balance in your KeyBank Basic Business Checking account was $1,000.00 or more during the monthly statement period; or
  • The total of the following was $10,000.00 or more: 1) the combined cycle-to-date Average Ledger Balance in any combination of business checking (excluding certain business accounts opened for the benefit of others), business savings, and business certificates of deposit accounts within two business days prior to your KeyBank Basic Business Checking account statement cycle date; and/or 2) the outstanding balance of all commercial loans and lines of credit including your Business Cash Reserve credit account(s) (excluding balances past due 60 days or more) as of no more than five business days prior to your KeyBank Basic Business Checking account statement cycle date.

Early Account Termination Fee

Looks to be $0 now.

Our Verdict

Think this is the first business bonus we have seen from KeyBank, they do have a $300 personal checking bonus. Will add this to our list of the best business checking bonuses, please share your experiences in the comments below.

Hat tip to ShawntheShawn

Useful posts regarding bank bonuses:
    William Charles
  • On July 11, 2025, 09:00
Tags: ak bank bonusesco bank bonusescredit card fundingct bank bonusesdirect deposit not requiredid bank bonusesin bank bonusesma bank bonusesme bank bonusesmi bank bonusesny bank bonusesoh bank bonusespa bank bonusessoft pullut bank bonusesvt bank bonuseswa bank bonuses

View Comments (42)

  • I was able to open a basic business checking account this afternoon in southwest PA. As a sole prop using my SSN, I only needed to provide my passport, my driver's license, and my driver's license update form (since my license card doesn't have my current address).

    The banker said that they could only do in-person opening deposits via cash or check, neither of which I had on me at the time. So I scheduled a $100 transfer from Ally to Key (via the Key side) as soon as I got home and enrolled in online banking.

  • Opened this am in CT. Asked for EIN and article of organization for SP. Didnt ask for check writing, which might have saved me from a chex rejection, as I'm lol/12 and every time period. he did confirm soft pull for credit card

  • Opened in branch OOS with Chex frozen. Banker said that frozen Chex is permitted for business account opening only and only if you do not request check-writing privileges. Tried to open a consumer account during the same visit and was forced to thaw Chex for that.

    • RM, did you apply as a sole proprietor? What business document did you bring? Thank you for your DP! @guest_2097389

      • Yes, opened as a sole prop. The document part of my DP is not going to be useful to folks who have a "business" because I am a licensed professional with an actual business. I brought my city business license, and the banker also checked my business registration with my state licensing agency after not finding my business on the Secretary of State website. No idea whether these items were needed, but they certainly made the banker comfortable that my app was legitimate.

  • I can confirm the $200 business credit card is a soft pull and doesn’t report to personal credit. Opened the $500 business checking along with the credit card. Branch manager was awesome

    • What docs or business license did your branch manager ask for? Is that for sole prop? @guest_2101436

  • I have a kind of funny DP which might interest anyone wondering if you need a business license / registration.

    Went in to a local branch, spoke with a rep who was adamant that I could not open biz checking without a business license. I politely thanked her and left. Next day, I called a different branch 10 minutes away and asked if I could open without a biz license. She said they would accept other documents, and I asked what kinds. She rattled off 5 or 6 things I didn't have, then mentioned an "occupational license." I thanked her and said I would come in when I had one of the documents. The next day (day 3), I came in to the branch I had called, and I brought my Washington State Teacher Certification (I am a teacher). I told the rep (who was not the one I talked to on the phone) that this certification was relevant to my business (which is true, as my side-hustle is selling tests, study guides, and powerpoints to supplement classic literature courses). He said hold on, took my certificate to back room, then came back and told me I was approved.

    YMMV indeed!

    • Excuse me Fatbeard, what county in Washington state do you live in? @guest_2098911 @guest_2100680

  • Called a branch in MI and for sole prop he said he’d need the full laundry list of crap lol…. So not sure what states people are from where folks only needed DL to open .. maybe it varies by branch?

    • Opened account in-branch as Sole Prop using SSN + Legal Name as business name.
    • Banker requested copy of registration / license with the state, which I had.
    • Took about 30 minutes for opening.

    • It's unlikely that it's only a soft pull. You'll have to find out yourself... @guest_2097841

      • Can confirm soft inquiry. Did the business credit card with a branch manager today after opening the $500 business checking.

        • Thank you Sean. Did you apply for business checking account too? What documents or business license did you show them? @guest_2101436

          • Yes. I did the business checking and business credit card. I have a real LLC, so EIN and Pennsylvania certificate of organization.

          • Thank you Sean. What's your business? Also, you should try to do the WF and BoA business checking bonuses too. On the other hand, none of these 2 ask for business docs @guest_2101436

    • What kind of banker would tell people applying for credit card is a soft pull? Is that an Amex banker? @guest_2097841
      I guess I also don't like that this is not a true 2% cash back cc. But the terms says it's up to 2% if you use their bells and whistles and blow their flute.... so no.... @guest_2097841

      • I asked if it will show up on my personal credit report and he said “No, it’s a soft pull to open and does not get added to your personal credit report”

        In 2022, I got the Wells Fargo Business Platinum card in branch with a soft pull so it’s not completely unheard of.

        • @guest_2097841 Please report back if you decide to get it. I agree with you that business cards can be a soft pull - I had the exact same experience with the WF card in branch in 2022.

          • So I applied over the phone earlier today for the business CC. He filled out a Docusign, emailed it to me, then I signed it and it was sent off to underwriting.

            He just called me back and told me I was approved for the $10k I requested on the application.

            I did not get an alert from Aura or an email from any of the free credit monitoring services telling me someone pulled my credit.

            Additionally, the last bullet on this key bank website says they do not report business cards to personal credit reports:

            https://www.key.com/small-business/banking/credit-cards/business-credit-card-faq.html

          • Congrats Phil! Did you open the business checking bonus too? What business documents/license did you show them? Thank you @guest_2097841

          • I opened the business checking last week. No business docs required for Sole Props in CO if you aren’t doing business as another name.

        • Sometimes bankers or CSR are wrong. You just need to live with it if they're wrong @guest_2097841

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