Deal has now ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $250
- Availability: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
- Direct deposit required: Yes, $1,000+ required
- Additional requirements: Use promo code
- Hard/soft pull: Soft pull
- ChexSystems: Mixed DP, most likely does. Also reports of being ChexSystems sensitive.
- Credit card funding: Can fund up to $50
- Monthly fees: None
- Early account termination fee: $25
- Household limit: None
- Expiration date: 6/25/2021
Contents
The Offer
Direct link to offer (note: Click the PDF link to see the offers. This offer talks about Key@Work program. You obviously don’t need to work for DoC to participate in this offer, this is just the system they use for these types of custom offers. In addition we do not receive anything when using this link, the full benefit has been passed onto you the reader.)
- KeyBank is offering a bonus of $250 when you open a new checking account and complete the following requirements:
- Use promo code ONKW0121
- Make a total of $1,000 or more in direct deposits within 60 days of account opening
The Fine Print
- Enroll in the Key@Work program. You must be an active Key@Work member to receive your gift. Simply enter marketing code ONKW0121 when applying for your account on key.com.
- Open a Key Smart Checking,SM Key Advantage Checking,® Key Privilege Checking,® or Key Privilege Select Checking® account by 6/25/2021. A minimum deposit is required at the time of account opening.
- Make a total of $1,000 or more in direct deposits within 60 days of account opening.1 Your gift(s) will be deposited to your account within 60 days of meeting requirements. The account must be open for 90 days and not be overdrawn.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Key Smart Checking No Monthly Fee
This is a new account that can be opened with no monthly fee to worry about.
Early Account Termination Fee
If you close your account within 180 days, you are required to pay an early account closure fee of $25
Our Verdict
Standard offer is $200, this is an extra $50 but the direct deposit requirement is $1,000 instead of the standard $500. We have seen a $300 bonus in the past as well, but with fewer states available. I don’t think it’s worth waiting for that offer to return as it’s been some time since we’ve seen it.
It’s always nice when financial institutions agree to work with us like this and I do think this is a bonus worth doing. As I mentioned earlier we don’t get anything if you do use this link as we opted to pass the full bonus onto our readers instead. I will be adding this to the list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
FYI I was able to get a KeyBank Chex inquiry wiped out on future accounts, on the basis that I already had an account with them and they shouldn’t have pulled Chex if I already had an account. Not sure if banks look at total inquiries or total unique inquiries. I sent in a bunch of requests to Chex to wipe out inquiries that I “felt” shouldn’t have been inquiries (already had an account, already was rejected for an account, they did a hard pull too, etc.) and these are the responses from Chex that have trickled in.
New $500 offer available. Use Offer Code: RETQ0521
https://www.key.com/personal/promo/get-500.jsp?ppc=2106_CMPCON_RETQ0521_dm
For these higher dollar offers seems targeted, they always want a reservation number in addition to the offer code, so unless someone has this looks to be a no go! Most of us will have to settle for the 250.
Requires unique res code
Any OOS (out-of-state) people have luck with Keybank?
I got shot down because of CHEX for the first time ever with any bank. I only did 4-5 accounts in the past 12mos.
Is this one truly region locked, i.e., no way around Texas being excluded?
P1:
4/15/21 – Account open
5/7/21 – $1,000 push from Capital One 360 (checking)
5/17/21 – $250 Bonus received
P2:
4/16/21 – Account Open
5/5/21 – $1,000 push from Capital One 360 (checking)
5/17/21 – $250 Bonus received
#DP Data Point: I got a offer in the mail for $400 bonus here in Oregon for a minimum deposit and a single direct deposit of $500 or more within 60 days after account opening. says bonus will be deposited within 60 days of meeting requirements. Hope OP updates this offer if it’s offered elsewhere.
I played with their URLs and was able to discover some other promo codes available. Just use code “RET$0521” and replace the $ with any of the letters below. To see the page for the offer use: https://www.key.com/personal/promo/get-400.jsp?ppc=2106_CMPCON_RET$0521_dm again replacing the dollar sign with the letter of the offer you want (the “get-400” doesn’t matter and the page will show the correct value).
Bonus Letter Requirements
$500 Q $500 direct deposit
$500 J $3k direct deposit (split)
$500 M $5k direct deposit (split)
$475 Y $500 direct deposit
$400 K $500 direct deposit
$400 G $3k direct deposit (split)
$400 H $5k direct deposit (split)
$375 W $500 direct deposit
$300 A $500 direct deposit
$300 E $3k direct deposit (split)
$300 F $5k direct deposit (split)
$275 C $500 direct deposit
Note that for all of these you need to have a reservation number which is a 9 digit numeric code. If you got a targeted mailer you can upgrade your offer by switching out the letter in the main promo code. I just successfully applied for the Q code. I’ll keep y’all updated if they try a clawback of any sort.
Also, my targeted mailer was for a somewhat different promo. $375 bonus with $1000 deposit (not direct!). Code was RETX0521. I was not able to generate this URL while playing around, but maybe someone more capable could. I suspect that you need to change the letters in the “CMP$$$” portion of the URL based on past links to KeyBank offers on this site. $500 bonus with no DD would be grail AF
Edit: Chex DP I’m 5/6, 5/12, 8/24
Thanks, I think the reservation number is tied to the actual offer though so I doubt you’ll get the increased rate
It told me it accepted my reservation number. We’ll see
Website is showing this, maybe there’ll be a clawback, idk:
A promotional offer has been applied to the opening of this account. All requirements outlined below must be met in order to receive this gift.
Open a qualified account by 6/25/2021. Make one single direct deposit of $500 or more within the first 60 days after account opening to get $500.Direct deposit transactions limited to: payroll, Social Security, pension and government benefits.Trust Accounts, Estate&No Access excluded from eligibility.Employees of KeyBank, its affiliates & subsidiaries not eligible for this offer.Offer code required to redeem this offer& are not transferrable.Limit one gift per qualifying account.Limit one gift per individual.The gift will be reported on Form 1099-INT. Gift will be deposited within 60 days of meeting requirements. Accounts closed within 180 days of opening will be charged a $25 account early closure fee.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 fulfillment are not eligible.Cannot be combined with any other offer.
—
I set up DD from my work but they might not process it before May is over so I’d be waiting on June pay.
Looks like this scheme actually worked.
> 5/14 Sign up with mailed reservation number but better promo code
> 5/21 Greater than $500 Alliant ACH posts
> 5/24 Out of the blue email from local new accounts guy says my deposit did not count
> 5/28 Less than $500 DD from work because they couldn’t change allocations quickly enough
> 6/01 $500 bonus goes pending
I think this means that the ACH I was specifically told would not trigger the bonus did, in fact, trigger the bonus.
And why did I get an email anyways? Could be 1) the code switcheroo got me under manual review, 2) Key is starting to crack down on fake DD, but still have legacy software that accepts them, or 3) an overzealous local new accounts guy. I suggest that others trying this use a real DD in case it is #1.
As I already commented here, promo codes ending in Q are reliably for a $500 bonus with $500 DD, so anyone with a mailer can upgrade their offer. And it may be the case that when there are public offers switching out the last letter for L results in a $400 bonus.
6/02 $500 “Gift from Key Bank” no longer pending
Thanks for the all the hard work! When you say no longer pending, do you mean the bonus posted or it disappeared?
Posted!
How do you get a mailed reservation number? I copied and pasted the amended URL with the “Q” instead of “$”, saw the offer code “RETQ0521”, filled out name, address, ID, etc. and then got a message saying they couldn’t process my application online. I’m guessing it was the lack of reservation number – although I didn’t see a place to enter one…?
You append the reservation number to the end of the promo code as shown in the mailer: RETQ0521-#########. But yeah, you need a mailer.
Seems like they closed this loop hole for July. I tried it my $400 mailer with the $500 link but didn’t accept the code
An old reddit thread says the reservation number is not unique to the person but I can’t find any online to test this
Try to get a mailer for free/a couple bucks on Craigslist?
I got an email with a reservation number for a $10 savings account bonus. Email me at volpes.marinaÅṪgmail.com if you want to try and convert it into a good checking bonus.
It is now tied to the name of the person. I got the mailer to my address but different name and it would not let me apply online. I tried in branch and was denied too
Thanks. Same experience here. I tried with a mailer, same address but different name. Sounds like KeyBank tied things down. Anybody thinking they can purchase these on eBay may want to think twice at this point.
I’ve looked through old codes on this site and it appears the last letter of promo code thing is pretty stable. Q has consistently been for a $500 bonus, for example.
In addition, these letters often do not require a mailer to work. L for a $400 bonus, P and T for a $300 bonus (T sometimes with a debit card use req) and S for a $200 bonus. Unfortunately, I have not been able to generate working links to test these letters presently.
If you don’t have a mailer, be the DP you want to see and half complete the application to see if these codes work. It will tell you if they work when you enter them, but it won’t tell you the terms and conditions until the end of the application.
Update 05/24:
>500 ACH from Alliant posted on 05/21.
Received email from a banker specifically mentioning the $500 bonus and saying I need a DD from payroll etc. Not sure if that’s implying the ACH doesn’t count or what.
Reread email, he does say that the ACH did not count.
I can confirm this works. I received the $400 targeted mailing. Instead I use the $500 link from above. I did a $500 transfer from my Chase Checking and also from my Ally Savings. So, at least one of those two triggered the DD requirement. Received the gift money in about 8 days. Drained my money back out. Going to keep it open for 6 months to avoid early closure fee.
visit key.com/E3get400 to get $400 bonus with 1 deposit of $500. Exp. 06/25/21
I tried this but sadly it asks for a reservation number when I try to apply the code. I haven’t been targeted yet so don’t have one.
Requires a reservation
I just got a targeted mailer for $375. Same requirements except the $1000 deposit does not explicitly say direct. I’ll apply in a few days and see if an ACH push triggers it, if no dice by the end of June, I’ll have my June pay DD to the account.
Since that’s a much better offer, if you were thinking about this you might want to wait and see if you get one or try to trigger a mailer by half-completing an application.