Offer at a glance
- Maximum bonus amount:
- Availability: In branch only [Branch locations] AL, CO, CT, FL, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Mixed DP, most likely does
- Credit card funding: Up to $100
- Monthly fees: See below
- Early account termination fee: $25, 180 days
- Household limit: None
- Expiration date: Unknown
Contents
The Offer
No direct link, being offered in branch only
- KeyBank is offering an impressive bonus of $5,000 for business customers. To be eligible for the $5,000 you have to do all of the following:
- Open your company’s primary operating account with us via a Key Business Rewards Checking Account or a Commercial Transaction Account
- Open a Key Business Gold Money Market Savings or Key Business Silver Money Market Savings account
- Open a card program that best suits the needs of your business – Key2business, key2purchase, Key Business Rewards or Key Business Credit Card
- Open a Key Merchant Services account and within three months of the account being activated process $50,000 or more through your KeyBank Business Reward Checking account or Commercial Transaction account.
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
I’m only going to list the cheapest option for each requirement. If you’re thinking about keeping the account long term or even if you’re thinking about going for the bonus I’d recommend doing your own research into each of the options.
Key Business Reward Checking $25 Per Month
Monthly fee on this account is waived if you:
- Maintain $7,500 average balance
- Have $20,000 in combined balances in business deposit accounts, commercial loans, and line of credit accounts
Silver Money Market $0 Monthly Fee
This account has no monthly fees to worry about.
Credit Card – No Fee
The cards have no fees.
Our Verdict
The biggest requirement is the $50,000 in merchant services, for people not familiar with what merchant services are please read this post first. Chances are if you have an eBay ‘business’ you won’t be able to hit the $50,000 merchant services requirement. It also isn’t clear how long they require you to keep each account open to get the full bonus. If you can meet this requirement it might be worth going into a KeyBank branch to find out more, after you do so please share your experiences in the comments. Due to all the requirements we will not be adding this to our list of the best checking bonuses (especially since it’s not a true checking bonus).
Big thanks to reader, Scott S who let us know. Learn how to find bonuses and contribute to the site here.
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
