[Expired]KeyBank: $200 Checking Bonus With A $500 Direct Deposit [AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA]

Expired: This deal has now expired, KeyBank still offers a $150 bonus which can be found here. More bank promos here.

The Offer

Direct link to offer

• Receive a $200 bonus when you set up an eligible account with KeyBank & make at least one qualifying direct deposit of $500 or more within 60 days of account opening. Make sure you use offer code ONFT0314

The Fine Print

• Valid until May 2nd, 2014, now valid until May 30th
• Available to those in the following states: AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA
• Bank account bonuses are treated as interest, as such you must pay taxes on them
• Eligible checking accounts are as follows:
  • Key Express Checking Account
  • Key Coverage Checking Account
  • Key Advantage Checking Account
  • Key Privilege Checking Account
  • Key Privilege Select Checking Account
• Bonus only valid when you apply for your account online
• Limit of one per individual
• A qualifying direct deposit is considered as: payroll, Social Security, pension, and government benefits
• Offer not available to those who currently hold or have held a KeyBank checking account within the last 12 months
• Accounts overdrawn or closed as of July 4th will not receive the bonus

Avoiding Fees

Key Express Checking Account $7 Monthly

• Avoided if you have monthly direct deposits of $500 or more

Early Account Closure Fee $25

• If you close your account within 180 days of opening it, you’ll pay a fee of $25

Relationship Rewards membership fee $40 Annually

• You do not have to join relationship rewards, if you don’t join you are not required to pay the $40 annual fee.

Our Verdict

• Opening this account is a soft credit pull
• You can fund this account with a credit card up to $100 for your initial deposit
• Almost all ACH transfers will trigger the direct deposit requirement

KeyBank regularly offers sign up bonuses for their checking accounts, this is the highest cash bonus they’ve ever offered (they have also offered items such as apple devices and GPS units, some of which were valued slightly above $200). It’s also much easier to meet the requirements than their other offerings, which usually require a large amount of debit card purchases per month in addition to the direct deposit requirement.

Because of this, we suggest jumping on this deal if you live within the service areas. It looks like almost any ACH transfer will trigger the direct deposit requirement, meaning you don’t need to change your payroll to receive the bonus.

Easiest Way To Meet The Bonus Requirements

• Open Key Express Checking Account, fund the initial $100 deposit with a rewards earning credit card (an extra $1-$2 in free money)
• Opt out of Relationship Rewards membership (this will save you a $40 fee)
• Set up an ACH transfer from your existing checking account to your new KeyBank account of $500 per month (this will trigger the $200 bonus and keep your account fee free)
• Receive your $200 bonus
• Wait a minimum of 180 days (to avoid the early account closure fee)
• Transfer all your money out of your KeyBank account into your regular checking account
• Close your KeyBank account

As always, if you’re worried about alternative methods not triggering the direct deposit requirement you should change your payroll details to make sure it’s triggered. These are workarounds only and do not always work.

Direct link to offer | Screenshot of the offer