Update: Those in New York are having troubles with this promotion, they get an error. Not sure what is causing this problem, but it’s not the same error people get when they are outside the promo area so hold tight and it should be fixed. Update 2: If you live in New York, just use a different zip code to get to the application page and then enter in your NY details. Thanks to David for this tip. Hat tip to Danny Deal Guru for letting me know about the updated promo.
Offer at a glance
- Maximum bonus amount: $200
- Availability:Â AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA only
- Direct deposit required:Â Yes, a total of at least $1,000 within 60 days of account opening. Almost any ACH transfer should trigger this requirement, click here to see what has worked in the past.
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: Up to $100
- Monthly fees:Â $7, avoidable
- Early account termination fee:Â $25 if closed within 180 days of opening
- Expiration date:
Valid until January 2nd, 2015ÂFebruary 27th, 2015Â June 12th, 2015
Contents
The Offer
- Receive a $200 bonus if you sign up for a KeyBank checking account using the promotional code ONFT0515 and receive $1,000 or more in cumulative direct deposits within 60 days of account opening
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
- Direct deposit transactions are limited to payroll, Social Security, pension and government benefits, although in the past other direct deposits have triggered this bonus.
- All KeyBank checking accounts are eligible for this bonus, apart from Student Checking
- Direct deposit transactions are limited to payroll, Social Security, pension and government benefits
- Offer not available to customers who have had a Key Bank checking account within the past twelve months
- Bonus will post within 90 days of meeting the requirements
Avoiding Fees
Hassle Free Checking Account
The best account to open for this bonus is the Hassle Free Checking account which has no monthly fees or monthly minimums.
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
KeyBank offers a lot of bank promotions, but $200 is as high as they get. This bonus is actually better than previous bonuses because you can open the hassle free checking account, which as the name suggests saves you a lot of hassle in trying to keep the account fee free. If I lived within the service area I’d jump on this deal, here is how I’d do it:
- Open hassle free checking account, using a rewards credit card with the cash advance limit set to $0 and fund it with $100
- Add $1,000 in funds using a transfer from another bank account, this should trigger the direct deposit requirement and cause the bonus to post
- Wait for my bonus to post
- Wait 180 days from account opening to avoid early account termination fee
- Close account
- Wait 12 months and repeat
Even though this is geographically limited, I’m going to add it to our list of the best bank bonuses as a lot of people should still be able to take advantage of it. We’ve also recently completely revamped our master post on bank bonues which lists all bonuses currently available to consumers, we’ve added this bonus to that list.
