Posted by William Charles on July 9, 2015
Bank Account Bonuses

Published on July 9th, 2015 | by William Charles

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[Expired]KeyBank $300 Checking Promotion [AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA only]

This offer has now expired, but you can view an even better current KeyBank checking bonus by clicking here.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: AK, CO, ID, IN, ME, MI, NY, OH, OR, UT, VT, or WA only
  • Direct deposit required: 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: Combination of five debit card purchases and or bill payments 
  • Hard/soft pull: Soft
  • Credit card funding: Up to $100
  • Monthly fees: None – $18, waive-able
  • Early account termination fee: $25 if closed within 180 days of opening
  • Expiration date: October 9th, 2015

The Offer

Direct link to offer

  • Receive a sign up bonus of $300 when you open a Key Advantage®, Key Privilege®, or Key Privilege Select Checking and receive a direct deposit of $1,000 or more and a combination of five debit card and/or bill payments within 60 days after account opening
  • Receive a sign up bonus of $100 KeyBank Hassle-Free Account or other qualifying checking account and Make a direct deposit of $500 or more and a combination of five debit card and/or bill payments within 60 days after account opening

keybank 300 promo

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
  • Offer is available to new bank clients who have not had any type of account with KeyBank within the last 12 months
  • Direct deposit transactions are limited to payroll, Social Security, pension and government benefits, although in the past other direct deposits have triggered this bonus.
  • Bonus will post within 90 days of meeting the requirements

Avoiding Fees

Hassle Free Checking Account

The best account to open for the $100 bonus is the Hassle Free Checking account which has no monthly fees or monthly minimums.

Key Advantage Checking Account

This is the best account to open for the $300 bonus, the monthly fee is $18 and is waived for the first three months. After that you need to do one of the following to avoid the $18 monthly fee:

  • Maintain a minimum of $10,000 in any combination of checking, savings, CDs, retirement deposits, investments (including annuity balances reflected on your Key Investment Services LLC (KIS) account statement)4, credit cards1, loans2, and lines of credit2, OR
  • Have a KeyBank mortgage automatic payment deduction of $500 or more each statement cycle, OR
  • If you are a Key@Work program member and have at least $1,000 in cumulative direct deposits each statement cycle

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

In the past KeyBank has offered $200 for the Hassle Free account, so I’d only recommend signing up for the $300 bonus. The difficulty is keeping the account fee free, if you have $10,000 spare you can deposit it into the account at the end of the third month and then close the account at the end of the six months to avoid the early account termination fee of $25. You’d lose out on about $25 in interest compared to a 1% checking account, but that isn’t too bad considering the $300 bonus.

The other option would be to complete the bonus requirements as quickly as possible and close the account as soon as the bonus posts, you’d need to pay the early account termination fee of $25 and possible one months fees of $18 as well.

We’ve added this bonus to our best of list due to how large the bonus it is and how easy it is to meet the direct deposit requirements. You can also view all of the current bank account bonuses by going here. One last thing to keep in mind is that some people are being targeted for a further $50 when they haven’t used their KeyBank checking account for awhile.



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Ff
Ff

I have multiple experiences with keybank. Had several accounts in last 2 years for bonuses. If you dry the account t and funds zero out and you close account, they won’t post a Debit of$25 and overdrawn your account. My experience.

Jim
Jim

Are you sure that there won’t be an overdrawn? How many times have you try to do so? Just dry the account the call to close the account? Thanks

misty
misty

Thanks… great offer –I plan to apply.

Newbie Question Please—

1. PayPal Reload Card– is this how to fund Paypal account to Push money to the Bank?
2. And can you buy PayPal Reloads with a CC?

Thanks!

steve
steve

1. No. Doing this will cause Paypal to shut down your account. You can load money to Paypal by linking a checking account, but there’s no advantage to just linking it to the Keybank account.

2. In theory, yes. In practice, good luck finding a place that’s not cash only.

The Value Traveler (@ValueTravelerOz)

Misty…if you are talking bout the PayPal Prepaid Debit card, you CAN reload them at some gas stations…..I’ve been doing that and using a credit card to do it.

Kris
Kris

Oh no…I signed up a hassle free checking account with KeyBank in March for $200 bonus…Guess I won’t be eligible to get this $300 bonus right? Since the $200 has been posted I don’t think the bank will match the bonus as well…

Mark O
Mark O

How long did it take for your bonus to post. Just did the $200 bonus last month and was wondering what the time frame was…does it take the entire 90 days?

Cav
Cav

I wonder if it’s possible to downgrade to the fee-free checking account after the $300 bonus posts. Has anyone tried this with Keybank?

emma
emma

anyone knows how soon the $300 will arrive and how soon we can close that account? Thanks!

Vic
Vic

Everything looked great until I realized that it’s not available in my/relative’s state..

LWT
LWT

I’m not sure why you were surprised. This is in the “state-specific offers” category, and the applicable states are clearly listed in the post.

Ken
Ken

How do you close this account after the 6 months is up? Is there an option to do it online? Via letter? Is it necessary to do it in branch?

Sam
Sam

Data point: Their backup withholding waiver I need to send in says that the New Account Verification was done by EQX-PASS, approved by BOSCO.

Chris

Curious if anybody has successfully used an ACH Push/Pull (and from what bank) to do this- since the datapoints are from 2012.

Ken
Ken

Yes, it still works. Since I take it you’ve done this before, can you tell me how you plan to close the account when the time is right to do so? I’ve asked in this thread and in the thread for the $200 bonus if closing the account can be done online or via letter or whether it’s necessary to go into a branch to do it, and nobody has answered.

Sam
Sam

Wow. I received a bonus back in October. And I thought that a 90 day waiting period between closing and reopening was long.

joe
joe

How fast is Key Bank at paying out the bonus after your fulfilled your requirements.

sl
sl

30-60 days at least

joe
joe

I guess I am asking how fast Key Bank typically pays out the bonus after the requirements are fulfilled.

Ken
Ken

About 4 or 5 weeks based on my experience. Do you know how you close the account after you’ve had it open for 6 months? Online? Letter? In branch?

joe
joe

I’ll probably keep the $10K in there starting month 2/3 to Month 6.1 or so then use ACH to withdraw it all.

joe
joe

Does Key Bank let you know that you’ve indeed met the requirements? Basically I’m wondering how will I know that they’ve considered my direct deposit a genuine direct deposit.

Chris

Joe, they definitely DONT Let you know if you missed it. I went into a branch and the Rep kept telling me I met all the requirements and should be getting it soon, OR have it already… FF to the present, I had to talk to a person online and found out he was wrong, my DD didnt go through within the 60 day period, do i missed the $1000 deposit # and got nothing. There’s really know way to know besides waiting 5 weeks…but you can call customer service maybe.

Sam
Sam

Data point: Discover bank to bank transfer showed up as DISCOVER BANK PREARRANGE plus numbers, while my actual paycheck showed up as CHECKING ACCOUNT DEPOSIT DEP

Scott

Cap One 360 showed up as a direct deposit. Waiting to see if it triggered the bonus. Sucks I have to wait 4 to 6 weeks or longer.

Austin
Austin

Will withdrawing PayPal funds from an account into this bank account satisfy the direct deposit requirement?

Thanks!

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