Posted by William Charles on July 20, 2016
Bank Account Bonuses

Published on July 20th, 2016 | 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 been extended with a new link and promo code. Thanks to Ashley for letting us know. There’s also a $400 Key Bank bonus (that one expires on July 22), but the $400 bonus is a bit more YMMV. The $300 offer has a space to request a coupon via email which ensures you get the offer.

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 $500 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: $7, waive-able
  • Early account termination fee: $25 if closed within 180 days of opening
  • Expiration date: May 13th, 2016 July 1st, 2016 8/5/16

The Offer

Direct link to offer

  • Open a qualifying KeyBank checking account with the promotional code EDGF0716 and receive a direct deposit of at least $500 or more within 60 days of account opening and receive a sign up bonus of $300.

Screen Shot 2016-07-20 at 4.00.15 PM

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
  • Offer is subject to cancellation without notice and cannot be combined with any other offer.
  • Limit one gift per individual
  • Qualifying accounts are:  Key Express Checking® (this is the basic banking account in NY), Key Advantage®, Key Coverage Checking®, Key PrivilegeSM, Key Privilege Select CheckingSM

Avoiding Fees

Key Express Checking $7 Monthly Fee

The monthly fee on this account is waived if you do either of the following each statement cycle:

  • Direct deposits of at least $500
  • At least 8 customer initiated transactions (any deposits, withdrawals, which includes transfers)

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

Last year KeyBank offered a $300 bonus but allowed you to do it with their hassle free account (no monthly fees or minimums) twice (once in July and again in December). This deal is still pretty good, but a little harder to keep fee free – that being said it isn’t difficult to rack up 8 debit card transactions a month. You’d need to keep the account open for ~6 months to avoid the early account termination fee that’s 48 debit card transactions, if you bought $0.50 Amazon reloads it’d set you back $24 so you can almost think of this as a $276 and $24 Amazon credit sign up bonus (or use one of the other methods to hit the debit card requirement). What I like about KeyBank is that these bonuses can be churned every 18 months (remember it’s a 12 month wait since you last had an open account).

I’d either jump on this deal, or wait until it’s possible with the hassle free checking account again. We’ve added it to our list of the best bank bonuses.

 

Useful posts regarding bank bonuses:



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Pointswithnick
Pointswithnick

How strict are they about 12 months, and is it from opening or closing date?

jnrfalcon
jnrfalcon

What do you mean in the past… They will not count right now?

jnrfalcon
jnrfalcon

I mean the ways of direct deposit…

jnrfalcon
jnrfalcon

Have deposits (including transfers to this Account) totaling $500.00 or more credited, or at least 8 customer initiated transactions (any deposits, withdrawals, which includes transfers) during a statement cycle.

I’ve got this during application. So it is not necessarily purchasing anything. Although it might be the easiest probably

daxihe
daxihe

Again.. is this stackable with referral gift..?

Jack
Jack

Where does it say this offer is limited to those specific states? I don’t see where it states the states this offer is available in.

jack
jack

You wrote “Qualifying accounts are: Key Express Checking® (this is the basic banking account in NY), Key Advantage®, Key Coverage Checking®, Key PrivilegeSM, Key Privilege Select CheckingSM, or KeyBank Hassle-Free Account®”

Please remove KeyBank Hassle-Free Account from the list

daxihe
daxihe

New account denied. In-branch banker says it’s because of ChexSystems report. I do have several new accounts recently. Maybe this bank is somewhat sensitive.

heather
heather

Do you know if it’s one per household or individual?

Lindsay
Lindsay

Thinking this would be great paired with a tax return (of $500+). Any reason that might not trigger it?

Eric
Eric

Not working with zipcodes in NYC?

John
John

Eric,

I have the same issue in NYC.

James
James

Just pick the zip code for the Manhattan branch and it will work then

Ben
Ben

Tried this — still didn’t work for me (I tried many zip codes in the NYC area)

Chas
Chas

I did this a year ago. Never got the bonus

Ryan
Ryan

“Offer/Marketing Code The Offer Code requires the Reservation Code. Please enter the Reservation Code to proceed”

Not sure how to get around this… is the $300 targeted? I’m using EGDT0216.

Ryan
Ryan

N/M

Sulaya
Sulaya

When you go thru the registration process the ‘Account Information’ form auto-populates the Offer field with what looks to be the old code, EDGT1115. I had to manually populate the Offer field with the current code, EDGT0216.

Sulaya
Sulaya

The Reservation Code is in the email. “To redeem in-branch or via phone, provide code EDGT0216-0000xxxxx” The Reservation Code is the 9 digit number after the dash.

Sulaya
Sulaya

Also make sure to enroll in Electronic Statements. Else they will charge you $3 each month.

Jim
Jim

Where did you get that 5 debit card purchases are required to trigger the bonus? I read the bank site’s own fine print and saw no mention of that.

VM
VM

Thats my understanding as well. I am not sure why it says there is additional requirement of 5 transactions.

Bonus requirement – $500 direct deposit
Waive Monthly Fee – $500 direct deposit OR 8 transaction.

Not sure where is 5 transactions for bonus is coming from.

Any clarification?

Skyriver
Skyriver

I believe the $500 required for waiving monthly fee doesn’t even have to be direct deposit, just “deposit’ (including transfers)

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