[MI, OH, AK, ID, IN, ME, UT, VT only] KeyBank $300 Checking Bonus

Update: This new offer is much more restricted than normal, it’s only available in the following areas: Only residents of Ann Arbor MI, Alaska, Cincinnati OH, Columbus OH, Dayton OH, Idaho , Indiana (Central and Northern), Maine, Toledo OH, Utah and Vermont are eligible for this offer are eligible for this offer

Note: Some reports of them being sensitive to too many ChexSystems inquiries.

Note: You’ll receive a code like this: EDGF0417-000001406 (EDGF0417 is your promo code and the second string of numbers is your reservation code)

Overview:

Maximum bonus amount: $300
Availability: MI, OH, AK, ID, IN, ME, UT, VT only
Direct deposit required: Yes, one direct deposit 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: Use promo code
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 7th, 2016 November 11th, 2016~~ December 8th, 2016 January 13th, 2017 April 21st, 2017 June 30th, 2017

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Key Express Checking $7 Monthly Fee
- 3.2 Early Account Termination Fee $25
4 Our Verdict

The Offer

Direct link to offer

Receive a sign up bonus of $300 when you open a qualifying KeyBank checking account with the promotional code “EDGF0417” and complete the following requirements:
- Receive a qualifying direct deposit of at least $500 within 60 days of account opening

The Fine Print

Offer is available to new bank clients who have not had any type of account with KeyBank within the last 12 months (this includes credit cards and any cards that have been transferred to KeyBank. Thanks to reader Dave B)
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Qualifying accounts are: Key Express (this is the basic banking account in New York), Key Advantage^®, Key Privilege^® or Key Privilege Select Checking
Direct deposit transactions are limited to payroll, Social Security, pension and government benefits
Limit one gift per qualifying account. Limit one gift per individual
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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

You’ll need to get them to e-mail you a coupon (option on the offer page) to complete this bonus. KeyBank offers a lot of bank account bonuses, sometimes they are targeted and other times they are open like this. The best offers they usually are as follows:

$400 bonus with these requirements
$300 bonus with the hassle free checking account

It’s a bit YMMV if they will offer a better public bonus than this in your area again so this can be a pretty strong offer. I still think it’s worth doing if you don’t mind dealing with trying to keep the account fee free. You can view it as part of our list of the best bank offers.

Useful posts regarding bank bonuses: