Update 11/16/2011: The offer has been extended. However, based on the comment below, you may first want to call Key to ensure your application will qualify for the bonus.
KeyBank has checking promotion in which you can earn $150. It's very similar to KeyBank's iPod touch checking promotion that I mentioned last month. It should appeal to those who don't want an iPod touch or who just prefer a cash bonus in which you don't have to worry about the gift value that the bank reports to the IRS. Like before it's an online-only offer, but the online application only accepts certain areas which appear to be in their market area (see below).
Here's the KeyBank promotions page. The offer is scheduled to last until Dec 30, 2011
June 24, 2011. Like the iPod promo, this one requires quite a bit of work:
- open a qualifying KeyBank checking account online and enter offer code ONFT1011 by December 30, 2011
ONFT0311 by June 24, 2011
- make at least 10 payments and/or purchases per month for 3 months after account opening
- make 3 direct deposits each of $500 or more within 3 months of account opening
The comparison chart tab in the promotions page shows the qualifying checking accounts. All have potential monthly service charges. You can avoid monthly fees on the Key Express Checking by making at least $500 in deposits or initiating five transactions per statement cycle.
Below is some of the important small print:
Limit one gift per qualifying account. Limit one gift per individual. The value of your gift will be reported on Form 1099-INT. Your gift will be deposited within 90 days of meeting requirements. Qualifying purchase and payment transactions include checks, MasterCard signature, PayPass® and PIN-based purchases, Key Bill Pay, debit card automated payments, PayPal® transactions, and Automated Clearing House (ACH) direct payments. Direct deposit transactions are limited to payroll, Social Security, pension, and government benefits. Offer available to individuals without an existing checking account at KeyBank as of 3/25/11. Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
There are some additional details in the promotion's FAQs. One noteworthy Q&A covers the closure fee: "If you close your account within 180 days of account opening, you will be charged a $25.00 account early closure fee."
When you apply online, you have to enter your zip code. Not all zip codes are accepted. Like previous KeyBank promos, it appears to be only available in areas where they have branches. KeyBank branches are located in the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.
KeyBank is a large bank with $86.75 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.97% (above average) based on March 2011 data. Please refer to our financial overview of KeyBank for more details. The bank has been a FDIC member since 1956 (FDIC Certificate # 17534).
Other Bank and Credit Union Bonuses
To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum and in the credit card deals forum.