Dedicated to Deposits: Deals, Data, and Discussion

$150 Checking Account Bonus (with Caveats) at KeyBank in Certain States Only



KeyBank has another checking promotion in which you can earn $150. It's very similar to the $150 bonus that it was offering last year. 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).

KeyBank doesn’t have the best reputation among many DA readers. You can read the problems customers have experienced in the comments of my 2012 KeyBank post and in my 2011 KeyBank post. If you have experience with KeyBank promotions and checking accounts, please leave a comment below.

Here's the KeyBank promotions page. The offer is scheduled to last until June 14, 2013. Like last year, it requires quite a bit of work:

  • Open a qualifying KeyBank checking account online and enter offer code ONVM0413 by June 14, 2013, and
  • Make at least 30 payments and/or purchases within 3 months of account opening, plus
  • Make 3 direct deposits each of $500 or more within 3 months of account opening

If you click on the "Compare All Checking Accounts" link in the promo page, you can compare 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 seven transactions per statement cycle.

Below is the offer's small print:

Between 4/15/2013 and 6/14/2013, you must open a Key Express (this is the basic banking account in NY), Key Coverage, Key Advantage, Key Privilege®, or Key Privilege Select Checking Account online and make at least 30 posted payments and/or purchases from the new checking account within three months of account opening, plus within three months of account opening make a total of three direct deposits each of $500 or more to get your gift. One month is calculated as 31 calendar days from account opening date (three months equals 93 calendar days from account opening date). 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 not available to individuals who have had a KeyBank checking account in the last 12 months. Employees of KeyBank, its affiliates, and subsidiaries are not eligible for this offer. If you close your account within 180 days of account opening, you will be charged a $25.00 account early closure fee. Accounts overdrawn or closed as of 9/27/2013 are not eligible for this offer. Accounts titled as Trust Accounts, Estate, Non-Individual, and No Access are excluded from eligibility. Offer is subject to cancellation without notice and cannot be combined with any other offer. Other miscellaneous charges may apply.

Click on the FAQ link in the KeyBank promotions page for more details.

Online Application

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 Overview

KeyBank is a large bank with $87 billion in assets. It has an overall health score at of 5 stars (out of 5) with a Texas Ratio of 8.06% (above average) based on December 2012 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 Bonuses

We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.

You can view my latest bank bonus blog posts in this bank bonus page. I and readers often post on bonuses in the checking account deals forum.

  Tags: KeyBank, New York, Indiana, Washington, Vermont, Utah, Alaska, Maine, checking account, Oregon, Michigan, Idaho, Kentucky, Colorado, Ohio

Related Posts

Comment #1 by Michael Tad (anonymous) posted on
Michael Tad
This is the worse bank in history. They closed my wife's account without notice for no reason.

They charge ridiculous fees.

Comment #2 by Anonymous posted on
It is a tease only, you can not make three direct SS deposits within 3 months, since they count the day of applying as opening day, plus SSA require 30 days prior notice to change the account for a new bank.

Furthermore, they will not pay you the bonus  even if you meet the obligations by some miracle, you have to call and beg for it with humility, stay away from  KeyBank.

Comment #3 by Anonymous posted on
Last year I did not get the bonus, reason given, my direct deposit was late 3 days do to a holyday.

After waiting 7 months for the bonus, I was really disappointed. They have ability to manipulate the ACH dates to serve their agenda or they can put hold on any incoming deposit.

Comment #4 by Anonymous posted on
Just look at the extremely low CD rates available at Key Bank.    That should give you a good indication whether you want to do business with this bank.

Comment #5 by Anonymous posted on
Did this promotion almost 6 months ago and will be closing my account at the end of this month  The good news is that after meeting the promotional requirements the bonus was paid promptly.  The bad news...Key is simply the worst financial institution to deal with.  They are simply terrible!!!.  Transfer times are excessive long as well as hold times....some take 10 business days. Was told by customer service their online bill pay system does not work well with Firefox, their system also is constantly hacked and is down.  Their Facebook page is full of negative comments. If you call up for assistance due to their issues they charge you an excess customer service fee.  Key is one of the few companies who fully understand how terrible they are and is proud of it.  My suggestion is to avoid this bank at all costs.  At the minimum, fully understand the terms and conditions...the fees and especially the hold times for transfers in and out of your account.  Also if your direct deposit is once a month be carefully at the timing to the opening of the account.  Might be a challenge to get the three deposits within the time frame

Comment #6 by Smokeboat (anonymous) posted on
Cannot say enough negitive about this I won't.

Comment #7 by Anonymous posted on
I did business with Key Bank years ago and found it to be OK.  However, that was then and this is now:

The bank today appears to be in a death spiral.  Pity.

Comment #8 by Anonymous posted on
i agree. this bank is horrible.  i signed up for new account because of the kindle fire promotion.  i called wondering if i was going to get my kindle in the mail.  it had been over three months.  she then said i didnt qualify for the kindle.  she then said if I closed my account then I would have to pay them 25 dollars for closing it.  they are being dishonest when they are pushing promos.  i literally opened up my account online and the guy told me i met all the requirement.  now i dont>???? 

Comment #9 by Anonymous posted on
worst ever bank. I meticulously did 30 transactions and 3 dds and yet. they found loopholes to deny $150.00. the account verification process took over a month in those 3 months. i would far ever stay away from this bank.

Comment #10 by Anonymous posted on
well after reading alot of comments..i see im not alone as far as not getting the $150.00 bonus..all bcuz the person who helped me open my bank acct forgot to give me the access code in order to get the bonus..he is looking into it..but i lost hope and trust that i will get it,,this is so unfair!! what really makes me mad is the banks except so much from their customers before they will get a bonus..