KeyBank has another checking promotion that it has been advertising. Thanks to the readers who emailed me news on this. The promotion offers a $200 bonus which is larger than many of the past bonuses. Like before it's an online-only offer, and it’s only available in certain areas of the country that are in KeyBank’s market area (see below). But unlike past promotions, the only requirement is direct deposit. There’s no debit card usage requirement.
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 September 20, 2013. I was also able to access this promotion page from KeyBank’s home page. On the homepage, it says “Give us your zip code and see what KeyBank has to offer.” If you enter a zip code that’s in KeyBank’s market area and you select that you’re not an existing customer, it should take you to this promo page. Below is a list of what’s required to qualify for the bonus:
- Open a qualifying KeyBank checking account online and enter offer code MASC0713 by September 20, 2013, and
- Make at least one direct deposit of $500 or more within 60 days 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 8 transactions per statement cycle (it used to 7). Note, the table also shows a “Relationship Rewards membership fee” of $40 per year for Key Express Checking. However, Relationship Rewards appears to be an optional service.
Below is the offer's small print:
Between 7/7/13 and 9/20/13, you must open a qualifying KeyBank checking account and make a direct deposit of $500 or more in the first 60 days after account opening. Limit one gift per qualifying account and individual. The value of your gift will be reported on Form 1099-INT. Your gift will be deposited into your account within 90 days of meeting requirements. 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 account early closure fee. Accounts overdrawn or closed at the time of gift fulfillment 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.
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 $87 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 8.16% (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
If you don’t qualify for this $200 KeyBank promotion, there’s also a $200 Chase promotion that’s currently available. Please refer to my Chase promotion review for more details.
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.