KeyBank Once Again Offers $300 Checking Bonus

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UPDATE 9/20/2016: Following the acquisition of First Niagara Bank, KeyBank has expanded its market area to included Connecticut, Massachusetts, and Pennsylvania.

Availability: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, and WA

KeyBank’s latest checking account bonus is available now through August 5 October 7, 2016. KeyBank regularly offers checking account bonus for new bank customers and the latest offering is a $300 bonus.

Specific Requirements

  • Open a new KeyBank Hassle-Free Account, Key Express Checking, Key Advantage, Key Coverage Checking, Key PrivilegeSM, or Key Privilege Select CheckingSM Account online, in-branch, or by phone by August 5 October 7, 2016.
  • Use promo code EDGF0716 EDGF0916.
  • Have one direct deposit of $500 or more within 60 days of account opening.
APYMINMAXINSTITUTIONPRODUCTDETAILS
0.25*%$100k-KeyBankKey Privilege Select Checking
0.02*%$2,500-KeyBankKey Advantage Checking
Accounts mentioned in this post. Rates as of September 25, 2016.

General Limitations

  • Offer is only available to new bank customers who have not had any type of account with KeyBank within the previous 12 months.
  • Bonus will be deposited into the account within 90 days of fulfilling the above requirements.
  • There is a $25 fee if the account is closed within 180 days of account opening.
  • Account must be open and in good standing when bonus is deposited.

Availability

Headquartered in Cleveland, Ohio, KeyBank is one of the nation’s largest retail banks.

The $300 Checking account promotional bonus is available both online (using offer code EDGF0916), in-branch (using emailed coupon), or by phone for residents of Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.

KeyBank's 960+ full-service branches are located in Alaska (17), Colorado (62), Florida (3), Idaho (27), Indiana (58), Maine (50), Michigan (23), New York (224), Ohio (224), Oregon (73), Utah (33), Vermont (12), and Washington (154).

UPDATE - With KeyBank’s recent acquisition of First Niagara Bank, there are now several hundred additional branch locations in Connecticut, Massachusetts, and Pennsylvania. According to KeyBank’s website, these branches are operating under the First Niagara brand.

Bank Overview

KeyBank, (FDIC Certificate # 17534) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.46% (excellent) based on June 30, 2016 data. In the past year, KeyBank has increased its total deposits by $5.17 billion, an excellent annual growth rate of 7.08%. Please refer to our financial overview of KeyBank for more details.

KeyBank was originally established in 1849 as the Society National Bank of Cleveland. 167 years of growth, (including 31 acquisitions and several name changes), has resulted in today’s KeyBank, one of the nation’s largest banks with assets in excess of $99 billion.

How the Bonus Compares

Assuming that the minimum $500 Direct Deposit is left undisturbed for six months to avoid the $25 early termination fee:

  • $500 for 180 days in a KeyBank checking account = $300 bonus
  • $500 for 180 days in a savings account earning 1% = $2.49 interest

The above rates are accurate as of 9/20/2016.

Other Bank Promotions and Bonuses

Not eligible for KeyBank’s Checking Bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.

Comments
Anonymous
Anonymous   |     |   Comment #1
I have a few questions..Can this be funded with a credit card? If yes, then what's the max funding, and is it treated as purchase or cash advance? What credit card?
Carpline
Carpline   |     |   Comment #2
I know that it can be funded by credit card, but only up to $100.
Anonymous
Anonymous   |     |   Comment #3
I called the bank today and talked with the rep to open a checking account and was told the promo was not valid in Michigan.  I gave her the code in your column and she said it was not valid.
KyleStro
KyleStro   |     |   Comment #4
I wonder why a bank is pushing so hard for deposits.  Obviously they need to build their deposit book.  I would stay away from deals like these. 
Anonymous
Anonymous   |     |   Comment #5
Bank cannot do what their insurer will not permit.  Second, building a "deposit book" is easy given the low rates out there especially through a checking account.  Why stay away...facts are always better than opinions
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