KeyBank New Checking Account Promotions – $200 or $400

I remember a time when banks could get away with offering t-shirts and toasters to get you to open an account.

Nowadays, they offer cash. Hundreds of dollars of cash for new bank accounts. (I know because we keep a list of high dollar bank bonuses)

If you’re thinking about opening a KeyBank account, learn how you can get a few hundred dollars for meeting some very easy criteria.

If you aren’t familiar with KeyBank, they are a “regional” bank with its headquarters in Cleveland, Ohio. They are FDIC insured (FDIC #17534) and are a National Bank regulated by the Office of the Comptroller of the Currency.

I put “regional” in quotes because people confuse regional with small, they’re not a small bank. They have over a thousand locations spread out across sixteen states. It’s regional but a big region. πŸ™‚

KeyBank current offers two bonuses, one if you have Key@Work (a wellness program that your employer may offer) and one if you don’t:

Table of Contents
  1. KeyBank Checking Account — $200
    1. Previous KeyBank Promotion Codes
  2. KeyBank Checking Account – $400 Bonus [Targeted]
  3. KeyBank Referral Program – $100
  4. Key@Work KeyBank Checking Account — $250 [EXPIRED]
  5. Pros & Cons
  6. How Does This Compare?

🔃 Updated September 2023 with the new details of the offer.

KeyBank Checking Account — $200

This is their publicly available offer – get $200 for opening a checking account and getting one direct deposit of at least $500 within 90 days.

Pretty easy!

You open a Key Smart CheckingSM, Key Advantage Checking®, Key Privilege Checking® or Key Privilege Select Checking® account online (minimum deposit of $50) with the offer code ONAS0923 and then make one direct deposit of at least $500 within 90 days.

Boom, that’s it. Super simple, the $200 is yours.

(Only available in AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, and WA.)

Learn more
(Offer expires 10/13/2023)

Previous KeyBank Promotion Codes

We started keeping tracking of the promotion codes based on the date of expiration (deleting those once they’re so far out of date you aren’t likely to need it!), so if you need to know that, here is what we know from previous promotion:

  • For the period ending 1/6/2023 – the code was ONAS1222
  • For the period ending 2/3/2023 – the code was ONAT0123
  • For the period ending 3/3/2023 – the code was ONAS0223
  • For the period ending 4/4/2023 – the code was ONAS0323
  • For the period ending 5/20/2023 – the code was ONAS0423
  • For the period ending 6/16/2023 – the code was ONAS0523
  • For the period ending 8/18/2023 – the code was ONAS0723
  • For the period ending 10/13/2023 – the code was ONAS0923

For what it’s worth KeyBank tends to stick with a predicable pattern for their codes. πŸ™‚

KeyBank Checking Account – $400 Bonus [Targeted]

There is also a targeted $400 bonus with the same terms but a promotion code of RETK0123 and expiration date of 3/3/2023.

If you try to use the $400 code instead of the $200 one, they ask you for a “personalized offer/coupon/promotional code” (which is the targeted part).

“You must have received a personalized offer/coupon/promotional code directly from KeyBank via mail or email and enter an offer/reservation code at the time of account opening to qualify.”

Learn more
(Offer expires 3/31/2023)

KeyBank Referral Program – $100

KeyBank has a referral program where existing customers can refer new customers and earn $100 each as long as the new customer satisfies a few conditions.

The process has to be started by visiting this page and entering the email address of the primary account holder. From there, follow the prompts to send the referral.

For the new customer, you have to “open a new qualifying checking account with minimum opening deposit by December 31, 2022 and makes one direct deposit of at least $500 in the first 60 days.”

The bonus will be deposited within 60 days of meeting the requirements. Both people get $100.

As an existing customer, you can get up to 5 referrals ($500) per year.

Learn more
(Offer expires 12/31/2022)

Key@Work KeyBank Checking Account — $250 [EXPIRED]

KeyBank Logo

This promotion is a little more limited that you have to be working at a company that offers the Key@Work program. Key@Work is a wellness program that offers financial education, one-on-one advice, and other discounts through employers.

If you do, you’re in luck because KeyBank will give you $250 when you open a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking® account with offer code ONKW0120 and make one direct deposit of $1,000 or more within 60 days. (the $1,000 increases to $2,500 for Key Privilege Checking and $5,000 for Key Privilege Select Checking)

Keep an eye on the monthly fees and what you need to do to get them waived. They differ based on the type of account and the minimum deposit amount is $50. Full details on the promotion page. Also, if you close your account within 180 days of opening it, they will charge a $25 account early closure fee.

Offer code ONKW0121 and enter your reservation number if prompted.

(Key@Work seems to only be available in Albany NY, Colorado, Columbus OH, Central IN, Connecticut, Maine, Oregon, Seattle WA and Utah.)

Learn more
(Offer expired 6/25/2021)

Pros & Cons

The big pro is that they have a large geographic footprint and the bonus is pretty easy to get. It’s not difficult to set up one direct deposit of at least $500 within 90 days.

As is the case with any bank account, the thing to watch for are the fees and what you need to do to avoid them:

  • Key Express Checking account ($7 monthly fee): “have at least eight (8) customer initiated posted transactions (ANY deposits, withdrawals, including transfers) on your Key Express Checking Account or have deposits (including transfers into this account) totaling $500.00 or more credited to your Key Express Checking account.
  • Key Advantage Checking account ($18 monthly fee): “Any combination of balances from your KeyBank checking, savings deposit, certificates of deposit, retirement deposits, investment* (including annuity balances reflected on your KIS account statement) and credit accounts was $10,000.00 or more. OR You have a KeyBank originated mortgage and you have automatic payment deducted via ACH deducting $500.00 or more from your Key Advantage Money Market Checking account during a statement cycle.
  • Key Privilege client ($25 monthly fee): “You maintain a combined balance of $25,000 or more in any combination of deposit, investment, and credit accounts; You have a mortgage originated through KeyBank and you have an automatic payment deduction plan via ACH deducting $500 or more from your Key Privilege Checking account during a statement cycle. If your mortgage automatic payment deduction plan should be discontinued, you may be subject to the combined balance requirements to avoid the monthly Maintenance Service Charge.”
  • Key Privilege Select Checking account ($50 monthly fee): “maintain a minimum of $100,000 in combined relationship balances (sweep investment, deposits and investment (including annuity balances reflected on your KIS account statement)) each statement cycle OR be a Key@Work program member and have a total of at least $5,000 in direct deposits each statement cycle credited to this Account.

Your bonus will be reported as taxable interest on Form 1099-INT. So, you want to keep a little aside for the taxman.

There is an early closure fee of $25 if you close your account within 180 days of opening it. As long as you keep your account open, this fee is easily avoidable.

Be sure to read over our guide on bank account bonuses so you are aware of all the different things to watch out for whenever you try to cash in one this bonus.

How Does This Compare?

How does it compare to other bank offers?

This offer is average. We maintain a list of the best bank promotions and the top deal right now is from BBVA Bank with up to $250 if you open a checking and savings account. It’s not the top dollar amount but it’s easy to get because you only need a direct deposit of $500.

⭐ BMO Smart Advantage Checking – $400

BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.

*Conditions apply

👉 Click here to learn more

⭐Citi Priority Account – up to $2000

Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.

👉 Click here to learn more

Discover Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.

👉 Click here to learn more

Bank of America – $200 Bonus Offer

Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.

👉 Click here to learn more

Chase Total Checking® – $200

Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!

👉 Click here to learn more

As you can see, KeyBank’s offer is a fair one if you can meet the requirements and worth getting.

Will you be taking advantage of this key opportunity? πŸ™‚ (sorry, not sorry)

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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About the comments on this site:

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  1. Pete Za says

    No no no, you can’t open the account with just the offer code, it’s targeted – when you go in they ask for a reservation code as well. People are wasting their time trying..

  2. Blake says

    To the person below, you’re wrong. I just opened a keybank checking account online using their website, and after clicking to open a checking account with them, it asks if you have a promotional code which is where you will enter the code he mentioned on this post (enter the promo code: ONAS1120).

    Thank you to the person who published this offer here!

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