KeyBank New Checking Account Promotions – $200 or $250

Editor’s Note: As of January 2021, this offer is no longer available. We will update this post whenever this offer returns – until then, our post on the best bank bonuses and promotions has other offers that might interest you or click here to sign up for our email newsletter and get notified of new bank promotions.

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. 🙂

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
  2. Key@Work KeyBank Checking Account — $250
  3. Pros & Cons
  4. How Does This Compare?

KeyBank Checking Account — $200

This is their publicly available offer – get $200 for opening a checking account and making a direct deposit. 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 ONAS1120 and then make one direct deposit of at least $500 within 60 days.

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

(Only available in Albany NY, Colorado, Columbus OH, Central IN, Connecticut, Maine, Oregon, Seattle WA, and Utah.)

Learn more
(Offer expires 1/22/2021)

Key@Work KeyBank Checking Account — $250

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 ONKW0820 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 expires 1/15/2021)

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 60 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.

SunTrust has a whopper of a deal at $500 for their checking account but you need direct deposits of $3,000 a month for two straight months to get it. If you can achieve that, then the SunTrust deal is the best one.

Learn more about the Wells Fargo offer

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? 🙂 (sorry, not sorry)

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Jim Wang

About Jim Wang

Jim Wang is a thirty-something father of three 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 a farm in Illinois via AcreTrader.

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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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