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:
KeyBank Checking Account — $200
For those without Key@Work, you can still get $200 for doing basically the same thing – open an account, use their offer code, and make a single direct deposit.
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 ONAS0920 and then make one direct deposit of at least $500 within 60 days. Boom, that's it. Super simple, the $200 is yours.
(Offer expires 10/23/2020)
Key@Work KeyBank Checking Account — $250
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.)
(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 a 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 it compare to other bank offers?
The best offer on the market right now is a $400 promotion from Wells Fargo. For that offer, you just need to open an Everyday Checking account, deposit $25, and then receive a total of $4,000+ in qualifying direct deposits within 90 days. (if you do that, you avoid the maintenance fee too)
CIT Bank has a solid offer as well with a tiered bonus structure based on how much you can deposit. If you can deposit $25,000 or more, you get $150 and there are no qualifying direct deposits. (up the deposit to $50,000 and you get $300) The deposit amount is higher but you don't have a direct deposit requirement, which is nice. You need to keep the cash in there for 90 calendar days and the money is yours.
As you can see, KeyBank's offer is a good one if you can meet the requirements and worth gtting.
Will you be taking advantage of this key opportunity? 🙂