KeyBank Bonuses

You could earn hundreds of dollars by opening a new KeyBank account

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Updated September 27, 2023
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Based in Cleveland, Ohio, KeyBank is a regional bank that operates in 16 states. It offers an array of financial services and products, including checking and savings accounts that often feature valuable promotions. Learn how opening a new account could earn you hundreds in KeyBank bonuses.

In the News

The Federal Reserve raised interest rates numerous times throughout 2022 and 2023 to cool high inflation. It's unknown if the Fed will continue to raise rates in 2023 or 2024, but it's smart to take advantage of them while you can. After looking for good bank account bonuses, check out the institution's high-yield savings accounts and CD rates. These are directly impacted by the Fed's rate hikes. Depositing money into multiple accounts at the bank may help you maximize the amount of money you can earn on the cash you keep there.

KeyBank : Key Smart Checking - $200 [EXPIRED]

KeyBank

KeyBank
  • Bonus Amount: $200
  • Promotion Expiry: May 20, 2023
  • Qualifications: Direct deposit 
How to Get the Bonus 
  1. Open a checking account online. Open a Key Smart Checking account with a minimum opening deposit of $10.
  2. Use the offer code. To get the bonus, use offer code ONAS0423. This offer is only redeemable online. 
  3. Make a $500 direct deposit. To get the bonus, you’ll need to make one direct deposit of at least $500 within the first 60 days of opening the account. 
  4. Wait for your bonus. KeyBank will deposit the bonus into your account within 90 days of meeting the requirements.

To qualify for the $200 bonus, your checking account must be open and can’t have any overdrafts. 

Bonus Restrictions and Account Fees

If you close your account within 180 days of opening, you’ll be charged an early closure fee of $25. 

The Key Smart Checking account has no monthly fees or minimum balance requirement. Unlike KeyBank’s other checking accounts, however, it doesn’t earn any interest. 

KeyBank : Key Select Checking - $100 [EXPIRED]

KeyBank

KeyBank
  • Bonus Amount: $100
  • Promotion Expiry: May 20, 2023
  • Qualifications: Direct deposit
How to Get the Bonus 
  1. Open a Key Select Checking account. The required minimum opening deposit is $50. 
  2. Redeem the offer code. To get the bonus, use offer code ONAS0423.
  3. Make $60,000 in direct deposits throughout the evaluation period. You are required to make direct deposits totaling $60,000 or more within your first 60 days of opening the account.
  4. Make one direct deposit within the final 60 days of the evaluation period.
  5. Receive your bonus. KeyBank will deposit the bonus into your account within 90 days of meeting the guidelines.
Bonus Restrictions and Account Fees

The Key Select Checking account is an interest-bearing account; it provides fee-free access to in-network ATMs (KeyBank and Allpoint ATMs), with a $6-per-month fee rebate for out-of-network ATM transactions.

You’ll need a combined KeyBank account balance of $15,000 or monthly direct deposits of $5,000 to waive the $25 monthly maintenance fee. 

Compare KeyBank Promotions

Promotion Bonus Amount  Promotion Expiry  Qualifications 
Key Smart Checking $200 May 20, 2023 Direct deposit
Key Select Checking  $100 May 20, 2023 Direct deposit 

Pros and Cons of KeyBank Bonuses

Pros

  • Recurring bonuses available

  • Low minimum deposit to open an account

  • $0 monthly fee options

Cons

  • Only available in some states

  • High deposit requirement for bonuses

  • Other fees may apply

Pros Explained

  • Recurring bonuses available: With most bank bonuses, the monetary reward is a one-time bonus. But with some of KeyBank's accounts, you can earn an annual bonus year after year. 
  • $0 monthly fee options: KeyBank offers some accounts with no monthly fees. And though others do have monthly account fees, they also have easy-to-meet fee waivers. You can qualify for a fee waiver by meeting minimum balance or direct deposit requirements. 
  • Low minimum deposit: With some banks, you need hundreds or thousands to open a new account. But with KeyBank, minimum deposit requirements range from $0 to $50.

Cons Explained

  • Only available in some states: KeyBank is a regional bank that serves residents in 15 states. If you live in one of the states that KeyBank doesn't operate in, you aren't eligible for an account.
  • High deposit requirement for some bonuses: Some banks allow you to earn a bonus by depositing as little as $500 into your new account. But with KeyBank, the requirements are harder to meet; the bank typically requires new account holders to deposit thousands to qualify for a bonus.
  • Other fees may apply: Some KeyBank accounts have no monthly fees, and others will waive monthly fees if you meet certain requirements. However, KeyBank charges other fees, such as ATM fees, overdraft fees, and foreign transaction fees on debit cards.

Bank bonuses allow you to earn extra cash with little effort, but they aren't tax-free. Bank bonuses are taxable as interest income and must be reported on your taxes.

Alternatives to KeyBank Bonuses

KeyBank only operates in a limited number of states. If you're looking for options to grow your money at a faster rate than a typical savings account, consider these alternatives.

Citibank Bonuses

Citibank is one of the largest banks in the country. Besides checking and savings accounts, Citi offers personal loans, mortgages, and credit cards. There are several bonuses for new banking customers, with potential cash bonuses as high as $2,000.

Huntington Bank Bonuses

Like KeyBank, Huntington Bank is a smaller, regional bank. It only operates in 11 states, but its promotional offers are generous. It typically has bigger payouts and lower deposit requirements to earn a bonus than KeyBank.

High-Yield Savings Accounts (HYSAs)

Bank bonuses tend to be one-time awards. If you're researching longer-term solutions to grow your money, an HYSA can be an excellent tool. You can earn a much higher-than-average annual percentage yield (APY), and there's no cap on how much interest you can earn. 

APYs vary greatly by bank, so shopping around is a good idea. We identified the best high-yield savings accounts based on their APYs and deposit requirements.

High-Yield Checking Accounts

If you want to earn interest on your money but also want to easily access your funds to cover your bills or emergency expenses, a high-yield checking account could be a useful alternative. You can earn interest and still make withdrawals by check or debit card without having to worry about excess withdrawal fees.

Certificates of Deposit (CDs)

The rates on savings and checking accounts can change over time. To lock in a higher APY for a longer period, a CD can be a smart choice. With a CD, you deposit a lump sum and commit to leaving it untouched for a specific period, such as six months or several years. In exchange, the bank will typically pay a higher APY than you'd get with other deposit accounts.

However, your money is tied up in the CD until its maturity date. If you need to withdraw money before that time, you may have to pay early withdrawal penalties. 

Check the best CD rates here to see what you could get.

Frequently Asked Questions

  • Are KeyBank Accounts Available Nationally?

    KeyBank accounts are not available nationally. They are available in 16 states: 

    • Alaska
    • Colorado
    • Connecticut
    • Florida
    • Idaho
    • Indiana
    • Maine
    • Massachusetts
    • Michigan
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Utah
    • Vermont
    • Washington

  • Is KeyBank a Good Bank?

    KeyBank may be a good fit if you live in one of the 16 states in which it operates, due to its 24/7 customer service and more than 1,000 branches and 40,000 ATMs. However, you might find better interest rates on savings accounts at other institutions. 

  • How Much Do I Need to Open a KeyBank Account?

    KeyBank typically requires a minimum deposit of $10 to open an account, but the requirements will vary by bank account type. Its Key Smart Checking and Key Active Saver accounts each require a deposit of $10, for example. If you want to open a Key Select Money Market Savings account, you’ll need to make a minimum opening deposit of $5,000.

  • Will I Have to Pay Taxes on a KeyBank Promotional Bonus?

    Your KeyBank promotional bonus may be taxable. The bank will report your bonus, as well as any interest you’ve earned over $10, and you will likely be sent an IRS Form 1099-INT. You may or may not owe taxes on the bonus amount, depending on the deductions or other tax breaks you qualify for.

  • How Long Does It Take to Get a KeyBank Bonus?

    The time it takes to earn a KeyBank bonus varies by offer, but you'll typically receive the bonus cash within 30–90 days of meeting the requirements during the evaluation period.

Compare your options from multiple banks to find an account that best meets your needs; see the best high-yield checking accounts or best high-yield savings accounts for our top picks.

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