Examined Sep 18, 2026 Paid in cash Open by Dec 11, 2026 KeyBank pays $300 or $500 for a new checking account, but only ACH direct deposits count, and the $500 account charges $25 a month after the first three unless you meet a waiver.
A public offer: no invitation, no referral. Key Smart Checking pays $300 for a total of $2,000 or more in eligible direct deposits and has a $0 monthly maintenance fee. Key Select Checking pays $500 for $5,000 or more, and its $25 monthly maintenance fee is waived for the first 3 months, then only in a statement cycle where you meet a waiver. Both bonuses are deposited within 60 days of when you meet the requirements, and reported on Form 1099-INT.
What pays what
| Key Smart Checking: $10 minimum opening deposit, then $2,000 or more in eligible direct deposits within 90 days | $300 |
|---|---|
| Key Select Checking: $50 minimum opening deposit, then $5,000 or more in eligible direct deposits within 90 days | $500 |
| Key Select's recurring annual bonus, for at least $60,000 of eligible direct deposits in a 12 month Evaluation Period | $100 |
| Deposits made through a teller, an ATM or the KeyBank mobile app | $0 |
| A primary owner of a KeyBank personal checking account in the last 12 months | $0 |
| An account that is closed at the time of payment | $0 |
Offer not available to individuals who were a primary account owner of a KeyBank personal checking account in the last 12 months.
The clause names primary owners. The terms also exclude employees of KeyBank, its affiliates and subsidiaries.
Do this, in this order
- Rule yourself in or out. Were you a primary owner of a KeyBank personal checking account at any point in the last 12 months? Then the offer is not available to you. You also need a Social Security Number or Taxpayer Identification Number, and a US address.
- Choose the account by its fee. Key Smart Checking is $0 a month. Key Select Checking is $25 a month once the first 3 months are over, unless in that statement cycle your combined KeyBank balances were $15,000 or more, or your eligible direct deposits total at least $3,000. If you would pay the fee for the rest of a year, that is 9 months at $25, or $225. The bigger bonus pays only $200 more: $500 minus $300.
- Open online, with the code, by the deadline. KeyBank's page gives offer code KDMA0526 for Key Smart Checking and KDMB0526 for Key Select Checking, and both must be opened by 12/11/26 at 11:59 p.m. EST. The offer is also subject to cancellation without notice, so treat the deadline as the latest date, not a promise.
- Start the payroll change on day one. The 90 days run from account opening. The full $2,000 or $5,000 has to land inside that window, so a late start can cost the whole bonus.
- Leave the account open and wait. KeyBank has up to 60 days after you qualify to pay, and its terms say: “Account must not be closed at the time of gift payment.” At the slowest, 90 days to qualify plus 60 days to pay is 150 days, and on Key Select the fee waiver ends after 3 months.
The $100 annual bonus is a $60,000 question
The headline. KeyBank describes Key Select Checking as “Interest bearing with a $100 annual bonus.” Lower on the same page sit three conditions, all required. The first reads: “Must total at least $60,000 during the Evaluation Period.” $60,000 divided by 12 months is an average of $5,000 a month in eligible direct deposits. The $500 sign-up bonus asks for $5,000 once.
The clock. For a new account, the Evaluation Period is the 12 calendar months following the first calendar day of the second full month after account opening. At least one eligible direct deposit must arrive within its final two calendar months. The $100 is deposited within 30 calendar days after the period has expired.
The way to lose it. “If your account is converted into an account type other than a Key Select Checking Account during the Evaluation Period, progress toward the cash bonus is forfeited.” So switching to the account with no fee, to escape the $25, ends that year's progress.
What KeyBank does not publish, and one page that disagrees with another
Which states are excluded. The disclosure says geographic restrictions apply and does not list them. You find out when you apply.
Whether a transfer from your own bank counts. Every example of an eligible ACH deposit is payroll or a benefit. The page does not say whether an ACH transfer you push from an account elsewhere qualifies. Do not rely on it.
What a branch will offer you. “This offer is redeemable online only; however, if you are a non-resident, you must open your account in a KeyBank branch.” The page does not define non-resident. The same disclosure ends: “Promotional offers in branch may differ from those visible online.” If you are sent to a branch, ask for the offer terms in writing first.
A retired page with live terms. An older KeyBank address for the $300 Key Smart offer now redirects to a page headed “that offer has ended.” Below that heading, the page still carries the full Key Smart disclosure, with the same 12/11/26 deadline and the same $2,000 requirement as the live offer page. If a search lands you there, use the live offer page instead.
A date, and a referral program. The offer page carries no revision date. We found no refer-a-friend program for KeyBank personal checking; the one referral program we found on key.com is for businesses referring their own clients.
Is it worth your time?
The $300 is, for anyone with a paycheck or benefit payment that can move. $2,000 across 90 days is a low bar, the account has no monthly maintenance fee, and the minimum opening deposit is $10. The cost is patience: up to 60 days for the payout, with the account kept open.
Take the $500 only if $3,000 of direct deposits will keep arriving every statement cycle, or you hold $15,000 with KeyBank. Otherwise the $25 monthly fee starts after 3 months and eats the extra $200. Ignore the $100 annual bonus unless about $5,000 a month will flow through the account all year.
