KeyBank has updated its product lineup and now offers three checking accounts, with bonuses of up to $500! The requirements are fairly easy to meet, and you can choose an offer based on how much you can direct deposit. The promotion expires December 11!

The three checking accounts have different bonus requirements:

  • Smart and Hassle-Free Checking: Make total direct deposits of $2,000 within 90 days.
  • Select Checking: Make total direct deposits of $5,000 within 90 days.

Meeting the direct deposit requirement is easy. In addition to having your paycheck deposited into the account, you can withdraw funds directly from PayPal to this checking account. You can also make ACH transfers from banks such as Discover and Wells Fargo. Withdrawals from various brokerage accounts may also qualify. So Select Checking may be the best option. It has a monthly fee (waived for the first three months), which you can avoid afterward by making $3,000 in direct deposits each month. However, KeyBank has eliminated its early termination fee, so you could consider closing the account after receiving the bonus. Or, you could make direct deposits throughout the year totaling $60,000 and earn an additional $100 bonus.

This is a great promotion, and I’ve added it to my bank account bonus ranking:

About KeyBank

KeyBank is a regional U.S. bank headquartered in Cleveland, Ohio, and is the 25th-largest bank in the United States. KeyBank is part of the publicly traded company KeyCorp. It was formed in 1994 through the merger of Cleveland-based Society Corporation (which operated Society National Bank) and Albany-based KeyCorp. The company currently has more than 1,000 branches and 40,000 ATMs, primarily in the Midwest and Northeast, and also operates in the Pacific Northwest, Alaska, Colorado, Texas, and Utah.

This checking account bonus is especially attractive because it requires relatively little in direct deposits, so here are the details:

  • Application link: KeyBank application link
  • Account opening bonus: $300/$500 (use code: ADMA0825 when applying)
  • Eligible states: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
  • Direct deposit required: Yes, one direct deposit is required to activate the account; the amount depends on the bonus.
  • Credit report inquiry: No hard pull; only a SoFi pull.
  • Can you fund the account with a credit card? You can fund the account with up to $100 when opening it.
  • Monthly fee: None
  • Early account closure fee: $0
  • Household restriction: None
  • Expiration date: 5/22/2026

Opening an Account

See the beginning of the article for details about the account opening bonus:

Also, this account is available only to residents of AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, and WA.

You can choose from three account options. The first two have no monthly fee and offer bonuses of up to $300. Since there’s no fee, you can simply collect the bonus and close the account after a year. The $500 option has a monthly fee, but you can waive it with direct deposits. It also offers an additional $100 bonus each year. We’ll go over the details below.

Key Select Checking Overview

This account has three notable features:

  • Interest: I checked, and the APY is just 0.05%, which is practically nothing—not worth considering.
Key Select Checking Account is an interest-bearing account. Annual Percentage Yields (APY) are accurate as ofAugust 29, 2025, for zip code 44114. 0.05% APY applies to balances of $0.00-$2,499.99, 0.05% APY on balances $2,500-$4,999.99, 0.05% APY on balances $5,000-$9,999.99, 0.05% APY on balances $10,000-$24,999.99, 0.05% APY on balances $25,000-$49,999.99, 0.05% APY on balances $50,000-$99,999.99, 0.05% APY on balances $100,000-$249,999.99, 0.05% APY on balances $250,000-$499,999.99, 0.05% APY on balances $500,000-$999,999.99, 0.05% APY on balances $1,000,000 and above.
  • $25 monthly fee: You can avoid it by keeping $15,000 in eligible KeyBank accounts (not worthwhile given the low interest, unless you buy one of its CDs or use an investment account), or by making $3,000 in direct deposits each month (the latter is more practical).
The combined balance in any combination of KeyBank checking, savings, certificates of deposit, retirement deposit, and Key Investment Services LLC (KIS) accounts was $15,000 or more during the statement cycle.

OR

You have eligible direct deposits totaling at least $3,000 during each statement cycle.

  • $100 annual bonus: You need at least $60,000 in total direct deposits each year, and at least one direct deposit must arrive during the final two months. To meet this requirement and waive the monthly fee, you could consider depositing $5,000 each month.
To qualify for the $100 bonus, ALL of the following three requirements must be met. Eligible direct deposits:
  • Must total at least $60,000 during the Evaluation Period.
  • Are electronic automated clearing house (ACH) deposits. Examples of eligible direct deposits include, but are not limited to: payroll, Social Security, pension and government benefits. Deposits made through a teller, ATM, or the KeyBank mobile app are ineligible direct deposits.
  • At least one eligible direct deposit transaction (in any amount) must be received within the final two calendar months at the end of the Evaluation Period.

If you decide to open this account, consider using it to pay your credit card bills: deposit $5,000 each month, then use the funds to pay your card balances.

Direct Deposit

If you’ve worked in the U.S. or served as an RA/TA at a school, you’re probably familiar with this. Direct deposit (DD) is a common way for employers to pay employees. The money is sent directly to your bank account by electronic transfer. If you receive a paycheck, simply change the account where your paycheck is deposited to the bank account you need to use to meet the requirement.

If you don’t receive a paycheck, or can’t change your deposit details, you may be able to meet the requirement with a so-called “fake” direct deposit. Common methods include transfers from banks or investment accounts, as well as transfers through third-party services such as PayPal. Below are the methods DOC has compiled that may qualify as fake direct deposits. The easiest option is to use PayPal: transfer money from another bank account into PayPal, add your new bank account to PayPal, and withdraw the money to the new account. Venmo may work similarly. If you have Robinhood or another investment account, that may also work.

  • ACH (1)
  • Ally ACH: 1, 2 (worked), 3, 4, 5, 6, 7 (didn't work)
  • Alliant: 1, 2 (didn't work), 3,
  • American Express: Serve: 1, 2, 3, 4, 5,
  • Capital One 360: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19 (didn't work)
  • Chase: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10(instant transfer did not work) , 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26(didn’t work) , 27, 28, 29, 30,
  • Citi: 1,
  • Discover: 1, 2(savings, didn’t work) , 3, 4, 5, 6, 7,
  • ECCU: 1,
  • E*Trade: 1, 2, 3, 4,
  • Fidelity: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12,
  • Huntington: 1, 2,
  • LMCU: 1,
  • Mountain America Credit Union: 1,
  • NFCU: 1, 2,
  • Orgeon Community Credit Union: 1
  • PayPal: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14,
  • Robinhood: 1,
  • Santander: 1, 2(didn’t work) , 3,
  • Stripe Transfer: 1
  • TD Ameritrade: 1
  • T-Mobile: 1,
  • Transferwise: 1,
  • USAA: 1, 2, 3, 4, 5,
  • Wells Fargo ACH: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11,
  • Vanguard: 1,
  • Venmo: 1, 2, 3, 4, 5, 6, 7,

The following didn’t count as a direct deposit:

  • Ally: 1, 2  (did work)
  • Charles Schwab: 1
  • SoFi Money: 1,

Fees

Other than Select, the other two accounts have no monthly fee, so you can simply leave them open. Close them when it’s been almost a year.

Select has a $25 monthly fee, and we already covered earlier how to waive it.

Application Link