[Targeted] [AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA, In Branch] Keybank $500 Business Checking Bonus

Update 8/20/26: $500 Bonus Extended to 12/18/26
$1K Bonus linked below is extended to 11/6/26. Hat tip to reader Kyle

Extended to August 21, 2026. Terms now state:

You must have received a personalized $500 Business Banking promotional offer letter directly from KeyBank.2. Open a new KeyBank Basic Business Checking® or KeyBank Business Reward Checking® account between 1/20/2026 and 12/18/2026 with the same business name and/or the same business address listed on your promotional offer letter.

So marking as targeted.

Update 10/4/25: Extended to January 16, 2026

Offer at a glance

• Maximum bonus amount: $500
• Availability: In branch only, all branches are in AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
• Direct deposit required: None
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Mixed DP, most likely does. Also reports of being ChexSystems sensitive. 
• Credit card funding: Can fund up to $50
• Monthly fees: $5, avoidable
• Early account termination fee: None
• Household limit: None listed
• Expiration date: October 3, 2025

The Offer

Direct link to offer

• Keybank is offering a $500 bonus when you open a new business checking account in branch and complete the following requirements:
  • Schedule an appointment with a banker to open your KeyBank Basic Business Checking or Key Business Reward Checking® account by October 3, 2025
  • Make the $25 minimum opening deposit and a total of $5,000 or more within 30 days. Maintain a minimum daily balance of $5,000 or more for the first 90 days.
  • Your bonus will be deposited into your account within 60 days of meeting the requirements.

The Fine Print

• To receive the $500 Key Business Checking offer, open a new KeyBank Basic Business Checking® or KeyBank Business Reward Checking® account with marketing code MDN12025 by 10/3/2025.
• Accounts are subject to approval. Offer only available if the business entity (SSN/TIN) has not had a KeyBank commercial or business savings or a KeyBank commercial or business checking account during the past 12 months.
• Make a total of $5,000 or more in deposits into your new qualifying checking account within 30 days of account opening.
• You must then maintain an end-of-day balance of at least $5,000 from the date you first reach this balance in the new checking account for at least 90 consecutive days.
• If the balance deposit amount decreases below the threshold during the 90-day period, your checking account will no longer qualify for the promotion.
• Your $500 bonus will be deposited into your new KeyBank Basic Business Checking or KeyBank Business Reward Checking account within 60 days of meeting all requirements.
• The minimum opening deposit for a KeyBank Basic Business Checking or KeyBank Business Reward Checking account is $25.
• Limit one account-opening offer per qualifying account.
• Limit one account-opening offer per business entity (SSN/TIN).
• The value of your account-opening offer will be reported on Form 1099-INT.
• Account must not be closed at the time of gift payment.
• This account-opening offer is subject to cancellation without notice.
• Valid Social Security Number and/or Taxpayer Identification Number and U.S. address required to qualify for offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

KeyBank Basic has a $5 monthly fee this is waived if either are met:

• The Average Ledger Balance in your KeyBank Basic Business Checking account was $1,000.00 or more during the monthly statement period; or
• The total of the following was $10,000.00 or more: 1) the combined cycle-to-date Average Ledger Balance in any combination of business checking (excluding certain business accounts opened for the benefit of others), business savings, and business certificates of deposit accounts within two business days prior to your KeyBank Basic Business Checking account statement cycle date; and/or 2) the outstanding balance of all commercial loans and lines of credit including your Business Cash Reserve credit account(s) (excluding balances past due 60 days or more) as of no more than five business days prior to your KeyBank Basic Business Checking account statement cycle date.

Early Account Termination Fee

Looks to be $0 now.

Our Verdict

Think this is the first business bonus we have seen from KeyBank, they do have a $300 personal checking bonus. Will add this to our list of the best business checking bonuses, please share your experiences in the comments below.

Hat tip to ShawntheShawn

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times