DOC Compass — Offers, decoded

This deal has now expired and is no longer available. Click here to view the best current checking bonuses or here for the latest KeyBank promotions.

Notes:

Some reports of them being sensitive to too many ChexSystems inquiries
You’ll receive a code like this: EDGT0717-000001406 (EDGT0717 is your promo code and the second string of numbers is your reservation code). I think this is no longer required for online openings.

Offer at a glance

Maximum bonus amount: $300
Availability: Only residents of Michigan, Alaska, Cincinnati OH, Columbus OH, Dayton OH, Idaho , Indiana (Central and Northern), Maine, Toledo OH, Utah and Vermont
Direct deposit required: Yes, $500+ required
Additional requirements: Use promotional code
Hard/soft pull: Soft pull
ChexSystems: Mixed DP, most likely does
Credit card funding: Up to $100
Monthly fees: $7 avoidable
Early account termination fee: $25, 180 days
Household limit: None
Expiration date: December 29th, 2017

The Offer

Direct link to offer

Open a qualifying KeyBank checking account and receive a bonus of $300 when you complete the following requirements:
- Use the promotional code EDGT0717
- Make one direct deposit of $500 or more within 60 days of account opening

The Fine Print

Offer not available to individuals who have had a KeyBank checking account or a KeyBank Hassle-Free account in the last 12 months.
Only residents of Michigan, Alaska, Cincinnati OH, Columbus OH, Dayton OH, Idaho , Indiana (Central and Northern), Maine, Toledo OH, Utah and Vermont are eligible for this offer are eligible for this offer.
Receive $300 when you open a Key Express (this is the basic banking account in New York), Key Advantage®, Key Privilege® or Key Privilege Select Checking® Account between 7/17/17 and 12/29/2017 and make one direct deposit of $500 at the minimum within 60 days after account opening.
Direct deposit transactions are limited to payroll, Social Security, pension and government benefits.
Limit one gift per qualifying account. Limit one gift per individual.
The value of your gift will be reported on Form 1099-INT.
Your gift will be deposited into your account within 90 days of meeting requirements.
If you close your Account within 180 days of account opening, you will be charged a $25 account early closure fee.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Key Express checking account is easiest to keep fee free

Key Express Checking $7 Monthly Fee

The monthly fee on this account is waived if you do either of the following each statement cycle:

Direct deposits of at least $500
At least 8 customer initiated transactions (any deposits, withdrawals, which includes transfers)

Early Account Termination Fee $25

If you close your account within 180 days, you are required to pay an early account closure fee of $25

Our Verdict

They have offered bonuses of $300 in the past for the hassle free checking account, so this deal is slightly worse but those are rare and I don’t anticipate them coming back in the near future. If you live in the target area I do think it’s worth opening as it’s one of the larger bonuses out there and it isn’t too difficult to complete the requirements or keep the account fee free. It’s a shame that they seem to be ChexSystems sensitive though. I will be adding this to our list of the best checking sign up promotions.

There is also another deal for those in Seattle, South Puget Sound, Oregon, Denver, Cleveland, Akron-Canton, Pittsburgh, Buffalo, Connecticut (New Haven/Hartford) but that deal is even worse as Key Advantage Checking account is required and that is more difficult to keep fee free.

Big thanks to reader, @NotESW who let us know. Learn how to find bonuses and contribute to the site here.

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