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Key Bank $400 checking bonus offer

17 13 January 27, 2019 at 03:13 PM in Finance (2)
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I recently received a promotional invitation in the mail for a $400 bonus for opening a Key Bank checking account. Went to the branch, chose the Select Checking account with the lowest fees $7 per month. For a minimum deposit, I made an initial $50 deposit and then added a $500 deposit. These are the minimums for receiving the award. I opted for no ATM card or checks. The promotion states that the $400 award takes two or three billing cycles. The only penalty involved after receiving the award is $25 for closing account before 180 days. This account is not interest bearing. I plan to leave the money in for 181 days, subtracting $6x$7 = $42 in fees for six months from the $400 award and the net return for parking $500 for six months is $358. If you get this invitation in the mail and have a few dollars to invest in some time, don't throw the ad away.

More info,

How would you like to start a new and easy banking experience? If so, then now is your chance! Available for qualifying residents in AK, CO, CT, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, WA, Key Bank is currently offering a $400 bonus when you open a Checking Account by March 16, 2019. This targeted offer is available to those who has received a reservation number through the bank, so if you qualify, I recommend you act soon to take advantage of this attractive offer. Be sure to use the offer code RETK0118 as well as making one direct deposit of $500 or more within 60 days after account opening.

Eligibility: This targeted offer is only intended for the addressee of the email that was received, may not be combined with any other offers from Key Bank. I recommend you call in to your local branch and see if the branch manager will give you this promotion. YMMV.

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8 Comments

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Joined Jan 2007
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#3
Why not close it right away, take the $25 hit and not pay $7/mo longer than needed?
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#4
Quote from uniquename
:
Why not close it right away, take the $25 hit and not pay $7/mo longer than needed?

>> The promotion states that the $400 award takes two or three billing cycles.

I read this it may be 3 months before the bonus is awarded, and he would have already spent $21 ($7 x 3) in fees.

At that point, it's slightly cheaper to let it ride for another 3 months ($21 vs $25) and close it.

All of the above tilts the other way if he gets the bonus in only two billing cycles.
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Joined Jun 2005
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#5
I got this only downside is the 400 bucks counts as interest.
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#6
I opened the account on Jan 28 and received the bonus on Feb 11. Taxable income, but for 1/2 hour of my time at the branch, it was well worth the effort.
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#7
Just got this offer in the mail.

Do they give you any starter checks to make it easier to get your money prior to closing the account or do you have to go down in person to the branch?

thanks
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#8
I got this in the mail today (Denver area). Applied online but it says I have to go into a branch to open an account. Is this the norm for this offer? I have no issues opening checking accounts elsewhere so I was surprised.
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#9
What methods have people succeeded at getting the direct deposit credited for the reward and what format does it come, ie: 400 put in the account?

I seem to only see DIRECT DEPOSIT TRANSACTIONS ARE LIMITED TO: PAYROLL, SOCIAL SECURITY, PENSION AND GOVERNMENT BENEFITS. (pasted from terms)

But i swear some said it worked other ways? (in chat they said paypal does not count)
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Last edited by theskyisthelimit99 August 5, 2019 at 09:38 AM.
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