Offer value details
KeyBank lists a $500 Key Select Checking welcome bonus for eligible new checking customers. The account also has a separate annual $100 cash bonus mechanic, but that requires much higher direct-deposit activity and is not counted in the headline bonus value.
Qualification requirements
Open a Key Select Checking account online by December 11, 2026 at 11:59 p.m. Eastern using offer code KDMB0526, make the $50 minimum opening deposit, and receive $5,000 or more in eligible direct deposits within 90 days of account opening. KeyBank defines eligible direct deposits as electronic ACH deposits such as payroll, Social Security, pension, and government benefits. Teller, ATM, and KeyBank mobile app deposits do not count.
Fees and costs
KeyBank lists a $25 monthly maintenance fee, waived for the first three months. After that grace period, the fee can be avoided in a statement cycle with either $3,000 or more in eligible direct deposits or at least $15,000 in combined eligible KeyBank checking, savings, certificate of deposit, retirement deposit, and Key Investment Services balances. Other account fees can apply, including overdraft and optional service fees.
Availability
KeyBank says online opening is for individual applicants who are age 18 or older, U.S. citizens, and residents of Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, or Washington. The offer is redeemable online only, but KeyBank says non-residents must open in a branch. Geographic restrictions apply and account opening is subject to approval.
What to verify
- The $500 opening bonus requires a higher $5,000 eligible direct-deposit total than Key Smart Checking's listed $300 offer.
- The $25 monthly maintenance fee can reduce net value if the direct-deposit or combined-balance waiver is not met after the three-month grace period.
- The separate annual $100 bonus requires at least $60,000 in eligible direct deposits during the evaluation period and at least one eligible direct deposit near the end of that period.
- Online-opening eligibility is limited to listed states, and account opening remains subject to approval.
- The gift value may be taxable income and is reported on Form 1099-INT.
Confirm current provider terms
Rates, rewards, fees, qualification rules, eligibility, and deadlines can change. Review the provider terms before applying.