KeyBank Offers Free iPod Touch

As banks scramble to make up lost revenue, it’s harder than ever to find bank bonuses and giveaways. However, you can now get a free IPod Touch from KeyBank for opening up a new checking account, but you have to act fast. This offer expires July 22^nd, 2011 and, as expected, there are some requirements you have to meet in order to get the free IPod.

First, you must be a resident of AK, CO, CT, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA. When you open your account online by July 22^nd, must enter the offer code ONTS0711. Then, you must make at least 20 payments and/or purchases per month for three months after the account is open, and you also must make three direct deposits of $500 or more within that same three months. One month is calculated as 31 calendar days from account opening date (three months equals 93 calendar days from account opening date). Direct deposit transactions are limited to payroll, Social Security, pension, and government benefits. If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee. Accounts that are overdrawn or closed as of 11/4/11 are not eligible for the free iPod.

The eligible checking accounts for this offer include: Key Express (this is the basic banking account in New York), Key Coverage, Key Advantage, Key Privilege, or Key Privilege Select Checking Account. The offer is not available to individuals who have opened a KeyBank checking account in the last 12 months.

In order to avoid monthly service fees for your new KeyBank checking account, there are some additional requirements you have to meet, depending upon the account. The most basic account—Key Express Checking—requires at least $500 in deposits or 5 customer-initiated transactions such as deposits, withdrawals, or transfers. The Key Coverage Checking account automatically charges a $10 monthly service fee, and the Key Advantage, Key Privilege and Key Privilege Select Checking account requires a minimum balance from $10,000 to $100,000, depending on the account. The Key Advantage, Key Privilege and Key Privilege Select Checking are also the only checking accounts that pay interest. The checking accounts vary by account type, balance amount, and geographic area. As an example, an account in Manhattan could pay anywhere from 0.04% - 0.45% APY. All accounts come with free online bill payment, but the Advantage, Privilege and Privilege Select accounts carry more benefits, available for comparison here.

As with all bank promotions, you shouldn’t jump into a new account just to get the free promotional offer. Always make sure that the account fits your banking habits and needs. Just because a bank is offering a free giveaway, it doesn’t necessarily mean it’s the best deal for you. However, if the account does match your banking needs, it’s certainly a nice bonus to receive.

For the best information on checking accounts, click here.