KeyBank review July 2024: checking, savings, CDs, and more
Matt Sexton is a personal finance expert who specializes in business and banking coverage. Matt has more than 25 years of journalism experience, most recently as a writer and content producer for Fit Small Business. His expertise has been featured in articles on GOBankingRates, Credit Karma, IncFile, Yahoo! and MoneyGeek.
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
KeyBank could be an excellent option for a full-service bank for customers located in one of the 15 states in which the bank has a branch location. If you plan to open an account through online banking, you must reside in one of the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, or Washington. Otherwise, you must apply at a branch location.
KeyBank’s history dates back to the Commercial Bank of Albany (New York), which was founded in 1825. It was formed after the 1994 merger of Albany-based KeyCorp and Cleveland, Ohio-based Society Corporation. The company’s current headquarters is in Cleveland. In March of 2024, the bank reported assets of approximately $187 billion. The bank operates around 1,000 branch locations in 15 states and more than 40,000 ATMs.
All rates and fees are current as of July 24, 2024, and are subject to change.
KeyBank
| Checking accounts: | Starting at $0 per month |
| Savings accounts: | Open with as little as $10 |
| Certificate of deposit (CD) rates: | Earn up to 5.00% annual percentage yield (APY) |
at Key Bank
Pros
- For people living in a state with a KeyBank branch, it offers a wide range of banking products and services.
- Promotional rates on CDs are among the top CD rates on the market.
- Can get better rates on savings, loan rate discounts, and credit card cash back with KeyBank Relationship Banking.
Cons
- You cannot open an account online if you don’t live in one of the 15 states where the bank operates a branch.
- Individual accounts can be opened online only by people aged 18 or older; otherwise, you must visit a branch.
- Outside of promotional rates and money market account (MMA) bonus rates, APY is very low.
at Key Bank
KeyBank rates and products
KeyBank offers four checking accounts, including three free checking accounts. The bank also offers two savings accounts, an MMA, and three types of CDs. Two checking accounts offer interest earnings but require a waivable monthly fee or a minimum balance requirement.
Checking accounts
KeyBank offers four checking accounts, three of which are free checking accounts with no monthly maintenance fees. KeyBank offers a $200 new account signup bonus if you sign up for its Smart Checking account and make the minimum opening deposit and a single eligible direct deposit of at least $1,000 within 60 days of account opening.
With all of the KeyBank checking accounts, you can get the monthly fee on Key Active Saver waived by having a checking account. The company offers an automatic savings tool called EasyUp, which can transfer funds between your KeyBank checking and your KeyBank savings. You can also use it to pay down debt.
KeyBank Smart Checking Account
With the exception of the account opening bonus, KeyBank’s entry-level checking account has few perks other than no monthly maintenance fee. KeyBank doesn’t charge for ATM transactions at KeyBank and Allpoint ATMs. Out-of-network fees are $3 domestically and $5 internationally, plus third-party fees.
KeyBank Select Checking Account
KeyBank’s interest-bearing checking is its Select Checking account. You can earn 0.05% APY on all balances. The monthly fee is waived for the first three months; then, it’s $25 a month.
After the three-month introductory period, you can waive the monthly fee with at least $5,000 in direct deposits, a combined balance in all Key accounts of at least $15,000, or if you are a Key@Work member with at least $3,000 in cumulative direct deposits.
While the ATM fees are the same with this account as with the Smart Checking account, KeyBank does refund the first two out-of-network ATM surcharges, up to $6 a month.
KeyBank Hassle-Free Checking Account
KeyBank’s Hassle-Free account is very similar to its Smart Checking account, except you cannot order checks with this account, and there is no signup bonus. If you truly want a digital-only account and never use paper checks, this could be the account for you.
KeyBank Private Client Checking Account
For large-balance customers, KeyBank offers Private Client Checking. While the minimum opening deposit is $50, you must deposit at least $250,000 within 60 days of opening the account. It is an interest-bearing account, although those rates are not listed on the company’s website. There is no monthly fee for this account.
Savings accounts
KeyBank offers two savings products, but neither has a high enough interest yield to be considered a high-yield savings account.
KeyBank Active Saver Savings Account
The interest rate on the KeyBank Active Saver is very low at 0.01% APY. Still, you can pair it with your KeyBank checking account to get the monthly fee waived.
KeyBank Key4Kids Savings Account
This account must be opened at a branch location. It is free and available to children under 18 years of age. It does require an account custodian who is a KeyBank deposit or credit customer. While the bank doesn’t list the interest rate on its website for this account, expect it to be similar to the KeyBank Active Saver savings account.
The account will convert to a Key Saver account on the child’s 18th birthday.
For more information on how savings accounts work, check out our guide on high-interest savings accounts.
KeyBank savings rates compared to current top rates*
While KeyBank is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:
Money market accounts
KeyBank’s MMA is your best bet if you are looking for a high-yield savings account. However, the rates can vary greatly with this account. Promotional rates are competitive with the best MMA offerings on the market. Before opening an account, know your rate upfront so you’ll know how much you will be saving.
KeyBank Money Market Savings
The standard rates for this money market account are poor compared to other banks. You earn from 0.05% APY to 1.25% APY, and the highest APY is on balances of $25,000 or greater. KeyBank relationship rates range from 0.05% APY to 3.00% APY, which is still lower than many competitors.
The bank offers six-month bonus rates of up to 4.50% APY on balances between $25,000 and $2 million. However, many banks offer higher standard MMA rates. You should shop around before opening a new MMA.
For more information on money market savings accounts and how they work, check out our introduction to MMAs.
Certificates of deposit
KeyBank offers three types of CDs that vary in term length. Short-term and Long-term CDs require a $2,500 minimum opening deposit while the Jumbo CDs require a $100,000 opening deposit. If you don’t get the promotional offer, you are better off shopping around for better rates. See our list of the best CD rates to find a higher-yield CD for your excess funds.
KeyBank Short-Term CDs
The bank’s short-term CDs range from seven days to less than six months. Interest rates on these CDs are low, with current rates at 0.05% APY.
KeyBank Long-Term CDs
KeyBank offers a promotional rate on its long-term CDs, making these a decent option. You can earn up to 5.00% APY on nine-month CDs and up to 4.00% APY on 25-month CDs. Otherwise, the standard rate is low at 0.05% APY.
KeyBank Jumbo CDs
You can also get the promotional rate with KeyBank’s jumbo CDs, but only on a nine-month CD with a balance between $100,000 and $499,999.99. That CD has a rate of 5.00% APY. All other CDs have the same standard rate of 0.05%. This account requires a minimum opening deposit of $100,000.
The bank charges early withdrawal penalties based on the length of the CD. Those penalties range from seven days of interest on CDs between seven and 31 days in length to 12 months of interest on CDs 48 months or longer.
Other services KeyBank offers
KeyBank offers customers a wide range of banking products and services, including:
- Health savings account (HSA): You can set up an HSA through KeyBank. You or your employer can make contributions, and you can withdraw funds to pay for qualified healthcare costs tax-free.
- Small business banking: KeyBank offers a full range of business banking products and services, including checking, savings, loans, merchant services, cash management, payroll, and employee benefits.
- Home loans and mortgages: KeyBank provides loans for buying or refinancing your home. You can get a 0.25% interest rate relationship discount when you bank with KeyBank or sign up for automatic payments from a KeyBank checking account.
- Loans and lines of credit: The bank offers personal loans, preferred credit lines, secured personal loans, and standard credit lines.
- Credit cards: You can choose from one of four KeyBank credit cards, including a cash back card, a low-interest rate card, a secured credit card, and a rewards card.
- Investing and insurance: KeyBank offers investing products, including individual retirement accounts (IRAs), annuities, mutual funds, managed accounts, and education savings plans. It also provides long-term care insurance and life insurance.
Online banking
KeyBank provides standard digital banking services, including online banking and bill pay. Online banking is free and allows you to view statements, check account balances, transfer funds, set up direct deposit, pay bills, and manage debit and credit cards, among other features.
Customers can use KeyBank’s bill pay, which includes a bill pay guarantee that the bill will be received by the date you choose. For a fee, you can use expedited payment to send payments by the next business day or sooner. Payee information is saved automatically, and payment history is viewable for up to 24 months.
In addition to standard transfers, KeyBank customers can use Zelle for peer-to-peer (P2P) payments. This can be done either through online banking or the mobile app.
KeyBank platform and customer support
KeyBank accounts can be accessed via desktop or mobile apps. The KeyBank mobile app is well-rated on both the Apple App Store and the Google Play Store. It is rated 4.7 stars out of 5 on the Apple App Store based on more than 131,000 ratings. On Google Play, it is rated 4.6 stars out of 5 based on almost 66,000 reviews.
You can speak to a customer service representative via live chat seven days a week through online banking. Chat is active Monday through Friday from 7 a.m. to midnight Eastern time and Saturday and Sunday from 8 a.m. to 9 p.m. ET. You can also call for help with online and mobile banking during those same hours.
The bank also has a 24/7 customer service line, or you can stop at a branch during banking hours for customer service.
Is KeyBank secure?
Like most banks, KeyBank uses various technologies to keep your data safe. On the mobile app, you can set up either fingerprint or face ID sign-in capabilities. The bank provides a list of steps customers can take to stay secure online, including setting up account alerts and avoiding suspicious emails, texts, and phone calls.
The bank cites advanced data protection, strong encryption, and continual monitoring as security efforts. You can also report phishing emails to the bank at reportphish@keybank.com.
KeyBank is also a member of the Federal Deposit Insurance Corp. (FDIC), meaning your deposits are insured up to $250,000 per account. These factors ensure that your money is secure with KeyBank.
KeyBank user reviews
KeyBank has mixed reviews online. Out of more than 1,000 reviews, it received 3 out of 5 stars on WalletHub. On DepositAccounts, it has a rating of 1.5 stars out of 5 based on 88 reviews. Some of the negative reviewers had poor experiences with customer service. Others complained about how long a check was being held before deposit.
Some positive reviews centered on the savings and CD rates. However, many who left positive scores did not leave comments.
Compare KeyBank alternatives
 KeyBank |  SoFi |  Laurel Road |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 0.01% | 4.60% | 5.15% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.08% | 0.50% | 0.01% |
| Top CD APY | Top CD APY | Top CD APY |
| 5.00% | N/A | N/A |
| Other services | Other services | Other services |
| HSA Small business banking Home loans and mortgages Loans and lines of credit Credit cards Investing and insurance | Online banking Investments Student loans Personal loans Mortgage loans Auto loans Credit cards Insurance Business financing | Personal loans Credit Cards Student loans Mortgages Online banking |
| Learn more | Learn more | Learn more |
| View offer at Key Bank | View offer at SoFi | View offer at Fiona |
Is KeyBank right for you?
If you are located near a KeyBank branch, this could be an excellent, full-service banking option. It has a wide range of products and services. Outside of promotional rates, it doesn’t have a great interest yield on savings accounts. If you’re opening an account to earn interest, you may want to consider an alternative. Also, if you don’t live in a state with a branch, you cannot open an account online, which is not ideal in 2024. However, for local customers, KeyBank is a solid bank that can scale as your banking needs grow.
Frequently asked questions
Can I transfer money from KeyBank to another bank?
You can send money via wire transfer from KeyBank to any other bank. If you own both bank accounts, you can also set up an automated clearing house (ACH) transfer. Finally, if you are sending money to a friend or family member, you can use Zelle to send funds.
Is my money safe in KeyBank?
KeyBank is a member of the FDIC, so its deposits are insured up to $250,000 per account. So, as long as your balances are below that limit, your money is safe in KeyBank.
How secure is KeyBank?
KeyBank is very secure. It uses advanced data protection and strong encryption to keep your data safe. In addition, it allows you to set up security features in your online banking, such as fingerprint or face ID and security alerts to prevent fraud.
About the contributors
Matt Sexton is a personal finance expert who specializes in business and banking coverage. Matt has more than 25 years of journalism experience, most recently as a writer and content producer for Fit Small Business. His expertise has been featured in articles on GOBankingRates, Credit Karma, IncFile, Yahoo! and MoneyGeek.
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