KeyBank review of 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Published 8:00 a.m. UTC Feb. 12, 2024
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
Pros
- Full-service bank with many services.
- Some no-fee accounts available.
- Good promotional APYs on some CD terms.
Cons
- You’ll find much better rates at online banks.
- Monthly fees on savings accounts.
- Transparency around rates and fees could be better.
Terms, rates and annual percentage yields (APYs) are accurate as of February 5, 2024 and reflect the zip code 98136.
KeyBank basics
- Checking accounts: Key Smart Checking®, Key Select Checking℠, KeyBank Hassle-Free Account®.
- Savings accounts: Key Active Saver® and Key4Kids® Savings Account.
- Money market accounts: Key Select Money Market Savings® Account.
- Certificate of deposit (CD): KeyBank Short-Term certificates of deposit, KeyBank Tiered Long-Term certificates of deposit and KeyBank High-Yield Jumbo certificates of deposit.
- Other products: Credit cards, mortgages, lines of credit, investing and insurance.
- Bank branches or online only: Bank branches.
About KeyBank banking products
KeyBank Checking
KeyBank boasts a variety of checking accounts, and each comes with a debit card and has its own features and advantages.
Key Smart Checking. Offers a free checking account with no minimum balance requirements or monthly fees. There is a minimum opening deposit of $10, which is pretty manageable for most folks.
Key Select Checking. Earns a modest yield of 0.05%, which isn’t earth shattering but still laudable for a checking account from a traditional bank, and comes with $6 in monthly ATM fee rebates. It also comes with a $100 cash bonus if you have at least $60,000 in direct deposits over 12 consecutive months. This isn’t a welcome bonus, but an ongoing offer. You can receive this $100 bonus each year.
There’s no monthly fee for the first three months of account opening. After that, there’s a$25 monthly fee (waivable by having at least $15,000 across all KeyBank accounts or at least $5,000 in monthly direct deposits).
KeyBank Hassle-Free: This is a checkless account with no monthly fees and a low $10 opening deposit. It’s “hassle-free” because it has no overdraft fees, or minimum balance requirements, and is probably best for a younger person who doesn’t transact often.
KeyBank Savings
With KeyBank, you’ll find three types of savings accounts — none offer rates comparable to the best high-yield savings accounts from online banks. Each account either earns a low yield, has a monthly fee or both.
Key Active Saver: This account earns a measly yield of 0.01% — that’s a penny each year for every $100 saved. It also has a $4 monthly fee, which you can waive with a Keybank consumer checking account.
Key Select Money Market Savings: New account holders can earn a 2.41% to 2.92% blended APY (4.00% to 4.50% interest rate) for the first six months, but then the yield drops to a standard rate of 0.05% to 0.75%, depending on account balance and zip code. It also requires a $5,000 minimum deposit and has a $20 monthly fee (waivable by maintaining a minimum balance of $25,000 or having an eligible checking account).
Key4Kids Savings: This savings account is for kids under age 18. It has no monthly fees and a low $10 opening deposit. KeyBank doesn’t disclose the interest rate online. You must visit a branch to open this account, and the adult on the account must be a KeyBank customer.
KeyBank CDs
Key Bank offers three different types of certificates of deposit (CDs): short-term CDs, tiered long-term CDs and high-yield jumbo CDs. You’ll qualify for higher relationship rates if you have a KeyBank checking account.
The short-term CDs have terms from seven days to six months and a $2,500 minimum opening deposit requirement. The long-term CDs have terms between six months and 10 years, and also require a $2,500 minimum opening deposit.
Across all short-term CD terms and most long-term CDs, the yield is 0.05% — much lower than what high-yield CDs earn. KeyBank offers promotional rates for eight-month and 11-month terms, where you can earn anywhere from on the eight-month term and from , depending on your balance.
The KeyBank High-Yield Jumbo certificates of deposit require a minimum $100,000 deposit and terms range from seven days to 10 years. Checking customers can get a 5.00% promotional yield on an eight-month term or a 4.75% for an eight-month term with Relationship Rewards. Otherwise, rates on the Jumbo CDs are quite low.
KeyBank other products
Keybank provides customers with many other traditional banking services, including mortgages, personal loans, credit cards, investments and insurance.
Key Investment Services provides brokerage services including setting up IRAs, annuities, mutual funds, managed accounts, Education Savings Plans and Health Savings Accounts.
How KeyBank stacks up
Compared to other banks, KeyBank’s savings and checking accounts have lower rates and higher fees. Its savings account and CD rates fall well below the national average. So unless you’re committed to banking with this institution, it’s best to shop around for an online bank that pays higher APYs and charges little to no fees. But this may mean giving up physical branch access.
KeyBank vs. Truist
Truist Bank is one of the largest banks in the country as of 2019, thanks to the merger of Suntrust and BB&T. It offers personal and business checking and savings accounts, credit cards, loans, mortgages and insurance services.
Keybank and Truist offer very similar products however, Keybank may offer slightly higher APYs on checking and savings accounts at 0.05% compared to 0.05%.
KeyBank vs. Zions
Zions Bank is a full-service bank serving Utah and Idaho. It offers its clients personal and business banking, loan options, credit cards and private banking services. While Zions is only available to residents of Utah and Idaho, it has higher rates on theZions Bank Anytime Interest Checking® (0.10% APY) and the Zions Bank Savings Account (rates starting at 0.16% APY). Still, rates are below what you’ll find at online banks.
KeyBank vs. M&T
M&T Bank is headquartered in Buffalo, New York, with over 700 branches in 14 states on the East Coast and Washington D.C. M&T is a full-service bank offering financial services, personal and business banking, mortgage, loan and investment services. M&T has a variety of no-fee accounts. But its interest-bearing accounts have comparatively low APYs (0.01%).
About KeyBank
Keybank is the 22nd largest bank in the US, with roughly 1,000 locations and 40,000 ATMs. It has 18,000 employees and manages around $188 billion in assets.
Keybank is a traditional bank that was founded in Albany, New York and is now headquartered in Cleveland, Ohio. It has a large range of financial accounts, including checking and savings accounts, credit cards, mortgages, home equity loans, personal loans and investment products.
KeyBank operates in the following states:
- Alaska.
- Colorado.
- Connecticut.
- Florida.
- Idaho.
- Indiana.
- Maine.
- Massachusetts.
- Michigan.
- New York.
- Ohio.
- Oregon.
- Pennsylvania.
- Utah.
- Vermont.
- Washington.
Frequently asked questions (FAQs)
Keybank has an A+ rating from the Better Business Bureau and is FDIC insured up to the maximum limit, currently $250,000 per account type, per depositor. So if the bank were to fail for some reason, you’d get your money back up to these limits.
Most KeyBank CDs earn 0.05% no matter which term you choose. You may qualify for higher rates if you’re a current KeyBank checking account customer. The bank also provides a few promotional CD rates on eight-month and 11-month terms. But by and large, its CD rates pale in comparison to the best CD rates.
KeyBank’s customer service quality has mixed reviews. With an average score of 1.14 out of 5 stars from the Better Business Bureau, some customers have reported negative experiences, citing hidden fees and clerical errors.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
