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KeyBank Review 2024

Updated January 31, 2024
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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.6 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

KeyBank is best for those who live in its 15-state branch footprint and prefer a regional bank. It offers a full range of deposit products, some of which require low minimum deposits and fees that are easy to avoid.

Highlights

  • Free Checking
  • Highly Rated App
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/18/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Checking Account
0.00
%
APY
APY
Info
As of 4/18/2024
Rating: 3.9 stars out of 5
$25
Min. balance for APY
View offer Arrow Right

Overall

KeyBank is a regional bank that offers deposit accounts to residents of the 15 states where it maintains branches. Customers have access to more than 1,000 branches and 40,000 fee-free ATMs. Checking, savings and money market accounts are available, as well as a wide range of certificate of deposit (CD) terms. But overall, you’ll need to look elsewhere to find competitive rates.

Pros

  • Checkmark

    KeyBank operates around 1,000 bank branches in 15 states.

  • Checkmark

    Customers have fee-free access to more than 40,000 ATMs.

  • Checkmark

    A wide variety of CD terms is offered.

Cons

  • You can find higher rates on deposit products elsewhere.

  • Many other banks require lower minimum deposits on CDs and money market accounts.

KeyBank banking products

2.6
Rating: 2.6 stars out of 5
Bankrate Score

KeyBank savings overview

You only need $10 to open the Key Active Saver account. As long as you’re an owner of a KeyBank consumer checking account, you’ll have the $4 monthly service fee waived. Every balance earns interest, but it's well below the national average.

The account comes with an automatic savings feature called EasyUp, which transfers $1 into your savings for every debit card purchase made from a linked checking account.

The Key4Kids Savings Account, available to those under 18, charges no monthly maintenance fee. The account needs to be opened in person at a branch, with a custodian who’s a customer of the bank, and the minimum opening deposit is just $10.

Pros

  • Checkmark

    You only need $10 to open either of the savings accounts.

  • Checkmark

    The Key Active Saver account can be opened online or at a branch.

Cons

  • The APY is well below the national average.

  • Having a checking account with KeyBank is required to avoid the $4 monthly service fee on the Key Active Saver account.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    KeyBank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/18/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $20
Non-sufficient funds fee None
Account maintenance fees (if requirements not met) $4 for savings; $20 for money market; None for checking
Out-of-network ATM fee $3
Stop payment $34

About KeyBank

Based in Cleveland, KeyBank operates around 1,000 full-service branches in 15 states. It offers CDs, money market accounts, savings accounts and checking accounts.

The regional bank ranked fourth as an affordable housing lender by Affordable Housing Finance in 2022. However, the bank received criticism from the National Community Reinvestment Coalition for failing to deliver on a pledge it made to the organization to assist low- to moderate-income and Black home loan borrowers. 

KeyBank is also invested in renewable energy, having committed $8.4 billion to renewable energy projects in 2022.

Customer experience

Branch and ATM access. KeyBank has more than 1,000 branches in 15 states, and customers have fee-free access to more than 40,000 ATMs nationwide. 

Customer service. Customer service representatives are available by phone to handle banking inquiries Monday through Friday from 7 a.m. to 12 a.m. ET, and on Saturday and Sunday from 8 a.m. to 9 p.m. ET. You can call a local bank branch or use the bank’s website to schedule an appointment with a branch manager in your neighborhood — including to get a financial wellness review.

Well-rated app. Overall, the bank’s app receives favorable reviews from both Android and Apple users. It can be used to check balances, pay bills and set up account alerts and automatic transfers between accounts.

Scored highly for online banking. KeyBank ranked first among regional banks in J.D. Power’s 2023 Online Banking Satisfaction study.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.