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KeyBank Review 2022

Published January 2022 by Mary Wisniewski

AT A GLANCE
3.4

Bankrate Score

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24/7 Customer Service

This bank is best for those living in its branch footprint.

  • Checking
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    4.6
  • CDs
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    2.5
  • Savings
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    2.3
  • MMAs
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    2.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Live Oak Bank

    Member FDIC

    Savings account

    0.80 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Overall

    3.4

    Bankrate Score

    KeyBank is a regional bank that operates more than 1,000 full-service branches.

    What we like

    • KeyBank operates more than 1,000 bank branches.

    • KeyBank offers a wide variety of CD terms.

    • KeyBank partners with Allpoint ATMs, so you can use more than 40,000 ATMs.

    What we don't

    • You can find higher rates on deposit products elsewhere.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Key Smart Checking doesn’t charge a maintenance fee and you only need to deposit $10 to open the account, making it an accessible option for consumers in the bank’s footprint.

    The overdraft fee it charges ($33) is slightly lower than what some other banks charge. But KeyBank increases the fee to $38 if you have more than two overdrafts in the current cycle or in the previous 11 cycles.

    KeyBank offers five checking accounts. It also has a KeyBank Hassle-Free Account that doesn’t charge a monthly maintenance fee or overdraft fees. It also offers Key Advantage Checking, which offers interest, and the Key Privilege Checking account and the Key Privilege Select Checking accounts for higher balances.

    Depending on what account you have, you may have to pay $3 if you use an out-of-network ATM. But KeyBank partners with Allpoint ATMs, so you can use more than 40,000 ATMs across the country for free. You will also have access to Zelle on the bank’s mobile app to make person-to-person payments.

    What we like

    • Key Smart Checking doesn’t charge a maintenance fee.

    • You only need to deposit $10 to open the account.

    • You can use more than 40,000 ATMs across the country for free.

    What we don't

    • You don’t earn any interest on Key Smart Checking.

    • Overdraft fees are high if you regularly overdraw your Key Smart Checking account.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 0

    Min. deposit

    KeyBank offers a wide selection of CDs, ranging from seven days through 10 years.

    You will need to deposit at least $2,500 to open a CD, which is steeper than what some other banks require. You can also find higher rates elsewhere.

    KeyBank also offers Jumbo CDs for those depositing at least $100,000.

    What we like

    • KeyBank offers a wide selection of CD terms.

    • Jumbo CDs are available.

    What we don't

    • You’ll need at least $2,500 to open a CD.

    • You can find higher rates elsewhere.

    Savings accounts

    2.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Live Oak Bank

    Member FDIC

    Savings account

    0.80 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • You only need $10 to open the account.

    • If you have a checking account, you won’t pay a monthly service fee on the savings account.

    What we don't

    • The APY is well below the national average.

    Money market accounts

    2.6

    Bankrate Score

    KeyBank has two money market accounts. They are the Key Silver Money Market Savings Account and the Key Gold Money Market Savings Account.

    You only need $50 to open a Key Silver Money Market Savings account. But you will want to keep at least $5,000 in the account to avoid paying a $12 monthly service charge. You can also get the fee waived by making a monthly direct deposit of at least $25 or keep a personal relationship package checking account.

    The Key Gold Money Market Savings Account requires an opening deposit of $25,000.

    You can find higher yields elsewhere.

    What we like

    • The accounts come with check-writing privileges.

    • It’s relatively easy to avoid the monthly fee.

    What we don't

    • You can find higher yields elsewhere if you shop around.

    Bank experience

    KeyBank has more than 1,000 branches and has a presence in 15 states.


    KeyBank customer service on the phone is available 24/7. You can also use its website to schedule an appointment with a branch manager in your neighborhood — including to get your financial wellness review.

    KeyBank’s mobile app isn’t a knockout, but it is favorably reviewed.

    About KeyBank

    KeyBank is a regional bank based in Cleveland. The bank operates more than 1,000 full-service branches in 15 states. It offers certificates of deposit, money market accounts, savings accounts and checking accounts.

    The regional bank is known for pioneering financial health programs for its customers.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates.