In the bank review of KeyBank, we looked at the different accounts they offer, but we didn’t delve into the different rates offered through various CDs.  KeyBank has three different CDs to choose from; Key Tiered CD, Key Short Term CD, Key Jumbo CD.  Within each of these CDs there are two options, the CDs with “Relationship Rewards,” which means you also have a checking account with KeyBank, and a CD for those who don’t have a checking account with KeyBank.

Details and Rates

KeyBank’s CDs are all different.  The Key Tiered CD is their basic CD.  It requires a $2,500 opening balance and has terms available from seven days to ten years.  Currently, the interest rate and APY aren’t the best.  For a one year term, on $25,000 or less, the interest rate and APY is 0.25 percent for those with the Relationship Rewards and 0.15 percent for those without.  According to BankTruth.org, Ally Bank can offer an interest rate of 1.25 percent for the same term and investment amount.

The Short Term CD is exactly what is says, Short Term.  The minimum balance of the short term CD is $2,500 and is for terms ranging from seven days to six months.  Not all banks offer CDs for six months or less, so if that is what you are looking for this is a good option for you.  The interest rates and APY are only around 0.10 percent, but you can gain interest on your money for a short term.

The Jumbo CD is for people who can invest large amounts of money.  The minimum balance of the Jumbo CD is $100,000 and has terms lasting from seven days to 10 years.  As with any type of CD, the longer you can put money into an account without taking it out, the better rates you will get.  The rates for seven days to 12 months and for money under $500,000 ranges between 0.10 and 0.30 percent, once again, only with Relationship Rewards.  If you are looking for a term longer than 12 months, the rates go up as high as 1.045 percent.

Benefits of KeyBank CDs

Other banks can offer better rates for your money, but if you have a checking account through KeyBank, you will get better rates than customers who don’t have checking accounts with KeyBank.  Their CDS are FDIC Insured and KeyBank offers a calculator to help you plan your investments to keep your savings on track.