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Financial Rates:
3.0
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
3.0
Pros:
- Savings account for kids
- Many CD term length options
- Business accounts are available
- Relationship Rewards on certain accounts
Cons:
- Low-interest rates and monthly fees
- Amounts to waive fees is high
- Not all checking accounts earn interest
- High required amounts to open CDs
What You Need to Know
KeyBank offers a savings account for kids 18 years old and younger. Their parent or guardian must have a KeyBank account. This account only requires $10 to open. There are no monthly fees or balance requirements. This savings account earns interest.
KeyBank has a variety of CD term lengths, including short-term CDs. The short-term lengths vary from seven days to six months. There are a number of tiered CD accounts. The terms vary from six months to 10 years with many options in between. The jumbo CDs range from seven days to 11 months.
KeyBank offers a variety of business accounts. Checking, savings, and CD accounts are available. A Mastercard and business loans are offered. Other business services include wire transfers and HSA accounts. Automated tax payments, electronic payments, and invoicing are other features of the business accounts.
KeyBank checking account and reward credit card holders earn rewards points. Points are earned by making debit and credit card transactions. Earn points by using online banking, ATMs, and mobile deposits. Direct deposit, automatic debits and credits, and online statements also qualify. Redeem points for gift cards, cash back, travel, and other items. There is an annual fee to earn rewards. Key Privilege or Key Privilege Select checking accounts do not have the annual fee.
The interest rates on KeyBank accounts are lower than other online-only accounts. The rates are competitive with typical bank rates. Most all KeyBank accounts have a monthly maintenance fee. The only checking account without fees is the KeyBank Hassle-Free account. That account does not earn interest. All KeyBank savings accounts have a monthly fee except the kids account.
The amounts required to waive the monthly maintenance fees are high. The lowest amount required for checking accounts is $500. The other checking accounts require $10,000 to $100,000. KeyBank savings accounts require $300 to $25,000 to waive the monthly maintenance fees.
Not all KeyBank checking accounts earn interest. The only two interest earning accounts are the most expensive accounts to keep open. To waive the monthly fee you must keep $10,000 to $100,000 in KeyBank accounts. You can also waive the fee by having a mortgage through KeyBank. Direct deposits totaling $1,000 to $5,000 each month also waives the fee.
The amount required to open a CD is $2,500 for the short term CDs and the tiered CDs. The jumbo CDs require $100,000 to open. You earn Relationship Reward points for opening any of the KeyBank CDs.
Cool Things
Financial Wellness Program
Since 2001 KeyBank has offered free financial education services for their customers. Through this program you can learn how to achieve financial stability. This website offers articles on various financial topics from wedding costs to choosing the best saving account. If you need more help you can call or chat with a KeyBank employee. You can also set up a meeting with a local KeyBank branch manager. This program has helped over 30,000 people.
HelloWallet
This is a free service designed to help you reach your financial goals. HelloWallet offers a complete picture of where your finances are and where you want them to be. You can set budgets and plan for retirement. You first get a score based on your current finances. This includes income, account balances, and spending habits. Each time you sign in online you will see your score. This tool helps you stay on track of your goals.
History
KeyBank opened 190 years ago in New York. It was first opened as a mutual savings bank. This bank was a conservative bank. This helped them survive through the different economic downturns.
In 2011, KeyBank made history by naming Beth E. Mooney as the first female chairman and CEO of a top 20 bank.
Today, KeyBank's headquarters are based in Cleveland, Ohio. They are one of the nation's largest bank-based companies. Their assets are valued at over $134 billion. They have over 1,200 branch locations in 15 states. KeyBank employs over 18,000 people.
Awards and Recognition
- "Best of the Best" by Black EOE Journal
- "Top Company for Diversity Councils" by DiversityInc
- "Military Friendly Employer" by G.I Jobs
Giving Back
Since 1991 KeyBank has been holding Neighbors Make the Difference Day. Each year KeyBank employees give of their time and talents to serve. They volunteer in communities across the United States.
Each year KeyBank provides free tax preparation for local residents. They help them submit their taxes correctly. Employees also help residents find different tax credits they are eligible for.
KeyBank donates an average of $20 million each year to different nonprofit organizations. This money is donated to different communities associated with KeyBank. KeyBank Foundation donates this money through grants. Other money comes through charitable sponsorship and from KeyBank employees.
Frequently Asked Questions
Yes. KeyBank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Access your money through ATMs, debit cards, online transfers, or by visiting a branch location.
Yes. With the mobile apps, you can view balances and transaction history. You can deposit checks and transfer funds between accounts. You can also find a KeyBank branch or ATM.
No. Most all KeyBank accounts have a monthly maintenance fee. There are ways to waive the fees. The amounts required to waive the fees are high.
KeyBank offers a wide variety of accounts. The interest rates are not competitive with other online-only accounts. Most all KeyBank accounts have fees, but there are options of how to have the fees waived. There are many branch locations across the United States.
Yes. KeyBank uses different types of technology to make sure your information is safe. They use encryption and firewalls. You also require passwords anytime you log in.
The interest rates are not competitive with other online-only bank accounts. The rates are competitive with your typical bank rates.
Yes. KeyBank offers a variety of business accounts. Checking and savings accounts are offered. CDs, loans, credit cards, and other services are also available.
It is the same. The online banking is the same as the online baking offered at your typical bank.
Yes. Three of the KeyBank checking accounts earn interest. Those accounts require large balances to avoid the monthly fee. They require $25,000 to $100,000 be kept in all KeyBank accounts.
Reach customer service by phone, email, live chat, or by visiting a local branch. You can also reach customer service by mail, or through Facebook, and Twitter.
Yes. All KeyBank checking accounts offer free bill pay.
Yes, at a local branch.
Transfers made at a branch, ATM, or on a mobile device are available the next business day.
Yes. You can sign up for direct deposit to any of the KeyBank checking or savings accounts. Having a direct deposit of a certain amount is one way to have the monthly maintenance fees waived.
Bank Information
Find A Branch1-800-539-2968
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.