KeyBank is a traditional bank offering a suite of personal deposit accounts, loans, investment options and business accounts. It has a large ATM network and over 1,000 branches, which is impressive for a mid-size bank. However, it doesn’t offer much incentive to sign up, as its rates for savings accounts are low compared to the best-of-the-best and are likely to come with a monthly service fee. Its CDs have decent rates but high opening deposit requirements, and rates vary by location and balance. On top of that, you must live in one of the 16 states it services to open an account, which are primarily located in the Eastern US.
Best for: Those near the East Coast in need of a full-service, traditional bank.
Pros
Large suite of banking products
Relationship discounts available
Large ATM and branch network
Many customer support options
Cons
Low rates on savings
Monthly fees on most accounts
High deposit requirements on CDs
Rates vary by zip code
Who is KeyBank best for?
KeyBank is best for those on the East Coast looking for a full-service bank. KeyBank offers all the typical products and services that traditional banks offer, such as checking, saving, money market accounts, certificates of deposit, loans and more. And if you prefer in-person banking, KeyBank has a large ATM network and branches spread across the East Coast.
KeyBank offers extra perks if you have multiple accounts, making it best for those in need of multiple accounts. You could earn relationship discounts, higher rates on saving options and get overdraft protection if you link a checking account with a savings or credit account.
Eligibility requirements
You must live in one of these 15 states to be eligible for a KeyBank account:
Alaska
Colorado
Connecticut
Idaho
Indiana
Maine
Massachusetts
Michigan
New York
Ohio
Oregon
Pennsylvania
Utah
Vermont
Washington
How KeyBank stacks up
KeyBank is an FDIC-insured bank, offering many traditional deposit accounts, loans, credit cards and business accounts. For only being in 16 states, it has a large ATM network of 40,000 and over 1,000 branches, which is on the higher end for banks of its size.
Alongside the large network of branches and ATMs, KeyBank also offers a 24-hour automated phone service. It also has a long window for real-person support, offering customer support phone service on weekdays from 7:00 a.m. to midnight ET and weekdays from 8:00 a.m. to 9:00 p.m. ET. Not many small banks offer customer support that late in the day.
Where it shines
KeyBank offers a wide variety of accounts. There are three personal checking accounts and a variety of savings account options, which include money market accounts and CDs. KeyBank customers get access to a large free ATM network and many options for customer support, including phone support and in-person support, thanks to its branches.
Roundups
One of the better perks we found was the KeyBank free, optional service called EasyUp. If you have a KeyBank checking and savings account and online banking set up, you can use the service at no charge. Each time you make a purchase with your debit card, a set amount is transferred to a savings account or another company to pay off debt. You can adjust the rounded-up amount anytime, which can be between $0.10 and $5. It’s a great way to add to your savings or pay down debts without having to do anything but use your debit card.
Relationship rates
KeyBank also offers relationship rates for having select KeyBank checking accounts and meeting transaction requirements. You could gain access to higher interest rates on checking and savings accounts and better cashback rewards on the Key CashBack Credit Card. KeyBank also plans on expanding relationship benefits on personal and auto loans.
Where it falls short
If you’re not in one of the 16 states that KeyBank has roots in, you’re out of luck, as you must be in one of those states to qualify for an account.
KeyBank also doesn’t have the best checking accounts we’ve seen, as most require an opening deposit and a monthly fee. Its CDs have strong APYs, especially on its bonus rates, but they require high opening deposits of at least $2,500. The best rates also require high balances, such as $25,000, to earn the standard rate of 2% APY — and rates vary by zip code.
KeyBank’s savings accounts are also subpar, offering very low rates of around 0.01%, which also vary by location. This is much lower than the national average for savings accounts, which is currently
0.45%.(1)
KeyBank’s checking accounts
KeyBank has three checking accounts to choose from: Key Smart Checking, Key Select Checking and KeyBank Hassle-Free Account.
Key Smart Checking
The Key Smart Checking account is a popular and affordable option. It has no monthly maintenance fees, a low $10 opening deposit requirement and checkwriting privileges — but no free checks.
There’s also free overdraft protection available if you link a savings or credit account. And thanks to its Key Coverage Zone feature, if you overdraft by less than $20 in one day, you won’t get hit with any overdraft fees.
Key Select Checking
This is KeyBank’s only interest-bearing checking account, offering a variable, compounding rate — but rates vary by zip code, and there’s no range advertised.
The Key Select Checking account isn’t free, requiring a $25 monthly fee that you can waive when you meet at least one of these requirements:
Receive direct deposits of at least $5,000 each statement period
Are a KeyWork program member and have at least $3,000 in cumulative direct deposits each statement period
Have a combined balance of at least $15,000 across all your KeyBank accounts
There’s a $50 minimum opening deposit, and you get $6 in ATM reimbursements and overdraft protection when you link the account to a savings or credit account. Key Select also offers free check ordering, but customizations come with a fee.
One of the better perks is the $100 annual cash bonus, which you can earn year after year with an active account. To qualify, you must set up direct deposits and deposit at least $60,000 over a 12-month-long evaluation period, and at least one deposit must be made within the last 60 days of the evaluation period.
KeyBank Hassle-Free Account
This checking account is rather barebones, with no monthly maintenance fees and a $10 opening deposit.
Unlike the other KeyBank checking accounts, the Hassle-Free account doesn’t come with overdraft protection services, no option for relationship discounts on other KeyBank products and no checkwriting privileges.
KeyBank savings accounts
KeyBank has one traditional savings account and a kids savings account:
Key Active Saver Account. There’s a $10 opening deposit and a $4 monthly maintenance fee, which you can waive if you have a KeyBank checking account. Its savings rate compounds daily and varies by zip code. However, most locations offer a low 0.01% APY.
Key4Kids Savings account. Designed for kids under 18, this account has no monthly maintenance fees, requires a $10 opening deposit and can be linked to other accounts for overdraft protection. Interest is compounded daily, but rates aren’t advertised. Parents must visit a branch and sign up on their child’s behalf to enroll and view rates, and the account custodian must be a KeyBank deposit account holder or credit customer.
KeyBank money market savings accounts
KeyBank offers one money market account, called Key Select Money Market Savings®. There’s a $20 monthly maintenance fee and a high minimum opening deposit of $5,000. You can waive the $20 monthly fee by maintaining a balance of at least $25,000 or by having a relationship package with a qualifying KeyBank checking account.
You’ll get unlimited checkwriting, and this account can be linked to a KeyBank checking account for overdraft protection. Another big perk is you’ll get an unlimited number of withdrawals and transfers.
The interest rates are tiered, and interest is compounded daily. However, rates vary based on your relationship to the bank, your minimum balance, and your location. KeyBank doesn’t advertise rates for all balances, so head to a branch to get more information or talk to a representative.
Money market rates
KeyBank rates may vary depending on location. The Annual Percentage Yields (APYs) mentioned are for the ZIP code 10001 in New York as of February 1, 2024.
Balance required
Standard tier APYs
Bonus tier APYs
Relationship tier APYs
$0 to $2,499.99
0.05%
N/A
0.05%
$2,500.00 to $4,999.99
0.05%
N/A
0.05%
$5,000.00 to $9,999.99
0.25%
N/A
0.25%
$10,000 to $24,999.99
0.25%
N/A
0.25%
$25,000 to $49,999.99
2.00%
5.00% (6-month bonus rate, blended APY 3.57%)
3.00%
$50,000 to $99,999.99
2.00%
5.00% (6-month bonus rate, blended APY 3.57%)
3.00%
$100,000 to $249,999.99
2.00%
5.00% (6-month bonus rate, blended APY 3.57%)
3.00%
$250,000 to $499,999.99
2.00%
5.00% (6-month bonus rate, blended APY 3.57%)
3.00%
$500,000 to $999,999.99
2.00%
5.00% (6-month bonus rate, blended APY 3.57%)
3.00%
$1,000,000 to $1,999,999.99
2.00%
5.00% (6-month bonus rate, blended APY 3.57%)
3.00%
$2,000,000 to $4,999,999.99
2.00%
N/A
3.00%
KeyBank CDs
KeyBank also offers certificates of deposit (CDs), and rates vary by CD, location, term and balance. All of KeyBank’s CDs are available for automatic renewal.
Short-term CDs. Requires a $2,500 minimum deposit, and terms range from seven days up to six months. Rates by location, but all terms and balances show us an APY of 0.05%.
Tiered Long-Term CDs. Requires a $2,500 opening deposit, with terms ranging from six months to 10 years. Rates vary by location, but APYs tend to range from 3.75% to 4.74% APY.
High Yield Jumbo CDs. Requires a high $100,000 opening deposit with terms ranging from seven days to 10 years. Rates largely depend on your term, balance and location — but approximate rates are between 0.50% to 4.74% APY or as high as 5.00% APY for relationship rates.
Business bank accounts
KeyBank also offers a variety of business accounts, all of which can be linked to other KeyBank accounts for overdraft protection.
KeyBank Basic Business Checking. The most basic option available for a low waivable $5 monthly service fee, offering up to 200 transactions per month and requires a $25 opening deposit.
KeyBank Business Interest Checking. The only interest-bearing option, and the rate is variable with a low 0.01% APY. This account has a $15 waivable monthly service fee and a $25 opening deposit. You’ll get up to 100 transactions per month and unlimited checkwriting.
Key Business Reward Checking. The highest transaction allowance with up to 500 transactions per month and unlimited ACH and bill pay transactions. You can receive unlimited domestic wire transfers for free and get three free outgoing wire transfers per month. There’s a waivable $25 monthly service fee and a $25 opening deposit. This account also offers discounts on other KeyBank products, such as the KeyBank Small Business MasterCard rewards credit card.
Other KeyBank products
Aside from deposit accounts, KeyBank offers a multitude of other products and services to consider:
HSA account. Save for healthcare expenses with this tax-advantaged account with rates ranging from 0.1% to 0.2%.
Mortgages. Homebuyers can choose from conventional, FHA, Fannie Mae, VA, Jumbo loans and more.
Variety of loans. Offers a suite of loans, including business, student, personal, auto loans and lines of credit.
Credit cards. KeyBank offers a variety of credit cards, including business and personal reward credit cards.
Investments. Invest in IRAs, annuities, mutual funds, college savings plans and more.
Insurance. Protect your loved ones with life and long-term care insurance through KeyBank.
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Customer service experience
In terms of customer reviews, KeyBank does pretty well when compared to top banks and credit unions. While there are a number of complaints and some poor customer reviews, they have significantly less than we normally see. KeyBank is also accredited with the Better Business Bureau, holding an outstanding A+ rating with the organization.
The bank doesn’t do too well on Trustpilot, which isn’t uncommon for banks, holding a 1.5-star rating out of under 100 reviews. The majority of reviews are typical grievances we see, such as issues with locked accounts, and a few mention poor customer service. But with over 1,000 KeyBank branches, your experience is likely to vary.
KeyBank has been in business for nearly 100 years, and its record is rather clean. However, in 2022, it was reported that homeowners who had mortgages with KeyBank experienced a data breach that leaked names, addresses and their Social Security number, as reported by AP News. KeyBank reported that its systems and operations were unaffected by the data breach, and it notified all individuals impacted but did not state how many account holders were affected.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 443 Finder guides across topics including:
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