You must live in one of these 16 states to be eligible for a KeyBank account:
- New York
Best for: Those near the East Coast in need of a full-service, traditional bank.
You must live in one of these 16 states to be eligible for a KeyBank account:
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.
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.
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 0.46%.(1)
KeyBank has three checking accounts to choose from: Key Smart Checking, Key Select Checking and KeyBank Hassle-Free Account.
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.
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:
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.
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 has one traditional savings account and a kids savings account:
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 and your minimum balance. KeyBank doesn’t advertise rates for all balances, so head to a branch to get more information or talk to a representative.
|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 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.
KeyBank also offers a variety of business accounts, all of which can be linked to other KeyBank accounts for overdraft protection.
Aside from deposit accounts, KeyBank offers a multitude of other products and services to consider:
Narrow down top bank accounts by fees, APYs, opening deposits and more. Select Compare on up to four providers to see their features side by side.
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.
Key4Kids Savings account is best for kids wanting more access to their money.
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