KeyBank
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Compare KeyBank products: Checking, savings and CDs

A regional bank with 20+ checking and savings accounts for individuals and businesses.

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Our verdict

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

Compare KeyBank accounts

1 - 2 of 2
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Key Smart Checking
Finder Rating: 4.2 / 5: ★★★★★
Key Smart Checking
$0 per month
$10
N/A
Earn a $200 cash bonus when you open a Key Smart Checking account by 12/8/23 and make one direct deposit of at least $500 within 60 days.
Easily open this free checking account in about five minutes. Use EasyUp to effortlessly round up your debit card purchases to make saving a breeze, and conveniently bank from the KeyBank mobile app or find a KeyBank branch near you.
Key Select Checking
Finder Rating: 4.3 / 5: ★★★★★
Key Select Checking
$25 per month
(can be waived)
$50
0.05%
Earn a $200 cash bonus when you open a Key Select Checking account by 12/8/23 and make one direct deposit of at least $500 within 60 days.
This interest-bearing checking account makes your money work for you. Interest rates vary based on location. Use EasyUp to effortlessly round up your debit card purchases to make saving a breeze, and conveniently bank from the KeyBank mobile app or find a KeyBank branch near you.
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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 16 states to be eligible for a KeyBank account:

  • Alaska
  • Colorado
  • Connecticut
  • Florida
  • 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 0.46%.(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 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.

Money market rates

Balance requiredStandard tier APYsBonus tier APYsRelationship tier APYs
$0 to $2,499.990.05%N/A0.05%
$2,500.00 to $4,999.990.05%N/A0.05%
$5,000.00 to $9,999.990.25%N/A0.25%
$10,000 to $24,999.990.25%N/A0.25%
$25,000 to $49,999.992.00%5.00% (6-month bonus rate, blended APY 3.57%)3.00%
$50,000 to $99,999.992.00%5.00% (6-month bonus rate, blended APY 3.57%)3.00%
$100,000 to $249,999.992.00%5.00% (6-month bonus rate, blended APY 3.57%)3.00%
$250,000 to $499,999.992.00%5.00% (6-month bonus rate, blended APY 3.57%)3.00%
$500,000 to $999,999.992.00%5.00% (6-month bonus rate, blended APY 3.57%)3.00%
$1,000,000 to $1,999,999.992.00%5.00% (6-month bonus rate, blended APY 3.57%)3.00%
$2,000,000 to $4,999,999.992.00%N/A3.00%

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.

Compare Keybank with leading bank accounts

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.

1 - 20 of 56
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
BMO Smart Advantage Checking
Finder Rating: 4.7 / 5: ★★★★★
Bonus
BMO Smart Advantage Checking
$0 per month
$25
N/A
Earn a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days.
Earn a $400 cash bonus after $4,000 deposits in the first 120 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs. Member FDIC.
Cash Card by Cash App
Finder Rating: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
The Cash App Cash Card lets you pay for goods and services both online and in stores using your Cash App balance. Enjoy features like ATM access, direct deposit, instant discounts at select stores and a customizable card.
Chime Checking account
Finder Rating: 4.8 / 5: ★★★★★
Chime Checking account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
Revolut
Finder Rating: 4.8 / 5: ★★★★★
Revolut
From $0 per month
$0
4.25% on balances of $0+
3.25% on balances of $0+
Use Revolut Premium for three months for $0 when you sign up for Revolut. Just make one qualifying transaction with your Revolut card during the promotion period. Terms and conditions apply.
Revolut is a global fintech that offers up to 40% off international transfers.
SoFi Checking and Savings
Finder Rating: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $250 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Step
Finder Rating: 4.4 / 5: ★★★★★
Step
$0 per month
$0
5.00% on balances of $0 to $250,000
Build credit while earning 5.00% on savings and cashback rewards – all with $0 monthly fees and no APR.
Fierce Cash
Finder Rating: 4.8 / 5: ★★★★★
Bonus
Fierce Cash
$0 per month
$0
5.25% on balances of $0.01+
Earn $25 per referral. To qualify, you need a $250+ account balance, and the referred customer must deposit $250 within 30 days. Accounts must stay open for 90 days. Limited to 10 Referral Bonuses or $250 in total bonus payments per customer
Discover® Cashback Debit
Finder Rating: 4.8 / 5: ★★★★★
Discover® Cashback Debit
$0 per month
$0
N/A
The Discover® Cashback Debit account earns 1% cash back on up to $3,000 in debit card purchases each month.
Key Smart Checking
Finder Rating: 4.2 / 5: ★★★★★
Key Smart Checking
$0 per month
$10
N/A
Earn a $200 cash bonus when you open a Key Smart Checking account by 12/8/23 and make one direct deposit of at least $500 within 60 days.
Easily open this free checking account in about five minutes. Use EasyUp to effortlessly round up your debit card purchases to make saving a breeze, and conveniently bank from the KeyBank mobile app or find a KeyBank branch near you.
HSBC Premier Checking
Finder Rating: 3.5 / 5: ★★★★★
HSBC Premier Checking
$50 per month
(can be waived)
$0
0.01% on balances of $5+
Get a checking account designed for travelers with $0 foreign transaction, global transfer or wire transfer fees. Access a large worldwide network of no-fee HSBC ATMs.
OnPath FCU High Yield Rewards Checking
Finder Rating: 4.1 / 5: ★★★★★
OnPath FCU High Yield Rewards Checking
$0 per month
$25
7.00% on balances of $0 to $10,000
0.50% on balances of $10,000.01+
Earn up to 7% APY on balances up to $10,000, plus access 30,000 free ATMs and up to $10 in out-of-network ATM fees refunded.
Current
Finder Rating: 4.6 / 5: ★★★★★
Bonus
Current
$0 per month
$0
4.00% on balances of $0.01 to $2,000
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50.
Earn 4% APY on the first $2,000 in each savings pods. Also get budgeting tools, early direct deposit and up to 15x cashback points. All with no monthly fee or opening deposit requirement. Member FDIC.
BMO Relationship Checking
Finder Rating: 3.4 / 5: ★★★★★
Bonus
BMO Relationship Checking
$25 per month
(can be waived)
$25
0.01% on balances of $0.01+
Earn a $600 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 120 days
Make your money work for you with a Relationship Checking account from BMO, which offers interest earnings, quarterly credit card spend bonuses, ATM surcharge rebates and lending benefits such as a closing cost credit and home equity interest rate discount. FDIC insured.
NBKC Everything Account
Finder Rating: 4.6 / 5: ★★★★★
NBKC Everything Account
$0 per month
$0
1.50% on balances of $0.01+
Earn 1.5% APY and set up savings goals. Plus, access to 37,000+ no-fee ATMs and get reimbursed up to $12/month in fees for out-of-network ATMs. FDIC insured.
Quontic Bank High Interest Checking
Finder Rating: 4.3 / 5: ★★★★★
Quontic Bank High Interest Checking
$0 per month
$100
1.10% on balances of $0+
0.01% on balances of $0+
Earn 1.1% APY with qualifying transactions, and pay $0 in monthly or overdraft fees. Access your account with a nationwide network of 90,000+ no-fee ATMs. FDIC insured.
Key Select Checking
Finder Rating: 4.3 / 5: ★★★★★
Key Select Checking
$25 per month
(can be waived)
$50
0.05%
Earn a $200 cash bonus when you open a Key Select Checking account by 12/8/23 and make one direct deposit of at least $500 within 60 days.
This interest-bearing checking account makes your money work for you. Interest rates vary based on location. Use EasyUp to effortlessly round up your debit card purchases to make saving a breeze, and conveniently bank from the KeyBank mobile app or find a KeyBank branch near you.
Chase Total Checking®
Finder Rating: 3 / 5: ★★★★★
Bonus
Chase Total Checking®
$12 per month
(can be waived)
$0
N/A
New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Chase Total Checking® is easy to use and gives you access to more than 15,000 Chase ATMs and more than 4,700 branches. It offers a $200 signup bonus to new Chase customers. Member FDIC.
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$50
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by December 31st, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting deposit and spending requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
GO2bank
Finder Rating: 3.7 / 5: ★★★★★
GO2bank
$5 per month
(can be waived)
$20
4.50% on balances of $0 to $5,000
Refer a friend and you both get $50. Your friend needs to open a new account and receive $200+ in direct deposits within 45 days of opening.
Get your direct deposit up to 2 days before payday. $0 fees with eligible direct deposit. Otherwise $5 monthly fee. Earn 4.5% APY on savings balances. FDIC insured.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
$0 per month
$0
N/A
Pay $0 monthly and overdraft fees, and get reimbursed for domestic ATM fees. No opening deposit or minimum balance requirement. Get your paycheck up to 2 days early with direct deposit. FDIC insured.
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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.

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