Compare KeyBank products: Savings, Checking, and CDs

KeyBank is a traditional bank offering a suite of checking and savings account options for businesses and individuals. But you must live in one of the 15 states it services to qualify for an account.

What banking products does KeyBank offer?

Personal banking

• KeyBank Hassle-Free Checking account. You can’t write checks, but you won’t pay any monthly fees.
• Key Express Checking account. This traditional account has no minimum balance requirements and a $6 waivable fee.
• Key Advantage Checking account. This interest-bearing account requires a $50 opening deposit, but it has a low 0.01% APY on any balance.
• Key Privilege Checking account. You’ll need at least $25,000 to waive the $25 monthly fee with this interest-bearing account.
• Key Privilege Select Checking account. Offers a full suite of financial management tools, but it has a $50 waivable fee.
• Key Student Checking account. Students ages 16 to 24 get reimbursed for up to $6 of non-network ATM fees a month.
• Key Active Saver account. Use HelloWallet to track your financial health and earn interest rates up to 0.01% depending on your wellness score.
• Key4Kids Savings account. Kids under 18 can get a jump start on savings with a $10 opening deposit.
• Key Silver Money Market Savings account. There’s a $50 opening deposit, but you’ll only earn the 0.4% promotional rate if you deposit at least $5,000.
• Key Gold Money Market Savings account. You’ll get limited checkwriting privileges and you’ll need to deposit at least $25,000 to open the account.
• Key Short Term CD Accounts. Requires a $2,500 minimum deposit and terms range from seven days up to six months.
• Key Tiered CD accounts. Interest rates vary based on account balance and loan terms, but you’ll need at least $2,500 to get started.
• Key Jumbo CD accounts. Requires a $100,000 deposit with terms ranging from seven days to 10 years.
• HSA. Save for healthcare expenses with this tax-advantaged account with rates ranging from 0.1% to 0.2%.

Business products

• KeyBank Basic Business Checking account. Ideal for growing businesses, this account has 200 combined free transactions a month.
• KeyBank Business Interest Checking account. Earns 0.05% to 0.1% interest and has unlimited checkwriting privileges and a $15 waivable fee.
• Key Business Reward Checking account. Make up to 500 free combined transactions a month and take advantage of discounts on other KeyBank products.
• Key Business Saver account. Your interest rate grows with your balance, but they peak at 0.02%.
• Key Business Silver Money Market Savings account. You’ll need a $5,000 deposit to qualify for the 0.05% promotional rate.
• Key Business Gold Money Market Savings account. Requires a $25,000 minimum balance and has a waivable $18 monthly fee, but promotional interest rates go up to 1.25%.
• Key Business CDs. Offers short and long-term savings options, but you’ll need to visit a branch to open the account.

Other products

• Mortgages. Homebuyers can choose from conventional, FHA, Fannie Mae, VA, Jumbo loans and more.
• Loans. Offers a suite of loans, including business, student, personal, auto loans and lines of credit.
• Credit cards. Choose from two business and four personal credit cards, including the KeyBank Latitude credit card.
• 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.

How does KeyBank compare to other banks and services?

KeyBank is a regional bank headquartered in Cleveland, Ohio. It manages $145 billion in assets and offers a range of consumer and business banking products as well as mortgages, loans, credit cards, investments and insurance.

KeyBank has 1,200 branches and over 40,000 KeyBank and AllPoint ATMs. It serves customers throughout 15 states:

Checking accounts

Pros

• Several options. KeyBank offers nine personal and business checking account options, giving you the freedom to choose an account that suits your needs.
• EasyUp feature. Enable this feature and have $1 transferred from your checking to savings every time you use your debit card, allowing you to accomplish your savings goals even faster.
• High cash deposit limits. Unlike other banks that have low deposit limits, KeyBank allows business owners to deposit up to $25,000 in cash deposits monthly across all business checking account tiers.

Cons

• Monthly fees. Almost all of KeyBank‘s checking accounts have monthly fees ranging from $5 to $50. But you can avoid them when you meet certain requirements.
• Expensive overdraft fees. If you don’t have a linked savings account, expect to pay $38.50 for overdrafts, up to five times per day. If your account is overdrawn for more than five consecutive business days, you’ll pay an additional $28.50 fee.
• Low interest rates. KeyBank has three interest-bearing checking accounts, but they only earn 0.01%. You’ll find much higher rates at other banks.

Savings accounts

Pros

• Low opening deposits for savings accounts. Open most KeyBank savings accounts with as little as $10.
• Specialized options. KeyBank offers health savings accounts for those with a high deductible healthcare plan and kids savings accounts for children under age 18.
• Promotional and relationship rates. Many savings accounts offer promotional rates for first-time customers and relationship rates for existing customers with more than one account.

Cons

• Low interest rates. KeyBank has a few accounts with 0.12% APY, but most rates are around 0.01%.
• High opening deposits for money markets. You’ll need $25,000 to open a Key Gold Money Market Savings account and at least $5,000 to open a Key Silver Money Market Savings account if you want to earn the promotional rate.
• Monthly fees. Expect to pay anywhere from $2.50 to $18 a month to keep your savings with KeyBank unless you can meet the minimum requirements to waive the fee.

CDs

Pros

• Flexible terms. KeyBank gives you the ultimate flexibility with terms ranging from one week to 10 years.
• Accessible interest. If you open a CD with a term longer than six months, you can withdraw the interest each month without penalty.
• Three CD types. KeyBank offers short-term CDs, tiered CDs and jumbo CDs.

Cons

• High opening deposit. You’ll need at least $2,500 to open short-term and tiered CDs and $100,000 to open jumbo CDs.
• Low interest rates. KeyBank‘s CD rates are well under 1%. With rates this low, you’re better off keeping your money in a high-yield account with an online bank.
• Early withdrawal penalties. Like most CDs, you’ll lose anywhere from 7 days’ to 12 months’ simple interest if you need to access your money before maturity.

Overall banking

Pros

• Plenty of customer service options. Reach a representative in-person at a local branch or by phone, Twitter or live chat support.
• HelloWallet feature. Earn higher interest rates when you use HelloWallet to develop good money management habits and increase your Financial Wellness Score.
• Wide product selection. KeyBank offers 20+ bank accounts for business and personal, plus credit cards, insurance, loans, mortgages and more.
• Large ATM network. KeyBank has just over 1,200 branches and 40,000 ATMs.

Cons

• Limited support window. Customer service is only available during the weekdays, so you can’t chat with someone on the weekends if you need assistance.
• Small service area. KeyBank is a regional bank that services 15 states, so it’s not accessible to everyone.

Compare KeyBank to the competition

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Bottom line

KeyBank has locations in 15 states across the Northwest and Northeast. If you live in its service area and are looking for a local bank, KeyBank may be a good fit. But its interest rates are average.

If you prefer a bank with a broader service area and higher interest rates, you’ll want to keep looking. As always, compare your options when looking for a bank.

Frequently asked questions

• What is KeyBank’s routing number?

  KeyBank’s routing numbers are broken up by state:

  State	Routing number for wires and ACH
  Alaska	125200879
  Colorado	307070267
  Connecticut	021300077
  Florida	041001039
  Idaho	124101555
  Indiana	041001039
  Maine	011200608
  Massachusetts	021300077
  Michigan	041001039
  New York	021300077
  Ohio	041001039
  Oregon	123002011
  Pennsylvania	021300077
  Utah	124000737
  Vermont	211672531
  Washington	125000574

• Do I need to be a current KeyBank customer to live chat customer support?

  No. Anyone can live chat KeyBank customer support.

• Is KeyBank customer support available 24/7?

  No. You can call 800-539-2968 at any time for automated banking services. But customer support representatives are available by phone at 888-539-1107 weekdays from 8 a.m. to 5 p.m. ET.

• What information do I need to apply for a KeyBank checking account?

  You’ll need the following on hand when applying for an account:

  • Social Security number
  • Government-issued ID number

  • US residential address
  • Minimum opening deposit, which varies by account type

• Do any savings accounts come with checkwriting privileges?

  Yes. The Key Silver Money Market Savings and Key Gold Money Market Savings accounts have limited checkwriting privileges.