KeyBank
Checking Fees
Savings APY
Minimum Deposit
CDs APY Range
KeyBank is a prominent financial institution with a wide branch network and an extensive, free nationwide ATM network. They offer some checking accounts without monthly fees and provide convenient 24/7 phone customer service. However, their savings accounts and CDs have low interest rates, and savings accounts may incur monthly fees (though they can be avoided).
With a vast network, customers can enjoy over 1,000 branches and access to 40,000 fee-free ATMs. This midsize bank boasts robust customer service, offering 24/7 live phone assistance, Twitter support, extended hours chat support, and in-person service.
KeyBank's presence is particularly strong in New York, Ohio, Washington, Pennsylvania, and Oregon, making it convenient for residents in those regions to access their services. We've picked KeyBank as one of the best in Ohio and Washington banks.
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Pros & Cons
Here are the main pros and cons of Keybank:
Pros | Cons |
|---|---|
Many branches in New York, Ohio, Washington, Pennsylvania and Oregon | Active in 15 states |
Competitive CD rates | High CD minimum deposit |
Variety of financial products | Low savings Rates |
Great mobile app | Fees |
Savings Accounts: Rates Could Be Better
The Key Active Saver by KeyBank is a simple savings account with a waivable monthly maintenance fee of $4 and a minimum opening deposit of $10. Unfortunately, the APY is low.
It offers the benefit of no monthly fee if you have a KeyBank consumer checking account. The account includes the EasyUp® feature, enabling automatic savings by moving $1-$5 from your checking to the savings account with each debit card purchase.
There is no monthly maintenance fee for your simple savings account when you are an owner of a KeyBank consumer checking account.
The account provides secure online and mobile banking services, overdraft protection by linking checking and savings accounts, and access to a vast network of branches and ATMs nationwide.
KeyBank also offers 3 additional savings accounts:
- Key4Kids Savings Account
- Health Savings Account
- Key Active Saver
CDs: Decent Rates But High Minimum
KeyBank offers competitive rates on their CDs, but they come with specific conditions, including a high minimum deposit. To access a great rate, customers can open a Tiered Long-Term CD with $10,000-$99,999 or a High-Yield Jumbo CD with $100,000 to $499,999.
Regular CDs, regardless of their term length, provide relatively low APY. If you aim to secure a higher APY, you'll need to be prepared to make a substantial minimum deposit.
KeyBank CDs | |
|---|---|
8 Month | 4.75% – 5.00% |
11 Month | 4.25% – 4.50% |
Minimum Deposit | $2,500 |
However, to earn the Relationship Reward rate, which is even more attractive, a Key checking account is required (excluding KeyBank Hassle-Free Account and Key Smart Checking).
Here you can compare CD rates for 1-year with other banks.
3 Types Of Checking Accounts
KeyBank offers three different checking accounts, each with its own features and benefits:
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Key Smart Checking
Key Smart Checking® is a non-interest-bearing checking account offered by KeyBank.
It stands out for its lack of checking account fees and minimum balance requirements. Customers can open the account with just $10 and enjoy features such as a debit card, paper checks, and online/mobile banking tools.
The account allows both paper checks and electronic bill pay, making it a convenient option for those seeking a fee-free checking account with various functionalities.
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Key Select Checking
Designed for existing KeyBank account holders, this account offers premium CD rates, monthly out-of-network ATM fee reimbursements, and discounts on other KeyBank services.
It comes with a $25 monthly maintenance fee, but it can be waived with a monthly combined balance of $25,000 or at least $500 in monthly KeyBank mortgage payments.
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KeyBank Hassle-Free Account
KeyBank Hassle-Free Account® is another fee-free checking account that doesn't require a minimum balance. While it lacks check-writing capabilities and doesn't earn interest, it offers an alternative for customers who primarily use online platforms and electronic bill pay.
For those seeking a simple and straightforward checking account without any fees or balance requirements, this account might be suitable.
Credit Cards
KeyBank offers a range of credit cards with different features to suit various needs.
Key Cashback® Credit Card: Earn cashback with no annual fee. Enjoy a 0% introductory APR on balance transfers.
KeyBank Latitude® Credit Card: Ideal for financing purchases or managing debts with low-interest rates. Benefit from a 0% introductory APR on purchases and balance transfers.
Key Secured Credit Card®: Designed to help build credit, it requires a low minimum deposit and reports card activity to bureaus.
Key2More Rewards® Credit Card: Earn rewards on every purchase with a 0% introductory APR.
KeyBank credit cards provide additional perks, such as accessing FICO® Score, secure contactless Tap & Go® technology, and various Mastercard benefits like ID Theft Protection™ and Zero Liability Protection.
Customers can manage their accounts securely through online and mobile banking and set up alerts for specific account activities.
Loans
KeyBank offers a diverse range of loan options to cater to various financial needs:
Mortgages: KeyBank provides mortgage loans to help customers purchase a home. This option allows individuals to secure financing for a property, whether they are first-time homebuyers or looking to move.
Mortgage Refinancing: Customers can refinance their existing mortgage loans with KeyBank to potentially get better interest rates or adjust the terms of their current loan.
Home Equity Loans & Lines of Credit: KeyBank offers home equity loans and lines of credit, allowing homeowners to leverage the equity in their property to access funds for home improvements, debt consolidation, or other financial goals.
Home Improvement Loan: This loan option specifically targets funding for home improvement projects, enabling homeowners to renovate or upgrade their property.
Vehicle Loans: KeyBank provides financing options for purchasing a new or used vehicle, helping customers fulfill their transportation needs.
Student Loan Refinancing: KeyBank offers student loan refinancing services, allowing individuals to potentially lower their interest rates or adjust their repayment terms for existing student loans.
With this comprehensive range of loan options, KeyBank aims to assist customers in achieving their financial objectives, whether it's homeownership, home improvement, vehicle acquisition, or managing student loans more effectively.
FAQs
Does Keybank a good bank?
Keybank is a great option if you seek checking accounts, CD deposits, or branch access. Nevertheless, the savings account rates are relatively low. It's among our top picks for Pennsylvania, Ohio and Washington banks.
Is it possible to add an authorized signer through online banking?
You can add an authorized signer to your KeyBank savings account in two ways: by visiting a branch or by calling 1-800-KEY2YOU.
What are the ways I can check my savings account activity?
You have five options to view your savings account activity: through your monthly statement (mail or email), signing on to online banking, using KeyBank's mobile app (enrollment required), calling 1-800-KEY2YOU®, or visiting a branch.
What are the options for transferring a balance to my KeyBank credit card?
You can transfer a balance to your KeyBank credit card using any of these methods: visiting a KeyBank branch, calling 1-800-KEY2YOU® and following the prompts, using a convenience check mailed by KeyBank, or through Online & Mobile Banking.
Can I place an order for checks online?
Yes, ordering personal checks for your checking account is easy and can be done online, using the mobile app, through Online Banking, or by visiting a local KeyBank branch. Alternatively, you can directly order from Harland Clarke, KeyBank's preferred check provider.
How are overdrafts assessed?
An overdraft item charge is applied when your account is overdrawn by more than $20. However, if your account is overdrawn by $20 or less at the end of the day, you won't incur an overdraft fee thanks to Key Coverage Zone, and no action is needed on your part to take advantage of this benefit.
Compare KeyBank Versus Other Banks
We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank
There is no clear winner in this battle as both banks offer similar bank account types. But what about the rest? Here's our winner: U.S. Bank vs. KeyBank
Both KeyBank and PNC Bank are active in various states, such as Pennsylvania, Indiana, Ohio, and more. Let's compare their banking products.
How We Rate And Review Banks: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
