Choosing the right bank account can feel overwhelming, especially with two prominent players, Chase and KeyBank. Both offer a range of products and services, but which one is the better fit for you? Let's dive into a detailed comparison to help you decide.
Checking Accounts
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Account Types And Fees
KeyBank offers four main types of checking accounts, such as the Key Smart Checking and Key Select Checking, each catering to different needs:
KeyBank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Key Smart Checking | $0 | N/A |
Key Select Checking | $25 | $15,000 |
KeyBank Hassle-Free Account | $0 | N/A |
Chase Bank offers a variety of checking account types to suit the diverse needs of its customers. One notable option is the Total Checking account, which provides access to a widespread network of ATMs and a range of digital banking tools.
For customers with a premium banking preference, Chase presents the Sapphire Checking account and private client checking, renowned for its exclusive benefits like enhanced travel rewards.
Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Chase Total Checking | $12 | $1,500 |
Chase Premier Plus Checking | $25 | $15,000 |
Chase Sapphire Checking | $25 | $75,000 |
Chase College Checking | $12 | $1,500 |
Chase Private Client Checking | $30 | $150,000 |
Chase Business Complete Banking | $15 | $2,000 |
Chase Performance Business Checking | $30 | $35,000 |
Chase Platinum Business Checking | $95 | $100,000 |
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Features
Chase offers a comprehensive set of features with its checking accounts, catering to diverse financial needs.
Chase Everyday Accounts offer a host of benefits for customers. There's no minimum deposit required to open an account, providing accessibility for all. With an extensive network of over 15,000 ATMs and 4,700 branches, customers enjoy widespread access.
Chase Premium Accounts offer an array of exclusive benefits for a superior banking experience. Customers enjoy no Chase fees at non-Chase ATMs, providing extensive access to cash without additional charges.
All accounts can be linked to an external account:
The dedicated 24/7 banking service line ensures round-the-clock assistance for premium account holders, along with elevated daily purchase and ATM withdrawal limits.
Chase Bank Account | Main Features |
|---|---|
Chase Total Checking | Overdraft assist, chase credit journey, alerts |
Chase Premier Plus Checking | Interest on balance, free checks , free counter checks |
Chase Sapphire Checking | JPM wealth management, no ATM fees, no wire transfer |
Chase College Checking | No monthly fees, free credit score, new account promotion |
Chase Private Client Checking | Priority service, preferred rates, J.P. Morgan advisor |
Chase Business Complete Banking | Chase QuickAccept, fraud protection, chase business online |
Chase Performance Business Checking | No cost wires, unlimited electronic deposits, Chase business |
Chase Platinum Business Checking | No fee transactions, cash management support, platinum service |
The Key Smart Checking account provides convenient access to Key and Allpoint ATMs, a Debit Mastercard, and the added benefit of Overdraft Protection. This account is ideal for those seeking a straightforward banking experience with essential features.
On the other hand, the Key Select Checking account is an interest-bearing option that allows customers to earn $100 each year with qualified direct deposits. This account is suitable for individuals who want to earn interest on their checking balance while enjoying the perks of a traditional checking account.
For those who prioritize simplicity, the KeyBank Hassle-Free Account offers mobile banking, Account Alerts, and EasyUp Automatic Savings. This account is designed for hassle-free banking, making it an excellent choice for those who value straightforward and convenient financial management.
KeyBank Bank Account | Main Features |
|---|---|
Key Smart Checking | Key and Allpoint ATMs, debit Mastercard, overdraft protection |
Key Select Checking | Interest bearing, $100 year after year with qualified direct deposits |
KeyBank Hassle-Free Account | Mobile banking, account alerts, EasyUp automatic savings |
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Savings Accounts
KeyBank is our winner when it comes to savings.
The interest rates provided by Chase Premier Savings and the Key Active Saver account are comparatively modest, falling below the rates available with other savings accounts.
However, KeyBank offers money market savings accounts with higher rates, which is not available through Chase.
KeyBank Active Saver | KeyBank Select MMA | Chase Premier Savings | |
|---|---|---|---|
Savings Rate | N/A | 0.05% – 2.26% | 0.01% |
Minimum Deposit | $10 | $5,000 | $25 |
Fees | $4
Can be waived if you are an owner on a KeyBank consumer checking account
| $20
Can be waived if you have $25,000 minimum daily balance OR a relationship package checking account
| $25 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
|
Certificate Of Deposits (CDs)
When it comes to CDs, KeyBank is our winner due to its better CD rates. Both Chase and KeyBank offer higher rates on specific CD terms:
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Chase Bank CD Rates
Chase offers two primary CD categories: Standard and Relationship. Individuals without a Chase checking account can opt for the Standard CD. On the other hand, those with an existing Chase checking account can link it to their CD account to unlock slightly higher APYs through Relationship CDs.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.25% | 90 days of interest |
6 Months | 1.50% | 180 days of interest |
9 Months | 2.00% | 180 days of interest |
12 Months | 3.00% | 180 days of interest |
18 Months | 2.00%
| 180 days of interest |
24 Months | 2.00% | 365 days interest |
30 Months | 2.00% | 365 days interest |
36 Months | 2.00% | 365 days interest |
48 Months | 2.00% | 365 days interest |
60 Months | 2.00% | 365 days interest |
120 Months | 2.00% | 365 days interest |
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KeyBank CD Rates
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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Credit Cards
Card | Rewards | Bonus | Annual Fee |
| Key Cashback Credit Card
| 2%
2% on every purchase—no categories, no limits | 0% Intro APR: 12 billing cycles on balance transfers | $0 |
|---|---|---|---|---|
| KeyBank Latitude Credit Card | N/A | 0% Intro APR: 15 billing cycles on purchases and balance transfers | $0 |
| Key2More Rewards Credit Card | 5x
5 points for every $1 spent on eligible credit card purchases, no caps | 0% Intro APR: 6 billing cycles on purchases and balance transfers | $0 |
| Key Secured Credit Card | N/A | N/A | $0 |
Card | Rewards | Bonus | Annual Fee |
| Chase Sapphire Preferred® Card | 2X – 5X
5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
| 60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| $95
|
|---|---|---|---|---|
 | Chase Freedom Flex℠ Card | 1-5%
5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
| $200
$200 bonus after you spend $500 on purchases in the first 3 months from account opening
| $0 |
| Chase Freedom Unlimited® | 1.5% – 5%
5% cash back on travel booked through Chase Ultimate Rewards, 3% on dining (including takeout and eligible delivery), 3% on drugstore purchases, and 1.5% on all other purchases
| $250
Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
| $0 |
| Chase Sapphire Reserve® | 1X – 10X
5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases.
| 60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| $550 |
| Marriott Bonvoy Boundless Card | 1x – 6X
6X points for every $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® credit card. Plus, earn up to 10X points from Marriott for being a Marriott Bonvoy® member. Plus, earn up to 1X point from Marriott with Silver Elite Status. Earn 3X points for every $1 on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining. Earn 2X points for every $1 you spend on all other purchases.
| 125,000 points
Earn 125,000 Bonus Points after you spend $5,000 on purchases in your first 3 months from your account opening.
| $95 |
| United Explorer Card | 1X – 2X
2x per $1 spent on United purchases, hotel accommodations, restaurants & eligible delivery services and 1x per $1 spent on all other purchases
| 50,000 miles
50,000 miles after you spend $3,000 on purchases in the first 3 months your account is open.
| $95 ($0 first year) |
Mortgage And Loans
KeyBank is our winner when it comes to lending options, as it offers more options for borrowers than Chase.
KeyBank provides a diverse array of loan options to address various financial needs. These include mortgages for homebuyers, mortgage refinancing for improved terms, and home equity loans or lines of credit for leveraging property equity.
The bank also offers specific loans for home improvement projects and vehicle financing for both new and used vehicles. Additionally, KeyBank assists individuals in managing student loans through refinancing services, potentially lowering interest rates or adjusting repayment terms.
Chase, a major player in the banking industry, provides a comprehensive suite of lending solutions. Their mortgage options cater to homebuyers, offering various loan types, fixed or adjustable rates, and personalized advice.
Additionally, Chase extends auto loans and provides financial flexibility to its customers. The online platform simplifies the application process, making it convenient for borrowers to explore and secure the financing they require.
Which Bank Is Our Winner?
KeyBank stands out for CDs and lending options, but for credit cards and checking accounts, Chase takes the lead, making it our overall winner.
Yet, choosing between them requires considering your needs—like banking services, overdraft support, ATM convenience, and location proximity. Different factors matter to different people, so take your time to evaluate what's essential for you before making a decision.
Comparing Chase and KeyBank: Our Methodology
In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
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Compare Chase Versus Alternative Banks
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
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The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
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The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.
Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.
Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?
Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.
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Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.
Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.
Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.
Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
Both banks have account maintenance fees that can be waived by meeting one of several requirements. The rates are also quite similar, so which bank is best will come down to what products you’re looking for.
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