Choosing the right bank account can feel overwhelming, especially with two prominent players, U.S. Bank 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
Both KeyBank and U.S. Bank don't offer comprehensive checking account options but still offer enough options for most types of customers. If we had to choose one, KeyBank is our winner as it offers a free checking account, which is not available through U.S. Bank, and features such as interest-bearing on your balance.
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Account Types
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 |
U.S. Bank also offers two main checking accounts for customers: the U.S. Bank Smartly Checking and the U.S. bank safe debit. Both have monthly maintenance fees, but the Safe Debit account fees can't be waived, unlike the U.S. Bank Smartly Checking:
U.S. Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
U.S. Bank Smartly Checking | $6.95 | $1,500 |
Safe Debit
| $4.95 | Cannot be waived |
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Features
The KeyBank Smart Checking account provides convenient access to KeyBank and Allpoint ATMs, a Debit Mastercard, and the added benefit of Overdraft Protection.
The Key Select Checking account is an interest-bearing option that allows customers to earn $100 each year with qualified direct deposits.
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 |
The U.S. Bank checking account offers a range of features designed to meet the diverse needs of customers:
U.S. Bank Account | Main Features |
|---|---|
U.S. Bank Smartly Checking | Smart Rewards, transfer money, set alerts, $50 overdrawn available |
Safe Debit
| Directly deposit paychecks, pay bills for free, no overdraft fees |
Savings Accounts
KeyBank is our winner when it comes to savings.
The interest rates provided by the U.S. Bank savings account 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 U.S. Bank.
KeyBank Active Saver | KeyBank Select MMA | U.S Bank Savings Account | |
|---|---|---|---|
Savings Rate | N/A | 2.64% | up to 3.80% |
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
| $4
can be waived by $300+ daily ledger balance or $1,000 average monthly balance
|
Certificate Of Deposits (CDs)
Both U.S. Bank and KeyBank offer high CD rates only on specific terms. U.S. Bank is our winner here as it offers more promotional terms than KeyBank.
Both banks offer a diverse range of CD terms, spanning from one month to five years.
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KeyBank CD Rates
KeyBank CDs | |
|---|---|
8 Month | 0.05% |
11 Month | 0.05% |
Minimum Deposit | $2,500 |
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U.S. Bank CDs
CD Type | CD Term | APY |
|---|---|---|
Standard CD
| 6 Months | 0.05% |
Standard CD
| 12 Months | 2.00% |
Standard CD
| 24 Months | 1.50%
|
Standard CD
| 36 Months | 1.35%
|
CD Special | 7 Months | 4.00% |
CD Special | 11 Months | 4.00% |
CD Special | 13 Months | 4.80% |
CD Special | 19 Months | 4.95%
|
Step Up CD
| 28 Months | 0.35% |
Trade Up CD | 30 Months | 1.40% |
Trade Up CD | 60 Months | 1.35% |
Credit Cards
Card | Rewards | Bonus | Annual Fee |
| U.S. Bank Shopper Cash Rewards | 1.5% – 6%
6% cash back on your first $1,500 in combined eligible purchases each quarter at two retailers you choose, 3% back on your first $1,500 in eligible purchases each quarter on your choice of one everyday category, 1.5% back on all other qualifying purchases. Also, 5.5% back on reservations for hotels and prepaid car rentals when you book through the U.S. Bank Rewards Center.
| $250
$250 bonus after you spend $2,000 in eligible purchases within the first 120 days of account opening
| $95 ($0 on first year) |
|---|---|---|---|---|
| U.S. Bank Cash+® Visa Signature® Card | 1% – 5%
5% cash back on purchases in two categories of your choice (up to $2,000 in combined purchases per quarter, then 1 percent). 5% back on prepaid air, hotel, and car reservations through the Rewards Center. 2% cash back on one choice everyday category. 1% back on all other purchases
| $200
Earn a $200 bonus after spending $1,000 within the first 90 days of account opening
| $0 |
| U.S. Bank Altitude® Go Visa Signature® Card | 1X – 4X
4x points at restaurants, take-outs & deliveries, 2x points at supermarkets, gas stations & streaming servicesm and 1 point for 1 dollar on all other purchases
| 20,000 points
20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening
| $0 |
| U.S. Bank Altitude Connect Visa Signature Card | 1X – 5X
5X points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center; 4X points on travel, gas stations, and EV charging stations; 2X points on grocery stores, grocery delivery, dining, and streaming services; and 1X points on all other eligible purchases
| 60,000 points
60,000 points after spending $6,000 in eligible purchases on the account owner's card within the first 180 days from account opening.
| $95 (waived first year) |
| U.S Bank Altitude Reserve Visa Infinite Card | 1X – 5X
5 points per dollar on prepaid hotels and car rentals booked directly in the Altitude Rewards Center, 3 points per dollar on eligible travel purchases and mobile wallet spending and 1 point per dollar on all other eligible net purchases
| 50,000 points
50,000 bonus points after spending $4,500 on eligible purchases within the first 90 days.
| $400 |
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 |
Mortgage And Loans
KeyBank is our winner when it comes to lending options, as it offers more options for borrowers than U.S. Bank.
KeyBank and U.S. Bank provide mortgages for homebuyers, mortgage refinancing for improved terms, and home equity loans or lines of credit for leveraging property equity. The banks also offer personal loans and car financing for both new and used vehicles.
However, KeyBank also assists individuals in managing student loans through refinancing services, potentially lowering interest rates or adjusting repayment terms.
Which Bank Is Our Winner?
There is no clear winner in this battle as both banks offer similar bank account types. U.S. Bank is better when it comes to credit card options, while KeyBank offers a money market account as well as more lending products for borrowers.
However, it is crucial to assess various factors, primarily focusing on those that are significant for your specific needs. This could include banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
Compare U.S. Bank With Other Banks
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Understanding Our Banking Comparison Methodology
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features 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 available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
