KeyBank Review: Simplified Banking With Perks
Written by
Rudri Patel
Edited by
Melanie Grafil
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Open a Key Smart Checking account today with no monthly maintenance fees and enjoy access to over 40,000 ATMs nationwide.
The array of checking accounts will work for almost every financial personality type. With a robust digital banking platform and personalized customer service, KeyBank combines traditional banking convenience with modern tools.
KeyBank is a great fit for those who want a full line of products to choose from, including checking, savings, CDs and money market accounts. Their checking accounts have no monthly maintenance fees and they have access to several thousand ATMs.
KeyBank Checking Accounts
With four different account choices, including the online-only KeyBank Hassle-Free account with no monthly service fee, KeyBank offers some of the best checking account options. Whether you’re looking for a basic account with no monthly fee or a checking account that earns some interest, KeyBank has the solution.
- Free overdraft checking
- Possibility of waiving fees
- Interest compounded daily
- Branches only in 16 states
Best For
Mobile App
Low Monthly Fees
Banking in Alaska
Banking in Colorado
Banking in Connecticut
Free Overdraft Checking
KeyBank doesn’t have a monthly service fee on its Hassle-Free account. Key Select Checking doesn’t require a minimum deposit and earns a bit of interest.
Fees
$0 to $25, many waivable
APY
for Key Select Checking
Min Opening
$0 to $50
Pros
- Diverse account options to suit different banking needs
- Extensive ATM network providing convenient access
- Robust online and mobile banking platforms
Cons
- Some accounts have higher fees and balance requirements.
- Interest rates on checking accounts may be lower compared to competitors.
Quick Take
KeyBank’s checking accounts offer flexibility and convenience, with options ranging from no-fee basic accounts to interest-bearing premium accounts catering to a wide range of customer preferences.
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KeyBank Savings Accounts
KeyBank’s savings products include the Key Active Saver account, designed to help customers build savings with features like automatic transfers and competitive interest rates.
- A low minimum deposit of $10 makes it accessible for all savers
- Automatic savings tools, such as EasyUp, which transfers $1 from checking to savings with each debit card purchase
- No monthly maintenance fee when linked to a KeyBank checking account
Best For
Mobile App
Low Monthly Fees
Banking in Alaska
Banking in Colorado
Banking in Connecticut
Low Minimum Deposit of $10
Ally is an online-only bank that features low fees and high interest rates on its deposit accounts. Because of its low overhead, it can afford the interest on CDs, checking, savings and money market accounts to compound daily, which is a higher yield than other standard accounts that compound monthly.
Fees
$0
APY
Min Opening
$10
Pros
- User-friendly tools to create regular saving habits
- There is a low barrier to opening an account with a $10 minimal opening deposit.
- Fee waivers are available with qualifying accounts.
Cons
- Interest rates may not be as high as those offered by some competitors.
- Potential fees if not linked to a checking account
Quick Take
The Key Active Saver account is ideal for individuals looking to start saving with minimal initial investment. It offers tools to facilitate consistent saving, though those seeking the highest interest rates may need to explore other options.
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KeyBank CD Accounts
KeyBank offers a variety of CD options with competitive rates and flexible terms, catering to customers seeking secure, fixed-rate investment opportunities.
- Options for short-term or tiered account
- May price some out with a minimum $2,500 deposit
- Short-term CDs range from seven days to less than six months
- Tiered CDs require a minimum of $100,000 deposit
Best For
Mobile App
Low Monthly Fees
Banking in Alaska
Banking in Colorado
Banking in Connecticut
Short-Term and Tiered CDs
KeyBank offers wide variety of CDs, though, the $2,500 minimum opening deposit on some could deter some would-be investors.
Fees
N/A
APY
Up to
Min Opening
$2,500
Pros
- Multiple options available for various terms
- For short CDs competitive fixed rates give generous returns
- Tiered CDs feature rates that increase with larger balances.
Cons
- Early penalty withdrawals for CDs
- Minimum deposit is higher for short-term and tiered CDs
- Limited liquidity for a fixed-term CD
Quick Take
KeyBank CDs offer a range of flexible terms and competitive rates, especially for promotional CDs or customers who qualify for relationship rewards. With terms from seven days to 10 years, these CDs are ideal for short- and long-term savings goals, though early withdrawal penalties apply.
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KeyBank Money Market Accounts
Money market accounts are a good choice for customers who need to make occasional payments or write checks directly from their accounts. The Key Select Money Market account offers rates based on your balance, and the interest is compounded daily.
- Can open this account with a minimum of $5,000
- A monthly $20 fee that is waivable
- FDIC insured
Best For
Mobile App
Low Monthly Fees
Banking in Alaska
Banking in Colorado
Banking in Connecticut
Up to APY
Key Select Money Market account pays an APY based on your balance, with the highest available f you meet al requirements. The $20 monthly fee can also be waived.
Fees
$20, waivable
APY
Up to
Min Opening
$5,000
Pros
- Potential for higher interest rates through bonus and relationship rates
- Access to funds with check-writing capabilities
- FDIC-insured, providing security for deposits
Cons
- High minimum opening deposit and balance requirements
- Monthly maintenance fee if waiver conditions aren’t met
- Standard interest rates may be lower compared to some competitors.
Quick Take
The Key Select Money Market Savings account is suitable for individuals who can maintain higher balances to take advantage of bonus rates and fee waivers. It offers a blend of savings growth and accessibility.
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Banking Experience
KeyBank has its online-only Hassle-Free checking account for customers who don’t need a bank with physical branches. However, all accounts have access to the bank’s excellent mobile app. The KeyBank mobile app has a rating of 4.7 stars on the App Store and 4.6 stars on Google Play.
For general KeyBank customer service, call 1-800-KEY2YOU (539-2968), which is available 24/7.
For online and mobile banking assistance, customers can call 1-800-539-1539 Monday through Friday from 7 a.m. to midnight ET and 8 a.m. to 9 p.m. ET on Saturday and Sunday.
KeyBank hours for mortgage customer service is available Monday through Friday from 8:30 a.m. until 8 p.m. ET at 1-800-422-2442.
The bank also offers live chat via online banking from 7 a.m. until midnight ET on Monday through Friday, and from 8 a.m. to 9 p.m. ET on Saturday and Sunday.
How Does KeyBank Compare?
Banks cater to different needs. Here’s a look at KeyBank’s competitive edge.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $25, many waivable
$7 to $25
Up to $15
APY
APY
APY
for Key Select Checking
N/A
N/A
Min Opening
Min Opening
Min Opening
$0 to $50
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
$5 monthly
See Citi’s website for details on monthly fees.
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$10
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
N/A
No monthly service fee
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$2,500
$250 to $1,000
$500
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$20, waivable
$25 per wire transfer; free for Diamond status — 3 per cycle
$0
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$5,000
$0
$0
KeyBank vs. PNC Bank
PNC, like KeyBank, has a long history of serving bank customers and their communities. Its Virtual Wallet® product makes PNC a good choice for customers who need an uncomplicated way to manage their budgets.
However, it’s the bank’s preferred checking account and the only PNC checking account you can open online. KeyBank’s selection of checking accounts makes it a far less restrictive choice.
KeyBank vs. Wells Fargo
Wells Fargo remains one of America’s “Big Four” banks, and as such, it has among the most comprehensive selections of account types. It also has over 5,600 branch locations throughout the U.S., so it’s a better choice for anyone who prefers to do their banking in person but doesn’t live in one of the 16 states KeyBank serves.
However, the same type of customer is likely to consider good customer service a priority, and that’s an area where KeyBank shines.
KeyBank vs. U.S. Bank
As America’s fifth-largest bank, U.S. Bank is significantly larger than KeyBank. That shows in its services, like an advanced mobile app. U.S. Bank’s national presence is more prominent than KeyBank’s in covering individuals who don’t live in the states KeyBank serves.
Final Take
As one of America’s largest financial institutions, KeyBank has a wide selection of checking, savings, money market accounts, and CDs. If you live in the service area, KeyBank may be your ideal financial institution. Just be sure you can sidestep the bank’s multiple fees.
KeyBank FAQ
Here are the answers to some commonly asked questions about KeyBank.- Does KeyBank offer a high-yield savings account?
- No. KeyBank offers a Select Money Market Savings Account which functions similarly to a high-yield savings account. The minimum deposit is $5,000 and you can earn up to 0.01% APY.
- Does KeyBank offer Zelle?
- Yes, KeyBank offers Zelle as a service to its customers, and it can be accessed via the online banking platform or mobile app.
- Does KeyBank have a monthly fee?
- Key Smart Checking and Key Smart Hassle-Free accounts do not have a monthly maintenance fee. Key Select has a $25 monthly maintenance fee. Still, it can be waived if you meet at least one of the specific criteria:
- Receive direct deposits totaling at least $5,000, or
- Maintain a combined balance of $15,000 or more across several accounts, or
- A Key@Work program with at least $3,000 in cumulative direct deposit.
- Key Smart Checking and Key Smart Hassle-Free accounts do not have a monthly maintenance fee. Key Select has a $25 monthly maintenance fee. Still, it can be waived if you meet at least one of the specific criteria:
- What is required to open a KeyBank account?
- You need the following to open a KeyBank account:
- Primary identification (driver’s license or passport)
- Social security number
- Proof of address in the form of a recent utility bill
- Opening deposit which varies by account type.
- You need the following to open a KeyBank account:
Cynthia Bowman, Caitlyn Moorhead and John Csiszar contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 2, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- Board of Governors of the Federal Reserve. "Large Commercial Banks."
