KeyBank Review: How Does It Compare? (2024)

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KeyBank was founded 190 years ago in Albany, New York, but today, the financial institution is based in Cleveland, Ohio. As one of the 20 largest banks in the United States, it boasts over $187 billion in assets as of September 31, 2023.

KeyBank offers physical branches in 15 states. However, customers can manage their funds through KeyBank's well-established online banking platform or mobile app.

KeyBank offers a wide range of personal and business banking products. On the personal side, you'll find everything from checking and savings accounts to credit cards, investment products, personal loans, mortgages, and more.

For the purpose of this KeyBank review, I will focus on the personal deposit accounts available through KeyBank, including its CDs, Money Market, and checking accounts.

A certificate of deposit (CD) is a guaranteed investment that offers a predetermined interest rate for a specific term. The rates offered by CDs are usually higher than what you can get in a savings account. But the higher rate comes with a catch. That is, you’ll face an early withdrawal penalty if you withdraw your funds before the CD matures.

KeyBank offers multiple CDs with attractive rates.

If you have more than one account with KeyBank, you might qualify for a relationship rate. Some of the accounts that make you eligible for the higher rates include a Key Select Checking, Key Smart Checking, Key Bank Hassle-Free Account, Key Private Bank Checking, and Key Private Bank Personal Checking.

Below is a look at the relationship rates offered:

The Key Select Money Market Savings account requires a minimum opening deposit of $5,000. But with a minimum account balance of $25,000, the interest rate may be up to 4.50% for the first six months (up to 2.91% blended APY). If you don’t deposit $25,000, KeyBank customers who meet relationship rate eligibility requirements can still earn up to 3.05% APY on balances over $5,000. Rates vary by location.

The Money Market account comes with a $20 monthly maintenance fee. However, this fee is waived if you maintain a minimum daily balance of $25,000 or meet the eligibility requirements for a relationship rate.

The Key Select Checking account offers a 0.05% APY on all balances. It comes with a $25 monthly fee, which can be waived if you maintain a minimum balance of $15,000 across all KeyBank accounts or receive at least $5,000 per month in direct deposits.

With this account, you can earn a cash bonus of $100 each year. In order to snag the bonus, you must receive at least $60,000 in direct deposits over the previous 12-month period.

Another checking account option is the Key Smart Checking. It doesn’t offer interest-bearing features. However, you can earn a $200 bonus if you open an account and receive at least $500 in direct deposits within 60 days.

You can open an account with KeyBank in person or online if you live in Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, or Washington

You must be at least 18 years old and a U.S. citizen. Be prepared to provide information about yourself, including your name, birthday, Social Security number, email, phone number, and identifying documents. Also, you may need to provide funding account information.

If you are a KeyBank customer looking for a short-term CD with attractive rates, it might make sense to stash your funds here. Another reason to consider KeyBank is the interest-bearing checking account opportunity, although the interest rate is relatively low. Many savers can find higher rates available through other financial institutions.

Before you jump into KeyBank, explore all of your account options.