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You may like KeyBank if you'd like to open a checking account. The Key Smart Checking® has zero monthly fees and free overdraft protection. However, you can earn much higher rates with the best high-yield savings accounts.
KeyBank Overall Rating
| Feature | Business Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4.5 |
| Money market | 3.75 |
| CD | 4 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
KeyBank Pros and Cons
| Pros | Cons |
|
|
KeyBank Active Saver Account
$4 monthly service fee
0.01%
$10
- $10 minimum opening deposit
- Possible to waive monthly service fee
- Low APY
- Monthly service fee
- Over 900 branches in 16 states across the US
- Over 50,000 free ATMs through the KeyBank and Allpoint ATM networks
- Avoid the $4 monthly service fee if you have a Key Bank checking account
- Interest compounded daily, deposited monthly
- Member FDIC
The KeyBank Active Saver Account may be worthwhile if you already have a checking account with the bank. That way, you'll waive the monthly service fee. Otherwise, you'll find more compelling fee-free savings accounts in our best savings accounts guide.
Key Smart Checking®
no monthly service fee
None
$10
$300
- No minimum balance
- No monthly service fees
- Overdraft protection
- Account alerts to avoid overdrawing
- $10 minimum opening deposit
- $3 out-of-network ATM fee (within the U.S.)
- $20 overdraft fee
- Earn $300 after qualified activities until 3/21/2025 with the no-monthly-maintenance-fee Key Smart Checking®
- Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening
- Approximately 1,000 branches in 15 states across the U.S.
- Over 40,000 free ATMs through the KeyBank and Allpoint ATM networks
- To avoid overdraft fees, you may link your checking account to a savings account or get a line of credit
- With Key Coverage Zone, if the unexpected happens and your account’s overdrawn up to $20 at the end of the day, KeyBank won’t charge you an overdraft fee
- Member FDIC
The Key Smart Checking® is a great choice if you're worried about overdrawing from your account. You can get free overdraft protection or set up alerts that notify you when your account falls under a certain balance.
KeyBank CD
0.05% to 4.00% (varies by location)
$2,500
- Variety of terms
- Standard early withdrawal penalties
- Low interest rate
- $2,500 minimum opening deposit
- Over 900 branches in 16 states across the US
- Over 50,000 free ATMs through the KeyBank and Allpoint ATM networks
- Early withdrawal penalties: For terms shorter than 31 days, all simple interest earned plus a penalty of 7 days' simple interest; For terms between 32 and 89 days, one month of simple interest; For terms between 90 days and 359 days, three months of simple interest; For terms between 360 days and 23 months, six months of simple interest; For terms between 2 years and 47 months, nine months of simple interest; For terms 4 years and longer, 1 years of simple interest
- Terms range from 7 days to 10 years
- Interest compounded daily, deposited monthly
- Member FDIC
KeyBank KeyBank CD might be worth exploring if you want a variety of terms. However, the minimum opening deposit is a bit steep at $2,500, and online banks offer a higher interest rate regardless of the term.
Key Select Money Market Savings®
$20 monthly service fee
Varies by location
$5,000
- Earn high bonus rate for the first 6 months with qualifying activities
- Interest rate may be competitive after the first 6 months, depending on a variety of factors
- Unlimited check writing
- Link to your KeyBank checking account and use automatic transfers for free checking overdraft protection
- Low interest rate for certain balances
- High minimum opening deposit
- $20 monthly service fee (with the ability to waive - see product details)
- To earn 6 month bonus rate of 4.00% - 4.50% interest rate (2.41% – 2.92% blended APY): Open a new Key Select Money Market savings account. Deposit at least $25,000 to your Key Select Money Market Savings account or other eligible accounts. Maintain a balance of $25,000 to $1,999,999.99 with an increase in total relationship balances of at least $25,000. Rate varies by location.
- Key Select Money Market Savings is available in 15 states including AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
- To waive the monthly maintenance fee, you need to have either a KeyBank consumer relationship package checking account or a minimum daily balance of $25,000.
- There are 3 categories of interest rates: Bonus Rate, Relationship Rate, and Standard Rate
- If you qualify for Relationship Rates, you could enjoy higher APYs on balances of $5,000 - $5,000,000+
- How to earn KeyBank relationship rates: Make at least 5 qualified monthly transactions from your KeyBank checking account AND own at least one KeyBank non-checking account that qualifies for relationship rates
- Interest compounded daily, paid monthly
- Member FDIC
You have the potential to earn a high rate with the Key Select Money Market Savings®, but its interest rate system is complicated and difficult to keep up with over time. The account also has a high minimum opening deposit and monthly fee, unless you qualify to waive it.
How KeyBank Works
KeyBank has approximately 1,000 branches throughout the US. You'll find a brick-and-mortar location in the following states:
- Alaska
- Colorado
- Connecticut
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
KeyBank customers also have access to more than 40,000 ATMs through the KeyBank and Allpoint ATM networks.
You may like KeyBank if you want a bank that serves its local community.
Customer service is available 24/7 over the phone. Current members may also reach representatives using live chat from 7:00 a.m. to midnight ET on weekdays or 8 a.m. to 9 p.m. ET on weekends.
KeyBank's mobile app has 4.6 out of 5 stars in the Apple Store and 4.6 out of 5 stars in the Google Play Store.
The bank is FDIC insured.
Is KeyBank Trustworthy?
The Better Business Bureau rates businesses by how they address customer issues, advertise to consumers, and handle transparency. KeyBank has an A+ rating from the BBB.
KeyBank has been involved in some recent controversies.
In 2022, a National Community Reinvestment Coalition report claimed that of the 50 largest mortgage lenders in the U.S., KeyBank made the lowest percentage of mortgage originations to Black applicants. The report suggests KeyBank may be involved in redlining, a type of housing discrimination.
In 2021, the bank paid the State of New York Mortgage Agency $5 million in a settlement that claimed KeyBank had deceptive advertising regarding its "KeyBank Plus" program. Advertisements regarding the program stated KeyBank would help New York residents who didn't have a bank account by helping them cash checks for low fees. However, the State of New York Mortgage Agency conducted an investigation and found the program wasn't being executed properly.
How KeyBank Compares
KeyBank vs. PNC Bank
You might be interested in PNC Bank if you want to open a high-yield savings account. The PNC High Yield Savings® Account offers a 4.45% APY compared to the KeyBank Active Saver Account's 0.01% APY.
You might prefer KeyBank if you're interested in jumbo CDs, since PNC bank doesn't offer them. You can also open a KeyBank CD online, although you'll need to already be a member to do so.
KeyBank vs. Woodforest National Bank
If you're interested in opening a CD with a low minimum deposit, a Woodforest National Bank CD will be your best bet. Woodforest only requires $500 to open a CD, while KeyBank requires $2,500, which is higher than average.
If you're interested in opening a free checking account, KeyBank is probably a better bet. Key Smart Checking® doesn't come with any monthly service fees, while the Woodforest National Bank Woodforest Checking Account has a $6.95 monthly service fee.
Woodforest National Bank Review
Why You Should Trust Us: How We Reviewed KeyBank
We rate bank accounts on a scale from one to five stars. For KeyBank's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For KeyBank's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
