At a glance

3.7

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

KeyBank is best for those who live in its 15-state branch footprint and prefer a regional bank. It offers a full range of deposit products, some of which require low minimum deposits and fees that are easy to avoid.

Highlights

Free Checking
Highly Rated App

Overall

KeyBank is a regional bank that offers deposit accounts to residents of the 15 states where it maintains branches. Customers have access to more than 1,000 branches and 40,000 fee-free ATMs. Checking, savings and money market accounts are available, as well as a wide range of certificate of deposit (CD) terms. But overall, you’ll need to look elsewhere to find competitive rates.

Pros

KeyBank operates around 1,000 bank branches in 15 states.
Customers have fee-free access to more than 40,000 ATMs.
A wide variety of CD terms is offered.

Cons

You can find higher rates on deposit products elsewhere.
Many other banks require lower minimum deposits on CDs and money market accounts.

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KeyBank banking products

2.6

Bankrate Score

Compare top savings rates

KeyBank savings overview

You only need $10 to open the Key Active Saver account. As long as you’re an owner of a KeyBank consumer checking account, you’ll have the $4 monthly service fee waived. Every balance earns interest, but it's well below the national average.

The account comes with an automatic savings feature called EasyUp, which transfers $1 into your savings for every debit card purchase made from a linked checking account.

The Key4Kids Savings Account, available to those under 18, charges no monthly maintenance fee. The account needs to be opened in person at a branch, with a custodian who’s a customer of the bank, and the minimum opening deposit is just $10.

Pros

You only need $10 to open either of the savings accounts.
The Key Active Saver account can be opened online or at a branch.

Cons

The APY is well below the national average.
Having a checking account with KeyBank is required to avoid the $4 monthly service fee on the Key Active Saver account.

Rate history for KeyBank's Savings account

KeyBank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

KeyBank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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KeyBank CD overview

KeyBank offers a wide selection of CDs, ranging from seven days through 10 years.

You will need to deposit at least $2,500 to open a CD, which is steeper than what some other banks require. While most terms earn very little interest, KeyBank currently offers two promotional rates, on its eight- and 11-month terms, that are very competitive. A slightly higher APY is earned for these terms if you deposit $10,000 or more.

KeyBank also offers Jumbo CDs for those depositing at least $100,000. A competitive rate is offered on the 11-month jumbo CD as of this review.

Pros

KeyBank offers a wide selection of CD terms.
Jumbo CDs are available.
Some competitive promotional rates are available.

Cons

You’ll need at least $2,500 to open a CD.
You can find more competitive rates for non-promotional terms elsewhere.

2.4

Bankrate Score

Compare top money market rates

KeyBank money market overview

KeyBank’s Select Money Market Savings Account can be opened either online or at a branch, and it requires a $5,000 minimum opening deposit.

There is a $20 monthly maintenance fee, which can be waived if you maintain a $25,000 minimum daily balance or have one of three KeyBank checking accounts. Through the tiered rate structure, customers with a relationship checking account and balances of more than $25,000 earn the highest yields. Still, even with the relationship rate, higher rates can be found elsewhere.

Customers can make an unlimited number of check withdrawals from the account.

Pros

The account comes with unlimited check-writing privileges.

Cons

You can find higher yields elsewhere if you shop around.
The minimum amount required to open the account is high.
The requirements to avoid the monthly maintenance fee are steep.

4.5

Bankrate Score

Compare top checking rates

KeyBank checking overview

Key Smart Checking doesn’t charge a maintenance fee and you only need to deposit $10 to open the account, making it an accessible option for consumers in the bank’s branch footprint.

The overdraft fee it charges ($20) is slightly lower than what some other banks charge. But KeyBank charges another $20 fee if the account remains overdrawn by more than $20 for more than five days. If the item is returned unpaid, there’s no fee.

KeyBank offers two additional checking accounts. The KeyBank Hassle-Free Account doesn’t charge a monthly maintenance fee or overdraft fees. The Key Select Checking account is interest-bearing and has a waivable $25 fee. It also offers up to $6 monthly in ATM fee rebates.

Depending on which account you have, you may have to pay $3 if you use an out-of-network ATM. But KeyBank partners with Allpoint ATMs, so you can use more than 40,000 ATMs across the country for free. You will also have access to Zelle on the bank’s mobile app to make person-to-person payments.

Pros

Key Smart Checking doesn’t charge a maintenance fee.
You only need to deposit $10 to open the account.
You can use more than 40,000 ATMs across the country for free.
There’s no NSF fee.

Cons

Key Smart Checking charges $3 for out-of-network ATM transactions.
Overdraft fees can add up substantially if not paid off quickly.

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Bank fees

Fee	Charged?
Overdraft fee	$20
Non-sufficient funds fee	None
Account maintenance fees (if requirements not met)	$4 for savings; $20 for money market; None for checking
Out-of-network ATM fee	$3
Stop payment	$34

About KeyBank

Based in Cleveland, KeyBank operates around 1,000 full-service branches in 15 states. It offers CDs, money market accounts, savings accounts and checking accounts.

The regional bank ranked fourth as an affordable housing lender by Affordable Housing Finance in 2022. However, the bank received criticism from the National Community Reinvestment Coalition for failing to deliver on a pledge it made to the organization to assist low- to moderate-income and Black home loan borrowers.

KeyBank is also invested in renewable energy, having committed $8.4 billion to renewable energy projects in 2022.

Customer experience

Branch and ATM access. KeyBank has more than 1,000 branches in 15 states, and customers have fee-free access to more than 40,000 ATMs nationwide.

Customer service. Customer service representatives are available by phone to handle banking inquiries Monday through Friday from 7 a.m. to 12 a.m. ET, and on Saturday and Sunday from 8 a.m. to 9 p.m. ET. You can call a local bank branch or use the bank’s website to schedule an appointment with a branch manager in your neighborhood — including to get a financial wellness review.

Well-rated app. Overall, the bank’s app receives favorable reviews from both Android and Apple users. It can be used to check balances, pay bills and set up account alerts and automatic transfers between accounts.

Scored highly for online banking. KeyBank ranked first among regional banks in J.D. Power’s 2023 Online Banking Satisfaction study.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

KeyBank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about KeyBank

KeyBank banking products

KeyBank savings overview

Pros

Cons

Rate history for KeyBank's Savings account

KeyBank CD overview

Pros

Cons

KeyBank money market overview

Pros

Cons

KeyBank checking overview

Pros

Cons

Bank fees

About KeyBank

Customer experience

Review methodology

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