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Overall bank rating

Pros and cons

Savings

Annual Percentage Yield (APY)

0.01% APY

  • Pros & Cons
  • Details

  • Pros
    • $10 minimum opening deposit
    • Possible to waive monthly service fee
    Cons
    • 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. 

    Checking

    Annual Percentage Yield (APY)

    None

  • Pros & Cons
  • Details

  • Pros
    • No minimum balance
    • No monthly service fees
    • Free overdraft protection
    • Account alerts to avoid overdrawing
    • $10 minimum opening deposit
    Cons
    • $3 out-of-network ATM fee
    • $33 overdraft fee
    • Over 900 branches in 16 states across the US
    • Over 50,000 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 a line of credit
    • Member FDIC

    The KeyBank Smart Checking Account 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. 

    CD

    Annual Percentage Yield (APY)

    0.05% APY

  • Pros & Cons
  • Details

  • Pros
    • Variety of terms
    • Standard early withdrawal penalties
    Cons
    • 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’s CDs 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.

    Money market account

    Annual Percentage Yield (APY)

    0.01% to 0.02% APY

  • Pros & Cons
  • Details

  • Pros
    • $50 minimum opening deposit
    • Checking writing included
    • Debit card option
    • Possible to waive monthly service fee
    Cons
    • Low interest rate
    • $12 monthly service fee
    • $15 excess withdrawal/transaction fee
    • Over 1,000 branches in 16 states across the US
    • Over 50,000 free ATMs through the KeyBank and Allpoint ATM networks
    • Earn a standard rate of 0.01% APY regardless of your account balance
    • Earn a bonus rate of 0.02% APY during the first 3 months if you deposit at least $5,000 within the first 7 days of opening your account
    • Earn 0.02% APY on account balances over $5,000 if you have an engaged checking account and a credit product by KeyBank
    • To waive the $12 monthly service fee you must meet one of the following criteria: maintain a daily account balance of $5,000 or more each month; make a direct deposit of at least $25 each month; make an online banking transfer of at least $25 from another KeyBank account; have a KeyBank personal relationship package checking account (does not include KeyBank Smart Checking)
    • Interest compounded daily, deposited monthly
    • Member FDIC

    You may like the KeyBank Silver Money Market Savings Account if you’re able to maintain a high balance in your account to waive the monthly service fee. If you deposit at least $5,000 during the first seven days of opening the account, you’ll also earn 0.02% APY for the first three months.

    However, several


    online banks

    offer fee-free money market accounts that pay higher rates.

    How KeyBank works

    KeyBank has over 900 branches throughout the US. You’ll find a brick-and-mortar location in the following states:

    • Alaska
    • Colorado
    • Connecticut
    • Florida
    • Idaho
    • Indiana
    • Maine
    • Massachusetts
    • Michigan
    • New York 
    • Ohio
    • Oregon
    • Pennsylvania
    • Utah
    • Vermont
    • Washington

    KeyBank customers also have access to more than 50,000 ATMs through the KeyBank and Allpoint ATM networks.

    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 8:00 a.m. to 9:00 p.m. ET on weekends.

    KeyBank’s mobile app has 4.5 out of 5 stars in the Apple Store and 4.4 out of 5 stars in the Google Play Store.

    The bank is FDIC insured, so up to $250,000 is secure in an individual bank account.

    Is KeyBank trustworthy?

    The Better Business Burea rates businesses by how they address customer issues, advertise to consumers, and handle transparency. KeyBank has an A+ rating from the BBB. 

    A good BBB rating won’t guarantee that your relationship with the bank will be perfect. To see if KeyBank is a good match, read online customer reviewers or talk to current customers of the bank.

    KeyBank has been involved in one recent public controversy.

    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

    We compared KeyBank to two other national banks: PNC Bank and Woodforest National Bank.

    If you’d like to be able to visit a nearby branch, your choice between these three banks could ultimately boil down to which state you live in.

    KeyBank, PNC, and Woodforest National Bank are scattered in different states and don’t dominate a particular region. If you live in Florida, New York, Ohio, or Pennsylvania, you’ll have nearby branches from all three banks.

    You’ll also want to look at specific accounts and fees.

    You might prefer KeyBank or PNC if you plan to open a checking account. KeyBank has a free checking account that doesn’t require a minimum opening deposit. Meanwhile, PNC has a free checking account with budgeting tools and reimbursements on some out-of-network ATMs.

    If you’d like to open a savings account, all three banks offer pretty low rates on their traditional savings accounts. However, Woodforest is a good option for CDs. You’ll only need a minimum deposit of $500, and you’ll get a better interest rate than at other brick-and-mortar banks. 

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