Our take: KeyBank is a full-service monetary establishment, however its major power lies in its checking accounts. With decisions that embody fundamental fee-free checking and an online-only choice in addition to relationship accounts, KeyBank gives a sturdy choice of checking merchandise prospects can use alone or together with different accounts for max management over their funds.
- Customer Service
- Ease of Use
- Breadth of Products
- Digital Experience
How did we calculate this?
- Accounts don’t have any charges or waivable charges
- Health financial savings accounts obtainable
- Excellent customer support choices
- Robust cellular app
- Fees are excessive, and you may want excessive balances to waive them
- Rates are low on interest-bearing merchandise
- Not all accounts will be opened on-line
- Must reside in one in every of 15 states served to bank with KeyBank
Headquartered in Cleveland, KeyBank is presently the 18th-largest bank within the United States. The bank affords quite a few private and enterprise monetary merchandise, plus funding and insurance choices.
Backed by its 190-year historical past, KeyCorp, the holding firm by means of which KeyBank operates, has amassed $170.5 billion in property, and the corporate earned $4.9 billion in income for the nine-month interval ending Sept. 30, 2020.
With greater than 1,000 full-service branches in 15 states, KeyBank serves a large swath of the nation. GOBankingRates has ranked KeyBank as one of many Best Regional Banks of 2021.
KeyBank has a complete choice of merchandise. Whether you’re searching for your first bank or are contemplating a swap, there’s a superb probability you’ll discover the services you want at KeyBank.
|Checking Accounts||Large community of no-fee ATMs|
|Savings Accounts||SimpleUp program to automate saving|
|Money Market Account||Higher curiosity with promotional and relationship charges|
|CDs||Higher curiosity than financial savings accounts and phrases starting from one week to 10 years|
|Home Loans||A variety of standard, government-backed and specialty proprietary merchandise to buy or refinance a house|
|Personal Loans and Lines of Credit||Secured and unsecured loans with mounted and variable charges|
|Vehicle Loans||Fast approval for loans to buy or refinance a automobile, motorbike, boat or RV|
|Student Loan Refinancing||KeyBank prospects earn 0.25% fee low cost|
|Credit Card||Cash-back rewards and 0% introductory fee|
|Investing||Building wealth, saving for school prices and funding your retirement|
KeyBank Checking Account
With 5 completely different decisions, together with the online-only KeyBank Hassle-Free Account with no month-to-month service price, there’s a checking account for everybody. Whether you’re searching for a fundamental account with no minimal steadiness or a checking account that earns curiosity, KeyBank has the answer. Get additional perks if you additionally open a financial savings account or cash market account with KeyBank.
- No service price on noninterest-bearing account
- Waivable month-to-month service charges on Key Advantage Checking, Key Privilege Checking and Key Privilege Select Checking vary from $18 to $50
- Key Privilege Checking and Key Privilege Select Checking eligible for relationship charges
- No ATM price if you use a KeyBank or Allpoint ATM with Key Smart Checking, Key Advantage Checking and Hassle-Free accounts; no KeyBank price charged for utilizing different banks’ ATMs to withdraw cash from Key Privilege Checking and Key Privilege Select Checking accounts
- Overdraft price of $33 to $38.50; $28.50 prolonged overdraft service cost for accounts overdrawn for 5 or extra consecutive enterprise days
- Large community of fee-free ATMs
- Decent choice of interest-bearing accounts
- Can use any KeyBank cash market or financial savings account besides HSA and KEY4KIDS free of charge overdraft transfers
- Relationship reductions on loan merchandise if you preserve qualifying steadiness in Key Privilege and Key Privilege Select accounts
- High overdraft charges
- $3 out-of-network ATM price for Key Smart Checking, KeyBank Hassle-Free Account and Key Advantage Checking
- Low APY of 0.01% on interest-bearing accounts
- High month-to-month service charges require excessive balances to waive
KeyBank Savings Account
KeyBank affords three financial savings account choices. Key Active Saver is the fundamental financial savings account. KEY4KIDS is the bank’s financial savings account for youngsters underneath 18. And, for eligible prospects, KeyBank has a well being financial savings account providing tax-free withdrawals for certified healthcare spending.
The bank’s free SimpleUp program automates saving each time you utilize your KeyBank checking account debit card to make a purchase order.
- Savings accounts don’t have any or minimal opening deposit necessities
- No month-to-month service price on KEY4KIDS; service charges for different accounts are waivable
- SimpleUp mechanically transfers $1 out of your KeyBank checking account to any of your KeyBank financial savings accounts, besides a well being financial savings account, with a debit card buy
- SimpleUp program will be personalized for computerized financial savings of 10 cents to $5 with every debit card buy
- KEY4KIDS financial savings account curiosity is compounded every day
- No cost for overdraft safety transfers from eligible financial savings accounts
- Low 0.01% commonplace annual share yield for Key Active Saver financial savings account
- Must go to a department to open a KEY4KIDS financial savings account or get fee data
- $4 month-to-month service price on Key Active Saver account until you will have a KeyBank checking account
KeyBank Money Market Account
Money market accounts are a good selection for patrons who count on to keep up a excessive financial savings steadiness and produce other banking or lending accounts with KeyBank. You have two cash market accounts to select from: Key Silver Money Market Savings and Key Gold Money Market Savings. The Key Gold account affords barely higher charges, but it surely requires a a lot larger minimal opening deposit.
- Three-month promotional bonus fee with qualifying opening deposit
- Eligible for relationship charges of 0.02% to 0.05%, relying on account
- Waivable month-to-month service price
- Minimum deposit of $5,000 for Key Silver account and $25,000 for Key Gold account
- Can be used for overdraft safety
- Relationship charges are higher than commonplace charges
- No price for overdraft safety transfers into checking account
- Money markets qualify for SimpleUp program
- Low commonplace APYs of 0.01%
- High minimal steadiness required for cash market promotional charges
- Opening deposits have to be from new-to-KeyBank funds to qualify for promotional bonus charges
KeyBank CD Account
KeyBank certificates of deposit charges can develop your funds quicker than an everyday financial savings or cash market account. Choose between a short-term, tiered or jumbo CD. You can open a short-term or tiered account with a minimal of $2,500; jumbo CD accounts require a minimal deposit of $100,000.
- Short-term CD phrases of seven days to lower than six months; tiered CD phrases of six months to 10 years; jumbo CD phrases of seven days to 10 years
- Interest compounded every day
- Automatic renewal into similar CD product and time period
- Higher charges than conventional financial savings accounts
- Earn relationship charges by pairing CD account with Key Advantage Checking, Key Privilege Checking or Key Privilege Select Checking account
- Wide choice of phrases to select from
- Can be opened on-line
- Relationship charges for certified accounts
- Rates are the identical for all CDs and phrases
- Initial deposits have to be from non-KeyBank funds to qualify for promotional charges
- For jumbo CD, $50,000 of $100,000 minimal deposit should come from non-KeyBank funds to qualify for relationship reward
KeyBank has an online-only Hassle-Free Account for patrons who don’t want a bank with bodily branches. Anyone else within the 15 states the place KeyBank operates can bank on-line or in individual at one in every of 1,000-plus full-service department places. A community of greater than 40,000 KeyBank and Allpoint ATMs enables you to entry your cash on the go.
Help is accessible if you want it, by way of on-line help, reside chat and a 24/7 customer support quantity.
Live chat is accessible by way of on-line banking. The chat choice is open Monday by means of Friday from 7 a.m. to midnight and Saturdays and Sundays from 8 a.m. to 9 p.m. ET.
Online and cellular banking provide you with full management over your accounts. Customers have rated the cellular app for Android with 4 out of 5 stars and 4.4 for iOS. It is accessible from Google Play and the App Store.
You can open most accounts on-line by way of the web site or app. Once enrolled in on-line banking, log in to your account any time to maintain monitor of your balances, deposit checks, pay payments, switch funds between accounts and even ship money to household and mates. Fingerprint and face ID login and account alerts shield your accounts in opposition to theft and fraud.
How To Open a KeyBank Account
Once you’ve determined which account you wish to open, test the opening deposit necessities to be sure you have the funds. You can use money should you’re opening the account in individual. Otherwise, you’ll want an current bank account or a credit or debit card.
Most accounts will be opened on-line in lower than quarter-hour, however you’ll want to go to a department to open a KEY4KIDS financial savings account. For any account, you’ll want the next:
- Driver’s license or different state ID
- Social Security quantity or different tax ID
How To Make a Deposit
In addition to depositing checks or money in individual at a department workplace, you should utilize cellular test deposit or deposit money or checks at an ATM. For recurring funds reminiscent of payroll and Social Security, you may join direct deposit and have the funds electronically deposited into your account.
Customer service quantity: 800-539-2968
Routing quantity: See routing numbers by state
Promotions: See Newest KeyBank Promos and Bonuses
Login: KeyBank Login Help
Most KeyBank accounts have month-to-month service charges proportionate to account perks and minimal deposits, however charges will be waived by assembly sure steadiness or deposit necessities. Fees for extreme withdrawals from financial savings accounts are additionally tiered, so the price is much less steep for the fundamental financial savings account than for cash market accounts. However, these and the excessive overdraft price are avoidable.
Here’s a take a look at KeyBank charges:
|Monthly Service Fee||$0 to $50, relying on account|
|Overdrafts||$33 every after first two per 12-month interval; $38.50 for every further; $28.50 prolonged overdraft price for accounts overdrawn 5 consecutive enterprise days|
|Excessive Withdrawal||$5 to $15|
|Return Deposit||Up to $15|
|Domestic Wire Transfer (Outbound)||$30|
|Domestic Wire Transfer (Inbound)||$20|
|Non-KeyBank ATM||$0 to $3|
KeyBank vs. Competitors
Here’s a take a look at how KeyBank compares to different main banks:
|KeyBank||Selection of relationship accounts|
|PNC Bank||Virtual Wallet combining spending, reserve and progress accounts|
|Wells Fargo||Low, easy-to-waive account charges|
|U.S. Bank||Advanced cellular app with digital assistant|
KeyBank vs. PNC Bank
PNC, like KeyBank, has a protracted historical past of serving bank prospects and their communities. Its Virtual Wallet product makes PNC a good selection for patrons who want an uncomplicated technique to handle their budgets. However, Virtual Wallet is the bank’s most popular checking account, and it won’t be suited to everybody. KeyBank’s choice of checking accounts makes it a far much less restrictive selection.
KeyBank vs. Wells Fargo
Wells Fargo stays one in every of America’s “Big Four” banks, and as such, it has among the many most complete alternatives of account varieties. It additionally has about 5,300 department places all through the U.S., so it’s a more sensible choice for anybody who prefers to do their banking in individual however doesn’t reside in one of many 15 states KeyBank serves. But the identical kind of buyer is prone to think about good customer support a precedence, and that’s an space the place KeyBank shines.
KeyBank vs. US Bank
As America’s fifth-largest bank, U.S. Bank is considerably bigger than KeyBank. That exhibits in its providers, reminiscent of a complicated cellular app you may question about your account utilizing simply your voice. Despite its dimension, U.S. Bank doesn’t essentially present the perfect worth in its banking merchandise. For instance, KeyBank’s CD charges are extra aggressive.
As one in every of America’s largest monetary establishments, KeyBank has a wide selection of checking, financial savings and cash market accounts in addition to CDs. Although account charges will be steep, most will be averted. Customers who keep on with the fundamental checking and financial savings accounts can keep away from month-to-month charges altogether. Add to that a big community of free ATMs and aggressive CD charges, and it’s clear that KeyBank is value a detailed look by anybody contemplating a swap.
A major good thing about KeyBank is that prospects have loads of decisions after they have questions or want help. The customer support web site has a complete library of articles and an FAQ part you may go to for fast solutions. Live help can also be obtainable if you want it, by way of reside chat with prolonged weekday hours and a 24/7 customer support line.
Here are the solutions to some generally requested questions on KeyBank.
- How do I test my steadiness with KeyBank?
- You can test your steadiness utilizing on-line or cellular banking, by calling 800-539-2968 and following the voice prompts, or by visiting a department.
- What do that you must open a KeyBank account?
- To open a KeyBank account you may want your Social Security quantity or different tax ID, a driver’s license or state ID, and a suitable funding technique, reminiscent of a bank test.
- How can I open a KeyBank account?
- You can open most accounts on-line. To open a KEY4KIDS kids’s financial savings account, go to your nearest department location.
- How lengthy does it take to switch cash from KeyBank?
- If outgoing wire transfers are acquired by 5:30 p.m. ET, the funds will likely be launched the next morning.
- How lengthy does KeyBank maintain checks?
- Checks deposited by 11 p.m. ET by way of cellular app may be obtainable the subsequent enterprise day. Otherwise, the funds can be found the second enterprise day.
- Checks deposited in a department usually can be found the subsequent enterprise day. A teller will inform you if there will likely be a maintain for a particular cause.
- Does KeyBank supply free cash for signing up for an account?
- Yes. KeyBank is providing the next energetic promotions:
- — Earn a $200 bonus if you open a Key Smart Checking, Key Advantage Checking, Key Privilege Checking or Key Privilege Select Checking account on-line by Jan. 22 and make a minimal qualifying deposit inside 60 days.
- — Employees whose employers take part in KeyBank’s [email protected] program earn a $250 [email protected] bonus by enrolling in this system and opening an eligible account by Jan. 15 after which making a minimal qualifying deposit inside 60 days.
KeyBank beforehand supplied a $400 bonus for opening an eligible account and making only one $500 direct deposit inside 60 days. That supply expired Dec. 11, however you continue to have time to earn free cash by profiting from the KeyBank promotions listed above.
- Yes. KeyBank is providing the next energetic promotions:
Valencia Higuera contributed to the reporting for this text.
Rates are topic to alter; until in any other case famous, charges are up to date periodically. All different data on accounts is correct as of Dec. 8, 2020.
This content material shouldn’t be offered by KeyBank. Any opinions, analyses, evaluations or suggestions expressed on this article are these of the creator alone and haven’t been reviewed, permitted or in any other case endorsed by KeyBank.