KeyBank Review 2024 (2024)

Table of Contents
Pros Explained Cons Explained Who Is KeyBank Best For? Bank Accounts Offered by KeyBank Checking Savings Certificates of Deposit Money Market Accounts Other Products Offered by KeyBank Credit Cards Mortgages Other Loans Mobile App Customer Service Customer Satisfaction How to Bank With KeyBank Bottom Line Methodology

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KeyBank offers a variety of products with competitive rates and fees, but its products are only available to customers in select states

By

Kat Tretina

KeyBank Review 2024 (1)

Full Bio

Kat Tretina is is an expert on student loans who started her career paying off her $35,000 student loans years ahead of schedule. Her work has been published by Experian, Credit Karma, Student Loan Hero, and more.

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Updated April 30, 2024

Fact checked by

Brendan Harkness

KeyBank Review 2024 (2)

Fact checked byBrendan Harkness

Full Bio

Brendan Harkness is a senior editor of financial product reviews at Investopedia. He has spent almost a decade researching, writing, and editing content for financial and business publications about credit, banking, and credit cards. Previously, he was managing editor at Credit Cards Insider.

Learn about our editorial policies

KeyBank Review 2024 (3)

Our Take

If you live in one of the states where KeyBank operates, you may benefit from the bank's low account minimums and occasional special bonus offers. But KeyBank serves customers in a limited number of states, so not everyone will qualify for its products.

  • Pros & Cons
  • Key Takeaways
  • Company Overview

Pros & Cons

Pros

  • Variety of options for different customer types

  • Low checking and savings account minimums

  • Special bonuses on some accounts

See Also
KeyCorp Probability Of Bankruptcy 2024 | KEY | MacroaxisChristopher M. Gorman | University Hospitals

Cons

  • Lower-than-average APY on deposit accounts

  • Added fees for ATM use, overdrafts, and foreign transactions

  • High minimum deposit on CDs

Key Takeaways

  • KeyBank serves customers in 16 states.
  • It had $188 billion in assets as of December 31, 2024.
  • KeyBank offers a variety of products, including bank accounts, home loans, auto loans, personal loans, and student loan refinancing.
  • Customers can get assistance in person, online, or through a mobile app.
  • J.D. Power ranked KeyBank as the top regional bank for online banking satisfaction in its U.S. Online Banking Satisfaction Study.

Company Overview

KeyBank is a regional bank that serves customers online and through about 1,000 branches located in 16 states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.

KeyBank was founded in 1825 in Albany, New York, as a bank for New York residents. Since then, the bank has expanded to serve customers in other states and is now headquartered in Cleveland.

KeyBank provides a broad range of products and services, including bank accounts with bonus offers, loans, insurance products, and investment services. It also has business banking options, including bank accounts, business credit cards, and payroll services.

  • Account TypesChecking, savings, CDs, MMAs, mortgages, personal loans, home equity loans/LOCs, HSAs, credit cards, investments
  • State AvailabilityAK, CO, CT, FL, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA
  • Branch LocationsYes, approximately 1,000 banks
  • ATM Network40,000 ATMs; KeyBank and Allpoint networks
  • Mobile AppYes; Apple, Android
  • Min. Balance to Earn Interest (Savings)$10
  • Min. Balance to Earn Interest (CDs)$2,500
  • Min. Balance to Earn Interest (MMAs)$5,000

Table of Contents

KeyBank Review 2024

  • Pros Explained

  • Cons Explained

  • Who Is KeyBank Best For?

  • Bank Accounts

  • Other Products

  • Mobile App

  • Customer Service

  • Customer Satisfaction

  • How to Bank With KeyBank

  • Bottom Line

  • Methodology

KeyBank Bonus Offers - Expiring June 21, 2024

KeyBank currently offers a couple public account bonuses for new checking customers. Open one of the following accounts by June 21, 2024 and complete qualifying activities to earn a bonus.

  • Key Smart Checking:Earn a $200 bonus by receiving one direct deposit of at least $500 within the first 60 days.
  • Key Select Checking:Earn a $200 bonus by receiving one direct deposit of at least $500 within the first 60 days.

See otherchecking account bonus offersandsavings account bonus offersto compare promotions from a variety of banks.

Browse our picks for the top online banks or see the best accounts of various types, whether you just want a simple spending solution or you want to earn excellent interest on your savings.

Pros Explained

  • Variety of options for different customer types: While some banks have limited, one-size-fits-all account options, KeyBank has several banking products that are more tailored, such as accounts for children under the age of 18 or people with a higher net worth.
  • Low checking and savings account minimums: KeyBank has multiple checking and savings account options, including some with $0 minimum deposit requirements. For those with limited funds looking to open a first bank account, low minimum deposits may be appealing.
  • Special bonuses on some accounts: KeyBank occasionally runs bonus offers for customers. Typically, bank bonuses are a one-time windfall. But with KeyBank’s Select Checking account, you can get an annual bonus for as long as you have the account open.

Cons Explained

  • Lower than average APY on deposit accounts: Although KeyBank may sometimes have promotional offers with higher annual percentage yields (APYs), the majority of KeyBank's savings accounts and CDs usually have lower-than-average rates. You can likely grow your money much faster with other banks or credit unions.
  • Added fees for ATM use, overdrafts, and foreign transactions: Although you can qualify for waivers of monthly account fees with KeyBank, be aware that the bank charges other fees. It charges fees for using non-network ATMs, immediate fund accessibility, and foreign transactions, for example.
  • High minimum deposit on CDs: You must deposit at least $2,500 to open a certificate of deposit (CD) account with KeyBank. That minimum is much higher than other banks require; some other banks, such as Marcus or Ally Bank, allow you to open a CD with $500 or less.

Who Is KeyBank Best For?

KeyBank could be a useful banking option for customers who live in its 16-state service area and want to open an account with a low minimum deposit. KeyBank has several accounts you can open with $0, and some accounts have no monthly fees (or fee waivers with easy qualification requirements), making them particularly useful for young adults or those just starting out.

KeyBank can be a good choice if you want to keep all (or most) of your finances in one place because it has a nice selection of account types. And if you prefer in-person banking assistance, you may find a nearby branch where you can build a local banking relationship.

However, KeyBank's rates on savings and other deposit accounts are often low or not quite competitive with the best rates, so those who want to maximize their savings should look elsewhere for a high-yield savings account or CD.

Bank Accounts Offered by KeyBank

As a full-service bank, KeyBank has several deposit account options available, including:

  • Checking accounts
  • Savings accounts
  • Certificates of deposit
  • Money market accounts

Checking

KeyBank Checking Accounts
AccountMin. Opening DepositMonthly Fee
KeyBank Hassle-Free Checking$10$0
Key Smart Checking$0$0
Key Select Checking$50$25

KeyBank has three checking account options to cater to different customer groups. The three accounts differ in their opening deposit requirements, fees, and bonus offers.

  • Hassle-Free Checking: The Hassle-Free checking account is free from monthly fees, but it's a checkless account. You can make payments and transfer money from your account, but you must do so via debit card or electronic transfer rather than writing checks.
  • Key Smart Checking: With a low minimum deposit requirement of just $10 and no monthly fees, the Key Smart Checking account is an excellent option for those who want a basic account with a debit card and check-writing privileges.
  • Key Select Checking: Key Select Checking is an interest-bearing checking account that's best for working adults with mid to high incomes. It has a monthly fee, but you can qualify for a fee waiver by maintaining a balance of $15,000 or more or receiving at least $5,000 per month in direct deposits. This account also offers a cash bonus: If you receive at least $60,000 in direct deposits in 12 months and meet other requirements, you'll receive a $100 bonus. You can earn this bonus every year.

Savings

KeyBank Savings Accounts
AccountMin. Opening DepositMonthly Fee
Key Active Saver$10$4
Key4Kids Savings$0$0
  • Key Active Saver: This account can be opened with as little as $10. Though it has a monthly fee, that can be waived if you have a KeyBank checking account.
  • Key4Kids Savings: The Key4Kids account is for children under age 18. It could be a good way for kids to learn about money and saving, but you can likely get much better kids’ savings account rates with other banks or credit unions.

KeyBank's APYs tend to be low, but it does have one helpful feature if you also have a KeyBank checking account: EasyUp. With EasyUp, every time you use your debit card KeyBank will move $1 to $5—depending on your account settings—from your checking account to your savings account. Over time, these small transfers can add up and help build your savings.

Certificates of Deposit

KeyBank Certificates of Deposit
AccountTerm RangeMinimum Deposit
Short-Term1–179 days$2,500
Tiered6-120 months$2,500
Jumbo7 days-120 months$100,000
  • Short-term: A short-term CD could be a good choice for those who don't want to tie up their money for longer than six months. These CDs have terms of 1 to 179 days and, like other CDs, they pay a fixed rate of interest.
  • Tiered: The tiered CD pays a higher interest rate on higher balances.
  • Jumbo: Jumbo CDs from KeyBank require deposits of $100,000 or more, and you can lock in your APY for up to 10 years.

Learn more and see KeyBank’s current CD rates.

Although KeyBank does advertise some higher-than-average CD rates, the higher APYs usually only apply to specific promotional terms. On all other CD terms, KeyBank's rates tend to be lower than the national average.

KeyBank does pay a relationship bonus on some CD terms. If you have an existing KeyBank account, you may be eligible for a higher APY on select terms.

All of KeyBank's CDs charge penalties if you withdraw money before the CD's maturity date. The penalty varies based on the length of your CD's term.

Money Market Accounts

KeyBank Money Market Accounts
AccountMin. Opening DepositMonthly Fee
Key Select Money Market Savings$5,000$20

Money market accounts (MMAs) usually pay higher rates than savings accounts, so they can be a useful alternative to your typical checking or savings account. However, KeyBank's MMA may not have a competitive APY, so it may not be the best choice if you're looking to earn interest (see the best money market account rates instead).

You must have at least $5,000 to open a KeyBank money market account, and it has a $20 monthly fee. The fee can be waived if you maintain a minimum daily balance of $25,000 or maintain a KeyBank consumer relationship package checking account.

Other Products Offered by KeyBank

KeyBank is a full-service financial services company, so it offers a broad range of products. Other accounts and services offered by KeyBank include:

  • Credit cards
  • Mortgages
  • Home equity loans and home equity lines of credit (HELOCs)
  • Car loans
  • Personal loans
  • Student loan refinancing

Credit Cards

KeyBankCredit Cards
Credit CardAnnual FeeRewards
Key Cashback$0Up to 2% cash back
KeyBank Latitude$0None
Key Secured$0None
Key2More Rewards$05 points per $1 spent

KeyBank has four credit card options, ranging from a basic secured card for those looking to rebuild their credit to a card with a long balance transfer introductory offer. None of the cards have an annual fee.

  • Key Cashback: If you’re a KeyBank checking customer, you can earn up to 2% cash back on every purchase. The card also gives you 12 months at 0% APR for balance transfers.
  • KeyBank Latitude: The KeyBank Latitude is a balance transfer card. New customers can get 0% APR for 15 months on balance transfers and purchases; transfer fees apply.
  • Key Secured: The Key Secured card requires a security deposit of at least $300, and it reports your activity to the major credit bureaus so you can build your credit (assuming you use the card responsibly).
  • Key2More Rewards: The Key2More Rewards is a rewards credit card that provides 5 points per $1 spent on eligible purchases. It also comes with a 0% APR offer for balance transfers and purchases for the first six months.

In the market for a new credit card? See our picks for the best credit cards for a variety of situations, like travel, grocery shopping, balance transfers, and business or student spending.

Mortgages

KeyBank has several mortgage programs available for those looking to buy a home. It offers mortgage options with low down payments, specialty mortgages for healthcare professionals, and government-backed loans:

Existing homeowners can also borrow against the equity they build with a KeyBank home equity line of credit (HELOC).

Shopping for a home loan can be tedious, but taking the time to check rates from several lenders can pay off. Browse our top picks to explore your options:

Other Loans

KeyBank Loans
Loan TypeLoan AmountsLoan Terms
KeyBank Personal Loan$2,000–$100,000 (must visit a local branch for $50,000 or more)12–84 months
KeyBank Preferred Line of Credit$2,000–$25,000Not disclosed
KeyBank Secured Personal Loan$5,000–$100,00012–60 months
KeyBasic Credit Line$250–$5,000Not disclosed
Home Improvement Loan$5,000 and up (must visit a local branch for $50,000 or more)12–84 months
Auto and Motorcycle Loans$5,000 and up12–72 months
Boat & RV Loans$5,000 and up12–240 months
Student Loan Refinancing$5,000 and up5–20 years

KeyBank's loan products aren't always available in all of the states in which the bank operates; depending on the product, only customers in certain states may qualify.

With many online banks, traditional banks, and credit unions offering loans nationwide, you have quite a few options to choose from (especially if you have good credit). Simplify your search by checking out our top picks:

Mobile App

KeyBank has a highly rated mobile app for Android and iOS devices. The app allows you to monitor account balances, set up direct deposit, lock your debit or credit cards, transfer money between accounts, pay bills, and transfer money to friends and family through Zelle.

Customer Service

If you need to reach customer support, you can visit a branch in person, chat live with a representative, or contact the bank by phone.

MethodContactAvailability
Telephone(800) 539-296824/7
ChatKeyBank websiteWeekdays: 7 a.m.–12 a.m. ET
Weekends: 8 a.m.–9 p.m. ET
X@KeyBank_HelpWeekdays: 7 a.m.—7 p.m. ET
Weekends: 9 a.m.–1 p.m. ET

Customer Satisfaction

KeyBank's reputation for customer satisfaction is mixed. It was the top-ranked regional bank in the J.D. Power U.S. Online Banking Satisfaction Study, but the limited number of customer reviews on review sites are less positive.

On Trustpilot, KeyBank has a score of 1.5 out of 5 stars (“Bad”) based on 85 reviews. In several reviews, customers complained about issues connecting with customer support or delays in receiving a response. The story is similar at the Better Business Bureau, where KeyBank has a customer rating of 1.15 out of 5 based on 158 reviews.

How to Bank With KeyBank

If you want to open an account with KeyBank, you must live in one of the 16 states where it operates. You can open an account in person at a local branch or online.

To open an account, you must be at least 18 and provide your Social Security number and a government-issued ID, such as your driver's license.

In many cases, you should also be prepared to make an initial deposit. Minimum deposit amounts vary depending on the type of account.

Bottom Line

For customers looking for one bank for all of their financial needs, KeyBank could be a useful option. It’s a full-service financial services company that offers everything from checking accounts to investment services.

Though it has several bank accounts with no monthly fees, it pays lower-than-average rates on most accounts. And with a limited service area, most customers will have to look elsewhere for a bank.

KeyBank offers a nice variety of products, but it has some limitations. Browse other options to make an informed decision for your banking needs.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutions. We researched 19 institutions, reviewing account types, rates, fees, minimum balance requirements, rewards, customer service, and mobile apps. Our research and editorial processes are designed to ensure that our reviews help users make informed decisions for their banking needs.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.

KeyBank Review 2024 (2024)
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