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KeyBank Review: A Well-Known All-Rounder With Disappointing APYs

Review Updated
Kailey Hagen
Cole Tretheway
By: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Our Banking Experts

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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Member FDIC.

KeyBank

Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

KeyBank offers a robust array of banking products and it has a large national presence. But it has a hard time competing with the high APYs of online banks. However, those who prefer in-person banking could qualify for higher rates if they open multiple accounts with the bank.

Pros
  • Good mix of banking products offered
  • CDs with rare term lengths
Cons
  • Low APYs
  • Below-average customer ratings

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Is KeyBank right for you?

KeyBank could be a good fit for you if:

  • You're interested in opening multiple accounts with a single bank.
  • You want to open CDs with terms under six months or longer than five years.
  • You prefer visiting a branch to banking online.

Monthly fees

KeyBank charges monthly maintenance fees on some interest-bearing accounts. Fees are $4 to $20 and can be waived, though the requirements can be strict. Be prepared to set up heavy direct deposits or keep tens of thousands of dollars in your accounts to avoid fees.

Savings accounts

KeyBank has two savings accounts: one for adults and one for children.

Key Active Saver® Account

The Key Active Saver® Account has a waivable monthly fee and a modest minimum balance requirement. It also includes online and mobile banking tools with automated savings features. But it's unlikely to appeal to those seeking a high annual percentage yield (APY). As a brick-and-mortar bank, its rates are pretty low.

  • The Key4Kids® Savings Account is similar to the Key Active Saver® Account for adults except it has no monthly fee. It also doesn't permit overdrafts. This account is aimed at children under 18 years old, but it requires the parent or guardian to have an account with KeyBank as well.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
5.15%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A

Certificates of deposit

KeyBank has three types of certificates of deposit (CDs).

Key Short-Term CDs

KeyBank's short-term CDs have terms ranging from seven days to less than six months. You don't often see terms this short with most other banks, so it could be a good option for those looking to build a short-term CD ladder. The minimum balance requirement is a little higher than what you see with some competitors, though, and the APYs are pretty low.

  • The Key Tiered CDs are traditional CDs with terms ranging from six months to 10 years. It's rare to see CD terms longer than five years, so KeyBank might also appeal to those hoping to build a long-term CD ladder. But it is possible to find other providers that offer these terms with more competitive APYs.

  • KeyBank's jumbo CDs require a $100,000 minimum deposit. This is pretty typical of jumbo CDs, which is why you don't see them with too many other banks. Terms range from seven days to 120 months, so there's plenty of flexibility here. But again, it's hard to overlook those low APYs.

Compare CD rates

Rates as of Aug. 20, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.60% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 5.20% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 5.10% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

KeyBank currently offers three checking accounts, which are discussed in detail below. They're all backed by FDIC insurance.

Key Smart Checking®

The Key Smart Checking® account doesn't have any checking account fees or minimum balance requirements. It includes a debit card and paper checks as well as online and mobile banking tools. However, it doesn't earn any interest.

  • The Key Advantage Checking® account is an interest-bearing checking account, though its rates are pretty low. Still, there are many checking accounts that don't offer interest at all, so even a low rate is better than nothing. The account has a monthly maintenance fee, but there are several options to waive it.

  • The KeyBank Hassle-Free Account® doesn't have any maintenance fee or balance requirements, but it also doesn't include check-writing capabilities and it doesn't earn interest. Customers interested in a fee-free checking account from KeyBank would be better off going with the Key Smart Checking® account described above.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Money market accounts

KeyBank offers one money market account.

The Key Select Money Market Savings® Account has a waivable monthly fee and reasonable minimum balance requirements. There's a six-month promotional APY for those who have at least $25,000 in the account, but it's still low compared to that of the best online banks.

Customer experience

KeyBank has subpar customer service reviews, but customers seem to like the mobile app.

Customer reviews

KeyBank has mixed reviews. On one hand, its BBB score indicates that bank representatives respond to most customer complaints. On the other hand, its Trustpilot review is less than 2.0, which is about the standard for brick-and-mortar banks. It scores better than Bank of America (1.4) and U.S. Bank (1.3) as of writing.

  • Better Business Bureau rating: A+
  • Trustpilot rating: 1.7

Customer service

Reviews indicate customer service is subpar. Frequent complaints on Trustpilot include brusque customer representatives and the bank not picking up its phones. Other complaints include fees being undisclosed until they are charged to a customer's account.

You can contact KeyBank for banking support 24/7 at phone number 1-800-539-2968. Or you can sign onto your online banking portal and Live Chat with customer representatives during the following hours:

  • Monday through Friday, 7 a.m. to midnight ET
  • Saturday and Sunday, 8 a.m. to 9 p.m. ET

Online and mobile banking customers can call 1-800-539-1539 for help.

Mobile app

The mobile app has strong reviews. Most reviewers are satisfied with features offered.

Features include:

  • Transfer funds between bank accounts
  • Pay bills
  • Send money to friends and family
  • Open a checking or savings account
  • Deposit checks on the app
  • Monitor and manage bank accounts and cards
  • View KeyBank credit card rewards points

The interface is solid. You can view accounts and balances from the home screen. The bottom of the app has tabs for easy navigation to transfers, a help hub, and a place to open new accounts. You can tap an account to view your transaction history. KeyBank has responded to most recent negative customer reviews on the App Store.

You can probably get away with doing most of your banking on the KeyBank app. It helps if you're comfortable navigating on mobile and contacting customer service remotely.

  • App Store rating: 4.7 out of 5 stars
  • Google Play rating: 4.6 out of 5 stars

Physical locations

KeyBank has over 900 locations across the United States. There are locations in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. Even with an online account, you can withdraw money at more than 40,000 KeyBank and Allpoint ATMs.

How does KeyBank compare?

If KeyBank doesn't seem like a good fit for you, one of these other banks might be a better fit:

KeyBank vs. Discover® Bank

Discover® Bank is an online bank known for its few fees and competitive APYs. It's received high customer satisfaction ratings from organizations like J.D. Power, and it offers some innovative features, like CDs with terms up to 10 years and a checking account that gives you cash back.

KeyBank vs. Capital One

Capital One is worth considering if you want the high APYs of an online bank, but you aren't ready to say goodbye to brick-and-mortar institutions altogether. Capital One Bank has some branches and cafes, but it also has the low fees and high APYs of an online bank.

FAQs

  • KeyBank is a safe place to put your money. It's a well-known national bank with deposit accounts backed by the FDIC.

  • Yes, KeyBank is a national bank headquartered in Cleveland, Ohio.

  • KeyBank has received below-average customer service ratings from independent agencies like J.D. Power.