KeyBank is a regional bank with more than a few products and services. Headquartered in Cleveland, Ohio, the bank operates in 16 different states, has over 40,000+ ATMs in its network, and nearly 1,000 full-service branches.
KeyBank operates in the following states:
- Alaska
- Colorado
- Connecticut
- Florida
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
This list is current as of September 2022.
According to the latest 2022 figures, their total assets reach $187 billion with revenues of $1.8 billion.
KeyBank has several business units, including:
- Personal Banking
- Small Business Banking
- Commercial Banking
- Wealth Management
- Corporate Bank
Each of these business units services different types of customers. It’s worth noting that the corporate bank services a more extensive physical area than the other units.
Given it’s a community bank, KeyBank is involved in the communities it services.
In particular, they are committed to providing affordable housing and lending and renewable energy, and sustainability.
KeyBank Products
KeyBank offers a wide range of products and services. In this section, we will be going through KeyBank products to give you a better idea of what’s in store.
KeyBank Checking Accounts
KeyBank offers five different types of checking accounts, ensuring that all KeyBank customers can find a checking account that best fits their requirements.
Three of these checking accounts earn interest – but they also include a monthly fee. The other two have no fees and no interest.
Checking account features vary by account; however, they all include a MasterCard Debit Card, online banking, and mobile banking.
Other features include automatic savings, overdraft protection (i.e., you’ll avoid overdraft fees), mobile check deposits, and account alerts.
The following checking accounts are available:
1. Key Smart Checking®
- Opening Deposit Requirement: $10
- Monthly Maintenance Fee: None
- Minimum Balance: None
- Paper Checks: Yes
- Online Banking: Yes
- Interest Bearing: No
Out-of-network ATM withdrawals are charged at $3.00 each by the bank, going up to $5.00 when outside of the US. Additional operator charges may also apply.
2. Key Advantage Checking®
- Opening Deposit Requirement: $50
- Monthly Maintenance Fee: $18
- Fee Avoidable: Yes (waived the first 3 months)
- How to avoid the fee after the first 3 months:
- maintain a minimum balance of $10,000 across eligible accounts
- have a mortgage payment deduction of at least $500.00 through KeyBank
- be a member of the Key@Work program with direct deposits of at least $1,000
- How to avoid the fee after the first 3 months:
- Paper Checks: Yes
- Online Banking: Yes
- Interest Bearing: Yes (APY Variable)
3. Key Privilege Checking®
- Opening Deposit Requirement: $50
- Monthly Maintenance Fee: $25
- Fee Avoidable: Yes (waived the first 3 months)
- How to avoid the fee after the first 3 months:
- maintain a minimum of $25,000 across eligible accounts
- have a KeyBank mortgage with payments of at least $500.00 per month
- or you’re a Key@Work member with cumulative monthly direct deposits of at least $2,500.00
- How to avoid the fee after the first 3 months:
- Paper Checks: Yes
- Online Banking: Yes
- Interest Bearing: Yes (APY Variable)
If you end up paying out-of-network ATM fees, you’ll get a reimbursement up to a maximum of $6.00 per month.
4. Key Privilege Select Checking®
- Opening Deposit Requirement: $50
- Monthly Maintenance Fee: $50
- Fee Avoidable: Yes (waived the first 3 months)
- maintain a minimum of $100,000.00 across eligible accounts
- if you’re enrolled in the Key@Work program and receive direct deposits of at least $5,000.00 each month
- Paper Checks: Yes
- Online Banking: Yes
- Interest Bearing: Yes (APY Variable)
It also has unlimited reimbursements on out-of-network ATM fees, and customized relationship statements are free of charge.
5. KeyBank Hassle-Free Account®
- Opening Deposit Requirement: $0
- Monthly Maintenance Fee: $0
- Minimum Balance: None
The KeyBank Hassle-Free account has no fees other than a charge for using an out-of-network ATM. This fee is charged at $3.00 when inside the US and $5.00 when outside the US.
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KeyBank Savings Accounts
When it comes to savings accounts, KeyBank offers five different types of savings accounts to choose from right now.
The selection includes an account for kids, MMAs (Money Market Accounts), HSA (Health Savings Account), and a more traditional savings account.
All accounts have a monthly fee except for the kids’ account. Not all accounts earn interest or qualify for overdraft protection – so be mindful of that when looking for an account for you.
The following savings accounts are available:
1. Key Active Saver®
- Opening Deposit Requirement: $10
- Monthly Maintenance Fee: $4
- Fee Avoidable: Yes
- This fee is waived when holding any KeyBank checking account.
- Interest Bearing: Yes (APY Variable) Compounded Daily
You’ll pay $5.00 for withdrawals and transfers that exceed the seven per month limit.
2. Key Silver Money Market Savings® Account
- Opening Deposit Requirement: $50
- Monthly Maintenance Fee: $12
- Fee Avoidable: Yes
- You can avoid the monthly fee by either keeping a daily balance of at least $5,000.00, or
- Making monthly direct deposits into the account of at least $25.00, or
- Holding a personal relationship package checking account
- Interest Bearing: Yes (APY Variable) Compounded Daily
The minimum opening deposit for this account is $50.00; however, you can get promotional interest rates if you deposit a minimum of $5,000.
3. Key Gold Money Market Savings® Account
- Opening Deposit Requirement: $25,000
- Monthly Maintenance Fee: $18
- Fee Avoidable: Yes
- You can avoid the monthly fee by keeping a daily balance of at least $25,000.00 and a relationship package checking account.
- Interest Bearing: Yes (APY Variable) Compounded Daily
The APY interest rate varies, depending on the balance and whether you get the promotional rate on not. Excessive withdrawals and transfers also incur a $15.00 fee.
4. Health Savings Account (HSA)
- Opening Deposit Requirement: $0
- Set-up Fee: $25
- Monthly Maintenance Fee: $0 – $5
- $0 with Relationship or a minimum $500 balance
- $2.50 without Relationship with direct deposit
- $5.00 without direct deposit
- Annual Fee: $0 – $10
- $0 with Relationship
- $10 without Relationship
- Fee Avoidable: Yes
If you have a relationship package, there are virtually no fees associated with this account. However, those who do not have a relationship package will need to pay an annual fee of $10.00.
On top of that, a monthly service charge of $5.00 will be applicable if you have a balance of under $500 and no direct deposit or $2.50 if you have a direct deposit and less than $500.
You can avoid the fee entirely if your balance exceeds $500.00.
5. Key4Kids Savings Account
- Opening Deposit Requirement: $10
- Monthly Maintenance Fee: None
- Interest Bearing: Yes (APY Variable) Compounded Daily
- Mobile Deposit: Yes
The Key4Kids Savings Account is available to children under the age of 18 when the account custodian is a KeyBank deposit or credit customer.
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KeyBank Certificates of Deposit
KeyBank offers three different types of CDs. Available options include:
1. Key Short Term CD Accounts
- Minimum Opening Balance: $2,500
- Interest Compounded Daily: Yes
- Fixed Rate: Yes
- Automatic Renewal: Yes
- Terms: 7 days to 6 months
Rates are variable and dependent upon location.
2. Long-Term Tiered CDs
- Minimum Opening Balance: $2,500
- Interest Compounded Daily: Yes
- Fixed Rate: Yes
- Automatic Renewal: Yes
- Terms: 6 months to 10 years
Rates are variable and dependent upon location.
3. High Yield Jumbo CDs
- Minimum Opening Balance: $100,000
- Interest Compounded Daily: Yes
- Fixed Rate: Yes
- Automatic Renewal: Yes
- Terms: 7 days to 120 months
Rates are variable and dependent upon location.
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Loans, Mortgages, and Lines of Credit
When it comes to lending, Keybank has quite a few products on offer.
With the bank, you can get home loans and mortgages, personal loans, lines of credit, vehicle loans, student loan refinancing, and home improvement loans.
It’s worth noting here that the bank is an Equal Housing Lender and even has a Mortgage Center with all types of information on taking out a mortgage.
When it comes to mortgages, there are a few different packages to choose from right now.
The bank has several conventional and specialty home loans and government mortgages, including mortgages for medical professionals.
Credit Cards
Like other product lines, credit cards also come in various shapes and sizes, helping customers choose the best fit for their personal needs and requirements. Most cards come with 0% introductory APR with terms varying by card.
You can also get unlimited cash back – when you meet the qualifying criteria.
If you’re looking to build your credit, the Key Secured Credit Card will be of interest. It has no annual fee and no rewards but features a low minimum deposit requirement. Activity is also reported to bureaus, helping you build up your credit score.
APR will vary by card and creditworthiness, with overall ranges starting at 9.99% and maxing out at 22.99%.
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Investments
Investment products are handled through KIS, which stands for Key Investment Services.
Professionals from this arm of the bank will work with you to help you achieve your goals, whether it’s saving money for a big purchase, leaving a legacy, or anything in between.
Here you will find several different solutions aimed at helping customer customers reach their goals. These include:
- IRAs – Individual Retirement Accounts
- Annuities
- Mutual Funds
- Managed Accounts
- Education Savings Plans
- Health Savings Investment Account
You can reach out to the bank’s professionals to help you choose a suitable investment depending on your risk appetite and goals.
KIS is a Member of FINRA/SIPC and is also registered with the SEC.
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Insurance
The bank offers insurance through a yet different arm of the bank, called KeyCorp Insurance Agency USA Inc.
Here you’ll find long-term care insurance as well as life insurance.
You can choose the policy that best fits your requirements, each having its benefits, features, and coverage term.
Debt Consolidation
The bank can help you manage your bills better with fewer overall bills to pay and shorter repayment terms through debt consolidation.
There are several products and services through which the bank can help you do this.
These include issuing a personal loan, home equity, or a balance transfer credit card, among other options.
If you’re not sure which one is the best fit for you, you can schedule an appointment with one of their bankers at a nearby branch, and they will guide you through the whole process.
Getting Started
Signing up and getting started with KeyBank is relatively easy. You can open some accounts online, while others require a trip to a bank’s physical branch.
First, you’ll need to decide which bank account or accounts you want to open. The bank’s website has a nifty account comparison tool with everything that you need to know.
It will also tell you whether the account you want to open can be opened online or in person at a branch.
To open an account online, you need to be 18 years or older, a US citizen, and a resident of one of the states serviced by the bank. You will also need to have an official ID and your opening deposit – with the actual amount depending on the minimum opening deposit requirement for the chosen account.
If for some reason, you don’t meet all of these requirements, you can visit a physical branch, and the bank will try to help you.
The entire process should only take about five minutes, so you’ll be done in no time at all. If you’re opening the account in a branch, it might take a while longer, of course.
Due to the ongoing covid-related restrictions, make sure you check the bank’s website before heading out to your branch.
While most branches are open, not all of them are. There are also several restrictions and guidelines that you need to be aware of to ensure a smooth and safe experience.
All information is available online and is directly accessible through the customer service center.
Promotions
Here are some of the best KeyBank promotions going on right now:
1. Personal Checking Account - $200 bonus
Expires: April 7, 2023
KeyBank is back with their personal checking bonus, offering $200 to new checking account customers.
You can opt into any of their four eligible accounts (Key Smart Checking has no monthly fee; the others have waivable fees!). Regardless of which you choose, you'll need to make cumulative direct deposits of at least $500. This is half of what it's been in recent versions.
While this isn't quite nationwide, the bonus has a wide footprint and is redeemable online. Check it out!
How to earn the bonus
The Personal Checking Account sign up offer requires you to set up direct deposits in order to earn the $200 bonus. Full requirements to receive this bonus are:
- Open a new KeyBank checking account using the promo code ONAS0323.
- Within 60 days, make 1 direct deposit of at least $500.
- Bonus will be credited to your account within 90 days of meeting requirements.
Apply now to earn the $200 bonus from KeyBank
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Security
KeyBank’s security policy is a little scant on technical details. They have a Cyber Defense Center and a Fraud Prevention Services group, tracking threats and proactively monitoring client accounts.
They have service lines where customers can report identity theft and phishing. KeyBank also uses multifactor authentication, proven to stop most attacks on user accounts.
They also use industry-leading tools, practices, and technology. While the bank fails to provide any details regarding what this entails, it is safe to assume that they do take security seriously and, as such, can be considered safe to bank with,
Customer Service
When it comes to getting your questions answered or getting support, the bank offers quite a few different ways to go about it.
Firstly, there’s the Customer Service Center, which you can access directly through their website. Here you’ll find an organized FAQ section that should answer the most common questions and problems.
They also have phone-in numbers and a live chat system – which is always good to see. Of course, this being a brick-and-mortar bank, you can also schedule an appointment at one of their locations.
You can use the online branch finder to find your nearest location or schedule a 30-minute review to help with your finances.
Pros & Cons
Just like all other banks, KeyBank has its pros and cons.
While this does not mean that it’s the worst bank out there or even a bad one at that, it can help you decide if it’s the right bank for you.
Below are the pros and cons of KeyBank:
Pros:
- Financial Wellness Center. The Financial Wellness Center, along with the community-focused approach of the bank, can make customers feel like there is someone who can help them with their financial needs.
- FDIC insurance. With KeyBank being a member FDIC bank, you can rest easy knowing that your money is insured should the worst happen.
- Large selection of products and services. Many products and services on offer mean that you can make KeyBank your one-stop shop for all of your banking needs and build a stronger relationship with the bank.
Cons:
- Regional Bank. With KeyBank operating within a limited geographical area that only includes 15 states, not everyone might be able to get an account here.
- APY rates are not the highest. The APY rates on offer are not the highest available and can seem very low compared to online banks and credit unions.
Alternatives to KeyBank
KeyBank’s main selling point is that it’s a regional full-service bank. As such, suitable alternatives will be other regional banks and credit unions operating within the same area.
These tend to offer more personalized services and physical branches, which is where KeyBank really shines.
If you’re not fussy about branches and personalized services, you might want to consider an online bank instead.
Such banks make location inconsequential and offer better interest rates and lower prices since they have fewer overheads.
Frequently Asked Questions
Is KeyBank a good bank?
KeyBank is a bank that receives excellent feedback. Keybank reviews are generally positive, and their community-focused approach to banking is reminiscent of the service offered by credit unions. As it’s a regional bank, it can only service customers who live in one of the 15 states in which they do business.
Is KeyBank a real bank?
KeyBank is as real of a bank as it gets. So, whether you’re looking for a new card or an affordable auto loan, KeyBank might be an excellent bank to check out. As it’s a regional bank, it might not get as much attention as the bigger banks. Nevertheless, it’s an FDIC-insured bank with an entire product and service line that can match anything the bigger banks offer.
What is KeyBank known for?
KeyBank is mainly known for being a full-service regional bank. Additionally, they are also known for their focus on the community in which they operate.
Does KeyBank charge monthly fees?
Most accounts have a monthly fee as well as an opening deposit requirement. The monthly fees depend a lot on the type of account and, in most cases, can be avoided by meeting their fee waiver requirements.
Is KeyBank Best for You?
KeyBank mainly targets customers who are looking for a local, full-service bank with access to branches. Since it offers everything you might want from a bank, it’s ideal for those who value their relationship with the bank.
If you’re someone who prefers phone calls with a service representative than looking for the answer to your question online, KeyBank could be right for you. Because it offers various products and services, it’s an excellent choice for someone who would prefer to bank with one institution only.
