KeyBank Review 2024

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9.0 rating

Expert Take

KeyBank mainly targets customers looking for a local full-service bank and access to branches. With a full suite of banking products, it’s ideal for customers who value a relationship with their bank.


  • Expansive branch and ATM network
  • Large selection of products
  • Online financial wellness center


  • Has monthly fees on some accounts
  • Lower APY rates

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Learn More

at KeyBank

KeyBank is a regional bank with more than a few products and services. Headquartered in Cleveland, Ohio, the bank has over 40,000+ ATMs in its network and nearly 1,000 full-service branches.

KeyBank operates in the following states:

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

This list is current as of August 2023.

According to a 2023 financial report, KeyBank’s assets total around $198 billion.

KeyBank has a handful of banking divisions, including:

  • Personal Banking
  • Small business banking
  • Wealth management
  • Corporate banking

Each of these business units services different types of customers.

Given it’s a community bank, KeyBank is heavily involved in the communities it services. In particular, the bank is committed to providing affordable housing, lending, renewable energy, and sustainability.

KeyBank Products

KeyBank offers a wide range of products and services. In this section, we’ll cover the basics of each account.

KeyBank Checking Accounts

KeyBank offers three different types of checking accounts, and each one has its perks.

All of KeyBank’s checking accounts include a MasterCard, online banking, and mobile banking. Other features include automatic savings, overdraft protection, mobile check deposits, and account alerts.

Here’s a closer look at each account:

1. Key Smart Checking®

  • Opening Deposit Requirement: $10
  • Monthly Maintenance Fee: None
  • Minimum Balance: None
  • Paper Checks: Yes
  • Interest Bearing: No

2. Key Select Checking℠

  • Opening Deposit Requirement: $50
  • Monthly Maintenance Fee: $25, waivable
  • Minimum Balance: None
  • Paper Checks: Yes
  • Interest Bearing: Yes

KeyBank also reimburses the first two out-of-network ATM fees up to a maximum of $6.00 per month.

The monthly maintenance fee can be waived by making direct deposits totaling at least $5,000 during each statement period or maintaining a cumulative $15,000 balance across all your KeyBank accounts. To welcome new account holders, KeyBank waives this fee automatically for the first three months.

3. KeyBank Hassle-Free Account®

  • Opening Deposit Requirement: $10
  • Monthly Maintenance Fee: $0
  • Minimum Balance: None
  • Paper Checks: No
  • Interest Bearing: No

The KeyBank Hassle-Free account has no significant fees other than a charge for using an out-of-network ATM. KeyBank charges $3.00 inside the US and $5.00 for transactions outside the US.

KeyBank Savings Accounts

When it comes to savings accounts, KeyBank offers four different types of savings accounts.

The selection includes a savings account for kids, MMAs (Money Market Accounts), HSA (Health Savings Account), and a more traditional savings account.

Here’s an overview of what each one has to offer:

1. Key Active Saver®

  • Opening Deposit Requirement: $10
  • Monthly Maintenance Fee: $4, waivable
  • Minimum Balance: None
  • Interest Bearing: Yes

The monthly fee is automatically waived if you have a KeyBank consumer checking account. You can also make automated round-ups on debit card purchases that deposit to your savings account.

2. Key Select Money Market Savings® Account

  • Opening Deposit Requirement: $5,000
  • Monthly Maintenance Fee: $20, waivable
  • Minimum Balance: None
  • Interest Bearing: Yes

The Key Select Money Market Savings® Account offers tiered interest rates, with the opportunity for increased relationship rates and a 6-month bonus rate.

To qualify for relationship rates, you need to make a minimum of five qualifying transactions with your KeyBank checking account per month and open a non-checking account.

You can avoid the monthly maintenance fee by either maintaining a KeyBank consumer relationship package, or a minimum daily balance of $25,000 during the statement cycle.

3. Health Savings Account (HSA)

  • Opening Deposit Requirement: $0
  • Set-up Fee: $0
  • Monthly Maintenance Fee: $0

There’s no longer any set-up fee, monthly maintenance fee or annual fee associated with the HSA account.

4. Key4Kids® Savings Account

  • Opening Deposit Requirement: $10
  • Monthly Maintenance Fee: None
  • Interest Bearing: Yes
  • Mobile Deposit: Yes

The Key4Kids® Savings Account is available to children under 18 with an account custodian who is a KeyBank deposit or credit customer.

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 dependent upon location. Fees may reduce earnings on the account. Early withdrawal penalties may apply.

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 dependent upon location. Fees may reduce earnings on the account. Early withdrawal penalties may apply.

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 dependent upon location. Fees may reduce earnings on the account. Early withdrawal penalties may apply.

Loans, Mortgages, and Lines of Credit

KeyBank offers home loans and mortgages, personal loans, lines of credit, vehicle loans, student loan refinancing, and home improvement loans.

It’s worth noting that KeyBank is an Equal Housing Lender and has a Mortgage Center with a  wealth of information on taking out a mortgage.

The bank has several conventional and specialty home loans and government mortgages, including mortgages for medical professionals.

Credit Cards

KeyBank’s credit cards also come in various shapes and sizes, allowing customers to choose the best fit for their personal needs and requirements. Most cards come with 0% introductory APR, and the terms vary by card.

You can also earn up to 2% unlimited cash back with the Key CashBack® Credit Card. Learn more about this card.

If you’re looking to build your credit, the Key Secured Credit Card should be on your radar. It has no annual fee and a low minimum deposit requirement.

APR varies by card and creditworthiness, with overall ranges starting at 20.24% and maxing out at 29.24%.


KeyBank’s 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.

KeyBank offers the following types of investing products and accounts:

  • Individual Retirement Accounts (IRAs)
  • Annuities
  • Mutual Funds
  • Managed Accounts
  • Education Savings Plans
  • Health Savings Investment Account

You can reach out to the bank’s professionals for help choosing a suitable investment depending on your risk appetite and goals.

Investment products are offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA). KIS and KIA are affiliated with KeyBank National Association (KeyBank).

Investment and insurance products made available through KIS and KIA are:

KIS, KIA and KeyBank are separate entities, and when you buy or sell securities and insurance products you are doing business with KIS and/or KIA, and not KeyBank.


KeyBank offers insurance through another arm of the bank, called KeyCorp Insurance Agency USA Inc.

You can purchase long-term care insurance and life insurance through the bank.

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 debt consolidation routes, including personal loans, home equity, or balance transfer credit cards.

If you’re not sure which one is the best fit for you, you can schedule an appointment with one of KeyBank’s bankers at a nearby branch for guidance.

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.

The bank’s website has a convenient account comparison tool that presents each account’s key features. It will also tell you whether accounts 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 also need to have an official ID and funds for an opening deposit. The online application process should only take about five minutes.


Here are some of the best KeyBank promotions going on right now:

1. Personal Checking Account - $200 bonus

Expires: July 19, 2024

KeyBank is back with their personal checking bonus, offering $200 to new checking account customers.

You can open one of 2 eligible accounts (Key Smart Checking® has no monthly maintenance fee; Key Select Checking℠ has waivable fees!). Regardless of which you choose, you'll need to make a single direct deposit 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:

  1. Open a Key Smart Checking® or Key Select Checking℠ account online with at least $10 for Key Smart Checking® or $50 for Key Select Checking℠ by July 19, 2024.
  2. Within 60 days, make 1 direct deposit of at least $500.
  3. Bonus will be credited to your account within 90 days of meeting requirements.
  4. Account must not be closed or restricted during the time of promotional period.

read the full terms


KeyBank notes that it has a Cyber Defense Center and a Fraud Prevention Services group to track threats and proactively monitor client accounts.

There are also service lines where customers can report identity theft and phishing. KeyBank uses multifactor authentication, as well, which is proven to stop most attacks on user accounts.

It also industry-leading tools, practices, and technology. While the bank fails to provide details regarding what this entails, it’s safe to assume they take security seriously and are safe to bank with.

Additionally, KeyBank is a Member FDIC, so your funds are protected up to $250,000 per depositor and account category.

Customer Service

KeyBank’s Customer Service Center features an organized FAQ section with solutions to common banking issues.

The bank also has phone-in numbers and a live chat system, with some 24-hour lines. As a brick-and-mortar bank, KeyBank also lets you schedule appointments at its locations.

You can use the online branch finder to locate your nearest branch or schedule a 30-minute review to help with your finances.

KeyBank has an A+ from the Better Business Bureau (BBB), although its customer reviews are mixed on third-party review sites.

Pros & Cons

Like any bank, KeyBank has its pros and cons. Here are some of the biggest benefits and drawbacks to consider:


  • Expansive branch and ATM access: While it isn’t as large as some national banks, KeyBank’s network of 40,000+ ATMs and nearly 1,000 full-service branches leaves a sizable footprint.
  • Financial Wellness Center: The Financial Wellness Center provides practical resources to help account holders level up their personal finances.
  • Large selection of products and services: With a comprehensive lineup of products and services, KeyBank can serve as a one-stop shop for all of your banking needs.


  • Monthly fees: Some of KeyBank’s deposit accounts have monthly maintenance fees. While many of them can be waived with qualifying activities, it’s a drawback worth considering.
  • Mediocre APY: KeyBank’s APY isn’t the highest available and falls short 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, other regional banks and credit unions operating within the same area are its biggest alternatives.

These institutions tend to offer more personalized services and access to physical branches, which is where KeyBank shines.

If you aren’t concerned with having access to branches and personalized services, you might want to consider an online bank instead.

These 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 well-known bank with widespread accessibility and a wealth of products and services. While the regional bank has its limits, like lower interest rates than online banks, it’s still a reputable bank with positive assets to consider.

Is KeyBank a real bank?

As a regional bank, KeyBank might be a little less widely known than bigger banks. Nevertheless, it’s an FDIC-insured bank with an entire product and service line that can match the offerings of bigger banks.

What is KeyBank known for?

KeyBank is mainly known for being a full-service regional bank. Additionally, it’s highly regarded for its focus on the communities in which it operates.

Does KeyBank charge monthly fees?

Most of KeyBank’s 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 a few fee waiver requirements.

Is KeyBank Best for You?

KeyBank mainly targets customers 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 customers who value their relationship with the bank.

If you prefer phone calls with a service representative to looking for the answer to your questions online, KeyBank could be the right fit for you. Because it offers various products and services, it’s an excellent choice for someone who prefers to bank with one institution only.

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