Unlocking KeyBank: Your Ultimate 2024 Review & Insights!
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If you’re hunting for a checking account, you might find KeyBank to be your new best friend. Their Key Smart Checking® account boasts zero monthly fees and complimentary overdraft protection. Yet, if you’re looking to maximize your savings, you might want to explore options like the top high-yield savings accounts that could yield much better rates.
KeyBank Overall Rating
KeyBank Pros and Cons
KeyBank Active Saver Account
Fees
$4 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$10
The KeyBank Active Saver Account is a solid choice if you have a KeyBank checking account as you can dodge the monthly service fee. If not, you might find better options in our guide to fee-free savings accounts.
Key Smart Checking®
Key Smart Checking®
Fees
No monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$10
The Key Smart Checking® account is perfect for those cautious about overdrafts. With no monthly fees and handy overdraft protection options, it’s designed to keep your finances in check.
KeyBank CD
Annual Percentage Yield (APY)
0.05% to 4.00% (varies by location)
Minimum Opening Deposit
$2,500
The KeyBank CD offers a range of term lengths, but the steep minimum deposit of $2,500 may deter some savers. If you want more competitive interest rates, consider checking out options from online banks.
Key Select Money Market Savings®
Key Select Money Market Savings®
Fees
$20 monthly service fee
Annual Percentage Yield (APY)
Varies by location
Minimum Opening Deposit
$5,000
With the Key Select Money Market Savings®, you have the chance to earn a higher rate, but keep in mind the monthly fee and the hefty opening deposit. If you’re ready to navigate its complex interest rate structure, it could be worth your while.
How KeyBank Works
KeyBank has around 1,000 branches sprinkled across the U.S. You can find them in states like:
- Alaska
- Colorado
- Connecticut
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
Plus, enjoy access to over 40,000 ATMs through KeyBank and Allpoint networks. If you value a bank that prioritizes local communities, KeyBank could be the right choice for you.
Customer support is available 24/7 over the phone. Members can also chat live from 7:00 a.m. to midnight ET on weekdays and 8 a.m. to 9 p.m. ET on weekends.
KeyBank’s mobile app has an impressive rating of 4.6 stars in both the Apple Store and Google Play Store. And yes, the bank is FDIC insured.
Is KeyBank Trustworthy?
According to the Better Business Bureau (BBB), KeyBank holds an A+ rating. However, the bank has faced its share of controversies over the years.
In 2022, a report claimed KeyBank had one of the lowest percentages of mortgage originations for Black applicants among the 50 largest mortgage lenders, raising concerns about potential redlining practices.
The bank also settled a case in 2021 for $5 million over deceptive advertising regarding its “KeyBank Plus” program, which allegedly did not deliver on its promises.
How KeyBank Compares
KeyBank vs. PNC Bank
If you’re seeking a high-yield savings account, you may want to consider PNC Bank, which currently offers a 4.45% APY compared to the 0.01% APY of the KeyBank Active Saver Account.
However, if you’re interested in jumbo CDs, KeyBank stands out since PNC does not offer them. Opening a KeyBank CD online is an option, but you must already be a member.
KeyBank vs. Woodforest National Bank
If a low minimum deposit for a CD is on your wish list, Woodforest National Bank is your go-to with a mere $500 requirement, while KeyBank asks for $2,500. Yet, for free checking accounts, KeyBank’s Key Smart Checking® has the edge since Woodforest’s account incurs a $6.95 monthly fee.
Why You Should Trust Us: How We Reviewed KeyBank
Our team rates bank accounts on a scale from one to five stars, considering various factors like overdraft fees for checking accounts and interest rates for savings and money market accounts.
When it comes to CDs, we evaluate features such as interest rates, minimum opening deposits, withdrawal penalties, and customer support availability to derive a final rating.
Our weighted average approach means we prioritize critical features like rates and fees, as they significantly impact your banking experience.
