If you’re looking for no frills checking account or a bank that offers relationship banking services/interest rates then KeyBank might be the bank for you! To find out if KeyBank is right for you, continue reading this review below.
They offer a large variety of checking, savings, and CD products to help you manage your money and help it grow!
Whether you are just starting out, need a basic checking account or want to earn a decent interest rate, they might have the solution for your needs!
Checking Account Options
You can open a checking account with KeyBank online. They offer a variety of ways to waive monthly fees and have accounts that offer premium interest rates. Each checking account comes with a KeyBank debit Mastercard and accessibility to online/mobile banking.
If you like going digitally, you may like this checkless checking account. Although you won’t receive any checks, you’ll have access to online bill pay and online transfers.
All you need is $10 to open this account, but you don’t have to meet minimum balance requirements.
You also won’t have to pay monthly maintenance fee or overdraft charges on this account.
With just $50, you can open this checking account with paper checks.
You can waive the monthly service fee by depositing at least $500 in your account each month or by using your account at least eight times.
This checking accounts provides access to KeyBank’s financial wellness tools.
This account offers you interest and personal financial advice. It also gives you access to preferred products.
To be eligible, you’ll need to have a total of $25,000 in any of your deposit accounts combined.
This will also give you higher rates on your savings, CDs, and money market accounts.
With this checking account, KeyBank provides you with lower rates on loans and lines of credit, and higher rates on savings and CD products.
KeyBank also sweeps your account each night where they automatically deposit unused cash into a KeyBank Savings account.
For the monthly service fee to be waived, you’ll need a combined deposit amount of $25,000 or automatic payments on a KeyBank mortgage of at least $500.
KeyBank will also reimburse you for up to $6 per month in other banks’ charges for use of their ATM.
This is a premium relationship banking account. You’ll have access to lower rates on loans and higher interest rates on CDs and savings products.
You will need a minimum combined balance of $100,000 to waive the high monthly service fee.
You can also have a KeyBank mortgage on auto pay to waive the fee.
KeyBank will send you a comprehensive bank statement, which will include all relationship banking products you have each moth.
You can receive unlimited reimbursement for all non-KeyBank ATM charges.
Students ages 16-24 can open this non-interest bearing account with just $50.
You can waive the monthly service fee with a monthly $200 deposit or at least five transactions conducted per month.
Students also have access to online and mobile banking.
Compare Checking Accounts
With the KeyBank savings account, you can access online banking and the KeyBank ATM network. Each savings account may also be used to link your KeyBank checking account to be used for overdraft protection.
You can open this savings account with just $10!
To waive the monthly service fees, have a balance of at least $300 each month or a direct deposit/automatic transfer of at least $5.
You can also waive the fees by being enrolled in HelloWallet or have a Financial Wellness Score of at least one.
If you have high medical costs, you can save money pre-tax and withdraw the funds for approved use tax free.
If you have another KeyBank checking account, you won’t pay an annual fee for this account.
However, without a relationship banking account, you’ll need to pay $10 per year.
You can waive the monthly service fee with a minimum $500 balance or just by having a KeyBank checking account.
You must have a high deductible medical plan in order to qualify and not be on Medicare.
Kids ages 18 and under can open this savings account to learn how to start saving.
They only need a small deposit of $10 to open the account, and there is no monthly service fee.
Unlike most teen directed savings accounts, this one does earn interest and they have access to online/mobile banking too!
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 3.75% APY as of 3/16/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023
• Earn high interest rate of 3.60% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
• Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account
• No minimum balance requirements
• Free ATM card upon request
• $250 minimum opening deposit
• Free Incoming Wires
Money Market Account Options
KeyBank has two kinds of saving accounts that earn Money Market interest rates and offer various benefits as well.
Earn money market account rates with this savings account, if you have at least $5,000 to put in the account.
If you have less, you may still earn higher interest rates than a standard savings account, but it won’t be the highest rate.
You can waive the monthly service fee with a $5,000 daily balance, direct deposit or automatic transfers a minimum of $25 each month or have a Key Advantage, Key Privilege, or Key Privilege Select Checking account.
With $25,000 you can open an account and earn even higher interest rates on your money.
You’ll need to keep that $25,000 daily balance and have a KeyBank Advantage, Privilege or Privilege Select Checking account to waive the service fee.
This account also comes with check writing privileges (subject to the standard withdrawal limits on savings accounts).
Compare Money Market Accounts
• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 3.55% APY balances $100,000 and over
• Earn 3.50% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
Down below are how you can earn a higher interest rate by obtaining a CD account with KeyBank.
The terms range between seven days to six months on their CDs. You will need $2,500 to open the account.
Your money will automatically roll over into another term upon maturity unless you direct the bank to do other wise.
Earn slightly more interest on CDs with terms between six months and 10 years and at least $2,500 deposit.
The interest is fixed for the term and the money will automatically roll over into another CD of the same term at the current market rate if you desire.
If you have $100,000 or more, you can earn the highest interest rates with this CD program.
It has maturity dates starting at just seven days and offers the ability to roll the money over into another equal term CD at maturity.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.75% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 4.65% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.15% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons to Bank with KeyBank
- You can get a picture of your financial wellness with the HelloWallet service. This program gives you a Financial Wellness Score. A lower score means you have some work to do and higher score means you are doing great well financially. Its a way to motivate you to alter your saving and spending until you reach the highest Financial Wellness score.
- You have access to a variety of tools and calculators to help you stay financially secure. A few options include an accelerate debt payoff calculator, college savings calculator, and personal debt payoff calculator, but there are seven more tools just for savings you can use, also loan and retirement tools.
- You have access to a very short term CD options. You can earn the higher rate of interest, even if it’s only for seven days. This may motivate you to find a way to tie up a portion of your funds for longer period to earn the higher interest rate.
- You can increase the interest you earn by opening a relationship account. KeyBank offers a variety of relationship accounts, some of which don’t have crazy high minimum balance requirements.
- You can use the KeyBank mobile app to conduct a variety of banking transactions. This includes depositing your checks from your phone, paying bills, managing your funds, and making transfers.
- They have 24/7 customer service.
- You can utilize text banking to get quick answers about your account. You must opt into the service in your online banking portal. Once yoou do, you can get information on your account balances and account history.
- Set up overdraft protection in four ways. You can link a KeyBank savings account, apply for a KeyBank Preferred Credit Line, link your KeyBank credit card or link your KeyBank Home Equity Line of Credit to your checking account. If you spend more than your checking account balance, KeyBank will take the funds from your linked account. This prevents the risk of overdraft charges or bounced checks.
- Your money is protected with FDIC insurance. Each account have coverage up to $250,000.
Reasons Not to Bank with KeyBank
- The monthly service fees on their checking accounts are generally higher than other banks. If you don’t meet the requirements to waive the fee a few times a year, the fees can really eat your profits, defeating the purpose of trying to earn interest on your money.
- If you don’t live in one of the 16 states they are located in, you can’t open an account. KeyBank has locations in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.
- KeyBank tends to charge excessive fees. Keep in mind to read the fine print on the account chosen since you possibly could pay for paper statements, using a non-KeyBank ATM, and other standard banking transactions.
KeyBank Routing Number
Your KeyBank routing number will depend on the state you opened the account in. You can find your routing number on the bottom left-hand side of your checks.
Contact Customer Service
You can contact customer service via phone 24 hours a day, 7 days a week. Just call 1-800-KEY2YOU to get answers to your banking questions.
They also offer live chat during the hours of 7 AM to 10 PM (Monday-Friday) and 9 AM to 5:30 PM (Saturday and Sunday).
How KeyBank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- FirstBank: Also another no-frills bank that offers various options when it comes to opening a checking or savings account. FirstBank combines their checking and savings into money markets or time deposits, allowing for more flexibility with their customers.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
- PNC: PNC Bank offers free access to f PNC Bank ATMs, free mobile/online banking, reimbursement of PNC fees for use of non-PNC ATMs, and many other features that can be found on their website. They have several account options.
Compare to Other Banks
You may have found your fit with KeyBank if you want a mid size bank with good customer service! As long as you live in the listed states that the bank resides then you should definitely check it out!
Offering a variety of checking and savings account, KeyBank are loyal to their customers and have unique benefits.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with KeyBank, see what they have to offer through KeyBank Promotions! And while you’re here on HMB, check our full list of Best Bank Promotions for more options!