Pros Explained

• Variety of options for different customer types: While some banks have limited, one-size-fits-all account options, KeyBank has several banking products that are more tailored, such as accounts for children under the age of 18 or people with a higher net worth.
• Low checking and savings account minimums: KeyBank has multiple checking and savings account options, including some with $0 minimum deposit requirements. For those with limited funds looking to open a first bank account, low minimum deposits may be appealing. 
• Special bonuses on some accounts: KeyBank occasionally runs bonus offers for customers. Typically, 澳洲幸运5开奖号码历史查询:bank bonuses are a one-time windfall. But with KeyBank’s Select Checking account, you can get an annual bonus for as long as you have the account open.

Cons Explained

• Lower than average APY on deposit accounts: Although KeyBank may sometimes have promotional offers with higher annual percentage yields (APYs), the majority of KeyBank's savings accounts and CDs usually have lower-than-average rates. You can likely 澳洲幸运5开奖号码历史查询:grow your money much faster with other banks or credit unions. 
• Added fees for ATM use, overdrafts, and foreign transactions: Although you can qualify for waivers of monthly account fees with KeyBank, be aware that the bank charges other fees. It charges fees for using non-network ATMs, immediate fund accessibility, and foreign transactions, for example. 
• High minimum deposit on CDs: You must deposit at least $2,500 to open a certificate of deposit (CD) account with KeyBank. That minimum is much higher than other banks require; some other banks, such as Marcus or 澳洲幸运5开奖号码历史查询:Ally Bank, allow you to open a CD with $500 or less. 

Who Is KeyBank Best For?

KeyBank could be a useful banking option for customers who live in its 16-state service area and want to open an account with a low minimum depositও. KeyBank has several accounts you can open with $0, and some accounts have no monthly fees (or fee waivers with easy qualification requirements), making them particularly useful for young adults or those just startinඣg out. 

KeyBank can be a good choice if you want to keep all (or most) of your finances in one place because it ha💝s a nice selection of account types. And if you prefer in-person banking assistance, you may find a nearby branch where y𓆏ou can build a local banking relationship. 

However, KeyBank's rates on savings and other deposit accounts are often low or not quite competitive with the best rates, so those who want to maximize their savings should look elsewhere for a 澳洲幸运5开奖号码历史查询:high-yield savings account or CD.

Bank Accounts Offered by KeyBank

As a f🐬ull-service bank, KeyBank has several deposit account options avail𒉰able, including: 

• Checking accounts
• Savings accounts
• Certificates of deposit
• Money market accounts

Checking

KeyBank has three checking account options to cater t🅘o different customer groups. The three accounts differ in their opening 𓆉deposit requirements, fees, and bonus offers.

• Hassle-Free Checking: The Hassle-Free checking account is free from monthly fees, but it's a checkless account. You can make payments and transfer money from your account, but you must do so via debit card or electronic transfer rather than writing checks.
• Key Smart Checking: With a low minimum deposit requirement of just $10 and no monthly fees, the Key Smart Checking account is an excellent option for those who want a basic account with a debit card and check-writing privileges.
• Key Select Checking: Key Select Checking is an 澳洲幸运5开奖号码历史查询:interest-bearing checking account that's best for working adults with mid to high incomes. It has a monthly fee, but you can qualify for a fee waiver by maintaining a balance of $15,000 or more or receiving at least $5,000 per month in direct deposits. This account also offers a cash bonus: If you receive at least $60,000 in direct deposits in 12 months and meet other requirements, you'll receive a $100 bonus. You can earn this bonus every year.

Savings

• Key Active Saver: This account can be opened with as little as $10. Though it has a monthly fee, that can be waived if you have a KeyBank checking account.
• Key4Kids Savings: The Key4Kids account is for children under age 18. It could be a good way for kids to learn about money and saving, but you can likely get much better 澳洲幸运5开奖号码历史查询:kids’ savings account rates with other banks or credit unions.

KeyBank's APYs tend to be low, but it does have one helpful feature if you also have a KeyBank checking account: EasyUp. With EasyUp, every time you use your debit card KeyBank will move $1 to $5—depending on your account settings—from your checking account to your savings account. Over time, these small transfers can add up and help build your savings.

Certificates of Deposit

• Short-term: A short-term CD could be a good choice for those who don't want to tie up their money for longer than six months. These CDs have terms of 1 to 179 days and, like other CDs, they pay a fixed rate of interest.
• Tiered: The tiered CD pays a higher interest rate on higher balances.
• Jumbo: Jumbo CDs from KeyBank require deposits of $100,000 or more, and you can lock in your APY for up to 10 years.

Although KeyBank does advertise some higher-than-average CD rates, the higher APYs usually only apply to specific promotional terms. On all other CD terms, KeyBank's rates tend to be lower than the national average.

KeyBank does p🌠ay a relationship bonus on some CD terms. If you have an existing KeyBank account, you may be eligible for a higher APY on select terms. 

All of KeyBank's CDs charge penalties if you withdraw money before the CD's maturity date. The penalty varies based on the length of your CD's term.

Money Market Accounts

Money market accounts (MMAs) usually pay higher rates than savings accounts, so they can be a useful alternative to your typical checking or savings account. However, KeyBank's MMA may not have a competitive APY, so it may not be the best choice if you're looking to earn interest (see the 澳洲幸运5开奖号码历史查询:best money market account rates instead).

You must have at least $5,000 to open a KeyBank money market account, and it has a $20 monthly fee. The fee can be waived if you ma💙intain a minimum daily balance of $25,000 or maintain a KeyBank consumer r🐠elationship package checking account.

Other Products Offered by KeyBank

KeyBank is a full-service financial services company, so it offers a broad range of products. Oth🃏er accounts and🍸 services offered by KeyBank include: 

• Credit cards
• Mortgages
• Home equity loans and home equity lines of credit (HELOCs)
• Car loans
• Personal loans
• Student loan refinancing

Credit Cards

KeyBank has four credit card ಌoptions, ranging from a basic secured card for those l♔ooking to rebuild their credit to a card with a long balance transfer introductory offer. None of the cards have an annual fee.

• Key Cashback: If you’re a KeyBank checking customer, you can earn up to 2% cash back on every purchase. The card also gives you 12 months at 0% APR for balance transfers. 
• KeyBank Latitude: The KeyBank Latitude is a 澳洲幸运5开奖号码历史查询:balance transfer card. New customers can get 0% APR for 15 months on balance transfers and purchases; transfer fees apply.
• Key Secured: The Key Secured card requires a security deposit of at least $300, and it reports your activity to the major credit bureaus so you can 澳洲幸运5开奖号码历史查询:build your credit (assuming you use the card responsibly). 
• Key2More Rewards: The Key2More Rewards is a 澳洲幸运5开奖号码历史查询:rewards credit card that provides 5 points per $1 spent on eligible purchases. It also comes with a 0% APR offer for balance transfers and purchases for the first six months.

Mortgages

KeyBank has🌟 several mortgage programs available for those looking to buy a home. It offers mortgage options with low down payments, specialty mortgages for healthcare professionals, and government-backed loans:

• Conventional loans
• Fannie Mae HomeReady loans
• Federal Housing Administration (FHA) loans
• Mortgages for medical professionals
• State of New York Mortgage Agency loans
• 澳洲𒀰幸运5开奖号码历史查询:Department of Veterans Affairs (VA) loans

Exist♔ing hom♛eowners can also borrow against the equity they build with a KeyBank home equity line of credit (HELOC).

Other Loans

KeyBank's loan products aren't always available in all of the states in which the bank operates; depending on the product, only customers in certain states may qualify.

Mobile App

KeyBank has a highly rated mobile app for Android and iOS devices. The app allows you to monitor account balances, set up direct deposit, lock 𒈔your debit or credit cards, transfer money between accounts, pay bills, and transfer money to friends and family through Zelle. 

Customer Service

If you need to reach customer support, you can , chat live with a representative, or contact the bank by p𒉰hone. 

Customer Satisfaction

KeyBank's reputation for customer satisfaction is mixed. It was the top-ranked regional bank in the J.D. Power U.S. Online Banking Satisfaction Study, but the limited number of customer reviews on review sites are less positive. 

On Trustpilot, KeyBank has a score of 1.5 out of 5 stars (“Bad”) based on 85 reviews. In several reviews, customers complained about issues connecting with customer support or delays in receiving a response. The story is similar at the Better Business Bureau, where KeyBank has a customer rating of 1.15 out of 5 based on 158 reviews.

How to Bank With KeyBank

If you want to ope𝓰n an account with KeyBank, you must live in one of the 16 states where it operates. You can open an account in person at a lo🐟cal branch or online.

To open an account, you must be at least 18 and provide your Social Security number and a government-issued ID, such as your driver's license. 

In many cases, you should also be prepared to make an initial 🐈deposit. Minimum deposit amounts vary depending on the type 🌼of account.

Bottom Line

For customers looking for one bank for all of their financial needs, KeyBank could be a useful option. It’s a full-service financial services company that🦩 offers everything from checking accounts to investment services.

Though it has several bank accounts with no monthly fees, it pays lower-than-average rates on most accounts. And w🌳ith a limited service area, most customers will have to look elsewhere for a bank. 

Methodology

Inv🐭estopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutions. We researched 19 institutions, reviewing account types, rates, fees, minimum balance requirements, rewards, customer service, and mobile apps. Our research and editorial processes are designed to ensure that our reviews help users make informed decisions for their banking needꦉs.