What are the pros and cons of KeyBank?

KeyBank offers plenty of account options and a large network of ATMs. However, branches are limited to only 16 states and interest rates aren't as competitive.

Is KeyBank a good bank?

KeyBank is a solid option with a variety of accounts and a well-rated mobile app. However, watch out for fees, especially if you can't meet balance requirements. It's a good fit for those who prefer online banking or live near its branches.

Is KeyBank better than Bank of America?

It would depend on what your banking needs are as both have varying features. However, Bank of America would have more accessibility and physical branches if you prefer in-person banking.

Does KeyBank have an overdraft charge for checking accounts?

KeyBank does have an overdraft fee for its checking accounts, ranging from $33 to $38.50.

Does KeyBank use Zelle?

Yes, KeyBank uses Zelle. You can use the no-cost money transfer service via the bank's mobile app or online website.

Is KeyBank a good bank?

KeyBank is a full-service institution with a wide variety of accounts and services. While fundamentally a brick-and-mortar institution, KeyBank also has a strong mobile presence. If the bank suits your needs, it can be a good option. But you'll have to make sure you can avoid the bank's fees if you want the best experience.

Advertiser Disclosure

KeyBank Review: Simplified Banking With Perks

Name: KeyBank Review: Simplified Banking With Perks
Item: Keybank National Association
Rating: 4.6

September 25, 2024

9 min Read

Written by Cynthia Bowman

Edited by Elizabeth Constantineau

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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GOBankingRates Score

Keybank National Association

4.6

SCORE

Quick Take: KeyBank is a full-service financial institution, but its primary strength lies in its checking accounts. With choices that include basic fee-free checking and an online-only option as well as relationship accounts, KeyBank provides a robust selection. For a midsize bank, it also casts a wide net for customer service options including extended hours for chat support, in-person service and around-the-clock live phone support.

Checking Accounts

4.8
Savings Accounts

4.5
CD Accounts

4.4
Banking Experience

4.6

How did we calculate this?

Pros

Fee-free overdraft protection available
Mobile app is user-friendly and highly rated
Upgraded ATMs accept cash deposits

Cons

Higher-tier checking accounts have high monthly maintenance fees and high balance requirements to waive them
Interest-bearing checking accounts offer a minimal amount of interest
Must live in one of 16 states served to bank with KeyBank

KeyBank Overview

KeyBank is headquartered in Cleveland, Ohio and is a subsidiary of KeyCorp. This bank offers a multitude of personal and business financial products, plus investment and insurance products backed by its nearly 200-year history. KeyBank has over 1,000 full-service branches in the 16 states of Alaska, Washington, Oregon, Idaho, Utah, Colorado, Michigan, Indiana, Ohio, Pennsylvania, New York, Vermont, Maine, Florida, Massachusetts and Connecticut.

KeyBank Account Offerings

Here is a look at some of the best features of KeyBank.

KeyBank Checking Accounts

With four different account choices, including the online-only KeyBank Hassle-Free account with no monthly service fee, KeyBank offers some of the best checking account options out there. Whether you’re looking for a basic account with no monthly fee or a checking account that earns some interest, KeyBank has the solution.

Hassle-Free: This non-interest-bearing and checkless account requires use of the online platform and electronic bill pay but also has other features.
- Can be opened for $10
- No minimum balance requirement
- No service fees
Key Smart Checking: This is a non-interest-bearing checking account with many features.
- No minimum balance requirement
- No service fees
- Can be opened with just $10
- Allows both paper checks and electronic bill pay
Key Select Checking: This interest-bearing checking account provides $100 cash back every year that you continue to make eligible direct deposits.
- Requires $5,000 monthly in direct deposits or $15,000 in KeyBank balances to avoid the $25 monthly fee
- $6 in out-of-network ATM fees rebated monthly
- No-cost check items
Key Private Client Checking: This is the bank’s premier checking account.
- Requires $50 to open but $250,000 must be on deposit at KeyBank within 60 days
- Unlimited ATM fee rebates
- No monthly fee

KeyBank Savings Accounts

A KeyBank savings account isn’t the best option to grow your savings aggressively but can be useful to ensure you avoid overdraft fees. You can sign up for overdraft protection and link your KeyBank checking and savings account. There is no charge for a transfer to cover the balance if your account falls into the red. KeyBank offers multiple savings account options.

Key Active Saver
Key4Kids Savings Account
Health Savings Account

The bank’s free EasyUp program automates saving every time you use your KeyBank checking account debit card to make a purchase. It’s a good way to automate your savings plan to grow your emergency fund or set money aside for a large purchase.

KeyBank’s savings accounts offer a minimal amount of interest at APY.

Money Market Account

Money market accounts are a good choice for customers who need to make an occasional payment or write a check directly from their accounts. The Key Select Money Market account offers rates based on your balance and the interest is compounded daily.

You can open this account with a minimum of $5,000 and it comes with a $20 monthly fee. To waive this fee you will need to maintain a daily balance of at least $25,000 during the statement cycle or have a Key Advantage Checking, Key Privilege Checking or Key Privilege Select Checking account.

KeyBank CD Accounts

A certificate of deposit can grow your funds faster than a regular savings or money market account. Choose between KeyBank’s short-term, tiered or jumbo CDs.

You can open a short-term or tiered account with a minimum of $2,500; jumbo CD accounts require a minimum deposit of $100,000. Short-term CDs have terms of seven days to less than six months. Tiered CDs have terms of six months to 10 years, and jumbo CD terms start at seven days and range up to 10 years. KeyBank CD rates range from to .

KeyBank In-Person and Branch Banking Experience

KeyBank is ideal for anyone who typically maintains a balance large enough to avoid the sometimes steep monthly maintenance fees. However, a high balance isn’t essential — customers who stick with the basic checking and savings accounts can avoid monthly fees altogether.

Anyone in the 16 states where KeyBank operates can bank online or in person at one of 1,000 full-service branch locations. A network of over 40,000 KeyBank and Allpoint ATMs lets you access your money on the go.

KeyBank’s Digital Banking Experience

KeyBank has an online-only Hassle-Free checking account for customers who don’t need a bank with physical branches. However, all accounts have access to the bank’s excellent mobile app. The KeyBank mobile app has a rating of 4.7 stars on the App Store and 4.6 stars on Google Play.

Key features of the app include:

24/7 account access
Ability to set up and manage account security alerts
Lock, unlock and activate cards
Transfer money
Pay bills
Send and receive payments via Zelle
Set up direct deposits
MyKey virtual assistant
Check balance without need to log in
Biometric sign-on
Mobile check deposit

KeyBank Fees and Charges

KeyBank has a wide variety of fees and charges, and many of them are quite high. However, they can be waived or avoided in most instances, so you’ll want to make sure you take the steps to sidestep them.

The bank charges high overdraft fees of between $33 and $38.50, as follows:

$33 per transaction for the first two overdrafts or insufficient funds within the last 11 statement cycles.
$38.50 per transaction for three or more overdrafts or insufficient funds within the last 11 statement cycles.
$28.50 if your account stays overdrawn for five consecutive business days.

KeyBank also has monthly maintenance fees of $0 to $50 on a number of its checking and money market accounts, as noted above.

Other common fees and charges include the following:

Non-KeyBank ATM transactions: $3
ATM transactions at any bank outside of the U.S.: $5
International fee at foreign-country ATMs: 3% of the amount of the transaction
Paper statements: $3
Incoming domestic and international wire transfers: $20
Domestic outgoing wire transfers: $30
International outgoing wire transfers: $45
Debit card fee on international transactions: 3%
Express processing of replacement debit card: $25
Monthly inactivity fee for not using account during a 3-month period: $5
Stop payment: $34
Chargeback fee for returned items: Up to $15
Money orders: $5
Account early closure fee (within first 180 days): $25

KeyBank Customer Service and Support

For general KeyBank customer service, customers can call 1-800-KEY2YOU (539-2968) — lines are open 24/7.

For online and mobile banking assistance, customers can call 1-800-539-1539 Monday through Friday from 7 a.m. until midnight ET, and from 8 a.m. to 9 p.m. ET on Saturday and Sunday.

KeyBank hours for mortgage customer service is available Monday through Friday from 8:30 a.m. until 8 p.m. ET at 1-800-422-2442.

The bank also offers live chat via online banking from 7 a.m. until midnight ET on Monday through Friday, and from 8 a.m. to 9 p.m. ET on Saturday and Sunday.

KeyBank vs. Competitors

If you’re not sure whether KeyBank is the right financial institution for you, here’s a comparison to similar competitors.

KeyBank vs. PNC Bank

PNC, like KeyBank, has a long history of serving bank customers and their communities. Its Virtual Wallet® product makes PNC a good choice for customers who need an uncomplicated way to manage their budgets.

However, it’s the bank’s preferred checking account and the only PNC checking account you can open online. KeyBank’s selection of checking accounts makes it a far less restrictive choice.

KeyBank vs. Wells Fargo

Wells Fargo remains one of America’s “Big Four” banks, and as such, it has among the most comprehensive selections of account types. It also has over 4,000 branch locations throughout the U.S., so it’s a better choice for anyone who prefers to do their banking in person but doesn’t live in one of the 16 states KeyBank serves.

But the same type of customer is likely to consider good customer service a priority, and that’s an area where KeyBank shines.

KeyBank vs. U.S. Bank

As America’s fifth-largest bank, U.S. Bank is significantly larger than KeyBank. That shows in its services, like an advanced mobile app. U.S. Bank’s national presence is bigger than KeyBank’s to cover individuals who don’t live in the states KeyBank serves.

Final Take

As one of America’s largest financial institutions, KeyBank has a wide selection of checking, savings and money market accounts, as well as CDs. If you live within the service area, KeyBank may be the ideal financial institution for you. Just be sure you can sidestep the bank’s multiple fees.

KeyBank FAQ

Here are the answers to some commonly asked questions about KeyBank.

What are the pros and cons of KeyBank?
- KeyBank offers plenty of account options and a large network of ATMs. However, branches are limited to only 16 states and interest rates aren't as competitive.
Is KeyBank a good bank?
- KeyBank is a solid option with a variety of accounts and a well-rated mobile app. However, watch out for fees, especially if you can't meet balance requirements. It's a good fit for those who prefer online banking or live near its branches.
Is KeyBank better than Bank of America?
- It would depend on what your banking needs are as both have varying features. However, Bank of America would have more accessibility and physical branches if you prefer in-person banking.
Does KeyBank have an overdraft charge for checking accounts?
- KeyBank does have an overdraft fee for its checking accounts, ranging from $33 to $38.50.
Does KeyBank use Zelle?
- Yes, KeyBank uses Zelle. You can use the no-cost money transfer service via the bank's mobile app or online website.
Is KeyBank a good bank?
- KeyBank is a full-service institution with a wide variety of accounts and services. While fundamentally a brick-and-mortar institution, KeyBank also has a strong mobile presence. If the bank suits your needs, it can be a good option. But you'll have to make sure you can avoid the bank's fees if you want the best experience.

Caitlyn Moorhead and John Csiszar contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 25, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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