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KeyBank Review: How Does It Compare?

While some banks seem to make it difficult to build wealth, others offer straightforward tools designed to streamline your money management. 

If you are searching for a bank that offers competitive yields and has plenty of account options, KeyBank
is worth a closer look.  

KeyBank offers attractive APYs on its Certificates of Deposit and Money Market Savings accounts. It also pays interest on its checking account product. In this review, we’ll explore what KeyBank has to offer.

KeyBank logo
  • Earn up to 5.00% APY on an 8-month or 13-month CD.
  • Open an interest-bearing checking account.
  • Earn up to 5.00% APY on a money market account. 

APY on Money Market Savings

What Is KeyBank?

KeyBank was founded 190 years ago in Albany, New York, but today, the financial institution is based in Cleveland, Ohio. As one of the 20 largest banks in the United States, it boasts over $195 billion in assets.

KeyBank offers physical branches in 15 states. However, customers can manage their funds through KeyBank’s well-established online banking platform. 

What Does It Offer?

KeyBank offers a wide range of personal and business banking products. On the personal side, you’ll find everything from checking and savings accounts to credit cards, investment products, personal loans, mortgages, and more.

For the purpose of this KeyBank review, I will focus on the personal deposit accounts available through KeyBank, including its CDs, Money Market, and checking accounts. 

Certificates of Deposit

A certificate of deposit (CD) is a guaranteed investment that offers a predetermined interest rate for a specific term. The rates offered by CDs are usually higher than what you can get in a savings account. But the higher rate comes with a catch. That is, you’ll face an early withdrawal penalty if you withdraw your funds before the CD matures.

KeyBank offers multiple CDs with attractive rates. Below is a look at the rates offered as of October 2023:

CD Term


Short-term CDs: 

Seven days to six months

Relationship CD: 8 months

Relationship CD: 8 months 

$10,000 – $100,000 

Relationship CD: 13 months 

Relationship CD: 13 months 

Relationship CD: 18 months 


Relationship CD: 18 months 

If you have more than one account with KeyBank, you might qualify for a relationship rate. Some of the accounts that make you eligible for the higher rates include a Key Advantage Checking®, Key Privilege Checking®, Key Privilege Select Checking®, Key Select Checking, Key Private Client Checking, Key Private Bank Checking, or Key Private Bank Personal Checking Account.

Below is a look at the relationship rates offered:

KeyBank also offers jumbo CDs, with a minimum deposit requirement of at least $100,000. As of writing, you can tap into a 5.00% APY on 13-month Jumbo CDs if you qualify for relationship rates. The deposit limit is $499.999.99.

Key Select Money Market Savings Account

The Key Select Money Market Savings account requires a minimum opening deposit of $5,000. But with a minimum account balance of $25,000, the APY bumps up to 3.50% for the first six months. If you don’t deposit $25,000, KeyBank customers who meet relationship rate eligibility requirements can still earn 2.75% APY on balances over $5,000.

The Money Market account comes with a $20 monthly maintenance fee. However, this fee is waived if you maintain a minimum daily balance of $25,000 or meet the eligibility requirements for a relationship rate.

Interest-Bearing Checking Account

The Key Select Checking account offers a 0.05% APY on all balances. It comes with a $25 monthly fee, which can be waived if you maintain a minimum balance of $15,000 across all KeyBank accounts or receive at least $5,000 per month in direct deposits.

With this account, you can earn a cash bonus of $100 each year. In order to snag the bonus, you must receive at least $60,000 in direct deposits over the previous 12-month period.

Another checking account option is the Key Smart Checking. It doesn’t offer interest-bearing features. However, you can earn a $200 bonus if you open an account and receive at least $500 in direct deposits within 60 days. 

Check out the KeyBank Smart Checking here >>

Are There Any Fees?

Unlike many online banks, KeyBank charges fees on many of its accounts. But the fees you encounter will vary based on how you use the accounts. Some fees you might run into include an early withdrawal penalty on CDs and a waivable monthly maintenance fee on its checking and money market accounts. 

How Does KeyBank Compare?

KeyBank pays interest on one of its checking accounts, but the account has a $25 monthly maintenance fee. If you are looking for a free checking account that pays interest, check out First Resource BankThey have two interest bearing personal checking accounts (Free Checking, With Interest, and the Diamond Club Checking), but there are no monthly fees for either account.

KeyBank’s CD rates are very competitive, but if your priority is to get the highest possible APY, consider 
Western Alliance Bank. As of writing, you can snag a 5.51% APY on a 12-month CD term.

How Do I Open An Account?

You can open an account with KeyBank in person or online if you live in Alaska, Colorado, Connecticut, Idaho, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, or Washington

You must be at least 18 years old and a U.S. citizen. Be prepared to provide information about yourself, including your name, birthday, Social Security number, email, phone number, and identifying documents. Also, you may need to provide funding account information. 

Is It Safe And Secure?

As a major financial institution, KeyBank employs a wide range of security measures to keep your funds and information safe. Additionally, the bank offers FDIC insurance. With that, the funds you store in deposit accounts at this bank are protected for up to $250,000. 

How Do I Contact KeyBank?

You can connect with KeyBank through a Live Chat on the bank’s online platform. Live Chat is available on weekdays from 7 AM to 12 AM EST and on weekends from 8 AM to 9 PM EST. If you prefer a phone call, you can reach out to 1-800-539-2968. Additionally, you can walk into one of approximately 1,000 physical branches to access service. 

Is It Worth It?

If you are a KeyBank customer looking for a short-term CD with attractive rates, it might make sense to stash your funds here. Another reason to consider KeyBank is the interest-bearing checking account opportunity, although the interest rate is relatively low. Many savers can find higher rates available through other financial institutions.

Before you jump into KeyBank, explore all of your account options.

Check out KeyBank here >>

KeyBank Features

Checking, Money Market, CDs

Mon–Fri: 7 AM to 12 AM EST Sat-Sun: 8 AM to 9 PM EST

Web/Desktop Account Access

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