KeyBank National Association Review

KeyBank National Association KeyBank Hassle-Free Checking Account

0.00% APY

KeyBank is a large full-service bank operating in more than a dozen states. In addition to the 900 branches nationwide, it has an extensive range of locations and ATMs internationally. And while you may not get savings accounts with the strongest interest rates, you’ll definitely find a product that fits your needs and budget. The bank offers everything from checking accounts, savings options and certificates of deposit (CDs) to loans, insurance products and IRAs. 

The bank distinguished itself by providing access to an interactive financial wellness program called HelloWallet. As you improve your financial health, you have access to higher interest rates. The bank also allows you ample opportunity to waive fees on accounts if you meet certain balance requirements.

Also of note, the bank has been recognized for excelling at corporate social responsibility excellence and for providing a welcoming environment to LGBT and military employees.

Products Offered

KeyBank Overview

KeyBank opened in Albany in 1825, but the company is now Cleveland-based. It operates more than 900 full-service branches across 15 states. Its Key Corporate bank component extends its investment and banking services throughout the U.S. and more than 30 countries. On the consumer side, KeyBank offers everything you’d expect at a major bank, including checking, savings, investment, insurance and lending options. 

KeyBank has been repeatedly recognized for its corporate responsibility record. In fact, the Human Rights Campaign (HRC) awarded KeyBank a perfect score nine times on its Corporate Equality Index. In addition, the HRC named the bank among the Best Companies for LGBT Equality. KeyBank has also been recognized as a G.I. Jobs Military Friendly Employer and G.I. Jobs Military Spouse Friendly Employer and has earned eight consecutive Outstanding ratings for lending under the Community Reinvestment Act.

In January 2019, KeyBank acquired the digital lending arm of New York-based Laurel Road Bank. When first created in 2013, Laurel Road dealt solely with student loan refinancing. However, in 2018, it began to offer mortgages, leading the platform to have more than $4 billion in lifetime loan originations at the time of its acquisition. While mortgages and loans are nothing new to KeyBank, Laurel Road’s platform provides customers with a stronger selection of lending options.

KeyBank Account Features

Even though KeyBank doesn’t offer the best interest rates for its checking accounts or savings accounts, the firm does have some additional perks. For starters, the basic savings account comes with free access to an interactive financial wellness program called HelloWallet. Your interest rate also climbs as you increase your financial wellness score. In addition, you can open a joint bank account designed for kids.

The bank also runs a comprehensive Relationship Rewards program. For some accounts, you can even bump the interest rate up by opening a certain checking account. Monthly maintenance fees are often waivable through certain activities such as maintaining a certain balance. On certain accounts like Key Advantage Checking and Key Privilege Checking, the bank will even reimburse you for out-of-network ATM fees.

KeyBank also gives you access to thousands of ATMs worldwide as well as intuitive mobile banking features. In addition to access to the 1,200 branches in the U.S., you'll also have customer service via phone available 24 hours a day, seven days a week.

Key Active Saver Account

The Key Active SaverTM Account calculates interest in two ways. If your balance is less than $25,000 and you’re enrolled in the free HelloWallet program through KeyBank’s online banking platform, you’re placed in the financial wellness interest chart. 

HelloWallet is a digital program that aims to gauge your financial wellness while giving you tips on how to improve it. Your financial wellness score is measured on a scale from 0 to 100. The higher your score, the better your variable interest rate and APY. 

For example, a score of 1 to 10 gives you an interest rate and APY of 0.01%. Meanwhile, a score of 91 to 100 gives you an interest rate and APY of 0.10%. 

So how exactly do you boost your score? The trick is to be as descriptive as possible with the HelloWallet program. It covers your account balance from multiple sources, including non-KeyBank accounts, your income, your spending habits and more. So staying on top of your overall budget improves your financial wellness score.  

While the highest interest rate you can get through the financial wellness program is still minimal compared to the interest you’d earn with a competing online bank right from the start, you can’t really put a price on financial wellness. HelloWallet is an interactive tool that can guide you through improving your financial strength. Based on the information you feed it, it can give you tips on everything from developing a budget to saving for retirement. In this sense, it’s a good fit if you're someone who might need a nudge in the right direction when it comes to finances. 

Moreover, maintaining a score of at least 1 alone will waive the $4 monthly service fee. Otherwise, you can waive it by maintaining a daily balance of at least $300 during the month or by pushing at least $5 a month into your account through direct deposit or recurring online banking transfer from another KeyBank deposit account.

You’ll get put in the standard interest program if you have a balance greater than $24,999 or if you don’t sign up for the HelloWallet program. In that case, your interest rate increases with your balance amount. A balance of less than $25,000 in the standard interest program earns you just 0.01%. If your balance is $25,000 or greater, you will get you an interest rate and APY of 0.02%. As far as KeyBank’s current standing goes, that’s as much as you can earn even if your balance exceeds $1 million. 

It’s important to note, however, that your interest rate in either program may vary slightly by location on any given day. By clicking on the “rates” tab on the Key Active Saver Account section of KeyBank’s website, you’ll be prompted to enter a zip code. You’ll then be taken to a page with charts detailing current APYs and interest rates for both programs. 

Also,  KeyBank will put in new accounts to the standard interest program during the first month. If you meet all requirements for the financial wellness program, you’ll be placed there afterward. And if your financial wellness score falls below 1 on any day of the month, your interest will be generated on the standard interest basis for that entire month. 

You also need to be at least 18 years old to be enrolled in the HelloWallet program, and you must provide an email address to view your scores. Otherwise, you can call 1800-539-2968 to learn your scores.  

Overall, the Key Active Saver Account isn’t the best place to park your money if you want it to grow significantly. But if you’re someone with a balance below $25,000 who needs a little help with your finances, the HelloWallet program is an attractive option.

Key Silver Money Market Savings Account

The Key Silver Money Market Savings Account offers interest rates that increase with your balance. It requires a manageable $50 opening balance. However, you’ll get competing promotional rates if you open an account with at least $5,000. 

With the standard rate, your variable interest rate and APY is 0.01% with balances less than $5,000. Beyond that, you’ll earn a variable 0.01% interest rate and APY. However, you’ll get a better rate if you were to open a new account with that amount by taking advantage of the bank’s promotional rates.

This account carries a $12 monthly fee, but the bank can waive that charge if you maintain a minimum daily ledger balance of at least $5,000. You can also waive that charge if you set up a monthly direct deposit of at least $25 into the account or establish a recurring monthly transfer of at least $25 from another KeyBank account. You can also do away with the fee if you sign up for certain KeyBank relationship package checking products.

You can also use this savings account as protection for any KeyBank checking account. So if your checking account dips into the negative because you made a charge when you didn’t have sufficient funds, the necessary funds (if available) would be automatically transferred from another account to cover the payment. This will keep your account in the positive range and help you avoid the KeyBank overdraft fee of up to $39. 

If you’re already enrolled in the KeyBank Relationship Rewards program, you can earn 5,000 KeyBank Relationship Rewards at opening. 

It’s important to note, however, that you’d need to meet certain requirements to keep your promotional bonus status. You must also maintain a minimum balance of $5,000 throughout the three-month period. If it falls below that level within that period, your rate will be converted to the applicable standard rate until you reach at least $5,000 again. 

You must also open or already be a holder of a Key Privilege Checking or Key Privilege Select Checking Account. If you fail to keep open one of these checking accounts during the first business day of each calendar month within the promotional period, you’re no longer eligible for the bonus. Moreover, KeyBank charges an early closure fee if you shutter any account within 180 days of opening. 

Key Gold Money Market Savings Account

The Key Gold Money Market Savings Account requires a rather large opening balance of $25,000. Its interest rate generally climbs with your balance, but the maximum you can currently get is 0.01% APY. This rate is still far below that of several savings accounts offered by online banks. 

In order to waive the $18 monthly fee, you must maintain the minimum opening balance and have a relationship checkings account open with KeyBank. The same promotional rate rules apply to the Key Gold account as they do for the Key Silver account. 

Overall, the Gold version doesn’t really pack a strong punch for a savings account with such strict rules and a large opening balance requirement. But if you’re a loyal KeyBank customer, this card brings you some substantial perks. For one, you can earn 15,000 Relationship Rewards points if you’re already enrolled in the program.

Key4Kids Savings Account 

KeyBank provides a fun way to get kids into saving. The Key4Kids Savings Account is meant for children under 18 when the account's custodian is a KeyBank deposit or credit customer. The interest compounds daily. And to cut your kid some slack, KeyBank slashes any minimum balance or monthly service fee. 

The minimum deposit is $10. It also comes with all the basic features of other savings accounts including worldwide ATM access and mobile deposit.

KeyBank Short Term CDs, Key Tiered CDs and Key Jumbo CDs (Certificates of Deposit)

KeyBank offers various CD accounts ranging from a couple of days to more than 10 years. Variable APYs depend on several factors, including the amount you invest, how long your term is and whether you’re involved in a Relationship Rewards program. 

But despite the bulk of the CD offers, they don’t really stand out in terms of savings potential. The best interest rates are generally reserved for jumbo CDs, which require a minimum balance of $100,000. 

To maintain relationship status, you must have a Key Advantage®, Key Privilege® or Key Privilege Select checking account. By opening a CD, you also qualify for 10,000 KeyBank Relationship Rewards if you’re already involved in the program. 

However, remember that you can’t take money out until the term length is over without incurring a hefty early withdrawal penalty. And if you don’t take the money out within a grace period after the term ends, your CD will be renewed. This is like opening the same CD again with the money that was left in the last one.

KeyBank Hassle-Free Account

As the name implies, KeyBank’s Hassle-Free Account is a simple and straightforward checking account. You won’t owe a monthly service fee, and there is no minimum balance. The bank also does away with overdraft fees. This is KeyBank’s bare-bones checking account, but you still get to use rewards points. 

You’ll nab six points for every dollar spent on qualifying purchases. You can also earn points by doing regular activities like paying your bills online with money from the account. However, you’ll owe a $40 annual relationship reward fee if you choose to enroll in the program. 

You’ll get free paper or digital statements with this account, but you won’t get paper checks. KeyBank will also charge $2.50 per transaction through an ATM outside its network in the U.S. or $5 for a non-network ATM you use internationally. If you close the account before 180 days after opening it, you’ll incur a $25 early closure fee.

Key Express Checking Account

The Key Express Checking Account is another fairly simple offering by KeyBank. You can waive the $7 monthly service fee by depositing at least $500 into your account or by completing at least eight transactions with the account. 

You also get unlimited check writing and unlimited transactions. However, the same early-closure fee and out-of-network ATM fees apply to this account as well. You’ll also face a $3 check image statement and a $3.00 paper statement charge. 

Overall, the Key Express Checking account is a solid, especially if you maintain the minimum balance to waive the monthly service fee.

Key Advantage Checking Account

The Key Advantage Checking account collects interest, which is a nice perk as major banks typically don’t offer interest-bearing checking accounts. The bank also reimburses you up to $6 a month on fees other organizations charge you when you use a non-Key Bank ATM. In addition, you get a 50% discount on checks. 

However, the interest is fairly low. You can find better rates with some online banks, but KeyBank does offer the convenience of thousands of ATMs worldwide. And getting reimbursed for annoying ATM fees is a helping hand when you absolutely need to use a non-network ATM. 

Key Privilege Checking Account

The Key Privilege Checking Account offers several benefits, including unlimited check writing, free checks and reimbursement of up to $6 a month for fees charged by out-of-network ATMs. You can also waive the $25 monthly service fee if you maintain a minimum balance of at least $25,000 across all your KeyBank accounts. Even outstanding balances on credit cards can help you reach this peak. 

However, it still generates a fairly low interest rate as opposed to several online banks even with large balances. The bank will currently waive the relationship rewards annual fee for being enrolled in the program when you open this account as well. You’ll also get a comprehensive statement detailing all your accounts from checking to investing that are held by KeyBank. A year-end recap statement can help with tax preparation. 

But this account is for you if you’re a loyal KeyBank customer who keeps numerous accounts open with the bank and enjoys having one entity handle all your banking needs. In addition, it’s intended for you if you can maintain the minimum balance of $25,000 in order to enjoy all the benefits of this account. 

Key Privilege Select Checking Account

This KeyBank account is its topmost tier checking account. It provides customers with a full suite of not only banking features but of financial management tools, as well. You'll have access to premium financial management services to help you manage your money and investments as well as account insights to give you a comprehensive look at your financial assets. The Key Privilege Select Checking Account also includes automatic daily sweeps into another FDIC-insured interest-earning account. So after your daily transactions are settled, KeyBank will automatically transfer the funds left in your checking account into a high-yield deposit account. This is to help you keep your money saving and growing at the same time. 

There is a pretty high monthly fee of $50 for this checking account. You can avoid the fee by maintaining at least $100,000 in all your KeyBank account balances. 

KeyBank IRAs: IRA CDs, IRA Money Market Accounts, IRA Brokerage Accounts

KeyBank allows you to open a traditional or Roth IRA by depositing money into a CD or money market account. IRA CDs range in terms from six months to 10 years or anywhere in between. Interest rate tiers are based on the balance in your account, and the rates are fixed for the term of the CD.  The interest rates for IRA CDs reflect the bank’s other CD options as well as the term lengths. However, keeping the money in either a 13- or 18-month IRA CD can generate stronger interest rates at the moment, according to a KeyBank financial advisor. 

You won’t face any maintenance fees, but you could be hit with an early withdrawal penalty if you take your money out before the term length ends. The fee depends on your balance, your interest rate and when you make the early withdrawal. According to a KeyBank financial advisor, however, it’ll typically carry a 10% penalty. So you want to make sure you can keep your money for the term length before you open an IRA CD. You have ten calendar days, including weekends, after the term ends to take your money out of your IRA CD. Otherwise, it would renew to a new CD under the same term length with an interest rate based on your current balance. 

If you want easier access to your money without facing an early withdrawal penalty, you can open an IRA money market account with minimum deposits starting at $100 per month. According to a KeyBank financial advisor, the interest rates for these will generally be lower with the best rate scoring around 0.05% APY for any given term length. 

You can also roll over money from previous employer-sponsored retirement plans into any KeyBank IRA option.

In addition, you can open a brokerage account as your IRA. Minimum investments start at $100 per month. This option allows you to invest in various funds with the help of Key Investment Services financial advisors. Keep in mind, however, that brokerage accounts are not FDIC insured, and you’ll be taking applicable market risks depending on the securities you choose to invest in. These funds may also have underlying fees. 

You can open an IRA with Keybank online or by visiting a branch. KeyBank also offers potential IRA customers a complimentary consultation to develop an investment strategy based on your finances, risk tolerance and personal goals.

Where Can I Find KeyBank?

Keybank operates more than 1,200 full-service branches worldwide. You can visit the bank online and find a location by plugging in your zip code. The bank also operates thousands of ATMs worldwide, so it shouldn’t be hard to get access to your money without incurring an out-of-network withdrawal fee. 

What Can You Do Online With KeyBank?

KeyBank offers various tools and resources on its website to make banking simpler. Its HelloWallet program is helpful, especially if you’re not financially savvy. KeyBank also allows you to do anything online that any other major bank might offer. You can even set email and text alerts to remind you of upcoming bills, for example. 

As an added security measure, KeyBank allows you to sign into your account via touch ID through an iPhone. This can make it simpler to bank, especially if you have a long password. You can also pay bills, check your balance, find a nearby branch and more from your desktop or mobile device.

How Do I Access My Money?

You can access your money online, through the app or at a physical branch. You can also reach a customer representative by dialing 1-800-539-2968 any time of the day. KeyBank also claims to respond to any email within 48 to 72 hours. Depending on where you are, you may also reach a customer service representative via live chat online during normal business hours, including weekends. 

If you need direct access to your money, you have access to thousands of ATMs across the U.S. and some outside the country. The mobile app allows you to deposit a check by snapping a photo.

How Can I Save More Money With KeyBank?

KeyBank’s savings accounts don’t offer the most competitive rates. But you can potentially save more by taking advantage of HelloWallet to improve your financial wellness. The website also offers different blogs posts on how to manage your finances. 

It’s fairly simple to avoid monthly fees, which can’t be said about many major brick-and-mortar banks. A Relationship Rewards program may also offer you some savings. 

What’s the Process for Opening an Account With KeyBank?

The easiest way to open an account with KeyBank is by visiting a branch. Unfortunately, you can’t sign up for an account online from every zip code, including ones in states where the bank operates. Either way, you’ll need your Social Security number, government-issued ID and a minimum opening deposit if applying for a checking or savings account.

What’s the Catch? 

While you won’t find the strongest interest rates at KeyBank, most of its accounts are fairly affordable. In addition, KeyBank makes it easy to waive fees. The bank also offers a Relationship Rewards program that lets you earn points for several activities and not just when you buy something. 

Bottom Line

KeyBank is for the customer who wants all of his or her banking done in one place. The bank is huge and you can find full branches across the nation and access to ATMs and banking services worldwide. You should be able to meet all your banking needs with KeyBank, as it offers a variety of products, including checking and savings accounts, as well as CDs and IRAs. You can also access different loans including mortgages and even loans for boats and RVs. In addition, you can invest with KeyBank. 

You have the option of various securities ranging from mutual funds to annuities. 

Nonetheless, you can find savings accounts with better rates with online banks. But what it lacks in savings muscle, the bank makes up in sheer convenience. It offers simple accounts, including one that lets you open a joint account for a child. Its free access to HelloWallet is something useful that you won’t typically find at another major bank. And with thousands of locations, it shouldn’t be hard to step in and talk with a banking representative about all your financial needs.