KeyBank Review: A Well-Known All-Rounder With Disappointing APYs
Review
Updated
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KeyBank offers a robust array of banking products and it has a large national presence. But it has a hard time competing with the high APYs of online banks. However, those who prefer in-person banking could qualify for higher rates if they open multiple accounts with the bank.
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These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
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KeyBank could be a good fit for you if:
KeyBank charges monthly maintenance fees on some interest-bearing accounts. Fees are $4 to $20 and can be waived, though the requirements can be strict. Be prepared to set up heavy direct deposits or keep tens of thousands of dollars in your accounts to avoid fees.
KeyBank has two savings accounts: one for adults and one for children.
The Key Active Saver® Account has a waivable monthly fee and a modest minimum balance requirement. It also includes online and mobile banking tools with automated savings features. But it's unlikely to appeal to those seeking a high annual percentage yield (APY). As a brick-and-mortar bank, its rates are pretty low.
The Key4Kids® Savings Account is similar to the Key Active Saver® Account for adults except it has no monthly fee. It also doesn't permit overdrafts. This account is aimed at children under 18 years old, but it requires the parent or guardian to have an account with KeyBank as well.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
KeyBank has three types of certificates of deposit (CDs).
KeyBank's short-term CDs have terms ranging from seven days to less than six months. You don't often see terms this short with most other banks, so it could be a good option for those looking to build a short-term CD ladder. The minimum balance requirement is a little higher than what you see with some competitors, though, and the APYs are pretty low.
The Key Tiered CDs are traditional CDs with terms ranging from six months to 10 years. It's rare to see CD terms longer than five years, so KeyBank might also appeal to those hoping to build a long-term CD ladder. But it is possible to find other providers that offer these terms with more competitive APYs.
KeyBank's jumbo CDs require a $100,000 minimum deposit. This is pretty typical of jumbo CDs, which is why you don't see them with too many other banks. Terms range from seven days to 120 months, so there's plenty of flexibility here. But again, it's hard to overlook those low APYs.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
KeyBank currently offers three checking accounts, which are discussed in detail below. They're all backed by FDIC insurance.
The Key Smart Checking® account doesn't have any checking account fees or minimum balance requirements. It includes a debit card and paper checks as well as online and mobile banking tools. However, it doesn't earn any interest.
The Key Advantage Checking® account is an interest-bearing checking account, though its rates are pretty low. Still, there are many checking accounts that don't offer interest at all, so even a low rate is better than nothing. The account has a monthly maintenance fee, but there are several options to waive it.
The KeyBank Hassle-Free Account® doesn't have any maintenance fee or balance requirements, but it also doesn't include check-writing capabilities and it doesn't earn interest. Customers interested in a fee-free checking account from KeyBank would be better off going with the Key Smart Checking® account described above.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
KeyBank offers one money market account.
The Key Select Money Market Savings® Account has a waivable monthly fee and reasonable minimum balance requirements. There's a six-month promotional APY for those who have at least $25,000 in the account, but it's still low compared to that of the best online banks.
KeyBank has subpar customer service reviews, but customers seem to like the mobile app.
KeyBank has mixed reviews. On one hand, its BBB score indicates that bank representatives respond to most customer complaints. On the other hand, its Trustpilot review is less than 2.0, which is about the standard for brick-and-mortar banks. It scores better than Bank of America (1.4) and U.S. Bank (1.3) as of writing.
Reviews indicate customer service is subpar. Frequent complaints on Trustpilot include brusque customer representatives and the bank not picking up its phones. Other complaints include fees being undisclosed until they are charged to a customer's account.
You can contact KeyBank for banking support 24/7 at phone number 1-800-539-2968. Or you can sign onto your online banking portal and Live Chat with customer representatives during the following hours:
Online and mobile banking customers can call 1-800-539-1539 for help.
The mobile app has strong reviews. Most reviewers are satisfied with features offered.
Features include:
The interface is solid. You can view accounts and balances from the home screen. The bottom of the app has tabs for easy navigation to transfers, a help hub, and a place to open new accounts. You can tap an account to view your transaction history. KeyBank has responded to most recent negative customer reviews on the App Store.
You can probably get away with doing most of your banking on the KeyBank app. It helps if you're comfortable navigating on mobile and contacting customer service remotely.
KeyBank has over 900 locations across the United States. There are locations in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. Even with an online account, you can withdraw money at more than 40,000 KeyBank and Allpoint ATMs.
If KeyBank doesn't seem like a good fit for you, one of these other banks might be a better fit:
Discover® Bank is an online bank known for its few fees and competitive APYs. It's received high customer satisfaction ratings from organizations like J.D. Power, and it offers some innovative features, like CDs with terms up to 10 years and a checking account that gives you cash back.
Capital One is worth considering if you want the high APYs of an online bank, but you aren't ready to say goodbye to brick-and-mortar institutions altogether. Capital One Bank has some branches and cafes, but it also has the low fees and high APYs of an online bank.
KeyBank is a safe place to put your money. It's a well-known national bank with deposit accounts backed by the FDIC.
Yes, KeyBank is a national bank headquartered in Cleveland, Ohio.
KeyBank has received below-average customer service ratings from independent agencies like J.D. Power.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
