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Over 50,000 free ATMs through the KeyBank and Allpoint ATM networks
Avoid the $4 monthly service fee if you have a Key Bank checking account
Interest compounded daily, deposited monthly
Member FDIC
Additional Reading
Read our review
The KeyBank Active Saver Account may be worthwhile if you already have a checking account with the bank. That way, you’ll waive the monthly service fee. Otherwise, you’ll find more compelling fee-free savings accounts in our best savings accounts guide.
Over 50,000 free ATMs through the KeyBank and Allpoint ATM networks
To avoid overdraft fees, you may link your checking account to a savings account or get a a line of credit
Key Cover Zone allows you to overdraw up to $20 from your account and you won’t be charged overdraft fees as long as you restore your account balance by the end of the day
Member FDIC
Additional Reading
Read our review
The KeyBank Smart Checking Account is a great choice if you’re worried about overdrawing from your account. You can get free overdraft protection or set up alerts that notify you when your account falls under a certain balance.
Over 50,000 free ATMs through the KeyBank and Allpoint ATM networks
Early withdrawal penalties: For terms shorter than 31 days, all simple interest earned plus a penalty of 7 days’ simple interest; For terms between 32 and 89 days, one month of simple interest; For terms between 90 days and 359 days, three months of simple interest; For terms between 360 days and 23 months, six months of simple interest; For terms between 2 years and 47 months, nine months of simple interest; For terms 4 years and longer, 1 years of simple interest
Terms range from 7 days to 10 years
Interest compounded daily, deposited monthly
Member FDIC
Additional Reading
Read our review
KeyBank’s CDs might be worth exploring if you want a variety of terms. However, the minimum opening deposit is a bit steep at $2,500, and online banks offer a higher interest rate regardless of the term.
Interest rate may be competitive after the first 6 months, depending on a variety of factors
Unlimited check writing
Link to your KeyBank checking account and use automatic transfers for free checking overdraft protection
Cons
Low interest rate for certain packages and balances
High minimum opening deposit
$20 monthly service fee (with the ability to waive)
No debit or ATM card
Highlights
More Information
Key Select Money Market Savings is available in 15 states including AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
To waive $20 monthly service fee, either keep a minimum daily balance of $25,000 OR open a premium checking account
There are 3 tiers of interest rates: Bonus Rate, Relationship Rate, and Standard Rate
Relationship Rates: APY increases when your balance reaches $5,000 and $25,000
How to earn the 6-month bonus rate: Increase your total relationship balance at KeyBank by $25,000, maintain $25,000 in the Select Money Market Savings account, AND maintain a calendar monthly average of $25,000 more than the original total relationship balance
How to earn KeyBank relationship rates: Make at least 5 qualified monthly transactions from your KeyBank checking account AND open at least one KeyBank non-checking account that qualifies for relationship rates
Interest compounded daily, paid monthly
Member FDIC
You have the potential to earn a high rate with the Key Select Money Market Savings, but its interest rate system is complicated and difficult to keep up with over time. The account also has a high minimum opening deposit and monthly fee, unless you qualify to waive it.
How KeyBank works
KeyBank has over 900 branches throughout the US. You’ll find a brick-and-mortar location in the following states:
Alaska
Colorado
Connecticut
Florida
Idaho
Indiana
Maine
Massachusetts
Michigan
New York
Ohio
Oregon
Pennsylvania
Utah
Vermont
Washington
KeyBank customers also have access to more than 50,000 ATMs through the KeyBank and Allpoint ATM networks.
You may like KeyBank if you want a bank that serves its local community. KeyBank is sending a KeyBus to local communities in select states as part of a one-year initiative to help underserved communities get more access to banking. You can find specific locations the bus will be visiting here.
Customer service is available 24/7 over the phone. Current members may also reach representatives using live chat from 7:00 a.m. to midnight ET on weekdays or 8 a.m. to 9 p.m. ET on weekends.
KeyBank’s mobile app has 4.5 out of 5 stars in the Apple Store and 4.4 out of 5 stars in the Google Play Store.
The bank is FDIC insured, so up to $250,000 is secure in an individual bank account.
Is KeyBank trustworthy?
The Better Business Burea rates businesses by how they address customer issues, advertise to consumers, and handle transparency. KeyBank has an A+ rating from the BBB.
A good BBB rating won’t guarantee that your relationship with the bank will be perfect. To see if KeyBank is a good match, read online customer reviewers or talk to current customers of the bank.
KeyBank has been involved in one recent public controversy.
In 2021, the bank paid the State of New York Mortgage Agency $5 million in a settlement that claimed KeyBank had deceptive advertising regarding its “KeyBank Plus” program. Advertisements regarding the program stated KeyBank would help New York residents who didn’t have a bank account by helping them cash checks for low fees. However, the State of New York Mortgage Agency conducted an investigation and found the program wasn’t being executed properly.
How KeyBank compares
We compared KeyBank to two other national banks: PNC Bank and Woodforest National Bank.
KeyBank
PNC
Woodforest National Bank
Locations
AK, CO, CT, FL, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA
Locations
AL, DE, FL, GA, IL, IN, KS, KY, MD, MI, MO, NJ, NY, NC, OH, PA, SC, TX, VA, WV, WI
Locations
AL, FL, GA, IL, IN, KY, LA, MD, MS, NY, NC, OH, PA, SC, TX, VA, WV
If you’d like to be able to visit a nearby branch, your choice between these three banks could ultimately boil down to which state you live in.
KeyBank, PNC, and Woodforest National Bank are scattered in different states and don’t dominate a particular region. If you live in Florida, New York, Ohio, or Pennsylvania, you’ll have nearby branches from all three banks.
You’ll also want to look at specific accounts and fees.
You might prefer KeyBank or PNC if you plan to open a checking account. KeyBank has a free checking account that doesn’t require a minimum opening deposit. Meanwhile, PNC has a free checking account with budgeting tools and reimbursements on some out-of-network ATMs.
If you’d like to open a savings account, all three banks offer pretty low rates on their traditional savings accounts. However, Woodforest is a good option for CDs. You’ll only need a minimum deposit of $500, and you’ll get a better interest rate than at other brick-and-mortar banks.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
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Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
KeyBank Smart Checking Account
American Dollar Exchange Rate