Key Bank Reviews
KeyBank is a leading and exceptional banking institution that is located and headquartered in the United States. The headquarters operates numerous offerings that are aligned with a variety of banking products as well as services.
To provide a more authentic overview, here is a review guide stated next that will focus on the checking and savings accounts of the bank. Moreover, the focus also applies to its CD rates, money market accounts, and mortgage loans.
Let’s have a comprehensive overview of potential customers in the section below;
Bank Overview
KeyBank is the most significant and prominent part of KeyCorp. KeyCorp is one of the largest bank-based in the nation for financial services companies. It is credible in terms of retail banking, investment management plans, proper commercial banking solutions, and consumer finance. There are various other services available for consumers to enjoy.
Additionally, KeyBank is also popular for its customer-focused approach. Its wide range of financial products is flexible enough to deal with both individual and business needs.
The bank is also authentic to support the traditional bank facilities. KeyBank holds a perfect blend of physical branches as well as digital banking capabilities. This modernized approach ensures a comprehensive banking experience for its consumers. It is equally worthy for customers who prefer in-person banking as well as for those who lean towards/require online and mobile banking solutions.
Key Bank Locations
KeyBank is known to be operated in numerous locations. The locations primarily objected to the United States. This significant presence of the bank in several states is further aligned with a broad network of branches and ATMs. It ultimately serves its customers with authentic facilities.
In addition to all this, KeyBank and its locations are strategically convenient enough to access its services for a large segment of the U.S. population.
- Geographic Presence – KeyBank has its branches and ATM networks that span multiple states. It further focuses on areas; so that it can effectively serve as a broad customer base institute.
- Branch and ATM Network – The bank has a very broad extensive network of branches and ATMs. In this regard, the survey explained that the branches are even more concentrated on the East Coast side.
- Accessibility and Convenience – The locations of KeyBank are specially designed for easy access and convenience of the consumers. It offers services on its in-branch banking, and ATMs, as well as drive-through options at many locations.
Checking Accounts
There are several types of checking accounts available at KeyBank. The accounts are credible, authentic, and flexible enough to meet different customer needs;
| Feature | Key Smart Checking | Key Select Checking | KeyBank Hassle-Free Account |
| Fees and Minimum Balance | No fees or minimum balance | $25 monthly maintenance fee | No fees or minimum balance |
| Check-Writing Capabilities | Yes (Paper checks) | Yes (Paper checks) | No (Online and electronic transactions only) |
| Interest Earned | No | Potentially higher CD rates for existing KeyBank customers | No |
| Debit Card | Yes | Yes | Yes |
| Online/Mobile Banking Tools | Yes | Yes | Yes |
| ATM Fee Reimbursements | No | Yes | No |
| Additional Benefits | None | Discounts on KeyBank services | Simple, fee-free option |
| Waivable Monthly Maintenance Fee | N/A | Yes (conditions apply, e.g., maintaining a combined balance of $25,000 or making monthly KeyBank mortgage payments of at least $500) | N/A |
Saving Accounts
KeyBank is credible enough to deal with all the saving options and requirements of the consumers. The basic overview of primary savings accounts available at KeyBank is explained below;
| Feature | KeyBank Active Saver Savings Account | Key Select Money Market Savings Account |
| Minimum Opening Deposit | $10 | $5,000 |
| Monthly Maintenance Fee | $4 (waivable) | $20 (waivable) |
| Interest Rates | Very low | Tiered, potentially higher for larger balances |
| Excess Transaction Fee | Yes, subject to fee after the first six | No |
| Ways to Waive Monthly Fee | – Maintain a minimum balance of $300 | – Maintain a minimum daily balance of $25,000<br>- Have a KeyBank consumer relationship package checking account |
| Check Writing Abilities | No | Yes |
| Overdraft Protection | No | Yes (with no transfer fee) |
| KeyBank Relationship Rate | No | Yes (potential for increased earnings based on the total relationship with KeyBank) |
| FDIC Insurance | Yes (up to $250,000) | Yes (up to $250,000) |
| Online/Mobile Banking Capabilities | Yes | Yes |
CD Rates and Money Market Accounts
KeyBank is known to have a wide range of offerings for the certificate of deposits as well as money market accounts.
The consumers are convenient to support the account and choose the term length that suits them the most. The available terms at KeyBank range from seven days to ten years. However, some of the early withdrawal penalties apply to the accounts. These penalties vary a lot depending on the term of the CD.
In addition to all this, the precise details about money market accounts are depicted below;
| Feature | Key Select Money Market Savings Account |
| Minimum Opening Deposit | $5,000 |
| Monthly Maintenance Fee | $20 (waivable) |
| Waiving Monthly Fee Conditions | – Maintain a minimum daily balance of $25,000<br>- Have a KeyBank consumer relationship package checking account |
| Interest Rates | Tiered, potentially higher for larger balances |
| Check Writing Abilities | Yes |
| Withdrawals and Transfers | Unlimited |
| Overdraft Protection | Yes (with no transfer fee) |
| KeyBank Relationship Rate | Yes (potential for increased earnings based on the total relationship with KeyBank) |
| FDIC Insurance | Yes (up to $250,000) |
| Online/Mobile Banking Capabilities | Yes |
Mortgage Loans and Other Loan Products
KeyBank provides various mortgage loan products to meet the personal as well as the business financing needs of consumers. Before relying on the choice of the loan product, it is credible and highly required to go through the proper terms and conditions of every loan detail.
Some of the credible products are featured below;
| Loan Product | Description | Key Features |
| Mortgage Loans | – Options for purchasing a home- Refinancing existing mortgages- Home equity loans and lines of credit | – Competitive terms and rates- Catering to diverse needs |
| Personal Loans | – Unsecured loans for various personal needs such as debt consolidation, home improvements, or unexpected expenses | – Flexible use of funds- Terms and rates based on creditworthiness |
| Auto Loans | – Financing for the purchase of new or used vehicles | – Competitive terms and rates |
| Lines of Credit | – Revolving credit lines providing flexible access to funds | – Convenient for managing ongoing expenses and unexpected costs |
Additional Products and Services
Consumers are allowed to enjoy a range of additional products and services at the bank. These products are managed and referred to as the attractive points that enhance the popularity of the bank to an even greater extent. these products include;
| Financial Products and Services | Description | Key Features |
| Credit Cards | – Key Cashback® Credit Card- KeyBank Latitude® Credit Card- Key Secured Credit Card® | – Various options, including rewards and cashback- Options for building or improving credit |
| Investment Services | – Financial planning- Retirement planning- Investment management | – Tools and resources for informed investment decisions- Suitable for novice and experienced investors |
Comparison Overview with Other Institutes
| Aspect | KeyBank | Bank of America | U.S. Bank |
| Savings Account | – Modest interest rates- Offers a higher rate money market savings account | – Modest interest rates- No higher rate money market savings account | – Slightly better savings account than KeyBank |
| CD Rates | – Variety of terms- Relationship Reward rate with Key checking account | – Variety of terms- Competitive rates for special CDs | – Competitive CDs, slightly better than KeyBank |
| Checking Account | – Offers Key Smart Checking, Select Checking, and Hassle-Free Account- $200 cash bonus promotion | – Various checking options with different features and benefits | – Similar to KeyBank, slightly lower rating |
| Money Market Account | – Higher rated than Bank of America and U.S. Bank | – Does not offer a higher rate money market savings account | – Slightly lower rating than KeyBank |
| Customer Service | – Good rating- 24/7 customer service | – Varied customer experiences | – Comparable to KeyBank, slightly lower rating |
| Mobile App | – Good user experience | – Comparable mobile app experience | – Similar to KeyBank, slightly lower rating |
Pros and Cons Analysis
Pros
- A large suite of banking products catering to diverse customer needs.
- Various checking account options with features like fee waivers and electronic bill pay.
- A range of CD terms offering flexibility for short-term and long-term investments.
- Comprehensive mortgage and loan services.
Cons
- Lower interest rates on savings accounts compared to online banks.
- Monthly fees on most accounts, although some can be waived under specific conditions.
- A relatively limited ATM network might pose an inconvenience for some customers.
- High deposit requirements for certain products like CDs.
Customer Reviews
Customer reviews of KeyBank through a detailed light on the highlights of customer’s experience. Some customers appreciate its wide range of banking products and services. Whereas some others point out areas where the bank needs improvement.
- Positive reviews often mention the convenience of having multiple banking products under one roof and the helpfulness of customer service.
- On the other hand, some customers have expressed dissatisfaction with fees associated with certain accounts and the interest rates on savings accounts, which are lower compared to online banks.
Conclusion
To make a concluding statement, KeyBank tends to offer a wide range of banking products. These products are equally liable and suitable for different financial needs and requirements.
In addition to this, the bank is well-defined due to its convenience of traditional banking services with a variety of account types. Customers might find the fees and lower interest rates on savings accounts less competitive when they compare it with the other online banking options.
However, things get managed easily with the help of fascinating features and products available in the banking system.
FAQs
KeyBank’s savings account interest rates are generally lower than those offered by online banks. Specific rates vary based on the account type and balance.
Yes, KeyBank offers mortgage refinancing options, allowing customers to potentially get better interest rates or adjust the terms of their existing loans.
Yes, some KeyBank checking accounts have monthly maintenance fees, although these can often be waived by meeting certain criteria like maintaining a minimum balance or receiving direct deposits.
Yes, KeyBank allows customers to link their savings account to their checking account for overdraft protection, with no transfer fee in some cases.
Yes, KeyBank provides online and mobile banking options, allowing customers to manage their accounts, pay bills, and perform other banking tasks digitally.