KeyBank Checking Account Review 2024
KeyBank serves customers in 15 states with more than 1,000 branches and over 40,000 fee-free ATMs.
Headquartered in Cleveland, the original KeyCorp was founded in 1825. Since 2021, has been a leader in the digital banking space, including checking accounts that serve a variety of customer needs.
KeyBank Checking At-a-Glance
Overall Impression
KeyBank is available in 15 states, including Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, Washington, and Alaska.
Checking accounts are easy to access at over 40,000 AllPoint Network ATMs across the nation.
If ATMs aren’t your style, you can use the Zelle app to send money seamlessly and add funds with mobile deposits from anywhere in the world.
Some customers report that while the account meets the usual expectations of a quality checking account, the bank is lacking in terms of competitive rates.
Compare the Best Checking Accounts Online
Find convenient checking accounts with low fees, the best accessibility, top-notch customer service, and more. Compare and find your best checking account now.
KeyBank Pros and Cons
Is KeyBank the right choice for your money?
Only you can decide for sure, but here are some pros and cons to help you make your decision.
Pros
- A quite robust ATM network allows access to your money from wherever you may roam.
- There is no fee for overdraft protection if the overdraft is $20 or less.
- Get customer service via phone around the clock, seven days a week.
- Several checking accounts are offered through KeyBank.
Cons
- This bank is available only in 15 states.
- The interest rates are often not competitive with similar banks.
- There are charges for the use of out-of-network ATMs.
KeyBank Checking Fees
Compare to Other Checking Accounts
KeyBank offers four checking accounts. The Hassle-Free Account requires a $10 minimum deposit and has no monthly fee, overdraft fee, or paper checks. The Key Smart Checking has the same $10 minimum deposit requirement and no service fee.
Key Select Checking requires $50 to open and charges a $25 service fee, which is waived with at least $15,000 in combined balances in your accounts or a minimum of $5,000 in direct deposit from an employer.
This checking account comes with other bells and whistles, such as no fees for using out-of-network ATMs, reimbursement for ATM fees charged by other banks, free checks, and a nominal interest rate on the money in your checking account.
Finally, those who have $250,000 to spare can open the Key Private Client Checking account to explore top-tier perks. Other options include Advantage, Privilege, Privilege Select, and Express Checking.
How does that stack up to some of the competition?
One Finance Mobile Banking
One Finance Mobile Banking offers several ways to waive the monthly fees for checking accounts, no overdraft fees, and no minimum balance requirements.
Adding funds is easy at any Walmart, but there are no branches, so all banking other than those deposits is virtual.
The AllPoint system provides free ATMs. Using your debit card for purchases can earn you discounts.
The fees are very low, and you can avoid most of them by making a $500 direct deposit into your account each month.
TD Bank Checking
TD Bank checking accounts offer three ways to waive monthly fees, no minimum opening deposit, and robust online banking.
Students and young adults are eligible for perks, and those who have more than one product through TD Bank—such as money market accounts or mortgages—can get discounts on their rates.
Overdraft relief is the norm, but there is a $35 fee for going into the red, which is higher than that of other banks.
First Horizon Bank Checking
Finally, First Horizon Bank is a serious contender for those who want to bank with a brick-and-mortar institution that happens to have a very strong online and mobile presence.
The three checking account options have easy ways to waive the monthly fee.
There are over 400 branch locations but only about 300 in-network ATMs, which can make it tough to withdraw money with no fees when you are on the go.
However, some accounts do offer reimbursement of foreign ATM fees charged by outside banks.
Who Is KeyBank for?
KeyBank offers a wide range of choices for your day-to-day financial life, but these accounts might be lacking for those who want to earn really good interest rates.
The wide ATM network promises no fees. The low overdraft fee, with a cap of three per day, can help when keeping track of finances gets difficult. KeyBank is good for those who live in one of the 15 states it services and are comfortable banking on mobile apps and online.
Rating the Features
Understanding what you get in every aspect of a checking account can help you determine if that account is the best one for you. Here’s what to expect from KeyBank.
Mobile Banking
KeyBank tends to get very favorable reviews for its mobile app, including kudos for functionality and ease of use.
The mobile app can be used to handle everything you would handle in person, including looking up your balances, paying bills, moving money around, getting custom alerts, using Zelle to transfer money, and much more.
Customer Service and Experience
Customer service is robust and available via branches in the 15 states where the bank operates and over the phone.
Someone is available around the clock to meet your banking needs.
The bank offers the opportunity to schedule online meetings with bankers and a financial checkup review to help ensure you are meeting your financial goals.
Given these perks, KeyBank ranked first among regional banks in the 2023 Online Banking Satisfaction Survey by J.D. Power.
Fees
The fees at KeyBank tend to be on par with or lower than those of other banks. Though this isn’t necessarily truly fee-free checking, there are so many ways to waive and avoid fees that the bank might as well be free for most customers.
Rates
Unfortunately, this is where KeyBank tends to fall short.
Only one checking account offers interest, and that interest is relatively low compared to the competition. This might change over time, as interest rates can be volatile.
You might also see higher interest rates with promotions intended to attract new customers.
Tools and Extras
KeyBank doesn’t charge overdraft fees if the account is withdrawn by $20 or less. If it is further overdrawn, the bank charges $20 per overdraft, with a cap of three overdrafts per day.
Those who choose a higher-level account, such as one that requires a very large deposit, will receive perks unique to that account.
Access
KeyBank offers ATMs through the AllPoint network with no fees.
Customers can also access their money through the many bank branches across the 15 states where the bank operates.
Money can be moved around via the online banking website or app, online, or over the phone.
Safety and Security
At KeyBank, your money is insured by the FDIC to the tune of $250,000 per account per depositor. In addition, the bank offers a wide variety of advice on how to protect yourself in any situation concerning your checking account, including international transactions and avoiding scams.
Minimum Deposit or Balance Requirement
Two of KeyBank’s checking accounts require a $10 minimum deposit, while the third requires $50.
However, if you want to avoid the monthly fee, the minimum balance requirement for Key Select Checking is $15,000 across all accounts or a direct deposit of at least $5,000 per month from an employer.
Frequently Asked Questions (FAQ)
This virtual assistant is available in the KeyBank mobile app. It helps you discover the perks of your checking account, move money around, connect with the people you need to talk with about banking products, and much more.
Yes. It takes only a few minutes to get started. Be ready with basic application information, such as your identification information, and the minimum deposit required to get started.
It’s among the top 25 banks in the nation in terms of banking volume and investments. Considering that KeyBank is only available in 15 states, that speaks to how robust its accounts offerings are.
