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You are here: Home / CD Rates / KeyBank CD Rates – Now up to 3.75% APY!

KeyBank CD Rates – Now up to 3.75% APY!

editorial staff
December 16, 2022

KeyBank is a mid-sized, regional bank that operates both online and offline. They can take consumer deposits from residents in all 50 states, however, their branch and ATM network are only in 25 states plus Washington D.C.

KeyBank has 1,197 branches and 1,572 ATMs in the following states:

  • Alaska 
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • New Jersey
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington, D.C.
  • Washington

KeyBank has a full suite of FDIC-insured deposit accounts complete with checking, money market, certificates of deposit and savings accounts. For the purpose of this review, we will focus on KeyBank’s fixed and variable rate, interest-bearing deposit products.

There are three types of CDs offered at KeyBank as well as the two money market accounts and three savings account options.

KeyBank’s Fixed Rate Deposit Accounts – The three types of CDs sold at KeyBank are:

  1. Promotional CDs,
  2. Key Tiered CDs and
  3. Key Jumbo CDs

KeyBank’s Variable Rate Deposit Accounts – The five types of variable rate savings accounts offered at KeyBank are:

  1. Key Active Saver
  2. Key Silver Money Market Savings Account
  3. Key Gold Money Market Savings Account
  4. Health Savings Account
  5. KEY4KIDS Savings Account

To see if these accounts are right for you, continue reading our review below.

In this post you'll learn:

  • Key Bank CD Rates + Details
  • Key Bank’s Promotional CD Rates
  • Key Bank’s Tiered CD Rates
  • KeyBank Jumbo CD Rates
  • Compounding and Crediting Interest
  • Grace Period and Early Withdrawal Fees
  • KeyBank Savings Account Rates + Details

Key Bank CD Rates + Details

KeyBank’s 3 types of CD accounts.

There are 3 factors that could affect the yield you earn with your KeyBank CD. These are:

  1. Location. You must first enter your zip code to see KeyBank’s current CD rates.
  2. Relationship status. If you have a checking account with KeyBank, you stand to earn a better yield.
  3. Deposit size. KeyBank CDs are tiered by deposit size. Larger deposit amounts stand to earn better yields.

Regardless of the above, you’ll have three different types of CDs to choose from with KeyBank.

They have standard CDs with terms ranging from 6 months to 5 years. They also have long term CDs with terms ranging from 5 to 10 years.

For jumbo CDs with deposits of $100,000 – $499,999.99 they also offer short term CDs with terms ranging from 7 days to 179 days. However, those accounts provide a yield of just 0.05% APY across the board currently.

The only competitive offer from KeyBank currently is their promotional CD. Today they just have one with a 13 month term and varying yields depending on relationship status and deposit size.

KeyBank’s standard CDs are tiered and come with a minimum deposit requirement of $2,500. The tiers are as follows:

  • $2,500 – $9,999
  • $10k – $24,999
  • $25k – $49,999
  • $50k – $99,999
  • 100k or more = Jumbo CDs

In order to qualify for “Relationship Rewards” you’ll need to also have a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking account.

Key Bank’s Promotional CD Rates

CD TermsDeposit SizeAPY
13 months$2,500 – $9,999.993.00%
13 months$10k +3.25%
13 months (Relationship + Jumbo)$100k +3.75%
APY = Annual Percentage Yield

To put the yield above in perspective, the current national average for a savings account and a 12 month CD sit at just 0.90% APY and 0.98% APY, respectively, according to FDIC data.

That said, some of the top yields from online banks are inching above the 4.50% APY mark for 12 month terms following the FED’s latest 0.50% rate hike on December 14th.

KeyBank’s tiered CDs come with a minimum deposit requirement of $2,500.

Key Bank’s Tiered CD Rates

CD TermAPY
6 months0.05%
7 months0.05%
8 months0.05%
9 months0.05%
10 months0.05%
12 months0.05%
2 years0.05%
3 years0.05%
4 years0.05%
5 years0.05%
6 years0.05%
7 years0.05%
8 years0.05%
9 years0.05%
10 years0.05%
APY = Annual Percentage Yield

As noted, in normal interest rate environments each CD term above would be broken down into deposit tiers with higher dollar amounts earning higher yields, but all tiers pay the same low yield currently.

If you have $100k or more, you may open a Jumbo CD with KeyBank.

KeyBank Jumbo CD Rates

CD TermAPY
7 – 13 days0.05%
14 – 29 days0.05%
30 – 59 days0.05%
60 – 89 days0.05%
90 – 119 days0.05%
120 – 149 days0.05%
150 – 179 days0.05%
6 months0.05%
7 months0.05%
8 months0.05%
9 months0.05%
10 months0.05%
11 months0.05%
APY = Annual Percentage Yield

Compounding and Crediting Interest

All of KeyBank’s certificate of deposit accounts feature daily compounding interest for the entire term. Interest earned is then credited back to the account monthly.

Grace Period and Early Withdrawal Fees

These CDs also automatically renew for the same term at the going APY if nothing is done during the grace period.

For all CDs with terms of 32 days or greater, KeyBank provides a standard grace period of 10 days. During this time you may add or withdraw funds penalty free. KeyBank will send you a maturity notice, but be sure to set your own reminders as well if you plan on moving funds around at the end of your CD term.

If you need access to your fund prior to maturity, KeyBank will charge you a portion of your simple interest as a penalty. The current fees are as follows:

Key Bank Early Withdrawal Penalties Short Term CDs

CD TermPenalty
7 to 31 days7 days’ interest
32 to 89 day30 days’ interest
90 to 179 days90 days’ interest

Key Bank Early Withdrawal Penalties Tiered CDs

CD TermPenalty
Up to 359 days3 months’ interest
360 days to 23 months6 months’ interest
24 to 47 months9 months’ interest
48+ months12 months’ interest

Key Bank Early Withdrawal Penalties Jumbo CDs

CD TermPenalty
7 to 31 days7 days’ interest
32 to 89 days30 days’ interest
90 to 359 days3 months’ interest
360 days to 23 months6 months’ interest
24 to 47 months9 months’ interest
48+ months12 months’ interest

KeyBank Savings Account Rates + Details

KeyBank’s 3 savings account options + 2 money market accounts.

KeyBank has three savings accounts and two money market accounts to choose from. For savings accounts, they offer a health savings account, a child savings account and a traditional savings account which they call the “Key Active Saver” account.

For money market accounts, they have a Key Silver Money Market account and a Key Gold Money Market account. The main difference between these two is the minimum daily balance you must maintain.

KeyBank Savings Accounts

Key Active SaverHealth Savings AccountKEY4KIDS
APY0.01%0.01%0.01%
Compound InterestDailyDailyDaily
Monthly Fee$4*$5*$0
Min. Opening Deposit$10$0$10
Overdraft ProtectionYesNoNo
How to OpenOnlineOnlineIn Branch

* The $4 monthly service fee can be waived when you open any checking account with KeyBank.

As with their CDs, KeyBank’s savings accounts are tiered with higher balances earning more attractive rates. That said, all tiers are currently providing the same APY.

KeyBank Money Market Accounts

Key Silver Money MarketKey Gold Money Market
APY0.01%0.01%
Compound InterestDailyDaily
Monthly Fee$12*$5**
Min. Opening Deposit$50$25,000
Overdraft ProtectionYesYes
Check WritingYes, limitedYes, limited
How to OpenOnlineOnline

*KeyBank will waive the $12 monthly fee if ONE of the following requirements are met:

  • Currently have or open a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking
  • Maintain a minimum daily balance of $5000 or more during the statement cycle
  • A monthly direct deposit of at least $25.00 is credited to your Key Silver Money Market Savings Account during the monthly statement cycle
  • A recurring monthly online banking transfer of $25.00 or more from another KeyBank deposit account is transferred to the Key Silver Money Market Savings Account during the monthly statement cycle

**KeyBank will waive the $5 monthly fee if BOTH of the following requirements are met:

  • Currently have or open a Key Advantage Checking, Key Privilege Checking, or Key Privilege Select Checking AND
  • maintain a daily average balance of a $25,000 in the account

ABOUT THE AUTHOR

editorial staff: A group of savers, investors, side-hustlers and entrepreneurs serve the editorial team with a combined 20 years experience in entrepreneurship, banking and blogging.
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Filed Under: CD Rates Tagged With: KeyBank

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