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.

Key Bank CD Rates + Details

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 Terms	Deposit Size	APY
13 months	$2,500 – $9,999.99	3.00%
13 months	$10k +	3.25%
13 months (Relationship + Jumbo)	$100k +	3.75%

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 Term	APY
6 months	0.05%
7 months	0.05%
8 months	0.05%
9 months	0.05%
10 months	0.05%
12 months	0.05%
2 years	0.05%
3 years	0.05%
4 years	0.05%
5 years	0.05%
6 years	0.05%
7 years	0.05%
8 years	0.05%
9 years	0.05%
10 years	0.05%

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 Term	APY
7 – 13 days	0.05%
14 – 29 days	0.05%
30 – 59 days	0.05%
60 – 89 days	0.05%
90 – 119 days	0.05%
120 – 149 days	0.05%
150 – 179 days	0.05%
6 months	0.05%
7 months	0.05%
8 months	0.05%
9 months	0.05%
10 months	0.05%
11 months	0.05%

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 Term	Penalty
7 to 31 days	7 days’ interest
32 to 89 day	30 days’ interest
90 to 179 days	90 days’ interest

Key Bank Early Withdrawal Penalties Tiered CDs

CD Term	Penalty
Up to 359 days	3 months’ interest
360 days to 23 months	6 months’ interest
24 to 47 months	9 months’ interest
48+ months	12 months’ interest

Key Bank Early Withdrawal Penalties Jumbo CDs

CD Term	Penalty
7 to 31 days	7 days’ interest
32 to 89 days	30 days’ interest
90 to 359 days	3 months’ interest
360 days to 23 months	6 months’ interest
24 to 47 months	9 months’ interest
48+ months	12 months’ interest

KeyBank Savings Account Rates + Details

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 Saver	Health Savings Account	KEY4KIDS
APY	0.01%	0.01%	0.01%
Compound Interest	Daily	Daily	Daily
Monthly Fee	$4*	$5*	$0
Min. Opening Deposit	$10	$0	$10
Overdraft Protection	Yes	No	No
How to Open	Online	Online	In 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 Market	Key Gold Money Market
APY	0.01%	0.01%
Compound Interest	Daily	Daily
Monthly Fee	$12*	$5**
Min. Opening Deposit	$50	$25,000
Overdraft Protection	Yes	Yes
Check Writing	Yes, limited	Yes, limited
How to Open	Online	Online

*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