KeyBank is a mid-sized, regional bank that operates both online and offline. They have 1,200 branches and 1,500 ATMs within 15 states and only accept consumer deposits within that territory.
Those states include:
- Alaska
- Colorado
- Connecticut
- Delaware
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
For consumers within their regional coverage, KeyBank offers 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 accounts. This includes their CDs and savings accounts.
There are 4 types of CDs offered at KeyBank as well as 1 money market account and 3 savings account options.
KeyBank’s CD Accounts – The 4 types of fixed-rate CDs sold at KeyBank are:
- Promotional CDs. Earn the best rate when you open their 13 month promotional CD with a Jumbo deposit of $100,000 or more plus an existing checking account (4.50% APY).
- Short Term CDs with customizable terms ranging from 7 to 179 days.
- Tiered CDs with terms ranging from 6 months to 10 years.
- Jumbo CDs offer slightly higher yields on some terms with minimum deposits of $100k.
đź“Ś Please Note: If you have a checking account with KeyBank you’re eligible for “Relationship Rates” which may earn a slightly higher yield on some terms.
KeyBank’s Savings Accounts – The 4 types of variable rate savings accounts offered at KeyBank are:
- Key Active Saver
- Key Select Money Market Savings Account
- Health Savings Account
- 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:
- Location. You must first enter your zip code to see KeyBank’s current CD rates.
- Relationship status. If you have a checking account with KeyBank, you stand to earn a better yield.
- 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.
The most competitive CD account offered from KeyBank is their 13 month promotional Jumbo CD. As with most KeyBank’s CDs the APY (annual percentage yield) you receive with this account will vary based 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 (no relationship) | $2,500 – $9,999.99 | 3.99% |
| 13 months (no relationship) | $10k – $99,999.99 | 4.24% |
| 13 months (Relationship) | $10k – $99,999.99 | 4.24% |
| 13 months (Relationship + Jumbo) | $100k + | 4.50% |
To put the yield above in perspective, the current national average for a savings account and a 12 month CD sits at just 1.59% APY according to FDIC data.
That said, some of the top yields from FDIC-insured online banks are inching above the 5.00% APY mark for 12 month terms.
KeyBank’s tiered CDs come with a minimum deposit requirement of $2,500.
Key Bank’s Short Term CD Rates
KeyBank’s short term CDs can be customized from 7 to 179 days.
CD rates surveyed in Seattle, Wa on June 12, 2023.
| CD Term | APY |
| 7 – 31 days | 0.05% |
| 32 – 59 days | 0.05% |
| 60 – 89 days | 0.05% |
| 90 – 119 days | 0.05% |
| 120 – 149 days | 0.05% |
| 150 – 179 days | 0.05% |
KeyBank’s short term CD rates have yet to rise with the higher interest rate environment that we’re currently in. To put these yields into perspective, the current national average for a 6 month CD sits at 1.19% according to the FDIC, while top yields from online banks are inching towards 5.25% APY.
KeyBank Tiered CD Rates
| CD Term | Deposit Size | APY |
| 6 months | All | 0.05% |
| 7 months | $2,500 – $9,999.99 | 3.99% |
| $10,000 + | 4.24% | |
| 10 months | $2,500 – $9,999.99 | 3.99% |
| $10,000 + | 4.24% | |
| 12 months | All | 0.05% |
| 13 months | $2,500 – $9,999.99 | 3.99% |
| $10,000 + | 4.24% | |
| 18 months | $2,500 – $9,999.99 | 3.74% |
| $10,000 + | 3.99% | |
| 24 months | All | 0.05% |
| 36 months | All | 0.05% |
| 48 months | All | 0.05% |
| 60 months | All | 0.05% |
To give these yields some context, the current national average for a 24 month CD and a 60 month CD sit at 1.45% and 1.37%, respectively, according to FDIC data.
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 3 savings accounts and 1 money market account 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.
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.
Their money market account is the only variable rate product that KeyBank offers that has seen its rate rise.
KeyBank Money Market Account Details
| APY | 0.05% – 3.05% |
| Compound Interest | Daily |
| Monthly Fee | $20* |
| Min. Opening Deposit | $5,000 |
| Overdraft Protection | Yes |
| Check Writing | Yes, limited |
| How to Open | Online or in branch |
*KeyBank will waive the $20 monthly fee if ONE of the following requirements are met:
- Maintain an average daily balance of $25,000.
- Have a relationship package checking account.
To obtain the best APY you must have a relationship checking account and you must open the money market account with at least $25,000 and commit another $25,000 to the account within 6 months of opening it.