1. Introduction and Company Background

KeyBank is the consumer banking brand of KeyCorp, a regional bank with headquarters in Cleveland, Ohio. With roots tracing back to the 1800s, KeyBank has built a significant presence primarily in the Midwest and Northeast regions of the United States. As of 2023, the bank reported total assets nearing $188 billion, with close to $1 billion in annual profit, and employs over 17,000 people. Its network includes about 1,000 branches and more than 1,200 ATMs, serving millions of customers.

Formed through the 1994 merger between Society Corporation and KeyCorp, KeyBank expanded its footprint with strategic acquisitions such as First Niagara in 2016. Today, it operates across roughly 15 states, including Ohio, New York, Washington, and parts of the Mountain and Pacific regions.

2. Banking Products and Services

Checking Accounts

KeyBank provides several checking account options designed for different customer needs. Their most basic account, Key Smart Checking, requires a low minimum deposit and offers fee-free banking with access to thousands of surcharge-free ATMs. For those seeking to earn interest, Key Select Checking accounts offer competitive rates, albeit generally below those of high-yield online banks. Many accounts come with no monthly maintenance fees if minimum balance or direct deposit requirements are met.

Savings and Money Market Accounts

KeyBank’s savings products have low minimum opening deposits but tend to offer modest interest rates that lag behind national averages. Money market accounts come with tiered interest rates and the option to waive fees by maintaining qualifying balances. However, these rates still don’t match what many online-only institutions provide.

Certificates of Deposit (CDs)

The bank offers a variety of CD options ranging from very short-term to long-term investments. While promotional rates on tiered and jumbo CDs are occasionally competitive, standard rates are typically below average, and early withdrawal penalties can be quite costly—sometimes up to a year’s worth of interest. The minimum deposits for CDs are relatively high, especially for jumbo CDs, which require at least $100,000.

3. Digital Banking and Customer Experience

KeyBank’s digital offerings are solid, with a highly rated mobile app praised for its user-friendly interface and robust features, including mobile check deposit, bill pay, and Zelle payments. Online banking tools are well-integrated and reliable, making day-to-day banking convenient for most customers.

Customer service is available 24/7 by phone, with chat support during extended hours. While many customers report positive digital experiences, reviews on third-party sites reveal mixed opinions regarding customer support, with some users frustrated by slow response times and difficulty resolving disputes or fraud issues.

4. Branch and ATM Network

One of KeyBank’s major advantages is its extensive branch network in its service regions, providing personalized in-person banking. The bank’s alliance with the Allpoint ATM network grants customers access to over 40,000 fee-free ATMs nationwide, significantly enhancing convenience for those who travel or live in its operating states.

5. Fees and Rate Competitiveness

KeyBank offers accounts with minimal fees, especially when customers meet balance or transaction requirements. However, compared to online-only banks, KeyBank’s interest rates on savings and CDs are less attractive. Fees on overdrafts and certain account types can also add up, so customers should carefully review terms.

6. Customer Feedback

Customer opinions about KeyBank are a mix of praise and criticism. Many value the bank’s local presence, friendly branch staff, and broad ATM access. However, some customers have reported problems with customer service, particularly around fraud resolution and dispute handling. Negative reviews often mention delays and difficulty in resolving issues, while positive reviews emphasize the convenience of in-person service and robust digital tools.

7. Corporate Social Responsibility and Recent Initiatives

KeyBank has made strides in community development and sustainability, being recognized as a significant lender in affordable housing and committing funds to renewable energy projects. Nonetheless, it has faced scrutiny regarding equitable lending practices in certain regions, prompting the bank to defend its progress and increased lending to minority borrowers.

Recently, KeyBank secured a $2 billion capital infusion from Scotiabank, which will support its financial stability and growth. This partnership aims to enhance KeyBank’s offerings in wealth management, payments, and potentially expand financing opportunities for reshoring industries.

8. Who Should Consider Banking with KeyBank?

Ideal candidates for KeyBank:

Individuals who want a combination of digital banking and physical branch access.
Customers living in KeyBank’s service areas who prefer local, personalized service.
Those seeking a regional bank with a broad suite of financial products.

Those who might want to consider alternatives:

People looking for the highest interest rates on savings or CDs.
Customers who prefer nationwide banking without geographic restrictions.
Individuals seeking seamless and highly responsive customer support.

9. Final Thoughts

KeyBank successfully combines the reliability of a traditional bank with the convenience of modern technology. Its wide range of services, intuitive mobile app, and active role in local communities make it a dependable option for customers living in its service areas. That said, its interest rates are generally lower than those offered by many competitors, and customer service experiences can vary.

For those residing in KeyBank’s footprint who value both in-person branch access and robust digital banking features, KeyBank is certainly worth considering. However, to maximize your returns, you might consider pairing a KeyBank checking account with a high-yield savings account from an online bank, thereby benefiting from both convenience and competitive interest rates.