In-Depth Review of KeyBank: Services, Strengths, and Customer Experience

1. Introduction and History

KeyBank, the main banking arm of KeyCorp, is a well-established regional bank based in Cleveland, Ohio. As one of the top 25 largest banks in the United States, it manages over $186 billion in assets (as of late 2023). The bank has a long history, with roots going back to 1825 through a series of mergers and acquisitions.

The modern form of KeyBank came into being in 1994 when two financial institutions—Society Corporation of Ohio and KeyCorp of New York—merged. Since then, the bank has grown steadily through strategic acquisitions and innovation in financial services.

Among its major milestones was the 2016 acquisition of First Niagara Bank, which significantly expanded KeyBank’s reach into the Northeast and Mid-Atlantic regions. More recently, KeyBank has leaned into fintech, acquiring platforms like XUP Payments and GradFin to modernize and enhance its digital banking capabilities.

KeyBank is publicly traded on the NYSE under the ticker KEY, employs over 17,000 people, and remains committed to community development, evidenced by its $40 billion Community Benefits Plan focused on economic equity and sustainability.

2. Branch Locations and ATM Network

Operating across 15 states, KeyBank maintains close to 1,000 branch locations, primarily in the Midwest, Northeast, and Northwest regions of the U.S. States served include Ohio, New York, Massachusetts, Colorado, and Washington, among others.

In addition to its physical presence, KeyBank customers benefit from access to over 40,000 ATMs nationwide through partnerships with Allpoint and other networks. This extensive ATM coverage makes it relatively easy to withdraw cash fee-free, even outside the bank’s core footprint.

3. Banking Products and Services

KeyBank offers a full lineup of consumer and business banking products, including checking and savings accounts, certificates of deposit, loans, credit cards, and investment services. Here’s a closer look at some of their key offerings:

Checking Accounts

Key Smart Checking: A basic, no-monthly-fee account for customers looking for simple banking with digital access.
Key Select Checking: Offers benefits like ATM fee reimbursements, interest earnings, and free checks. Monthly fees can be waived by meeting balance or deposit criteria.
KeyBank Hassle-Free Account: Designed for users who want a streamlined experience with no paper checks and limited overdraft capabilities.

Savings Accounts

Key Active Saver: A standard savings account with a modest interest rate. Monthly fees apply unless minimum balance requirements are met.
Key4Kids®: A youth-oriented savings account with no monthly fees, designed to help children learn the basics of saving.

Money Market Accounts

Key Select Money Market Savings®: Offers higher interest rates than traditional savings accounts, especially for those with balances over $25,000. Fees can be waived based on balance requirements.

Certificates of Deposit (CDs)

KeyBank’s CD offerings include short-term, tiered, and jumbo CDs. While promotional rates are available for select terms, base interest rates tend to be lower than online-only banks. CD terms range from a few days to several years, with penalty fees for early withdrawal.

Short-Term CDs: Terms from 7 to 179 days.
Tiered CDs: Longer terms (6 months to 10 years) with variable interest rates.
Jumbo CDs: Higher minimum deposit ($100,000) with similar structures.

All CDs are FDIC-insured up to $250,000 and feature daily interest compounding.

Other Services

KeyBank also offers a range of financial services including:

Home mortgages and equity loans
Auto and personal loans
Student loan refinancing
Credit cards
Investment services and retirement accounts
Private banking and wealth management

Their acquisition of Laurel Road also added capabilities for student loan services and digital mortgage tools.

4. Digital Banking and Mobile Experience

KeyBank has made significant investments in digital banking, offering an intuitive online platform and a highly rated mobile app:

Mobile App Ratings: 4.7/5 on the App Store, 4.6/5 on Google Play.
Features:
- Mobile check deposit
- Bill pay and fund transfers
- Card locking/unlocking
- Budgeting tools
- Reward tracking
- Secure messaging and help access

Digital banking is complemented by 24/7 phone support and live chat (available during extended hours), giving customers multiple options for managing their accounts or resolving issues.

5. Customer Service and Reputation

KeyBank receives mixed feedback from customers. While many appreciate the breadth of its services and the quality of its digital tools, others have raised concerns about service consistency, account access issues, and customer support responsiveness.

Ratings Overview:

U.S. News:
- Checking Accounts: 4.5/5
- Savings Accounts: 2.9/5
- CDs: 4.2/5
NerdWallet: 4.1/5
Trustpilot: Around 1.4/5 (low satisfaction)
BBB: A+ rating, but numerous customer complaints

Customer Concerns:

Lengthy fund holds on deposits
Difficulty resolving fraud claims
Sudden account freezes and lockouts
Limited support resolution time for disputes

Some users report that customer service agents are helpful and courteous, while others cite frustration with bureaucracy and inconsistent responses.

6. Pros and Cons

Pros

Wide selection of banking products for individuals and businesses
Strong mobile app with high user ratings
Large ATM network with 40,000+ fee-free ATMs
Branch presence in 15 states
Robust customer support, including live chat and phone options
Social responsibility efforts including sustainability and community investment

Cons

Low interest rates on most savings products and CDs
Geographically limited to select regions in the U.S.
Customer complaints about fraud handling and account access
Fees can be steep unless customers meet waiver conditions
Higher minimums for money market and premium CDs

7. Who Should Consider KeyBank?

KeyBank is ideal for:

Customers who live within the bank’s 15-state service area and want a mix of in-person and online banking
Individuals looking for a full-service bank with products spanning checking, loans, and investments
People who can meet fee waiver conditions or maintain larger balances
Consumers who want a bank with a track record of social impact and community investment

Who Might Look Elsewhere?

KeyBank might not be a good fit for:

High-yield savers seeking the best returns on CDs or savings accounts
People who prioritize nationwide branch access
Users wanting seamless customer service with minimal friction
Those highly sensitive to banking fees or balance requirements

8. Final Thoughts

KeyBank offers a strong mix of traditional banking and modern technology. Its comprehensive services, user-friendly mobile tools, and community involvement make it a solid choice for many customers in its operating regions. However, the bank’s interest rates lag behind many competitors, and customer service can be hit-or-miss depending on the situation.

If you live in one of the states where KeyBank operates and prefer having access to both physical branches and digital services, it’s a bank worth considering. That said, pairing a KeyBank checking account with a high-yield savings account from an online bank could give you the best of both worlds.