I would not recommend the KeyBank Savers savings account. KeyBank does not offer good interests rate on the accounts and you can find much higher interest rates with an online bank.

Although there is a low opening deposit of $50, the account does techinically have a minimum required balance. The minimum required balance is $300; otherwise, you will be charged $4 for every month that your balance drops below $300. Even if your balance only drops below $300 on one day, you will still be charged the fee. I think this is dishonest because they aren't very upfront about this fact. Yes, they do disclose it, but they also market this particular savings account as a basic account one with low opening balance and most people would assume that the opening deposit amount would be the minimum required. I also think it's dishonest to charge customers for having a savings account, especially when interest rates are so low that you'd be lucky to make a quarter per year. They call this fee a 'Monthly Maintenance Service Charge' instead of a 'Minimum Balance Charge' which is what it really is. Obviously accounts with more money in them required more 'maintenance' than accounts with less than $300.

KeyBank does have an online account site that will allow you to see the statements for any accounts you have with the bank. You can easily transfer money from your checking to savings and also set up automatic transfers. Money that you transfer from one Key acount to another is credited immediately and you do not have to wait a business day or two to get your money moved.

It was very easy to sign up for a savings account. I signed up online and then received a letter in the mail about a week later that I was required to sign and return. I linked my savings account with my checking account (also at Key) for the opening deposit. Customers that do not link to a KeyBank checking account may find it a little harder to sign up, but I don't know about that situation.

Although I've generally had good experiences with KeyBank employees and I like their online banking capabilities, I would not recommend getting a savings account with KeyBank. If you ever have to dip into your savings for an emergency, you will also have to worry about going below $300 and getting hit with a fee. The minimum balance fee negates any interest you may get from the account and isn't worth it.

Also, another reviewer mentions that there is a 'tierd interest rate' that allows you to get a higher interest rate with a higher balance. This is true -- sort of. Currently, any balances between $0 - $2499.99 have an interest rate of 0.04%. Although balances from $2,500 and up are sorted into different categories (i.e., $2,500.00 to $4,999.99; $5,000.00 to $9,999.99, etc.) on Key's website, they all all show the same 0.05% rate. So you wouldn't be getting much more in interest even if you had a million dollars in your account.