KeyBank being in your area might be the reason why you’re considering it for opening a new checking account. Its Key Express Checking Account is undoubtedly one of its more popular accounts as a primary, everyday option for its customers.
Overview: What Makes Keybank Checking Account Interesting?
If you’re from around the Midwest or the Northeast, there’s a likelihood that you have not only heard of KeyBank, but also know it to be one of the big banks in your area. That’s no surprise–KeyBank currently has 1,197 bank branches, and 1,572 ATM machines across 15 states.
KeyBank’s services focus on convenience, fundamental checking accounts, and the strong customer service you’d expect for a bank of its size. In addition, you can get access to support from a live phone line and chat, assistance over social media through Twitter, and personal assistance in their 1,197-strong branches.
Monthly service fees on savings and checking accounts are relatively cheaper than most banks and may even be easier to avoid. Moreover, KeyBank has had a long history of 190 years, developing its services into a trustworthy financial institution.
Checking vs. Savings Accounts: what’s the difference?
As a quick refresher on what kind of accounts you can open with any given bank, let’s take a look at the differences between checking and savings accounts.
Checking Account
A checking account is meant for everyday financial utility. Checking accounts for consumers usually come with debit cards for transactions with different affiliated establishments and withdrawing money from ATMs. These will typically not impose limitations on transactions and withdrawals.
Savings Account
On the other hand, a savings account is meant to hold a user’s money over a long period to maintain their savings. These accounts will usually only allow a limited number of withdrawal transactions over a month. In addition, they won’t usually come with debit cards, which may require you to transfer your funds into a checking account for use.
Many of these accounts will earn interest on deposited balances at given interest rates. While it is not uncommon, some might not have this feature.
KeyBank Checking Account: Perks and Considerations
Let’s take a look at what you can expect from opening a Key Express Checking Account.
Perks
1. Free Access to HelloWallet
One key advantage to using a checking account with KeyBank is consumer access to HelloWallet. It is a free financial wellness program available to all KeyBank customers and welcome addition for financially mindful people who want to keep a close eye on their finances.
The program comes in a nifty app that can be used both through phone or website, so you can browse your checking account online. It is designed to help KeyBank customers keep track of their financial situation, provide financial guidance, and connect all their different accounts.
- Link your financial accounts together.
HelloWallet can help you keep an eye on your financial track record by linking your accounts and information. It’s great for keeping track of where you’ve been, as well as where you want to go, by helping you formulate different strategies to reach your financial goals.
Upon opening HelloWallet, your different financial accounts are displayed on a dashboard, with an intuitive interface, making it easy for you to get a complete run-down of your finances in a single look, including credit accounts and accounts you have at other banks and different brokerages.
- Your financial wellness
Another HelloWallet feature that users can enjoy is simplifying the state of your finances by automatically generating a financial wellness score for you based on your existing numbers. This way, you get a good idea of your financial health.
The HelloWallet wellness score is taken and calculated from your spending history, income, current balances on your account, plus more information that the program can determine from your different transactions and financial activities.
You can track your score and its history to determine what causes changes, as every time you log in, the score gets automatically updated.
Along with the financial wellness score, you may also get a peer score from HelloWallet, which compares your financial wellness score to other people in a similar financial state. With the use of your registered data, your score will be compared with a similar location, marital status, age, and more, to serve as a basis to measure your score or an incentive to increase your score.
If you are also a KeyBank savings account owner, HelloWallet can even get you better interest growth. By signing up for the program, you can get your account an automatic rate boost if on a combined balance of $25,000.
2. Zelle Fund Transfer
Physical cash is still the staple of trading and transactions despite the digital age providing virtual wallets to people. One typical case is paying your share on restaurant bills or bar tabs after hanging out with your friends or colleagues.
But we all know that cash can be inconvenient. Nobody wants too many coins jingling in their purse or wallets that are entirely too thick for their pockets. Luckily for KeyBank checking account users, one key advantage is that you can send your share to friends easier by transferring funds directly from your bank account.
Best of all, the recipient doesn’t even have to be registered for Zelle to get the money. You’re perfectly able to send payments over to people who don’t have Zelle. As such many other banks also consider this a trustworthy payment method and use the service.
- How it works
All you need to do to send money through Zelle is the recipient’s email address or phone number. There is no need to input their bank nor their accounts–it’s as simple as having either of the given contact information and inputting the amount you would like to transfer.
There may be limits to how much you can send or receive, but this will differ between each bank. Usually, you’ll have enough transactions to cover substantial amounts, with a reasonable ceiling on more significant payments.
Once the transfer is underway, the recipient will get an instant notification for a pending transfer. Zelle users will get the automatic payment within three business days with no issue, while non-Zelle users will be prompted to set up their profile before payment gets released. Either way, recipients are likely to receive funds within a few days.
3. KeyBank Relationship Rewards
Opening a Key Express Checking Account makes you eligible to enroll in Relationship Rewards, which can yield you different rewards for different financial transactions that include:
- Online bill payments
- ATM deposits
- mobile check deposits
- monthly direct deposits
- Automatic payments through debits and credit
- Debit card purchases
The essential advantage is that each of these will earn you points, which can also be earned by signing up for electronic statements and being given to you on your birthday. These points can be exchanged for a slew of different rewards. You can trade in the points that you earn for various rewards, from travel rebates, merchandise, electronics, gift cards, and you can even use them for charity.
It’s worth enrolling in the program if you think you can earn enough points regularly through your transactions. But do note that there is a $40 fee charged annually for the Key Express Checking Account Relationship Rewards, so it’s a good idea to at least make sure that you can get that amount back in rewards.
If you’re using your account to receive a monthly direct deposit like a paycheck, those can contribute to getting more points.
4. ATM Access
KeyBank has coverage in an impressive 15 states but only 1,572 ATMs between them. That means each state will only have around a hundred each, give or take.
This could be a problem as you may have to resort to ATMs from other banks that will charge transaction fees, which costs $2.50 for KeyBank for transactions within the country on a non-KeyBank ATM. International transactions will be charged $5. These fees will be charged on top of any fees charged by the owner of the ATM.
It might be a good idea to scout your area for the closest KeyBank ATM so you’d know where you need to go, but since ATMs will likely be scarce, it’s best not to rely on being able to make cash withdrawals at ATMs regularly.
Cons
1. Monthly Fee
The Key Express Checking Account charges a monthly service fee for monthly maintenance and a paper statement fee, which is charged each time you have physical copies sent for your statements.
It costs $3 per statement, but you can easily avoid paying it by opting for getting your reports delivered to you electronically.
KeyBank’s monthly maintenance service charge costs around $7, which is comparatively smaller than that of other banks of its size. Still, expenses are expenses. They’re still money that doesn’t go into your savings, so keep the monthly service fee in mind.
2. Other Fees
While the monthly maintenance service charge is the most common fee you’ll have to deal with when you open a checking account, there are other fees that KeyBank might charge. It’s important to keep these in mind before account opening.
Key Express Checking Account Fees
| Type | Fee |
| Monthly Maintenance Fee | $7 |
| Non-KeyBank ATM (local) | $2.50 |
| Non-KeyBank ATM (international) | $5 |
| Overdraft Fee | $34 |
| Overdraft Protection Transfer Fee | $10 |
| Returned Item | $34 |
| Stop Payment | $34 |
| Deposited Item Returned | $15 |
| Domestic Wire Transfer (incoming) | $20 |
| International Wire Transfer (incoming) | $20 |
| Cashiers Check | $8 |
3. Doesn’t Earn Interest
Some checking accounts do yield interest, but they only do so at low interest rates. In the case of a KeyBank, you won’t be able to earn interest by keeping funds in your account.
Are there ways to waive the monthly service fee?
KeyBank’s monthly maintenance service charge may be competitive at a low $7, but it’s still a regular expense out of your wallet. So it might be a good idea to get rid of it entirely.
Luckily, there are ways to waive the monthly fees so, such as:
- Using your account eight (8) times, or
- Receiving at least $500 in deposits in a statement
You’ll be able to meet these requirements easily if you regularly use your debit card or receive direct deposits.
What makes Key Express Checking Account convenient?
1. Easy Account Access
When it comes to a checking account, one of the most important considerations is how convenient it is for you. Your checking account is something you will likely use on the regular and will play a significant role in your finances, which is why a simple standard as not being a pain to use is essential.
KeyBank allows you to access your account online through its website and mobile app, and you’ll be able to check your account balance and transaction history. You may also schedule and regulate new transactions. You can access your account online at any point through any device that has internet capability.
2. Bill Pay Service
Instead of having to write and mail checks regularly, you can let KeyBank handle it for you. Then, all you need to do is input the company you need to pay and the payable amount, and you’re done.
Other KeyBank Checking Alternatives
You may be less interested in a checking account but are willing to consider working with KeyBank. Here are some other options that you can check out:
- Key Advantage Checking Account
- Key Privilege Checking Account
- KeyBank Hassle-Free Account
Key Advantage Checking Account
The Key Advantage Checking Account is a checking account that provides money-saving options and the convenience of traditional checking accounts with the added benefit of earning you interest.
The Key Advantage checking account has a monthly maintenance service charge of $18, but you can get a monthly reimbursement of up to $6 on non-Key ATM surcharges and half off every time you order checks.
You can also waive the monthly fee of a Key Advantage checking account in one of three ways:
- KeyBank-originated mortgage. During a statement cycle, you must have a KeyBank-originated mortgage and automatic payment of $500 or more from your Key Advantage Money Market Checking Account.
- Maintain a combined balance. You must maintain a combined balance of $10,000 or more and retain it in KeyBank accounts (accounts include checking and savings deposit accounts, certificates of deposit, retirement deposits, and investment accounts).
- Be a Key@Work program member. You must be a Key@Work program member and have direct deposits with a total combined balance of $1000 or more credited to your Key Advantage Money Market Checking Account during a statement cycle.
Key Advantage Checking Fees
| Type | Fee |
| Monthly Maintenance Fee | $18 (waived for the first 3 months) |
| Minimum Opening Deposit | $50.00 |
| Stop Payment Fee | $34 |
| Overdraft Fee and Non-Sufficient Funds Fee | $34 for the first 2 items, $38.50 for 3 and above |
| Non-KeyBank ATM | $0 plus reimbursement of up to $6 per month of non-Key ATMs |
| Paper Statement Fee | $0 |
| KeyBank Relationship Rewards Annual Fee | $30 |
Key Privilege Checking Account
On the higher-end of KeyBanks’s accounts is the Key Privilege Checking Account, which offers better saving features, like automatic daily sweeps and preferred pricing, and exclusive insights into your investments and your accounts while earning premium interest.
It also gives you no-cost standard checks, unlimited check writing, discounts, and preferred CD rates that may make the $25 monthly maintenance fee worth it.
If you do want to waive the fee, you must fulfill one of these requirements
- KeyBank-originated mortgage. You must have a mortgage originated through KeyBank and automatic payment of $500 or more from your Key Privilege Checking Account during a statement cycle.
- Maintain a combined balance. You must maintain a combined balance of $25,000 or more and retain it in any combination of deposit, investment, and credit accounts
- Be a Key@Work program member. You must be a Key@Work program member and have direct deposits with a total combined balance of $2,500 or more credited to your Key Privilege checking account.
Key Privilege Checking Fees
| Type | Fee |
| Monthly Maintenance Fee | $25 (waived for the first 3 months) |
| Minimum Opening Deposit | $50 |
| Stop Payment Fee | $34 |
| Overdraft Fee and Non-Sufficient Funds Fee | $34 for the first 2 items, $38.50 for 3 and above |
| Non-KeyBank ATM | $0 plus reimbursement of up to $6 per month of non-Key ATMs |
| Paper Statement Fee | $0 |
| Overdraft Protection Plans | $10 |
| KeyBank Relationship Rewards Annual Fee | No charge |
KeyBank Hassle-free Account
This account is designed for accessible checking account online banking for total convenience. It doesn’t earn you interest, but it is a checkless account with a $0 monthly fee and no minimum balance fee.
This is an excellent option if you don’t like the fee-intensive nature of Key Advantage checking accounts and Key Privilege checking accounts, but want to upgrade from a basic one with several digital perks and minimal-fee banking.
Do note that if you close your account within 180 days of account opening, you will be charged an early account closure fee of $25.
KeyBank Hassle-Free Account Fees
| Type | Fee |
| Monthly Maintenance Fee | $0 |
| Minimum Opening Deposit | $10 |
| Minimum Balance Requirement | None |
| Overdraft Fee | $0 |
| Non-Sufficient Funds Fee | $0 |
| Stop Payment Fee | $34 |
| Non-KeyBank ATM | $2.50 |
| Non-KeyBank ATM Outside the U.S. | $5 |
| Paper Statement Fee | $0 |
| Overdraft Protection Plans | $10 |
What to Look for in a Good Savings Account
Considering a checking account for your first bank account? Here is what to consider:
- Minimum Opening Deposit and Balance Requirements. Checking accounts will often require a minimum opening deposit for account opening and a minimum ongoing balance. Consider if you can meet these requirements before account opening.
- Monthly Maintenance Fee. You will often be subject to paying a monthly maintenance fee, but there are ways to waive these payments, as was listed above.
- Other Fees. You may encounter additional checking fees when you withdraw from an ATM, when you check your balance, checking fees, and relationship rewards fees.
- Benefits and Capabilities: This includes features like ATM privileges, debit and credit card privileges, check-writing and checking account online access, and digital tools to help you manage your finances.
Related: Purpose of Savings Account
The Bottom Line
- Everyone needs a checking account for regular use, so it only makes sense that most banks in the U.S. will offer some type of checking account. This means variety, which means more options for you to choose from.
- Carefully consider your needs before choosing an option because settling for the wrong account can make even simple financial management tasks a drag.
- Take a look at a loan’s monthly fees, fee-waiver requirements, convenience features, ATM access, minimum deposit requirements, and interest rates
With that in mind, KeyBank’s Checking Account is no doubt worth consideration, with its smaller monthly fees and a myriad of benefits that may make its fees worthwhile over other banks.
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