KeyBank offers three business checking accounts. Its checking products have high thresholds, allowing many transactions to post without generating a fee. The monthly maintenance fees are either $5, $15, or $25, depending on the tier, and these are waivable if your account meets the requirements. The bank has robust online and mobile banking, allowing mobile check deposit with an immediate funds option and unlimited bill pay.
KeyBank is a member of the FDIC. The traditional bank has 1,100 branches and 1,400 ATMs in 16 states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.
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I used a few different methods to evaluate KeyBank’s business checking accounts. I first looked at as much information as possible on the KeyBank website to ensure I had a good overview of the checking account structure. I also looked at online reviews from account holders and even compared KeyBank with its competitors.
In addition, I considered reviews from Google Play and the App Store. This allowed me to get a good overview of customer satisfaction in relation to their online experience.
Pros
- Waivable monthly fees
- High free monthly transaction limits
- Up to $25,000 free cash deposits
- Businesses in the North West, North East, Alaska, or Florida looking for in-person banking options: KeyBank has locations in three different zones of the US, covering Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.
- Business owners looking for a bank to grow with: KeyBank has three business accounts, making it optimal for businesses with plans to scale up.
- Customers looking for a business checking account that’s interest-bearing: KeyBank offers Business Interest Checking. This account has a competitive variable interest rate and includes all the perks of the Basic Business Checking account.
KeyBank Business Checking Alternatives & Comparison
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | ||
|---|---|---|---|---|
 Basic Business Checking | $5; waivable
You can waive the fee if: | 200 | $25,000 per statement cycle; then $0.18 per $100 | |
 Standard | $0 | Unlimited | Online only | |
Visit Bluevine
Bluevine is a financial technology company, not a bank. Bluevine deposits are FDIC-insured through Coastal Community Bank, | ||||
 Chase Business Complete Banking | $15; waivable
You can waive the monthly fee by meeting one or more of the following activity requirements: | 20 | $5,000 | |
Visit Chase Bank Member FDIC | ||||
 Silver Business Checking | $0 | 125 | ||
Best For | Learn More | |
|---|---|---|
| Businesses that do not need branch access and are looking to earn competitive APY: KeyBank is a traditional bank with branches and offers APY only in the highest tier account. For business owners able to operate in the online-only space, Bluevine is perfect as it offers a variety of interest-earning checking options, up to 4.25% APY, and FDIC insurance up to $3 million. | Read our Bluevine business checking review |
| Businesses located outside of KeyBank’s service area: While KeyBank does offer in-person banking options, it is only available in a limited number of states. Chase is currently the largest bank in the US and has branches in 48 states
Chase has physical locations in all states except Alaska and Hawaii.
. | Read our Chase business checking review |
| Businesses searching for an account with no monthly fee and also have a low transaction volume: KeyBank charges a $5 monthly maintenance fee and allows up to 200 free transactions in its Basic Business Checking account. If your business does not need access to that many items, U.S. Bank has the Silver Business Checking account with a $0 monthly maintenance fee and 125 free transactions each month. | Read our U.S. Bank business checking review |
KeyBank Business Checking Reviews From Users
The reviews below are for the bank as a whole. No customer has left a KeyBank business checking review as of this writing.
| Users Like | Users Dislike |
|---|---|
| Branch representatives are prompt at solving bank issues | Automatic bill pay is sometimes glitchy |
| Feature to lock and unlock debit cards is very helpful | Fees are higher than expected |
| Credit counseling suggestions are helpful | Check hold times exceed standard holds |
When I was evaluating KeyBank, I looked at WalletHub and Trustpilot to get some customer opinions. There were many positive comments listing specific individuals at the branches who were very helpful in different situations. Other comments stated they were unable to get a resolution when calling in on the customer service line.
The ratings for the iOS and Android mobile apps are excellent. Some other comments were from grateful customers stating how helpful it was to be able to lock and unlock debit cards to prevent fraud on their accounts. This feature is helpful and brings customers peace of mind.
Here’s how KeyBank scored on third-party review sites:
- WalletHub[1]: 2.9 out of 5
- Trustpilot[2]: 1.5 out of 5
- App Store[3]: 4.7 out of 5
- Google Play[4]: 4.6 out of 5
KeyBank Business Checking Overview of Terms & Features
KeyBank Business Checking Requirements
To qualify for a KeyBank business checking account, you will need to bring the following documents when applying:
- Your SSN or EIN
- Business formation papers (DBA, LLC certificate of formation, certificate of incorporation, etc.)
- Two valid forms of identification; these could include two primary forms (driver’s license, valid passport, government-issued ID with photo and signature) or one primary and one secondary form (credit card, utility bill, lease, or other non-official forms of ID)
- Minimum required opening deposit
How to Open a KeyBank Business Checking Account
KeyBank requires all business accounts to be opened in person. Visit KeyBank’s Branch Locator to find a location near you.
KeyBank Business Checking Account Features
- 200 fee-free monthly transactions
- $25,000 in cash deposits
- Discounts on wire transfers
- Waivable monthly maintenance fee
- Debit card protection
- KeyBank overdraft account linking
- Key@Work wellness benefit
Other KeyBank Business Products
- SBA Lending: KeyBank partners with the Small Business Administration (SBA) as one of the top SBA 7(a) lenders in the nation. It has been a preferred lender for over 20 years.
- Business Credit Cards: KeyBank has three different rewards credit cards. All offer a 0% introductory Annual Percentage Rate (APR) and have competitive rates.
- Business Loans and Line of Credit: KeyBank offers loans for small businesses. It offers business term loans, real estate loans, small business lines of credit, and equipment loans.
Frequently Asked Questions (FAQs)
KeyBank tends to charge higher fees on overdrafts than expected; however, it does offer the option to link a second account if you would like to draft from your own funds. It also does not allow account opening online, so a branch visit is required.
Every business has different goals and needs. Some businesses need access to in-person services, while others can use an online-only business model. Also, many banks offer low fees, with some offering no fees. For a more comprehensive look at which bank is a good fit for your business, check out our article on how to choose a bank for your small business.
You can open a business checking account at KeyBank with a $25 deposit. The funds can be presented in either cash or check.
Bottom Line
The KeyBank Basic Business Checking account is a great fit for businesses needing access to in-person banking services. It has high transaction limits and a high threshold for free cash deposits. All the KeyBank accounts have monthly maintenance fees; however, the fees seem fairly easy to waive with normal monthly banking activity. In general, the accounts are a good fit for startups needing a bank to grow with.
User review resources:
