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.
Why You Can Trust Fit Small Business
How I Evaluated KeyBank Business Checking
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.
Terms & Features
| Opening Deposit Requirement | $25 |
|---|---|
| Monthly Maintenance Fee |
|
| APY |
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| Free ATM Network | KeyBank ATMs |
| ATM Fee Reimbursement | Not offered |
| Other Standout Features | Key@Work, an employee financial wellness program eligibility under Key Business Reward Checking, SBA Loans, and interest checking |
Use Cases
- 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 | Geographic Availability | |
|---|---|---|---|---|
 Basic Business Checking | $5; waivable • your average ledger balance is $1,000; or • you have a combined balance of $10,000 when adding your checking balance and loan balance. ","icon":"info"} | 200 | $25,000 per statement cycle; then $0.18 per $100 | 16 states |
| Visit Key Bank | ||||
 Standard | $0 | Unlimited | Fees apply | Online only |
| Visit Bluevine | ||||
 Chase Business Complete Banking | $15; waivable You can waive the monthly fee by meeting one or more of the following activity requirements: 1. Maintain a $2,000 average daily balance. 2. Have $2,000 in net purchases on Chase Ink Business Cards. 3. Have $2,000 in deposits from Chase QuickAccept or other eligible Chase Payment Solutions transactions. 4. Link a Chase Private Client Checking account. 5. Provide qualifying proof of military status. ","icon":"info"} | 20 | $5,000 | 48 states |
| Visit Chase Bank | ||||
 Business Essentials Checking | $0 | Unlimited digital | 25 free teller transactions per statement cycle | 26 states |
| Visit U.S. Bank | ||||
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 3.25% 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 | 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 Business Essentials Checking account with a $0 monthly maintenance fee and 125 free transactions each month. | Read our U.S. Bank business checking review |
Our roundup of the best small business checking accounts contains additional recommendations.
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
Basic Business Checking | Business Interest Checking | Reward Checking | |
|---|---|---|---|
| Required Opening Deposit | $25 | $25 | $25 |
| Monthly Fees | $5; waivable You can waive the fee if: | $15; waivable You can waive the fee if: | $25; waivable You can waive the fee if: |
| APY | N/A | Variable based on market | N/A |
| Transaction Limit Before Fees | 200 | 100 | 500 |
| Standard ACH Fees | $10 per month, plus per transaction fees of $0.50 | ||
| Same-day ACH Fees | $25 per month, plus $0.50 per transaction and $0.25 per same-day transaction | ||
| Domestic Wire Transfer Fees | Incoming: $20 Outgoing: $30 | ||
| International Wire Transfer Fees | Incoming: $20 Outgoing: $45 | ||
| ATM Fees | Free at KeyBank ATMs | ||
| Cash Deposits | $25,000 per statement cycle | $25,000 per statement cycle | $25,000 per statement cycle |
| Debit Card | Free with all business accounts |
|---|---|
| Physical Checks | Available by contacting Harland Clarke or a local branch |
| Accounting Software Integrations | QuickBooks, Xero, SAP, Oracle NetSuite, Microsoft Dynamics GP |
| Business Payment Integrations | Clover Go |
| Customer Service | Phone: 1-800-KEY2YOU (1-800-539-2968) |
| Other Products | SBA loans, merchant services, business tax payments, ACH, wire transfers |
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.
Refer to our guide on how to open a business bank account for a checklist of documents that banks typically require upon account opening.
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)
What are the disadvantages of KeyBank?
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.
Which bank is best for a small business account?
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.
How much do I need to open a business account at KeyBank?
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:
[1]WalletHub [2]Trustpilot [3]App Store [4]Google Play
