KeyBank is a traditional bank offering business checking accounts suitable for small business owners who want affordable and scalable banking solutions. Its checking products have low monthly fees and high allowances for fee-free transactions and cash deposits. Each account comes with free debit cards, unlimited automated clearing house (ACH) and bill pay transactions, and access to online and mobile banking.
Pros
- Waivable monthly fees
- High free monthly transaction limits
- Up to $25,000 free cash deposits
Features
- Free debit card
- Online and mobile banking
- Overdraft protection
- Unlimited ACH and bill pay transactions
- Key@Work, an employee financial wellness program eligibility under Key Business Reward Checking
- Small Business Administration (SBA) loans and certificates of deposit (CDs)
How KeyBank Stacks Up With Its Competitors
KeyBank’s business checking fees are lower than most traditional banks in the market, and its Basic Business Checking account’s requirement for waiving monthly fees is relatively easy to meet. The basic business checking accounts of Bank of America and U.S. Bank have similar or lower limits for day-to-day transactions and cash deposits. Bank of America charges higher monthly fees, while U.S. Bank does not collect any.
However, KeyBank’s physical branches are available in fewer states. Alaska and Vermont are the only two states KeyBank serves that Bank of America does not.
When KeyBank Is a Good Fit
- You want to bank with a low, waivable monthly fee: KeyBank’s basic account, KeyBank Basic Business Checking, charges a monthly service fee of $5, which can easily be waived by maintaining a minimum balance of $1,000. Monthly fees for other KeyBank accounts are also waivable.
- You have a low to moderate monthly transaction volume: With KeyBank Basic Business Checking, you get up to 200 free combined transactions each month. Upgrading to Key Business Reward Checking gives you 500 free combined transactions per month.
- You deal with cash regularly: All of KeyBank’s small business checking accounts provide a free cash deposit allowance of up to $25,000 per statement cycle.
When To Consider KeyBank Alternatives
- You need nationwide access to in-person branch banking: While KeyBank has more than 1,100 branches, its service area is limited to 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. Chase is a good alternative since it has branches in 48 states. Read our Chase Business Complete Banking review to learn more about Chase’s basic account.
- You want to earn competitive interest on a free account: KeyBank’s interest-earning account costs $15 per month to maintain. Bluevine charges no monthly fee and offers an annual percentage yield (APY) of 2.00% on balances up to $250,000 if you meet its monthly activity requirements. Our Bluevine business checking review provides more detailed information.
- You send wire transfers regularly: With KeyBank Basic Business Checking and KeyBank Business Interest Checking, outgoing domestic wire transfers cost $30, while outgoing international wire transfers cost $45. A more cost-effective alternative would be the fintech solution Mercury, which charges no fees for wire transfers. Our Mercury business checking review can help you determine whether it’s a good fit.
Find more options in our list of the best small business checking accounts.
KeyBank Business Checking Overview
KeyBank Business Checking Requirements
You need to visit a branch to open a business checking account. The bank will ask you to provide the following information:
- Social Security number or employer identification number (EIN)
- Business formation papers, such as doing-business-as (DBA) or limited liability company (LLC) certificate of formation
- Certificate of incorporation, or something similar
- Two valid forms of identification
- These could include two primary forms of identification (driver’s license, valid passport, government-issued ID with photo and signature) or one primary and one secondary form of identification (credit card, utility bill, lease, or other nonofficial forms of ID).
Read our guide on how to open a business bank account. It includes a free downloadable checklist of requirements that banks typically require upon account opening.
KeyBank Business Checking Features
KeyBank business checking accounts feature a free debit card, online and mobile banking access, and fee-free transactions at KeyBank and Allpoint ATMs.
Free Debit Card
Your KeyBank business checking account will come with a free KeyBank Debit Mastercard Business Card. The card provides surcharge-free access to 1,500-plus KeyBank ATMs and more than 40,000 Allpoint ATMs. Out-of-network use costs $3 per transaction plus third-party operator fees.
All cards include zero liability fraud protection and ID theft resolution services.
Online & Mobile Banking
Through KeyBank’s online platform, KeyBank Business Online®, you can:
- View checks, account statements, and transactions
- Transfer funds
- Pay vendors and employees via KeyBank’s ACH network
- Pay credit card balances, loans, and lines of credit
- Redeem credit card rewards
- Manage cards
You can deposit checks through the KeyBank mobile app. Reviewers rated the app 4.6 out of 5 on the App Store[1] from more than 85,000 reviews and 4.4 out of 5 on Google Play[2] from about 54,000 reviews. Users mentioned that the app is user-friendly and secure and that it has a helpful fraud alert feature. Some, however, complained about app crashes and had login issues. They said the app used to work well before the recent update.
Key@Work
Opening a Key Business Rewards Checking account makes you eligible for Key@Work, KeyBank’s employee financial wellness program. Through it, your employees can enjoy special banking discounts and educational sessions at the workplace with Key bankers providing a Key Financial Wellness Review® and financial wellness advice and insights.
Business Services
- Merchant services: KeyBank offers Clover® point-of-sale (POS) options (Clover Online Account, Clover Go, Clover Flex, Clover Mini, Clover Station Solo, and Duo), gateway solutions, and customized industry solutions for secure payment processing. Check out our Clover POS review to learn about this provider’s pricing and features.
- Cash management: Customers can manage business payments and receivables through wire transfers, ACH, purchase cards, Key Capture® remote deposit, and lockbox solutions.
- Employee benefits and payroll: KeyBank provides a Key@Work program for financial wellness and tax-deductible health savings accounts. It also partners with Paychex for a cost-effective, integrated payroll outsourcing and HR support option. Read our Paychex Flex review to learn if this software fits your small business needs.
- Key4Women: Business women are empowered and supported through KeyBank’s nationwide speaker series, networking events, customized financial services, and online webinars.
Other KeyBank Banking Products
Key Business Saver charges a monthly fee of $4, waivable with a minimum daily ledger balance of $300 or an average monthly ledger balance of $600 or greater. It has an opening deposit requirement of $50.
- Key Business Select Money Market Savings® charges a monthly fee of $20, waivable with a minimum daily ledger balance of $25,000. It has an opening deposit requirement of $5,000.
- Key Business CDs offer competitive APY with fixed rates of return. Short- and long-term options are available. CDs renew automatically for the same term at their maturity dates.
KeyBank has three small business credit cards, and all offer 0% introductory APR on purchases and balance transfers.
- KeyBank Business Cash Rewards Card offers up to 2% unlimited cash back.
- KeyBank Business Rewards Card earns points that can be redeemed for travel, merchandise, gift cards, and more.
- KeyBank Business Card has no annual fee and offers standard Mastercard benefits.
KeyBank is a Preferred SBA lender and offers these SBA loan programs:
- SBA 7(a) loans provide clients with up to $5 million in funding for various financing needs. Compared to conventional loans, the terms are longer, and the collateral requirements are lower.
Our article on SBA 7 (a) loan rates, requirements, and terms provides more insight into this loan program.
- SBA 504 loans suit growing small businesses seeking long-term fixed rate loans for major purchases. The bank allots $100,000 and up to $12 million, depending on the business type.
You may be interested in looking into our guide on the SBA 504 loan to learn more about it and how it works.
- SBA Express loans are available up to $350,000 and can be released quickly for fast funding needs. See our article on SBA Express loans to learn more.
- SBA Export Express loans are available as a term loan or revolving line of credit up to $500,000 to support export development.
- SBA International Trade loans are accessible for up to $5 million for small businesses wanting to diversify to international markets. This loan can be used for working capital and to purchase fixed assets, such as real estate.
- A Working Capital CAPLine is designed to fill short-term needs, such as inventory or debt consolidation. This revolving credit line provides up to $1 million. You can learn more about rates, terms, and qualifications from our guide on the SBA Line of Credit: CAPLine.
- SBA 7(a) small loans are available as term loans up to $350,000.
Read our guide to SBA loan types, rates, and requirements for more information.
KeyBank offers the following lending products:
- Lines of credit from $10,000 to $500,000, renewable every 12 months
- Business term loans from $10,000 to $500,000, with 12- to 84-month terms available
- Business real estate borrowing from $10,000 to $1 million, with terms up to 20 years
- Equipment financing
Learn about what a business line of credit is and how it works. Our article also covers who should consider it, its pros and cons, and how to choose one.
Key Bank’s free Small Business Financial Review service connects you with experts who will help your business create strategies for meeting financial goals.
KeyBank Business Checking Reviews From Users
No specific KeyBank business checking reviews are available online. However, several users gave feedback on their experiences with the bank’s customer service. Some long-time clients had positive engagement with representatives and praised their professionalism and friendly approach.
Others, however, complained about dealing with long check deposit clearing times, when the availability of the funds was often pushed back. Some disappointed clients opened bank accounts due to a promo but claimed they didn’t receive the promoted reward.
Here are the bank’s scores on third-party sites:
- WalletHub[3]: 3 out of 5 from about 970 reviews
- DepositAccounts[4]: 1.5 out of 5 from around 70 reviews
- ConsumerAffairs[5]: 3.5 out of 5 based on more than 600 reviews
Bottom Line
KeyBank business checking accounts are ideal for businesses with high monthly cash deposits and low to moderate transaction volumes. The $25,000 free cash deposit allowance and 200 fee-free transactions under its basic account save you from banking service fees that can add up over time. The easy-to-waive and low monthly fees further reduce banking costs. However, those seeking to open a free business checking account online may check the alternatives cited above.
User review resources:
1App Store
2Google Play
3WalletHub
4DepositAccounts
5ConsumerAffairs
