This article is part of a larger series on Business Banking.
KeyBank is a traditional bank with more than 1,000 branches in 15 states. It’s an excellent choice for small business owners seeking high free cash deposit limits and high free monthly transactions. It offers three business checking accounts:
- KeyBank Basic Business Checking has a waivable $5 monthly fee and up to 200 free monthly transactions
- KeyBank Business Interest Checking has a waivable $15 monthly fee and up to 100 free monthly transactions
- Key Business Reward Checking has a waivable $25 monthly fee and up to 500 free monthly transactions
These all come with a free debit card, up to $25,000 free cash deposits, unlimited automated clearing house (ACH) and bill pay transactions, waivable monthly fees, and access to online and mobile banking.
How KeyBank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
KeyBank Basic Business Checking
Up to $25,000 per statement cycle free, then 18 cents per $100 thereafter
Free at KeyBank and Allpoint ATMs nationwide; $3 per transaction at non-KeyBank ATMs
Business Value Checking
Up to $1,000 per day free, then 10 cents per $100 per business day
$3 per transaction at non-Webster Bank ATMs, plus ATM operator fees
Business Simple CheckingSM
Up to $5,000 per month free; then 25 cents per $100 per statement cycle
Free at TD ATMs; $3 at non-TD ATMs plus operator fees
When KeyBank Is a Good Fit
- Small business owners with low to moderate monthly transactions: With KeyBank Basic Business Checking, you get up to 200 free combined transactions each month.
- Business owners with moderate to high monthly transactions: With Key Business Reward Checking, you get up to 500 free combined transactions each month.
- Business owners who need large cash deposits: All of KeyBank’s small business checking accounts are provided with a free cash deposit of up to $25,000 per statement cycle.
- Business owners who frequently receive domestic wires: You can receive an unlimited number of domestic wires without fees when you open a Key Business Reward Checking account.
When KeyBank Is Not a Good Fit
- Businesses that need in-person banking: While KeyBank has more than 1,000 branches, they’re only found in 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. You can opt for Chase, Bank of America, or Wells Fargo for nationwide branches.
- Businesses that want unlimited fee-free transactions: Although Key Business Reward Checking provides up to 500 free monthly transactions, other banks, such as Capital One and NBKC Bank let you save on transaction fees with their free and unlimited transactions.
- Businesses seeking free business checking accounts and are open to digital-only banks/financial technology companies fintechs: A $25 minimum deposit is required to open a KeyBank business checking account, but fully online banks and fintechs, such as Axos Bank, Grasshopper Bank, Bluevine, and Novo allow customers to open an account with no minimum deposit.
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), limited liability company (LLC) certificate of formation, or certificate of incorporation
- Two valid forms of identification:
- These could include two primary forms of identification like a driver’s license, valid passport, government-issued ID with photo and signature or one primary and one secondary form of identification, such as a credit card, utility bill, lease agreement, or other unofficial forms of ID
Before opening an account, read our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
KeyBank Business Checking Features
KeyBank’s Business Checking account offers a free debit card, online and mobile banking, and fee-free transactions at KeyBank and Allpoint ATMs.
Fee-free At More Than 40,000 KeyBank & Allpoint ATMs Nationwide
With a KeyBank Debit Mastercard® Business Card®, you can avoid surcharge fees when withdrawing at more than 1,500 KeyBank ATMs and over 40,000 Allpoint ATMs. When accessing non-KeyBank ATMs, a $3 fee is charged, and it may include additional operator fees.
Online & Mobile Banking
With KeyBank Business Online, you can view your checks and account statements, transfer funds, and pay vendors and employees through the ACH network. With KeyBank’s mobile app, available for iOS and Android devices, you can deposit checks.
Reviews for the mobile app are good on both the Apple App Store (4.5 out of 5) and Google Play store (4.2 out of 5). Users said that they like the new features in the app and found customer support helpful. However, some had difficulty logging in and had issues with the mobile deposit function.
Key Business Reward Checking Benefits
When you open a Key Business Reward Checking account, you get the following benefits:
- $95 rebate on the application fee for Merchant Services
- Unlimited incoming domestic wire transfers and three free outgoing domestic wire transfers per cycle
- No charge for Standard Night Drop Bag Service
- A dedicated Relationship Manager and Key Business Solutions are provided
- Eligible for Key@Work®
- Discounted KeyBank Small Business MasterCard with rewards
- Waived monthly fees for the first two months
You can reward your staff with a no-cost employee financial wellness program. Through it, they 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.
- Merchant services: Clover® Point-of-Sale Options (Clover Online Account, Clover Go, Clover Flex, Clover Mini, and Clover Station Solo and Duo), Gateway Solutions, Customized Industry Solutions
- Cash management: Wire transfers, ACH, purchase card, Key Capture® remote deposit, and lockbox solutions
- Payroll and employee benefits: Key@Work, health savings accounts (HSAs), and KeyBank Mastercard gift card
- Key4Women: Events and webinars
Other Banking Products
KeyBank has a variety of banking products and services, from business savings and credit cards to lending.
- Business savings and money market accounts: To grow your business funds, you can choose to open a Key Business Saver, Key Business Silver Money Market Savings®, or Key Business Gold Money Market Savings® Account.
- Certificates of deposit (CDs): With a KeyBank Certificate of Deposit, you can invest your funds for the short- or long-term and gain a fixed rate of returns at tiered interest rates.
- Credit cards: With a KeyBank Business Rewards Card, you can earn cash back rewards, while the KeyBank Business Card provides all the benefits of Mastercard. Both have no annual fees.
- Lending: For business financing, KeyBank extends business term loans, business real estate borrowing, small business lines of credit, key equipment financing, and Small Business Administration (SBA) loans.
- Small business financial review: Small business owners can benefit from a guided review from a team of experts who offer personalized and comprehensive solutions and options to reach business goals.
KeyBank Business Checking Pros & Cons
|Free incoming domestic wires and three free outgoing domestic wires for KeyBank Business Reward Checking||$1,000 balance to waive the monthly fee of KeyBank Basic Business Checking|
|Unlimited ACH and bill pay transactions||No debit card cash backs|
|Employee Financial Wellness Program||No welcome bonus|
KeyBank business checking accounts are excellent for unlimited ACH and bill pay transactions. You can also benefit from free incoming domestic wires and three free outgoing domestic wires when you open a Key Business Reward Checking account. In addition, you can extend Key@Work, an employee financial wellness program that lets you offer free and discounted banking services, to your employees at zero cost to you.
However, KeyBank requires you to meet a minimum of $1,000 average ledger balance to waive the monthly fee of KeyBank Business Basic Checking, while other banks offer a basic account with no monthly fees. Moreover, the bank doesn’t provide debit card cash back and a welcome bonus for new accounts.
Alternatives to KeyBank Business Checking
KeyBank has great business checking accounts, but if you want to access more brick-and-mortar branches nationwide, earn a bonus for opening a new account, and generate a high APY for your business checking account, it’s best to check out other banks.
Here are three alternatives to consider:
- Chase is best for business owners needing in-person banking in nationwide service areas.
- Huntington is best for businesses wanting to earn up to $750 cash back bonus for a new account. It’s the reason why we include it in our list of the best business bank account promos and offers.
- Bluevine is best for businesses seeking an APY of up to 1.5% when they meet the qualifying deposit.
Find more options in our list of the best small business checking accounts.
The business checking accounts of KeyBank are well-suited to businesses that are in cash-heavy industries and require frequent large cash deposits. It’s also optimal for those with small to moderate transaction activity, given KeyBank Basic Business Checking’s 200 free combined transactions each month. Most bigger banks have lower cash and transaction limits, making KeyBank an outstanding choice for small business owners.