Learn How To Get KeyBank's Best CD Rates
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KeyBank CD Rates
KeyBank is a smaller bank that serves individuals and businesses in 15 states. It offers a range of banking services and products, including a variety of certificates of deposit (CDs).
Generally, KeyBank's CD interest rates are lower than average, but it does have promotional rates on specific terms that can give you a much better annual percentage yield (APY). Continue reading to learn about the CDs KeyBank offers and how to take advantage of KeyBank's CD rate promotions.
Important
The APYs and terms listed below are based on ZIP code 19020, and are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.
| CD Term | APY Range | Minimum Deposit |
| 7–179 days | 0.05% | $2,500 |
| CD Term | APY Range | Minimum Deposit |
| 7–179 days | 0.05% | $2,500 |
| CD Term | APY | Minimum Deposit |
| 9 & 14 months (Promo) | 4.00%–4.75% | $2,500 |
| All other terms, up to 120 months | Varies | $2,500 |
| CD Term | APY Range | Minimum Deposit |
| 9 & 14 months (Promo) | 4.25%–5.00% | $2,500 |
| All other terms, up to 120 months | Varies | $2,500 |
| CD Term | APY Range | Minimum Deposit |
| 9 & 14 months (Promo) | 4.25%–4.75% | $100,000 |
| All other terms, up to 120 months | Varies | $100,000 |
| CD Term | APY Range | Minimum Deposit |
| 9 & 14 months (Promo) | 4.50%–5.00% | $100,000 |
| All other terms, up to 120 months | Varies | $100,000 |
See the best CD rates today before choosing the CD that is best for you.
KeyBank CDs: Key Features
| APY Range | See above |
| Minimum Deposit | $2,500 |
| Term Range | 7–179 days |
| Early Withdrawal Penalty | 7 days' to 3 months' simple interest |
KeyBank's short-term CD is for individuals who want a safe place to stash their money, but don't want to commit to a long term. This CD has terms ranging from 7 to 179 days, so it's best for those who need to use the money (or find a new home for it) within six months.
The APY on the short-term CD is quite low; it’s below the national average for short-term CDs. And unlike KeyBank's other CD options, the short-term CD doesn't offer any promotional rates.
Even though the short-term CD matures in under six months, it's still a good idea to pay attention to early withdrawal rules. KeyBank's early withdrawal penalties can be steep; depending on the term, you could forfeit up to three months' simple interest if you take out money before your maturity date.
| APY Range | See above |
| Minimum Deposit | $2,500 |
| Term Range | 7–179 days |
| Early Withdrawal Penalty | 7 days' to 3 months' simple interest |
KeyBank gives existing customers a relationship rewards bonus for certain accounts. Those who have a qualifying KeyBank checking account can get higher rates on their CDs. However, the short-term CD doesn't have a relationship reward, so the same low APY applies to all customers.
| APY Range | See above |
| Minimum Deposit | $2,500 |
| Term Range | 6–120 months |
| Early Withdrawal Penalty | 7 days' to 12 months' simple interest |
With KeyBank's tiered CDs, you can choose a term between six months and 10 years in length, and you can open an account with $2,500.
The APY on most tiered CD terms is relatively low, but you can earn a substantially higher rate by taking advantage of one of the bank's promotional offers on specific terms.
Be aware that the tiered CD has steep penalties for early withdrawals; depending on the term, the penalty can be as much as 12 months' simple interest.
| APY Range | See above |
| Minimum Deposit | $2,500 |
| Term Range | 6–120 months |
| Early Withdrawal Penalty | 7 days' to 12 months' simple interest |
If you have a qualifying KeyBank checking account, you may be eligible for KeyBank's relationship rewards tiered CD. This option allows you to earn much more interest on the money you deposit, with an APY that is several times higher than the national average on select terms.
The tiered CD has a $2,500 minimum deposit and terms ranging from six months to 10 years. As is the case with the non-rewards version, this CD has early withdrawal penalties ranging from seven days' to 12 months' simple interest.
| APY Range | See above |
| Minimum Deposit | $100,000 |
| Term Range | 7 days to 120 months |
| Early Withdrawal Penalty | 7 days' to 12 months' simple interest |
If you have a substantial amount of cash and you want a safe way to earn a guaranteed rate of interest, a jumbo CD could be a good option. With KeyBank, you can open a jumbo CD with $100,000 and choose a term between seven days and 120 months.
The APYs on most of KeyBank's jumbo CD terms are quite low—lower than the national average—but the promotional rates available on select terms are much higher.
Depending on the term you choose, the early withdrawal penalty can be seven days' to 12 months' simple interest.
| APY Range | See above |
| Minimum Deposit | $100,000 |
| Term Range | 7 days to 120 months |
| Early Withdrawal Penalty | 7 days' to 12 months' simple interest |
The KeyBank jumbo CD with relationship rewards gives those with an eligible KeyBank checking account a higher APY on select terms. Although the normal APY is low, the promotional offer with the relationship reward bonus gives customers a higher-than-usual APY.
If you want more flexibility, consider a no-penalty CD. These CDs allow you to access your CD principal before the maturity date without penalty, but they typically have low APYs.
About KeyBank
KeyBank operates about 1,000 branches in 15 states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.
It offers a broad range of financial services, including checking and savings accounts, CDs, home loans, personal loans, auto loans, student loan refinancing, investment products, and insurance policies.
KeyBank’s CDs generally have lower-than-average APYs, but the bank does offer promotions on select terms with significantly higher rates. Interest on KeyBank CDs is compounded daily, but the rate at which interest is credited to your account depends on the CD's term.
| CD Term | Interest Paid |
| 7–180 days | At maturity |
| 181–365 days | Monthly or at maturity |
| 13 months to 120 months | Monthly, quarterly, or annually |
The accrued interest is left in the account unless you give the bank other instructions. And though you cannot withdraw the CD's principal before the maturity date without penalties, you can withdraw the interest once it's been credited to your account without paying added fees.
All of KeyBank's CDs have 10-day grace periods after they reach their maturity date, giving you time to withdraw money or renew the CD.
Compare CD Account Rates
KeyBank's promotional offers on select CD terms can provide APYs much higher than average, but its other terms typically have low interest rates. Before opening a new CD and locking your money into a specific term, it's wise to shop around and compare rates from other banks to find the best APYs for your desired term length or account type.
Important
Some of the best high-yield savings accounts have rates that are as high or higher than the rates for CDs. With an HYSA, you can earn a higher rate of interest and still easily access your money in an emergency.
Can You Add More Money to a KeyBank CD Once It’s Opened?
Once you open a KeyBank CD with an initial deposit, you cannot add money to the CD later. Instead, you must open another CD, either with KeyBank or another bank.
Are KeyBank CD Rates Locked In?
Whereas some banks have variable CDs or step-up CDs, KeyBank's CDs have fixed rates. The APY on your CD stays the same for the duration of the CD's term.
Are KeyBank CDs FDIC-Insured?
All of KeyBank's CDs, including its short-term and jumbo options, are backed by the Federal Deposit Insurance Corporation (FDIC), so your deposits are insured up to $250,000.
Can You Withdraw Money Before the End of a KeyBank CD Term?
With a KeyBank CD, you can withdraw the interest that's been credited to your account without penalty. But if you need to withdraw the principal before the CD's maturity date, significant penalties will apply.
What Happens When a KeyBank CD Reaches Maturity?
Prior to the end of your CD's term, KeyBank will send you a maturity notice reminding you of the end date. KeyBank CDs have 10-day grace periods, and you can decide to withdraw the money and put it into another account or roll it over into another CD. If you don't take any action, KeyBank will automatically renew it into a CD with the same term at the current rate.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates
Read the original article on Investopedia.