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Savings Account Basics

What is a savings account?

Savings accounts provide a safe place for your funds to grow over time while earning interest. These accounts should be used in conjunction to a checking account to manage all of your savings and payment needs.

Why should I open a savings account?

A KeyBank savings account is a convenient way to keep your funds completely accessible while still earning interest. Manage your funds, monitor your cash flow and see your balances grow over time. Track your transactions however you wish, including through online banking, where you can see your balance 24/7.

Is the money in my savings account insured?

Yes. KeyBank savings accounts are FDIC-insured up to $250,000.

What should I look for in a savings account so I can choose the right one?

There are several things to ask before choosing a savings account:

  • Does the account align with my savings goals?
  • Which accounts have monthly fees or service fees, and how can I avoid them?
  • Is there a minimum balance requirement, and can I maintain that balance?
  • Does this account earn interest? Is it a fixed rate and term?
  • Are there transaction limitations on the account?
  • Which accounts have check-writing capabilities?
  • Which accounts provide overdraft options?
What does APY mean?

Annual Percentage Yield (APY) is the annual rate of return applied to your account. It takes into account the interest rate you're earning, plus any earned interest.

What is interest?

Interest is money earned at a particular rate indicated in the product disclosures.

What does compound interest mean?

Compound interest is the process of adding interest on the principle balance plus previously earned interest.

Savings Account Information

How do I view my savings account activity?

There are five ways to view your activity:

  • In the monthly statement you opt to receive by mail or through email
  • Sign onto Online Banking
  • Use KeyBank’s mobile app (must be enrolled in Online Banking)
  • Call 1-800-KEY2YOU® (1-800-539-2968)
  • Visit a branch
How can I add an authorized signer to my KeyBank savings account?

There are two ways to add an authorized signer:

  • Go to a branch
  • Call 1-800-KEY2YOU® (1-800-539-2968) and follow the voice prompts. For clients using a TDD/TTY device, please call 1-800-539-8336.
When will my funds be available after making a deposit?

Depending on the type of deposit you make at a KeyBank branch, ATM or on a mobile device, your funds may be available the next business day.

There are a few exceptions that may delay your funds’ availability, including:

  • Deposits to a KeyBank savings account that has been open less than 30 days
  • Deposits for a large dollar amount

When making a deposit, be sure you understand when your money will be available so that you can avoid overdrafts and fees. If you have any questions about your funds’ availability, talk to a KeyBank representative by phone or at one of our branches

How secure is my financial information?

KeyBank uses state-of-the-art technology to ensure your personal and account information is kept safe. We deliver a secure environment through a variety of methods, such as encryption, firewalls and customer-controlled passwords.

Can I write checks from my savings account?

Limited check writing is available with Key Silver Money Market Savings® and Key Gold Money Market Savings accounts.

How do I order checks?

KeyBank makes it easy for you to order checks for your money market account.

To re-order checks:

  • Place an order directly with Harland Clarke, KeyBank’s preferred check provider, or
  • Visit a KeyBank branch near you, or
  • Call 800-503-2345

For first-time check orders:

Where is the routing number located on my check?

The routing number is located on the lower left-hand corner of your check.

Where is My Routing Number

Which savings accounts offer checking account overdraft protection?

Key Active Saver, Key Silver Money Market Savings®, and Key Gold Money Market Savings® accounts can be used to provide overdraft protection for checking accounts.

What is an excess withdrawal or transfer charge?

Federal law puts a limit of six transactions per month on certain transfers, withdrawals and payments from your savings or money market account.

The following types of transfers and withdrawals are limited to six per statement period:

  • Online transfers from savings or money market accounts to another account
  • Transfers made over the phone
  • Automatic, preauthorized transfers, or recurring transfers like bill payments
  • Overdraft transfers from your savings account to your checking account
  • Transfers made by check or debit card

To help you avoid this fee, KeyBank will notify you when you reach six of these transactions within a statement period. However, beginning with the eighth qualifying transfer, withdrawal or payment during a statement period, KeyBank will assess a fee.

For each additional transfer, payment or withdrawal over the federal limit during a statement period, Key Active Saver accounts are charged $5.00, and Key Gold and Key Silver Money Market Savings accounts are charged $15.00.

According to regulations, when a client exceeds these limits 3 or more times in a 12-month period, we’re required to switch their savings account into a KeyBank checking account.

For more information and to review all personal savings account fees and disclosures, check the Agreements and Disclosures.

How can I access the money in my savings or money market account without going over the federal withdrawal and transfer limit?

There is no limit on the following types of transactions, and they don’t count toward the federal six-transaction limit. These include but are not limited to:

  • Transactions made in person at a branch
  • Money transferred into your account
  • Money transferred between your accounts by mail, ATM or in a branch
  • Money withdrawn from your account by mail, ATM or in a branch
  • Overdraft transfers from your savings account to your checking account

It’s important that you have the right accounts for your needs. If you do find yourself going over the limit, consider speaking to banker for a financial wellness review.

Health Savings Accounts

Who is eligible to use a KeyBank Health Savings Account (HSA)?

HSAs offered by employers for the benefit of employees. You are eligible if you are:

  • Enrolled with a high deductible health insurance plan
  • Not covered by another health insurance plan (except those permitted by the IRS)
  • Not covered by Medicare
  • Not a dependent on someone else’s taxes

Find out more about health savings accounts.

How do I fund and manage KeyBank Health Savings Accounts (HSAs)?

You and your employer can contribute to your HSA. Withdrawals must be used for qualified medical expenses only.

Applying for a New Savings Account

How do I open a savings account?

You may apply in person at a KeyBank location to open a savings account or apply online. Find your nearest location here.

What information/documentation do I need to apply for a new savings account?

To apply for a new savings account, you’ll need the following:

  • Your Social Security number
  • One valid form of primary identification (driver’s license, valid passport, government-issued ID with photo and signature)
  • Minimum required opening deposit (amount varies depending on type of account)

Make Saving as Easy as Spending

Savings Calculators

See How to Meet Your Savings Goals

Find out how long it will take you to reach your savings goal.

See How to Meet Your Savings Goals
Savings Accounts

Key Active Saver®
Start Saving with Just $10

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1-800-KEY2YOU® (539-2968)

Clients using a TDD/TTY device:

Clients using a relay service:

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