By revenued
Key Bank is an award-winning bank with a history that spans nearly two centuries, and if you’re looking for a reputable bank for your small business, Key Bank might be a good option. It’s one of the country’s largest bank-based financial service companies, and it’s still growing. Headquartered in Cleveland, Ohio, Key Bank is a great option for northern coastal businesses. There are branches on both coasts, but there aren’t any physical locations in the south or Midwest. So if you want a physical bank to go to and you don’t live in the northern parts of either coasts, Key Bank might not be your cup of tea.
Key Bank offers personal banking, small business banking, commercial banking, corporate banking and wealth management services.
Key Bank offers three different checking account options for small businesses. All three account options include online banking and bill pay, and all of them allow up to $25,000 of monthly cash deposits without being assessed any additional fees.
| Account Type | Monthly Fee | Fee Waiver Requirements | Minimum Opening Deposit |
|---|---|---|---|
| Basic Business Checking | $5.00 | Maintain an average balance of $1,000 or a combined balance of $10,000 in eligible loans and accounts. | $25.00 |
| Business Interest Checking | $15.00 | Maintain an average balance of $5,000 or a combined balance of $15,000 in eligible loans and accounts. | $25.00 |
| Business Reward Checking | $25.00 | Maintain an average balance of $7,500 or a combined balance of $20,000 in eligible loans and accounts. | $25.00 |
Key Bank also offers three business savings accounts. All accounts are FDIC insured, and offer overdraft protection for your checking account.
| Account Type | Monthly Fee | Fee Waiver Requirements | Minimum Opening Deposit |
|---|---|---|---|
| Key Business Saver Account | $4.00 | Maintain an average daily balance of $300 or an average monthly balance of $600. | $50.00 |
| Key Business Silver Money Market Savings Account | $12.00 | • Maintain an average balance of $5,000; or • Process a monthly direct deposit of $25; or • Maintain a Business Reward Checking Account. | $50.00 |
| Key Business Gold Money Market Savings Account | $18.00 | Maintain an average balance of $25,000 and have a Key Business Reward Checking Account. | $25,000.00 |
Clearly, unless you’re an overnight success the Gold Money Market Savings Account is geared towards larger businesses, but the Business Saver Account and Business Silver Money Market Savings Account are both solid options for smaller businesses.
I’ve seen better ratings for bank apps, but I’ve also seen worse. Generally speaking, there aren’t a ton of ratings for Key Bank’s app. While its counterparts have several hundred thousand reviews, Key Bank doesn’t even have 20,000 combined. So, Key Bank isn’t winning any mobile app popularity contests…especially not from one user who proclaimed that Key Bank’s mobile app is the worst they’d ever seen. Yikes. Yes, it’s true, this Apple user has experienced a system crash or two…and I’m not alone. Several others reported the same thing. Android users seem to have it worse than us Apple users, though, with many of them saying they always have problems logging in. I have to say, being able to log in is a pretty important component of a mobile banking app.
| Online Stores | Device | Rating | Number of Ratings |
|---|---|---|---|
| Google Play | Android | 3.5 stars | 9,024 |
| iTunes | iOS/Apple | 4.3 stars | 6,700 |
A lot of banks can say that they’re an award-winning financial institution, and the reality is, there are a lot of banking industry awards out there. But when you take a look at some of the awards Key Bank has received in the last decade or so, it’s pretty impressive.
Key Bank also offers business tips to female business owners, gives a substantial amount of money back to the community and in general seems like a good and ethical business.
Like they say, no one’s perfect; however, there are some substantial Key Bank customer complaints. One recurring complaint is the length of time it takes for a deposited check to show up in customer’s accounts. Another common user complaint are the high fees Key Bank charges.
There are some solid options at Key Bank for small businesses, but before you make any final decisions you might want to talk to someone about the best way to manage business finances, and make sure you find the right banking choice for you.
Sources:
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