KeyBank has more than 1,200 across several states in the US and has a variety of deposit products and great financial tools. Bank of America has over 5,000 locations and is known for good customer service with extended hours.
Although both of these banks are reliable, you might be wondering which one is better for you. Keep reading to see a side-by-side comparison of the two banks to find out which one you should open an account with.
|Bank of America||KeyBank|
|Locations||Over 5,000 locations (Locator)||More than 1,200 branches in 16 states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. (Bank Locator)|
|ATMs||Over 1,800 ATMs||More than 1,500 ATMs in Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.|
-Extended customer service hours
-Full service bank
|-HelloWallet financial tools
-Free checking option
-24/7 customer service
|Cons||-No free checking option
– Low interest rate
-Many miscellaneous banking fees
-High account fees
|Bottom Line||Bank of America operates nationwide offering many account options like checking, savings, and more!||KeyBank has a variety of deposit products and great financial tools.|
Promotions from Bank of America
- Advantage Plus Banking: With this account, you can write checks and also enroll in overdraft protection. Furthermore, the minimum opening deposit for this setting is $100.
- Advantage SafeBalance: With this setting, there are no overdraft fees – you can only spend what you have. Additionally, there are no paper checks.
- Relationship Banking: With just $100, you can open an interest-bearing checking account.
- Rewards Savings: This account gives you access to tiered interest rates. All you have to do is provide a $100 opening deposit.
- Custodial Savings Account: This account is a great option if you want to save for your child but not give him/her access until the age of 18. Once your child turns 18, they will receive access to their funds in the account.
- Child Savings: Children under the age of 18 can have access to the account without a monthly service fee. Additionally, this joint account is great to allow your child to be in charge of their money.
- Hassle-Free Checking: This account is the most basic checking account and is used as a means to transfer money much like Venmo or CashApp. All it takes is $10 to open this account and you can have access to this account.
- Express Checking: With a $50 minimum deposit you can earn interest with an Express Checking account. However, the monthly service fee does require $10,000 combined account balance, a mortgage, or an automatic payment of at least $500 to waive the monthly service fee.
- Privilege Checking: With this account, you are able to have access to amazing perks such as lower rates on loans and lines of credit as well as higher rates on savings and CD products. This account also has complicated requirements to waive the monthly service fees.
- Privilege Select Checking: This is similar to the Privilege Checking account but earns better rates on loans and savings accounts. However, to waive the monthly service fee you will need to have $100,000 account balance across your KeyBank accounts, or a mortgage, or automatic payment.
- Student Checking: This account is meant for children and adults under 24. With just a $50 minimum opening deposit you can open an account. Furthermore, you can waive the monthly service fee with a monthly $200 deposit or 5 transactions a month.
- Active Saver Account: You can open the most basic savings account with a $10 opening deposit. But with a balance of at least $300 each month or direct deposit of at least $5 you can waive the monthly service fees.
- Money Market Savings: With $5,000 you can start earning one of the better savings rates at KeyBank. It is possible still to have an account with a smaller balance. However, you can waive the monthly service fee with a $5,000 daily balance.
- Key Gold Money Market Savings Account: With $25,000 to open an account, you can earn even higher interest rates on your money. You’ll need to keep that $25,000 daily balance and have a KeyBank Advantage, Privilege, or Privilege Select Checking account to waive the service fee.
- Health Savings Account: If you have high medical costs, you can save money pre-tax and withdraw the funds for approved use tax-free. If you have another KeyBank checking account, you won’t pay an annual fee for this account. Without a relationship banking count, you’ll pay $10 per year. You can waive the monthly service fee with a minimum $500 balance or just by having a KeyBank checking account. You must have a high deductible medical plan in order to qualify (and not be on Medicare).
Bank of America and KeyBank are both great banks, but hopefully this comparison has helped you choose which one is a better fit for you.
- Bank of America has many account options and their user friendly interface and mobile app is noteworthy.
- Key Bank is good for you if you are looking for a mid-size bank with good customer service and a decent number of deposit accounts.
Also be sure to check out our own lists of bank promotions and CD tables!
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