KeyBank Key Business Saver Account 2024 Review

A business savings account is a much better solution for setting aside money for the future. Each bank’s business savings accounts are different, but many are not a great option.

Ideally, you’re looking for an account with low fees and high interest rates. To help you figure out if the KeyBank Key Business Saver account is a good fit for your company, we’ve reviewed it below.

The KeyBank Key Business Saver account isn’t likely a good fit for a company solely looking for a business savings account. 

It may work for businesses looking to keep their banking simple that already have a KeyBank checking account. Otherwise, a comp

Compare Best Business Bank Accounts Available Now

Find the best business accounts to manage your business funds better and improve your bottom line:

Compared to Other Business Savings Accounts

KeyBank Key Business Select Money Market Savings

The KeyBank Key Business Select Money Market Savings account may be another option worth considering. You’ll incur a $20 monthly maintenance service charge unless you keep a $25,000 minimum daily ledger balance or you maintain a Key Business Reward Checking account. The account charges $15 for each excess withdrawal above seven during a statement period. 

Live Oak Bank Business Savings

The Live Oak Bank Business Savings account offers a very competitive interest rate on all balance tiers and does not charge any monthly maintenance fees. As an online bank, it does not accept cash deposits or provide physical branch access, which could be drawbacks for some businesses.

Read our full review of the Live Oak Bank Business Savings account.

Citizens Bank Business Savings

The Citizens Bank Business Savings account, with a $4.99 monthly maintenance fee (waivable with a $500 minimum balance), primarily benefits businesses with an existing checking relationship at Citizens Bank. It offers standard access to online and mobile banking but has low interest rates, comparable to other traditional banks, making it less appealing for those seeking high returns.

Read our full review of the Citizens Bank Business Savings account.

Chase Business Total Savings

The Chase Business Total Savings Account is a standard option from one of the biggest U.S. banks, which means plenty of branch and ATM access for in-person banking. It also offers a comprehensive suite of business tools and integrations, if needed. However, it does have a $10 monthly fee (can be waived) and the interest rates are not impressive at all.

Read our full review of the Chase Business Total Savings account.

Monthly Maintenance Fee

The KeyBank Key Business Saver account charges a $4 monthly maintenance service charge. This fee will be waived if you meet one of the following two requirements during a statement period:

• Maintain a $300 minimum ledger balance (the balance at the beginning of the day)
• Maintain a $600 or more average ledger balance

Monthly Deposit Limits

This account doesn’t limit the number of free monthly deposits you get. Other banks may limit you to a certain number per month and then charge a fee for each excess deposit.

Cash Deposit Fees

KeyBank doesn’t limit your free cash deposits with this account. Many other banks allow you to deposit a certain amount of cash without any fees. Then, they charge an excess cash deposit fee.

Interest Rates

The interest rates on this account are technically a tiered rate structure, but all of the tiers have the same rate. 

The rate is extremely close to zero and not worth opening an account for. This is in line with most traditional brick-and-mortar business savings accounts.

The best online savings accounts offer interest rates that blow away the rates offered by this account.

Other Account Fees

Banks traditionally charge fees for business accounts. Ideally, you want to find an account that charges minimal fees. Here are some of the more impactful fees you may run across if you open a KeyBank Key Business Saver account.

Other Service Fees - KeyBank Key Business Saver Account

Account Management and Access

The KeyBank Key Business Saver account is fairly basic. The account is FDIC-insured. This essentially protects your money up to the FDIC insurance limits in case KeyBank fails.

This insurance is separate for personal and business accounts if you bank personally with KeyBank. The only exception is if your business is a sole proprietorship. In these cases, the limit is combined for both your personal and business accounts.

You can also use your savings account as an overdraft protection for a KeyBank business checking account.

How to Open

To open a KeyBank Key Business Saver account, you must visit a KeyBank branch. The bank doesn’t detail in specific information required to open this business account. That said, most banks require similar information.

You should expect to provide the following information and documents when opening a business banking account:

• Name
• Valid government photo identification
• Contact information
• Social Security number
• Business formation documents (Articles of incorporation, partnership agreement, etc)
• Business registration documents (Registration with the Secretary of State, etc.)
• Business employer or taxpayer identification number
• Information about business owners, people with signing authority, and business manager

How to Choose the Right Business Savings Account

There isn’t a one-size-fits-all best business savings account to refer every business to. Each business has unique needs and priorities that make finding the right account a process.

You can start by identifying your company’s specific requirements and ideal features for a business savings account. Then you can eliminate options that aren’t a good fit and focus on picking the one solution that makes the most sense.

Here are a few priorities you may want to consider.

Interest rate

The interest rate is usually a top priority as it determines how much money you earn for the funds in your account.

FDIC or NCUA insurance coverage

You should always pick an FDIC or NCUA account. These accounts provide coverage for your money, up to insurance limits, in case the bank fails.

Some businesses have money exceeding these insurance limits. When this happens, you must carefully consider an institution’s financial stability.

Monthly maintenance fees

Most banks charge monthly maintenance fees, but that doesn’t mean you should pay them on a savings account. Look for one of the rare accounts that don’t charge this fee. Alternatively, you can find an account that has a maintenance fee waiver you can always meet.

Minimum balance requirements

You may be able to get a maintenance fee waived if you meet a minimum balance requirement. The method for calculating the balance and the balance amount vary by bank.

Transaction limits and excess transaction fees

You may get charged a fee if the number of withdrawals or deposits you make exceed the limits set by the bank. Watch out for these excess transaction fees to minimize unexpected costs.

Cash deposit limits and excess cash deposit fees

Some banks limit the amount of cash you can deposit into a business savings account without incurring a fee. If you exceed the limit, expect to pay a small fee for each additional $100 of cash you deposit.

Physical bank locations and hours

Companies that choose a brick-and-mortar bank will likely want a location convenient to their business location. Make sure the bank has operating hours that work well with your business, too.

Other products

You may be looking for a full suite of banking products for your company. When this happens, you’re more likely to focus on a loan or business checking account than a business savings account. 

These other account types may charge more fees or offer more cost savings if you find the optimal account.