KeyBank offers both a permanently free checking account and a fee-bearing account with minimum balance requirements. Key Smart Checking has no monthly fee and no minimum balance. Key Advantage Checking charges $12 per month, waived with a $2,500 minimum daily balance or $1,000 or more in qualifying monthly direct deposits. KeyBank uses minimum daily balance for Advantage Checking, meaning the balance must stay at or above $2,500 on every day of the statement period.
KeyBank Account Minimums at a Glance
| Account | Monthly Fee | Minimum to Waive | Balance Method | Other Waivers |
|---|---|---|---|---|
| Key Smart Checking | $0 | No fee | N/A | Available to all customers |
| Key Advantage Checking | $12 | $2,500 | Minimum daily | $1,000+ direct deposit |
| Key Select Checking | $25 | $15,000 combined | Average daily combined | KeyBank Private Bank relationship |
| Key Active Saver | $5 | $300 | Minimum daily | Linked Key Smart or Advantage checking |
How KeyBank Calculates Your Balance
Key Advantage Checking uses minimum daily balance. Your balance must stay at or above $2,500 on every single day of the statement period. One day below the threshold results in the full $12 monthly fee, regardless of how high the balance was on every other day. KeyBank’s $2,500 threshold is higher than the $1,500 used by Chase, Wells Fargo, and TD Bank for comparable accounts.
Key Select Checking uses combined average daily balance across all personal KeyBank accounts, which is a more favorable calculation method for customers with assets spread across savings and checking.
Key Smart Checking
Key Smart Checking is permanently free with no monthly fee and no minimum balance. It is available to all KeyBank customers without any conditions. The account includes a Visa debit card, access to approximately 40,000 fee-free ATMs, mobile check deposit, and access to KeyBank branches. No direct deposit is required to maintain the free status, and there is no time limit on the fee-free arrangement.
Key Advantage Checking
Key Advantage Checking charges $12 per month. The fee is waived when either condition is met during the statement period. A minimum daily balance of $2,500 maintained on every day of the statement period waives the fee. Alternatively, $1,000 or more in qualifying direct deposits per month also waives the fee. Qualifying direct deposits include employer payroll, Social Security, pension, and government benefit payments. Personal transfers between accounts and peer-to-peer payments do not qualify.
KeyBank Savings Account Minimums
Key Active Saver charges $5 per month, waived by maintaining a $300 minimum daily balance or by linking the savings account to a Key Smart or Key Advantage checking account. For most KeyBank checking customers, the linked-account waiver eliminates the savings fee without any specific balance requirement.
For current KeyBank savings rates, see the KeyBank savings account guide.
How to Avoid KeyBank Monthly Fees
Key Smart Checking eliminates the need to track minimums or direct deposit activity entirely. For customers who specifically need Key Advantage features, receiving $1,000 or more in monthly payroll direct deposits is the most reliable waiver since the $2,500 minimum daily balance threshold is higher than most competing accounts.
For a full overview of KeyBank accounts and services, see the KeyBank complete guide.
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