Last Updated: 04/18/2025
Key Select Money Market Savings®
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in Money Market Accounts from KeyBank
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
2.41% - 2.92%(Verified 06/21/2024)
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Minimum Balance to Earn APY
$25,000
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Minimum Opening Deposit
$5,000
Key Select Money Market Savings® Review
Keybank’s roots trace back 190 years to Albany, NY and is currently based in Cleveland, OH. Key Select Money Market Savings® is available in 15 states across the USA.
Key Takeaways
- Earn 4.00%-4.50% interest rate (2.41%-2.92% blended APY*) for 6 months. Rate available on balances of $25,000 to $1,999,999.99 with an increase in total relationship balances of at least $25,000. See offer for more details on the rates available in your area.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 2.92%, which is much higher than the national average for a money market account. However, you must keep a minimum balance of $25000.
- Waivable monthly maintenance fee. Waive the $20 monthly maintenance fee when you have either a consumer relationship package checking account or a minimum daily balance of $25,000 during the statement cycle.
- High minumum opening deposit. You must deposit a minimum of $5,000, which is high compared to most money market accounts.
Pros & Cons of Key Select Money Market Savings®
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Key Select Money Market Savings® FAQ
Are money market accounts from KeyBank federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What are the interest rates for Key Select Money Market Savings® rates?
Key Select Money Market Savings® offers an APY starting at 2.41% and ranging up to 2.92% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY. However, to earn interest you must keep a minimum balance of $25000.
| Rates | Amount |
| APY (Annualized Percentage Yield) | 2.41% - 2.92% |
What are the fees for Key Select Money Market Savings®?
This account charges a monthly maintenance fee of up to $20.Waivable monthly maintenance fee. $20 Waivable Monthly Maintenance Fee Waive the $20 monthly maintenance fee when you have either a consumer relationship package checking account or a minimum daily balance of $25,000.
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monthly Service Fee | $20 (see terms and conditions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paper Statement Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum balance for Key Select Money Market Savings®?
Minimum deposit of $5,000. You must make an initial deposit of at least $5,000 to open this account.
Bonus Interest rate minimum balance of $25,000. You must keep the account balance above $25,000 to earn the bonus interest rate.
What features and perks does Key Select Money Market Savings® offer?
This account includes the following features:
- Fraud monitoring - KeyBank monitors transactions for potentially fraudulent activity.
- Mobile Banking Services - Key Select Money Market Savings® allows you to manage your money through online banking and a dedicated mobile app. This includes depositing checks in your account with your smartphone.
- Nationwide ATM network - Key Select Money Market Savings® allows you to access your money from an ATM.
What is the customer service phone number?
The customer service number for this account is (800) 539-2968.
How to open an account with KeyBank
- Visit the KeyBank website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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