Choosing the right bank account can feel overwhelming, especially with two prominent players, Bank of America and KeyBank. Both offer a range of products and services, but which one is the better fit for you? Let's dive into a detailed comparison to help you decide.
Checking Accounts
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Account Types And Fees
KeyBank offers four main types of checking accounts, such as the Key Smart Checking and Key Select Checking, each catering to different needs:
KeyBank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Key Smart Checking | $0 | N/A |
Key Select Checking | $25 | $15,000 |
KeyBank Hassle-Free Account | $0 | N/A |
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
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Features
Bank of America offers some great features for both individuals and businesses.
Bank of America's basic accounts, such as the Safe Balance, offer digital banking convenience, with features like no overdraft fees and a $0 liability guarantee for enhanced security.
The Advantage Relationship account is a premium account that provides additional benefits, including interest earnings and fee exemptions for select banking services. Overdraft protection is also included, ensuring a more comprehensive and secure banking experience for customers.
BofA Checking Account | Main Features |
|---|---|
Safe Balance | Digital banking, no overdraft fees, $0 liability guarantee |
Advantage Plus | Paper checks, overdraft protection, $0 liability guarantee |
Advantage Relationship
| Earns interest, no fees on select banking service ,overdraft protection |
On the other hand, The KeyBank Smart Checking account provides convenient access to KeyBank and Allpoint ATMs, a Debit Mastercard, and the added benefit of Overdraft Protection. This account is ideal for those seeking a straightforward banking experience with essential features.
The Key Select Checking account is an interest-bearing option that allows customers to earn $100 each year with qualified direct deposits. This account is suitable for individuals who want to earn interest on their checking balance while enjoying the perks of a traditional checking account.
For those who prioritize simplicity, the KeyBank Hassle-Free Account offers mobile banking, Account Alerts, and EasyUp Automatic Savings. This account is designed for hassle-free banking, making it an excellent choice for those who value straightforward and convenient financial management.
KeyBank Bank Account | Main Features |
|---|---|
Key Smart Checking | Key and Allpoint ATMs, debit Mastercard, overdraft protection |
Key Select Checking | Interest bearing, $100 year after year with qualified direct deposits |
KeyBank Hassle-Free Account | Mobile banking, account alerts, EasyUp automatic savings |
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Savings Accounts
KeyBank is our winner when it comes to savings.
The interest rates provided by Bank of America savings account and the Key Active Saver account are comparatively modest, falling below the rates available with other savings accounts.
However, KeyBank offers money market savings accounts with higher rates, which is not available through Bank of America.
KeyBank Active Saver | KeyBank Select MMA | BofA Savings | |
|---|---|---|---|
Savings Rate | N/A | 2.93% | 0.01% – 0.04% |
Minimum Deposit | $10 | $5,000 | $100 |
Fees | $4
Can be waived if you are an owner on a KeyBank consumer checking account
| $20
Can be waived if you have $25,000 minimum daily balance OR a relationship package checking account
| $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
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Certificate Of Deposits (CDs)
When it comes to CDs, there is no clear winner as both KeyBank and Bank Of America offer similar CD rates.
Both banks offer a variety of terms of up to 10 years, but only special CDs with specific terms earn a competitive rate. With KeyBank, customers can earn the Relationship Reward rate (the highest rate) when have a Key checking account
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Bank of America CD Rates
CD Term | APY |
|---|---|
3 Months | 4.50% |
6 Months | 0.03% |
7 Months (Featured) | 5.00% |
12 Months | 0.03% |
13 Months (Featured) | 5.00% |
24 Months | 0.03% |
25 Months (Featured) | 3.00% |
36 Months | 0.03% |
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KeyBank CD Rates
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Credit Cards
Card | Rewards | Bonus | Annual Fee |
| Bank of America Unlimited Cash Rewards
| 1.5%
unlimited 1.5% cash back on all purchases
| $200
$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
|---|---|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard | N/A | 21 billing cycles on purchases and balance transfers made within the first 60 days | $0 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
| Bank of America Premium Rewards | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases | 60,000 points
60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
| $95 |
Card | Rewards | Bonus | Annual Fee |
| Key Cashback Credit Card
| 2%
2% on every purchase—no categories, no limits | 0% Intro APR: 12 billing cycles on balance transfers | $0 |
|---|---|---|---|---|
| KeyBank Latitude Credit Card | N/A | 0% Intro APR: 15 billing cycles on purchases and balance transfers | $0 |
| Key2More Rewards Credit Card | 5x
5 points for every $1 spent on eligible credit card purchases, no caps | 0% Intro APR: 6 billing cycles on purchases and balance transfers | $0 |
| Key Secured Credit Card | N/A | N/A | $0 |
Mortgage And Loans
KeyBank is our winner when it comes to lending options, as it offers more options for borrowers than Bank of America.
KeyBank provides a diverse array of loan options to address various financial needs. These include mortgages for homebuyers, mortgage refinancing for improved terms, and home equity loans or lines of credit for leveraging property equity.
The bank also offers personal loans for home improvement projects and car financing for both new and used vehicles. Additionally, KeyBank assists individuals in managing student loans through refinancing services, potentially lowering interest rates or adjusting repayment terms.
Bank of America lending options include offers mortgages, mortgage refinancing, and home equity loans. Additionally, they offer auto purchase loans and auto refinancing options.
Which Bank Is Our Winner?
In our opinion, Bank Of America is the preferred option in this battle, mainly due to its lead in checking accounts and credit cards. That being said, KeyBank offers better conditions for savers and borrowers.
Yet, choosing between them requires considering your needs—like banking services, overdraft support, ATM convenience, and location proximity. Different factors matter to different people, so take your time to evaluate what's essential for you before making a decision.
Understanding Our Banking Comparison Methodology
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
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