KeyBank's Expanded Relationship Benefits and New Perks Offer Consumers More Flexibility and Control of Their Finances

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Dec 05, 2023, 09:12 ET

Expanded relationship benefits for consumers who bank with Key include discounted rates on personal loans and home lending products to keep clients moving forward on their financial journeys

CLEVELAND, Dec. 5, 2023 /PRNewswire/ -- In the latest demonstration of its commitment to helping clients move forward on their individual financial journeys, KeyBank (NYSE:KEY) today announced expanded relationship benefits to enhance the banking experience and unlock new benefits, including discounted rates on personal loans and home lending products. These updates are the next step on Key's continuing journey to offer consumers more flexibility, convenience, and financial peace of mind.

KeyBank’s newest branch is open in West Valley City, Utah

KeyBank Member FDIC. Equal Housing Lender.

"At Key, relationships are at the heart of what we do, and we are committed to helping clients open doors to their financial futures," said Jeannie Fanning, Director of Relationship Growth at KeyBank. "We aim to empower our clients with the knowledge, flexibility, and capabilities they need to meet their goals, and we are thrilled to be on this journey with them."

Expanded relationship benefits make banking with Key more rewarding than ever

In July, Key launched a simplified definition to earn Relationship benefits to make it easier for clients to receive better rates on eligible deposit accounts¹ and 2% cashback on the Key Cashback® credit card², Key's highest cash back level. Key is now extending its relationship benefits across additional products, including personal loans and home lending products.

There is no enrollment required for Key's relationship benefits. Clients must bank with Key, meaning they have one eligible KeyBank checking account that they use for five or more qualifying transactions a month -- and that's the only requirement for clients to earn relationship banking benefits. To take advantage of the perks, clients simply need to open any other eligible KeyBank product and enjoy the relationship benefits that come with it. To learn more, visit key.com/relationship.

Discounted rates on new personal loans allow clients to flex their finances and priorities

In addition to relationship benefits on eligible savings and credit card accounts, starting November 15, relationship clients receive a 0.50% interest rate discount on new loans, including Personal (Debt Consolidation), Auto, Motorcycle, RV, Boat, and Unsecured Home Improvement loans.³ With total U.S. household debt rising to over $17 trillion in the second quarter of 2023, Key's reduced interest rates can offer relationship clients more flexibility as they work toward their financial goals. For more information, visit key.com/relationship. When combined with the 0.25% discount for autopay, this brings the benefit discount to 0.75%.

Relationship benefits for home lending products aim to make homeownership more attainable

In addition to discounted rates on personal loans, Key's expanded relationship benefits include a 0.25% interest rate discount on new KeyBank mortgages, Home Equity loans or Home Equity Lines of Credit (HELOC)⁴ when clients have a KeyBank checking account with five or more qualifying transactions each month, or when they sign up for automatic payments from a KeyBank account. More information is available here.

Additional perks and discounts aim to help all clients on their financial journeys

To help make banking with Key more rewarding for all clients, additional perks and discounts that do not require clients to qualify for relationship benefits are also available. KeyBank clients can receive a 25% discount on estate planning by visiting Trust & Will. These easy-to-use products help clients easily and securely create an estate plan in minutes.

KeyBank clients also receive an enhanced CD rate when they have a Key Select Checking^SM, Key Private Client®, Key Privilege Checking®, Key Privilege Select Checking®, or Key Advantage account®, and the benefit of Key Coverage Zone^SM⁵, where, when client accounts overdrawn by $20 or less at the end of day, they are not charged KeyBank overdraft fees.

Other current offerings aimed at helping clients take control of their finances include:

Key Select Checking^SM. Awards qualifying clients with multiple benefits, such as an annual cash bonus, monthly fee waivers, lowered fees, and ATM benefits.
Immediate Funds^SM. Offers consumer and small business client's access to full deposit amounts instantly.
Key Secured Credit Card^®. Provides eligible clients with simple access to credit, helps them develop good spending habits and provides an educational foundation for future credit cards.
KeyBank Hassle-Free Account^®. A Bank On certified product with no overdraft fees, monthly maintenance service charges or minimum balance fees.
KeyBank Neighbors First Credit^SM and Home Buyer Credit^TM⁶. Help make the dream of home ownership a reality by providing up to $5,000 to homebuyers purchasing a home in an eligible community to be used for closing and prepaid costs that may come with financing a new home. This includes mortgage, flood and hazard insurance, escrow deposit, real estate taxes and per diem interest.

"We take great pride in being a relationship bank that is committed to helping our clients thrive. Every day, we work hard to exceed our clients' expectations and deliver more to them in return as a thank you for their relationship," said Fanning.

About KeyCorp

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $188 billion at September 30, 2023.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

NMLS #399797. © 2023 KeyCorp.
CFMA #231130-2353730

Relationship Benefits Disclosures

To earn relationship benefits you must "Bank with Key". "Bank with Key" means you: (1) are an owner of a "Relationship Account", meaning (A) an open "Eligible KeyBank Consumer Checking Account" with five (5) or more Qualifying Transactions posted to a single Eligible KeyBank Consumer Checking Account in a calendar month, which may not be aggregated across other accounts you own, OR (B) an open Key Private Bank Checking or Key Private Bank Personal Checking account, AND (2) are an owner of at least one additional eligible KeyBank non-Checking account ("Plus 1 Account").

An "Eligible KeyBank Consumer Checking Account" means: any KeyBank consumer checking account designated as a personal checking account by KeyBank, including KeyBank's Hassle-Free checking account, but excluding a health savings account.

"Plus 1 Accounts" include any savings, lending, credit card, or investment product.

"Qualifying Transactions" include, but are not limited to, point of sale transactions, bill payment(s), ATM transactions, check, cash or direct deposits, and electronic funds transfers. Qualifying Transactions exclude adjustments, advances, reversals, refunds, account to account transfers, person-to-person transfers, interest, service charges, and service fees. Qualifying Transactions must be completed at least three (3) business days prior to application to be eligible for inclusion in determining whether you met the Relationship Account portion of the Bank with Key criteria.

Once your Bank with Key status is obtained you must meet the Bank with Key criteria each calendar month to maintain this status. If you fail to meet the Qualifying Transaction requirements of the Relationship Account portion of the Bank with Key criteria you will automatically be enrolled in a grace period for the first month (the "Grace Month") and will be eligible for relationship benefits throughout the Grace Month. If you fail to meet the Qualifying Transaction requirements of the Relationship Account portion of the Bank with Key criteria during the Grace Month, you will no longer receive relationship benefits in the next calendar month, unless otherwise stated. If you close all of your Relationship Account(s) or your Plus 1 Account you will no longer meet the Bank with Key criteria and will not receive a Grace Month, meaning you will lose relationship benefits starting the calendar month immediately following the month in which you closed your Relationship Account(s) or your Plus 1 Account, unless otherwise stated.

For KeyBank interest bearing checking, money market savings and Cashback Credit Card accounts, application of relationship benefits will be determine based upon whether you have met the Qualifying Transaction requirements of the Relationship Account portion of the Bank with Key criteria for the current calendar month based on the Qualifying Transaction activity in your Relationship Account during the prior calendar month. Other terms, conditions, and/or limitations may apply. See the respective footnote below and/or contact KeyBank for more details.

For KeyBank Home Lending accounts, to receive relationship benefits on a new KeyBank mortgage loan, which provides a 0.25% interest rate reduction, you must have owned a Relationship Account (as defined and required above) at any time during the mortgage loan application process, but no later than seven (7) business days prior to the closing of the mortgage loan. This Interest rate reduction is available on new KeyBank mortgage loan applications only. Other terms, conditions, and/or limitations may apply. See the respective footnote below and/or contact KeyBank Home Lending for more details.

For KeyBank personal loans, application of relationship benefits will be determined based upon whether you own a Relationship Account (as defined and required above) at the time of final approval. Other terms, conditions, and/or limitations may apply. See the respective footnote below and/or contact KeyBank for more details.

1. Interest Bearing Checking and Money Market Savings Account: This Account pays interest at a variable interest rate and rates may vary based on the balance in your Account. We may change the interest rate and APY at our discretion and as often as daily. There are no limits on the amount that the interest rate or APY may change. The interest rate and APY for this Account may vary based on multiple factors including, but not limited to: your overall relationship with the bank as defined by other Accounts you have, the balances in all of your Accounts, Account location, Account usage and other bank services you use. At any time after Account opening, you may be eligible for Relationship interest rates when you Bank with Key. Your Account will begin to earn interest at Relationship interest rate during the first full week of the month following the month you meet these requirements. To find out what the current Relationship interest rates and APYs are, contact your local branch.

Immediate Funds: Immediate Funds^SM. is available in the KeyBank mobile app and will only appear as an option for eligible mobile check deposits. You will also have the option for a standard deposit at no charge. The Immediate Funds fee is 2% of the deposit amount, with a minimum fee of $2. Immediate Funds requests made after 11:00 p.m. ET will have immediate funds availability for ATM withdrawal and point-of-sale transactions. However, it will take until the next business day for the funds to be available to cover overdrafts or other transaction types. For more information, review our Funds Availability Policy

2. Cashback Credit Card: To be eligible for 2% in Cashback Rewards, you must have an eligible open KeyBank consumer checking account (excluding a health savings account) with 5 or more qualifying transactions posted to that same checking account in a calendar month. Qualifying transactions include, but are not limited to, point of sale transactions, bill payment(s), ATM transactions, check, cash, or direct deposits, and electronic funds transfers. You may also be eligible for 2% with an open eligible Key Private Bank checking account. On the fourth business day of each month ("Evaluation Date"), we will determine whether you are entitled to earn 2% in Cashback Rewards by meeting the eligibility criteria during the prior month. Your 2% earnings will start on this date and apply until your next monthly evaluation (on the fourth business day of the following calendar month). New card accounts will receive at least a full calendar month at the 2% cashback rate prior to the first Evaluation Date. You will receive a grace period for the first month in which you do not meet the eligibility criteria. If you do not meet the eligibility criteria during the grace period, your rate for the month immediately following the grace period will be 1%, beginning on the Evaluation Date. Cashback Rewards are awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions. Returns will reduce your Cashback Rewards balance. See key.com/cashback for transaction exclusions and additional details, which are subject to change and may be found at key.com/personal/credit-cards/key-cashback-terms-conditions.html Key Cashback Credit Card Terms and Conditions.

3. Personal Lending: The quoted Annual Percentage Rate ("APR") includes a 0.25% interest rate discount for electing, prior to loan account closing, to have the monthly payment automatically deducted from a KeyBank checking account ("Auto-Pay"). Standard checking account service charges may apply. If you choose not to enroll in Auto-Pay, the associated discount will not be applied. The Auto-Pay interest rate discount may be combined with the KeyBank Relationship Banking discount.

To receive relationship benefits on a new KeyBank personal loan, which provides a 0.50% interest rate discount, you must have owned a Relationship Account (as defined and required in the above Relationship Benefits footnote) at any time during the loan application process. The 0.50% interest rate discount is permanent and will be reflected in the interest rate on the Promissory Note

4. Home Lending: To receive relationship benefits on a new KeyBank mortgage loan, which provides a 0.25% interest rate reduction, you must have owned a Relationship Account (as defined and required in the above Relationship Benefits footnote) at any time during the mortgage loan application process, but no later than seven (7) business days prior to the closing of the mortgage loan. This Interest rate reduction is available on new KeyBank mortgage loan applications only.

As an alternative to the relationship benefit, you may obtain a 0.25% interest rate reduction if you complete and submit, no later than seven (7) business days prior to the closing of the mortgage loan, the Monthly Automatic Payment form to have your recurring mortgage payment for your KeyBank mortgage loan automatically deducted from an "Eligible KeyBank Consumer Checking Account" (as defined in the above (Relationship Benefits) footnote). Refer to the Monthly Automatic Payment form for more details.

For fixed-rate mortgages, the 0.25% interest rate reduction will be reflected in the interest rate on the Promissory Note. For adjustable-rate mortgages ("ARMs"), the 0.25% interest rate reduction will apply to the initial fixed interest rate period and will be reflected in the maximum amount the interest rate can increase over the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note or Agreement.

The 0.25% interest rate reduction may not be combined with certain other discounts or promotions and may not be available for all home lending products. Other terms, conditions, and/or limitations may apply. Contact KeyBank Home Lending for more details.

5. Key Coverage Zone: Overdraft Item Charges are $20 per item. Charges apply to transactions created by check, in-person withdrawal, recurring debit card transactions, or other electronic means. Overdraft charges will not be imposed on ATM withdrawals or one-time debit card items unless the customer has opted in authorizing Key to pay these items into overdraft and assess a charge. You agree to pay us the full amount of any overdraft on your Account immediately upon demand, together with any additional charges we assess. KeyBank's approval of overdrafts is a discretionary courtesy. For Consumer accounts: No charges will be assessed when the account is overdrawn twenty ($20) dollars or less at the end of the day. Overdraft charges are assessed on up to three (3) items per day, with the maximum not to exceed $60 per day per account. Overdraft charges may not post on the same day as the transaction which triggers the fee(s). There is a cap of 20 assessed overdraft charges within a monthly statement period. If at the end of the day, your account's overdrawn available balance is more than $20 for 5 consecutive business days, an additional $20 Recurring Overdraft Service Charge will be assessed. See your accounts Personal Checking Account Fees and Disclosures (LINK) for additional information.

6. KeyBank Neighbors First Credit^SM and Home Buyer Credit^TM: Special Purpose Credit Programs are, generally, programs that are established to meet special social needs or the needs of economically disadvantaged persons by extending credit to persons who would probably be denied credit or would receive it on less favorable terms, under certain conditions. See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a).

Available on primary residence first lien purchases only. Property must be located in an eligible community in KeyBank's retail footprint or Florida. Eligible communities are determined by KeyBank and subject to change without notice. Additional terms or restrictions may apply. Ask us for details.

Mortgages, personal loans and credit cards are not FDIC insured or guaranteed. Equal Housing Lender. NMLS# 399797 All loans subject to collateral and/or credit approval.

SOURCE KeyCorp