Key Select Money Market Savings®
A higher interest savings account for your money.
Get more from your savings with our high-yield money market account, Key Select Money Market Savings.
- Earn interest rate ( blended APY*) for 6 months. See how
- Rate available on balances of $25,000 to $1,999,999.99 with an increase in total relationship balances of at least $25,000.
- Waivable monthly maintenance fee of $20.1
Overview
| Minimum Opening Deposit | $5,000.00 |
|---|---|
| Interest Rate | Tiered based on balance and compounded daily. |
| Qualifies for Relationship Balances | Yes, learn more about KeyBank Relationship Rate |
| Check Writing | Unlimited |
| Can Be Used for Overdraft Protection | Yes, with no transfer fee.2 |
Features and Benefits
Tiered Interest Rate
Our variable rate is compounded daily to give you the best possible returns.
Unlimited Transfers
Access your savings anytime with an unlimited number of withdrawals and transfers.
Waive the Monthly Maintenance Fee
To waive the monthly maintenance fee, you need to maintain a KeyBank consumer relationship package checking account or a minimum daily balance of $25,000.
Savings accounts with tools to help you stay in control as your balance grows.
Use EasyUp to build up savings or pay down debt without even thinking about it.
Deposit checks in the mobile app, transfer money as often as you need to, and track your balance as it grows. Get the KeyBank mobile app.4
Easy, everyday banking with everything you need
Get all the convenient features of KeyBank savings accounts.
- Convenient Branches and ATMs
Visit us at any of our branches and 40,000 KeyBank and Allpoint ATMs nationwide. Find a location. - Overdraft Protection
Link a savings account to your checking account to automatically cover overdrafts without a transfer fee.2 - FDIC Insured
This account is FDIC insured.
Frequently Asked Questions About 6-Month Bonus
You’ll earn your bonus rate on Key Select Money Market Savings balances of $25,000 to $1,999,999.99, as long as you bring at least $25,000 in money from outside of KeyBank to any eligible accounts that make up your total relationship with KeyBank, including your money market, personal checking, savings or CD accounts, and excluding health savings accounts and retirement accounts.
The blended APY is a blend of two interest rates: 6 months at the bonus rate and 6 months at today’s current rate.
The initial total relationship balance is the monthly average balance you have in any KeyBank personal checking, savings, money market or CD accounts (not health savings or retirement accounts) in the month before you open your Key Select Money Market Savings account.
First, we establish a baseline for your monthly average relationship balance by checking what it was for the month before you opened the Key Select Money Market Savings account. Then, each month during the six-month promotional bonus period, we see if the current monthly average relationship balance is at least $25,000 more than the baseline. We always look back a month when calculating monthly average relationship balance, so if we check in July, for example, we’ll be looking at the June balances.
The six-month bonus rate period starts on the day the Key Select Money Market Savings account is opened. And, you’ll start earning the rate if you maintain a balance of $25,000 to $1,999.999.99 and if at least $25,000 of your total eligible balances are new to KeyBank. So, the earlier you qualify, the longer you can benefit from the bonus interest rate.
If your Key Select Money Market Savings account doesn’t maintain a balance of $25,000.00 to $1,999,999.99 or you don’t meet the relationship balance growth requirements, the account will return to the Current Variable Interest Rate until the requirements are met again.
At the end of six months from account opening, the Bonus Interest Rate will return to the Current Variable Interest Rate in effect at that time.
Any owner of the Key Select Money Market Savings account will be assessed individually for monthly average relationship deposit balance growth in their qualifying deposit accounts. The account will qualify for the Bonus Interest Rate when at least one of the owners meets the monthly average relationship deposit balance growth and the balance of $25,000 to $1,999,999.99.
Frequently Asked Questions about Key Select Money Market Savings Account
A high-interest savings account, also known as a high-yield savings account, is a type of savings account that offers above average interest rates on deposits.
Interest rates on high-yield savings accounts are variable and can change at any time, though rates typically change after a Federal Reserve committee meets to adjust the federal funds rate. The account’s annual percentage yield (APY) determines how much interest you can earn on your money each year.
Money market accounts (MMAs) work like savings accounts. As customers deposit funds in a money market account, they earn interest on those funds. MMAs usually offer a higher interest rate and easier access to your money.
A tiered-rate account is a bank account that pays different rates of interest, depending on the funds held in it. While it can be any type of account, it is usually a money market or savings account.
It only takes a few minutes to open an account with KeyBank, here’s what you need to do.
Tell us about yourself
To start your application, we’ll need some personal details like your address, contact information and Social Security number.
Make your first deposit
Fund your Key Select Money Market Savings account with an existing KeyBank account or an external bank account.
Enroll in online and mobile banking
Get online access to your money market account right away when you enroll in online and mobile banking.
Please read our Agreements and Disclosures. If you opened your deposit account online within the last 90 days, you may also review the original agreements and disclosures provided to you.
The interest rate and Annual Percentage Yields (APY) are accurate as of . Rates vary by location. For example, the Standard Rates for Zip Code 46571 are: 0.05% APY applies to balances of $0.00 to $2,499.99; 0.05% APY on balances of $2,500.00-$4,999.99; 0.25% APY on balances of $5,000-$9,999.99; 0.25% APY on balances $10,000.00-$24,999.99; 0.50% APY on balances of $25,000.00-$49,999.99; 0.50% APY on balances $50,000.00-$99,999.99; 0.50% APY on balances $100,000.00-$249,999.99; 0.50% APY on balances $250,000-$499,999.99; 0.50% APY on balances $500,000.00-$999,999.99; 0.50% APY on balances $1,000,000.00-$1,999,9999.99; 0.50% APY on balances $2,000,000.00-$4,999,9999.99 and 0.50% APY on balances $5,000,000.00 and above. The Key Select Money Market Savings account is a variable rate account, rates may vary. Rates and terms are applicable and accurate as of date in this disclosure and may change at the bank’s discretion. Minimum balance to open this account is $5,000. Fees may reduce earnings.
To qualify for the Bonus Interest Rate on balances over $25,000 in your Key Select Money Market Savings® Account, you must:
- Open a new Key Select Money Market Savings Account and maintain a minimum daily balance of $25,000 in the Select Money Market account. AND
- Grow your Relationship Deposit balance or your Liquid Deposit Balance at KeyBank by $25,000 or more. AND
- Maintain a Relationship Deposit Balance growth of at least $25,000 greater than your initial Relationship Deposit Balance or maintain a Liquid Deposit Balance growth of at least $25,000 greater than your initial Liquid Deposit Balance.
The Bonus Interest Rate will be effective on the date that the requirements are met and will remain in effect until the end of the 6-MONTH period after the account opening date provided the above requirements are met.
Relationship Deposit Balance
Your total Relationship Deposit Balance is defined as the sum of all balances in any KeyBank Personal Checking, Savings, Money Market Savings or CD accounts you own, excluding Health Savings accounts and Retirement accounts. Qualifying balances are limited by account owners of the new Key Select Money Market Savings account.
Your initial average Relationship Deposit Balance is defined as the average Relationship Deposit Balance in the full calendar month before the new Select Money Market Savings account opening date.
Average Relationship Deposit Balance for a calendar month is calculated by totaling the end of day relationship balance for each account owner on the new Key Select Money Market Savings account each day of the month and dividing that sum by the number of days in the calendar month.
Relationship Deposit Balance Growth
To determine your Relationship Deposit Balance growth Key will compare your average Relationship Deposit Balance for each calendar month, starting with the first full month after the new Key Select Money Market Savings account is opened, and compare it to your initial average Relationship Deposit Balance. This Relationship Deposit Balance growth comparison will be done after each full calendar month during the 6-MONTH period.
Depositing new funds from another institution into any KeyBank Checking, Savings, Money Market Savings or CD account you own will constitute as Relationship Deposit Balance growth.
Transferring money from an existing KeyBank Checking, Savings, Money Market Savings, or CD account you own into an existing KeyBank account you own will not constitute as Relationship Deposit Balance growth.
Withdrawals during the month from any Checking, Savings, Money Market Savings, or CD account may negatively impact your average Relationship Deposit Balance and result in you not meeting the Relationship Deposit Balance growth requirement.
Liquid Deposit Balance
Your total Liquid Deposit Balance is defined as the sum of all balances in any KeyBank Personal Checking, Savings, Money Market Savings accounts. CD, Health Savings and Retirement accounts are excluded. Qualifying balances are limited to accounts owned by the account owners of the new Key Select Money Market Savings account.
Your initial Liquid Deposit Balance is defined as the average Liquid Deposit Balance in the full calendar month before the new Key Select Money Market Savings account opening date.
Average Liquid Deposit Balance for a calendar month is calculated by totaling the end of day liquid balance for each day of the month and dividing that sum by the number of days in the calendar month.
Liquid Deposit Balance Growth
To determine your Liquid Deposit Balance growth Key will compare your average Liquid Deposit Balance for each account owner on the new Key Select Money Market Savings account each calendar month, starting with the first full month after the new Key Select Money Market Savings account is open, and compare it to your initial average Liquid Deposit Balance. This Liquid Deposit Balance growth comparison will be done each month during the 6-MONTH period.
Transferring money from an existing KeyBank CD account you own or depositing new funds from another institution into any Checking, Savings, or Money Market Savings account you own will constitute as Liquid Deposit Balance growth.
Transferring money from an existing KeyBank Checking, Savings, Money Market Savings account you own into an existing KeyBank account you own will not constitute as Liquid Deposit Balance growth.
Withdrawals during the month from any KeyBank Checking, Savings, or Money Market Savings account may negatively impact your average Liquid Deposit Balance and result in you not meeting the Liquid Deposit Balance growth requirement.
Any account owner of the new Key Select Money Market Savings Account will be assessed individually for Relationship Deposit Balance growth and Liquid Deposit Balance growth based on the qualifying deposit accounts owned by that owner. The account will qualify for the Bonus Interest Rate when the account maintains a minimum daily balance of $25000.00 and at least one of the owners meets either the Relationship Deposit Balance growth requirement or the Liquid Deposit Balance growth requirement.
The Bonus Interest Rate shown above will be effective for a 6-MONTH period starting on the day the new Key Select Money Market Savings Account is open if you meet the requirements noted above. If you do not meet the requirements noted above, the account will return to the Current Variable Interest Rate in effect at that time until the requirements are met again. The Bonus Interest Rate will be effective on the date that the requirements are met and will remain in effect until the end of the 6-MONTH period after the account opening date provided the above requirements are met.
This variable APY is a composite APY calculated using the Bonus Interest Rate and the Current Variable Interest Rate (without bonus rate) shown above. As described above, when the requirements are not maintained and at the end of the 6-MONTH period following the Account opening date, the Bonus Interest Rate will return to the Current Variable Interest Rate (without bonus rate) in effect at that time. The Current Variable Interest Rate (without bonus rate) noted above reflects what your interest rate would be if the requirements were not maintained, or the 6-MONTH period expired today.
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. To be eligible for relationship rates, you must bank with KeyBank and own at least one additional eligible KeyBank non-Checking account (“Plus 1 Account”). Banking with Key means you (1) own an eligible open KeyBank consumer checking account, excluding a health savings account, with five (5) or more qualifying transactions posted to a single eligible checking account in a calendar month, which may not be aggregated across other accounts you own; or (2) own an open Key Private Bank checking or Key Private Bank - Personal Checking account (either of which may be referred to as the “Relationship Account”).
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. Eligible Plus 1 Accounts include any savings, lending, credit card, or investment product.
We will determine whether you have met the bank eligibility criteria for the current calendar month based on the qualifying transaction activity in your Relationship Account during the prior calendar month. You will automatically be enrolled in a grace period for the first month in which you fail to meet the bank criteria (the “Grace Month”) and will be eligible for relationship benefits throughout the Grace Month. If you fail to meet the bank criteria during the Grace Month, you will no longer receive the relationship benefits in the next calendar month. You will still receive relationship benefits so long as you own at least one Relationship Account. If you close all of your Relationship Account(s) you will no longer meet the bank eligibility 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).
Your Account will begin to earn interest at the Relationship interest rate during the first full week of the month following the month you meet these requirements.
The $20.00 monthly maintenance fee will be waived for any month when the client meets one of the following requirements:
- Maintains a KeyBank consumer relationship package checking account.
- Maintains a minimum daily balance of at least $25,000 during the statement cycle.
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 for additional information and Personal Savings Overdraft Protection Agreement for further information on linking savings account for protection.
Subject to terms and conditions in Service Agreement.
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KeyBank Member FDIC.