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.
"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 CheckingSM, Key Private Client®, Key Privilege Checking®, Key Privilege Select Checking®, or Key Advantage account®, and the benefit of Key Coverage ZoneSM5, 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 CheckingSM. Awards qualifying clients with multiple benefits, such as an annual cash bonus, monthly fee waivers, lowered fees, and ATM benefits.
Immediate FundsSM. 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 CreditSM and Home Buyer CreditTM6. 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.
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 www.key.com/. KeyBank is Member FDIC.
NMLS #399797. © 2023 KeyCorp.
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Source: Company press release.