KeyBank Expands Offerings of Cash Back and Early Deposit Access | PYMNTS.com (2024)

KeyBank has added new ways for customers to earn better rates, get cash back and access deposits more quickly.

“We’re excited to empower our clients with enhanced products and tools, more digital capabilities and customized support that provides further control over their personal financial paths,” Jeannie Fanning, director of relationship growth at the 15-state, 1,000-branch financial service company, said in KeyBank’s Monday (Aug. 7) press release.

One new offering is Key’s Relationship program that allows clients to receive better rates on eligible deposit accounts and the firm’s highest cashback level on the Key Cashback credit card, according to the release.

Another recent addition, Key Select Checking, offers an annual cash bonus, monthly fee waivers, lowered fees and ATM benefits, the release said.

A third new service, Immediate Funds, allows consumer and small business clients to access full deposit amounts instantly, on eligible mobile deposits, for a 2% fee, per the release.

In mid-August, Key will also add Early Pay, which will allow clients with eligible direct deposits to receive their funds up to two days early, according to the press release. There will be no enrollment required and no fee for this service.

“At Key, we are on a continuing journey to make banking better for our clients,” Fanning said in the release. “Our new products and services reinforce our commitment of helping our clients thrive while offering an easier, simpler and more rewarding relationship with us.”

PYMNTS research has found that 24% of banks intend to offer an early wage access program soon. Those banks will join the 70% that already do so, according to “The Rise of Digital and Early Access Compensation,” a PYMNTS and Ingo Money collaboration.

Joint efforts between banks and FinTechs have enabled clients to move away from the paper check, Jon Briggs, head of KeyBank’s commercial product and innovation in KeyCorp’s payments business, told PYMNTS in an interview posted in May.

For example, KeyBank and Ingo Money put in place a real-time digital payments functionality that enabled a joint client in the insurance space to move beyond the confines of traditional ACH and wire rails, Briggs said at the time.

“You need to be able to meet the end consumer no matter where they are,” Briggs said, adding that doing so “takes technology and innovation that is built on a scaled platform.”