KeyBank 1 Year CD Rates
KeyBank 1 Year CD Rates
Authority: KeyBank is a regional U.S bank headquartered in Cleveland, Ohio. The bank has over 1063 branches in 15 states according to the FDIC in 2012. It has historical ties from 1825 and has a significant number of bank branch locations in New York, Washington and Ohio.
How to open an KeyBank Certificate of Deposit:
- Potential new KeyBank customers or existing clients can open a CD account at their website at key.com through an onlline application form.
- You can call for KeyBank by telephone for assistance with opening up an account on 1-800-539-9055 or 800-KEY2YOUŽ
- On their website key.com they have as at 2012 a online chat for customer assistance.
What information can you be required to provide when completing an application online to open up a US KeyBank CD account:
On the Keybank website customers are required to provide various information including but limited to a customers name, DOB, social security number as well as a drivers license, state ID, Passport, US Military ID, Email, Home Address and funding deposit information.
Information to consider when for Key Bank 1 Year CD Rates:
Keybank is a regional banking provider that not only provides products such as loans to its customers but also includes deposit and investment services. These investment products such as fixed term Certificates of Deposit accounts offer a customer a low risk investment product in exchange for an agreed interest rate, maturity and payment terms.
While banks may have various CD specials to entice deposits, a traditional uniform product that most banks offer is a 1 Year CD. The rates for these one year products are calculated and affected by a number of factors including Federal Funds Rate set by the federal reserve, regulations set by government, competition as well as liquidity and funding costs.
The global finance crisis in 2008 has incentivized many banks to reduce reliance on wholesale funding sources that can be volatile and occasionally expensive when funding their lending activities. This shift has a seen banks diversify funding sources including a larger reliance on customer deposits. The benefits can be seen with increased liquidity to fund loans and lower funding costs.
The interest rate for this CD account was determined using a postcode for New York and is for 'Key Jumbo CD' product, a 12 month term and requires a minimum daily balance of $100,000 to $499,999.99.
The rate of 0.10% is 0.32% lower than the average 0.42%. Also it is 1.2 % lower than the highest rate.