KeyBank launches new financial wellness tools enabling clients to save, earn money back, and avoid fees
CLEVELAND, Aug. 5, 2019 /PRNewswire/ -- KeyBank is announcing a new suite of digital and banking tools that will make it easier for clients to take steps toward achieving financial wellness. Combined, the new Key Cashback credit card, EasyUpSM and $0 Overdraft Protection Option tools empower clients to save money and pay down debt faster, while earning money back and avoiding unnecessary extra costs.
"Financial Wellness is a unique journey for every client. It's our job to listen closely to what our clients need. These new, best-in-class solutions enhance individual banking, and also help clients sustain momentum toward achieving their unique goals," said Dennis Devine, President of Key Consumer Bank.
Based on a survey of thousands of clients, KeyBank's Financial Wellness Review found that clients are seeking out tools to make managing finances and reaching financial milestones easier—especially in a fast-paced, digitally-driven world. While nearly 72 percent of respondents who have budgets in place are staying within them, 26 percent of those individuals would like to save more—pointing to a need for smart products to help make that possible.
Key Cashback Credit Card
KeyBank is now offering an industry-leading Key Cashback credit card. The new card puts 2% cash back into the pockets of KeyBank clients with every purchase for those who bank and save with Key. 1 Cardholders who don't bank and save with Key can still earn 1.5% cash back on their purchases.
With no caps, no limits, no rotating categories and no annual fee, 2 the new card will help clients pave the path forward to achieving financial wellness.
"With every purchase using our Key Cashback credit card, KeyBank clients are saving up to 2% cash back, potentially putting hundreds of dollars back into their own pocket each year. This money can make a significant difference for anyone sticking to a budget—giving them more flexibility and allowing them to both manage their credit and pay down debt faster," said Mitch Kime, Head of Consumer Payments in Key's Enterprise Payments group.
KeyBank is offering a new way to save through EasyUpSM, an innovative new tool that allows clients to automatically save money to pay down debt. With each KeyBank debit card purchase, $1 is transferred from the client's checking account to their savings account, helping them effortlessly set aside money. Clients can use their savings to help achieve their financial goals, and, later this year, clients will have the option to automatically send their monthly EasyUpSM savings to pay down the debt of their choice.
"EasyUpSM is an example of how financial wellness guidance can turn into real action, and we believe the results will have an incredible impact on our clients' lives," said Dennis Devine. "KeyBank is innovating by making the tool free for clients and automatically helping clients paydown high interest debt. We built EasyUpSM by listening to our clients, making it effortless to use and helping with small transfers that add up fast."
An average client could save over $300 per year using EasyUpSM. That amount of savings, on average, could pay off a 30-year mortgage a year and a half faster, eliminate three car payments off a five-year auto loan or pay off a student loan one year early.
$0 Overdraft Protection Option
KeyBank knows that oversights can happen as clients deal with their busy lives. KeyBank is offering new no-fee overdraft protection transfers for clients' checking accounts linked to KeyBank savings accounts. If an overdraft occurs, a client who is signed up for the service will see their available money transferred from a KeyBank Savings Account to cover the shortfall, now with no overdraft or overdraft transfer fees.
"We are committed to giving individuals and families the solutions and advice they need to achieve financial wellness. With these exciting new tools, KeyBank clients can add power to their purchases and enhance their personal financial journeys," said Dennis Devine.
KeyCorp's (KEY) roots trace back 190 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 $141.5 billion at March 31, 2019. 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 over 1,100 branches and more than 1,500 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.
About Cashback Credit Card
- To be eligible for the 2% cash back, you must have a KeyBank checking account, excluding a health savings account with $1,000 in aggregate deposits per month, excluding transfers from another KeyBank account, and a KeyBank savings or investment account with a minimum daily balance of $1,000. If you do not meet either of the criteria above after 1 month of your account opening, you will earn 1.5% cashback on all eligible purchases. We will determine whether you have met the bank and save criteria on the last Monday of each calendar month, based on your deposit and balance activity over the thirty (30) days prior to the immediately preceding Saturday. If you have not met the bank and save criteria, your rate for the following calendar month will be 1.5%.
Cash back is 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. See Terms and Conditions, which are subject to change.
- The APRs may vary. Currently the undiscounted variable APR for Purchases and Balance Transfers is from 15.99% to 24.99% (depending on your creditworthiness). The variable APR for Cash Advances is 25.99%. Cash Advance fee: 4%, $10 minimum. Convenience Check fee: 3%, $10 minimum. Cash Equivalent fee: 4%, $10 minimum. Balance Transfer fee: 3%, $10 minimum. Overdraft Protection Transfer fee: $10. There is a $0.50 minimum finance charge where the interest is due. Foreign Transaction fee: 3% of each foreign purchase transaction in U.S. dollars. Transactions originating in Canada are excluded from this fee. Refer to Terms and Conditions.
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