.
                                                                               .
                                                                               .

                                                  
PRICING SUPPLEMENT NO. 1, DATED: May 25, 2005                               RULE 424(b)(2)
to Prospectus Supplement Dated January 25, 2005      REGISTRATION STATEMENT NO. 333-121553
to Prospectus Dated January 25, 2005



                                     KEYCORP


                                   $250,000,000

                   [X] SENIOR MEDIUM-TERM NOTES, SERIES H
                   [ ] SUBORDINATED MEDIUM-TERM NOTES, SERIES G


[X]   Floating Rate Notes                         [ ]  ___% Fixed Rate Notes
[X]   Book-Entry Notes                            [ ]  Certificated Notes


Original Issue Date: May 31, 2005
Maturity Date: June 2, 2008
Issue Price: 99.900%
Paying Agent: Deutsche Bank Trust Company Americas
Authenticating Agent: Deutsche Bank Trust Company Americas


OPTION TO ELECT REDEMPTION:      [ ] Yes    [X] No      OPTION TO EXTEND MATURITY:            [ ] Yes [X] No
Redemption Date(s):                                     Extended Maturity Dates:
Initial Redemption Percentage:                          Notice of Extension Date(s):
Annual Redemption Percentage Reduction:

OPTION TO ELECT REPAYMENT:       [ ] Yes    [X] No      SPECIFIED CURRENCY (NOT U.S. DOLLARS):[ ] Yes  [X] No
Repayment Date(s):                                      Authorized Denominations:
Repayment Price(s):                                     Exchange Rate Agency:

Repurchase Price (if any):  N/A                         Optional Interest Rate Reset:         [ ] Yes  [X] No
Amortization Schedule (if any):  N/A                    Optional Interest Rate Reset Dates:   [ ] Yes  [X] No
Sinking Fund Defeasance:         [ ] Yes    [X] No      Optional Extension of Maturity:       [ ] Yes  [X] No
                                                        Length of Extension Period:           [ ] Yes  [X] No
Minimum Denominations:           [X]$1,000 [ ] Other:


                              FIXED RATE NOTES ONLY

Interest Computation Period:

Interest Payment Dates:

Regular Record Dates if other than May 31 and November 30:







                            FLOATING RATE NOTES ONLY

                                   BASE RATE:


                                 
[ ]    CD Rate                       [ ]   Treasury Rate
[ ]    Commercial Paper Rate         [ ]   CMT Rate
[ ]    Federal Funds Rate            [ ]   11th District Cost of Funds Rate
[X]    LIBOR                         [ ]   Other (specify):
[ ]    Prime Rate

 Initial Interest Rate: 3 month LIBOR                  Interest Determination Date: Two London business days prior
      +18 basis points                                       to each Interest Reset Date

 Index Maturity: 3 month LIBOR                         Interest Reset Period: Quarterly

 Spread (Plus or minus): +18 basis points              Interest Reset Dates: Quarterly on the 2nd day of each of
                                                            March, June, September and December

 Maximum Interest Rate: N/A                            Interest Payment Dates: Quarterly on the 2nd day of each of
                                                            March, June, September and December, commencing on 
                                                            September 2, 2005

 Minimum Interest Rate: N/A                            Calculation Date: N/A

 Total Amount of OID: N/A                              Calculation Agent: KeyBank National Association

 Yield to Maturity: N/A                                Spread Multiplier: N/A

 Initial Accrual Period OID                            Telerate Page: 3750
    and Designated Method: N/A
                                                       Other Terms (if any):


AGENT:  [ ] Bear, Stearns & Co. Inc.                   Agent's Discount or Commission: 0.100% ($250,000)
        [ ] Citigroup Global Markets Inc.              Trade Date: May 25, 2005
        [X] Credit Suisse First Boston LLC             Proceeds to KeyCorp: $249,750,000
        [X] Deutsche Bank Securities Inc.
        [ ] Goldman, Sachs & Co.
        [ ] HSBC Securities (USA), Inc.
        [ ] J.P. Morgan Securities Inc.
        [X] KeyBanc Capital Markets,
               a division of McDonald Investments Inc.
        [ ] Merrill Lynch, Pierce, Fenner and 
               Smith Incorporated
        [X] Morgan Stanley & Co. Incorporated
        [ ] UBS Securities LLC
        [ ] Other: 

[ ]  Acting as Agent       Agent is acting as Agent for the sale of Notes by 
                           KeyCorp at a price of  % of the principal amount

[X]  Acting as Principal   [X] Agent is purchasing Notes from KeyCorp as 
                               Principal for resale to investors and other 
                               purchasers at:

                                [ ] a fixed public offering price of % of the
                                    Principal amount 

                                    [X] varying prices related to prevailing 
                                        market prices at the time of resale to
                                        be determined by such Agent