First Kentucky Bank was founded in 1899 with headquarters in Mayfield, Kentucky. It handles $423 million in assets as well as deposits totaling $345 million, classifying it as a medium-size bank. First Kentucky Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, First Kentucky Bank is a great bank that you should seriously consider, with a score of 4.3 out of 5 stars from the SmartAsset experts. First Kentucky Bank offers an array banking products, including savings accounts, checking accounts, money market accounts, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Kentucky Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for getting the most income on your deposits while having convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
First Kentucky Bank features a savings rate of 0.10%, which is poor as compared against the national average. Its one-year CD earns at a rate of 0.10% and the five-year CD has a rate of 0.30%, while its highest-yielding money market account earns at a rate of 0.10%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.
How First Kentucky Bank's Savings Rates Compare
First Kentucky Bank has typically extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. First Kentucky Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will be required to search for a First Kentucky Bank ATM or accept the ATM charge.
First Kentucky Bank is a brick-and-mortar bank, with 11 total bank locations in Kentucky. With mobile and web apps, First Kentucky Bank makes mobile banking straightforward, even on the go. First Kentucky Bank's online and mobile banking platforms get high praise from users. The First Kentucky Bank mobile app rates a 4.5 out of 5 (out of 150 customer reviews on Apple and Android) compared to the national average of 3.8. First Kentucky Bank's mobile app lets you control your accounts by monitoring current statements, sending and receiving money as well as reaching customer service. First Kentucky Bank gets an outstanding consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
First Kentucky Bank ranks as a medium-size bank and has assets totaling $423 million and deposits totaling $345 million. First Kentucky Bank has an excellent Texas Ratio of 3.51%, indicating a low likelihood of failure. Additionally, First Kentucky Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare First Kentucky Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$1|
|Checking Account||0.01% APY||$1500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Account||0.1% APY||$10000|
First Kentucky Bank has several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. First Kentucky Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Kentucky Bank's CD rates are fair compared to the national average.Back to Overview
Find a First Kentucky Bank Near Me
First Kentucky Bank has 11 locations in the U.S.Back to Overview