Forcht Bank (KY) Review

Forcht Bank Savings

0.05% APY

Established in 2002, Forcht Bank has $1.55 billion in assets as well as $1.32 billion in deposits, making it a medium-size bank. Forcht Bank, whose headquarters are in Lexington, Kentucky, has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. Overall, Forcht Bank is an acceptable bank choice, but may leave you wanting more at a rating of 3.7 out of 5 stars from the SmartAsset experts. 

Forcht Bank has a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Forcht Bank has a fair savings rate, which means other popular banks have higher rates. The bank's standard checking account has a $6.00 monthly fee, which may be better for customers that will always carry a large balance. Why use checking and savings accounts with the same bank? Convenient transferring of funds between the two accounts translates to better interest rates in your savings account with the ease of spending from your checking.

Service Quality

Forcht Bank is a brick-and-mortar bank, with 24 total bank locations in Kentucky. It also offers access to mobile and web apps for simple access and banking on the go.  Forcht Bank also offers a live chat feature, which may provide helpful service without getting on the phone.

Forcht Bank receives decent reviews from users for its mobile banking services: with 160 ratings across both iOS and Android platforms, the Forcht Bank mobile app has an overall rating of 2.5 out of 5 (compared to the national average of 3.8). You can access Forcht Bank's app to manage your bank accounts by monitoring account balances, sending and receiving funds and accessing customer service. Forcht Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Forcht Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Forcht Bank's CD rates are competitive compared to other U.S. banks. 

Rates

Forcht Bank has a savings rate of 0.05%, which is fair in comparison to the national average. Its 5-month special CD earns at a rate of 5.18% and the 7-month special CD has a rate of 4.86%, while its highest-yielding money market account has an APY of 0.15%. It has a fair savings rate, which means other popular banks have higher rates. Think about choosing another bank to earn more on your deposits.

Fees

On average, Forcht Bank charges customers high fees in comparison to the average U.S. bank. At $6.00 per month, Forcht Bank is less than the best option for people who want a basic checking account. Forcht Bank unfortunately does not refund ATM fees which means you'll need to find a Forcht Bank ATM or eat the withdrawal fee.

Financial Health

Forcht Bank is a medium-size bank with $1.55 billion in assets and deposits totaling $1.32 billion. Its Texas Ratio is 1.26%, signifying that Forcht Bank is in excellent financial health and exceedingly improbable to fail. Additionally, Forcht Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Forcht Bank Near Me

Forcht Bank has 24 physical branches in the U.S.