Independence Bank of Kentucky Review

Overview

Started in 1909, Independence Bank of Kentucky has assets totaling $2 billion as well as $2 billion in deposits, which makes the institution a large bank. Independence Bank of Kentucky, whose headquarters are in Owensboro, Kentucky, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Independence Bank of Kentucky is a solid contender in your bank search, with a rating of 4.3 stars out of 5 from our experts. Independence Bank of Kentucky has a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. Independence Bank of Kentucky has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking account does not carry a monthly maintenance fee. Banks that offer free checking and a high savings APY are your best option for gaining the most income on your deposits while maintaining convenient access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 0.10%, Independence Bank of Kentucky ranks poorly in comparison to other U.S. banks. Its CD rates are 1.81% and 2.77% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given Independence Bank of Kentucky's below average savings rate, you should think about other options to earn more on your deposits.

How Independence Bank of Kentucky's Savings Rates Compare

Independence Bank of Kentucky charges its customers low fees compared to the national average. With no monthly fee, Independence Bank of Kentucky is perfect for those who want a basic checking account. For those who visit the ATM often, it is solid because it charges an out-of-network ATM fee of $0.75, which is good in comparison to the national average. Independence Bank of Kentucky does not reimburse out-of-network ATM fees, meaning you will be required to locate an Independence Bank of Kentucky ATM or pay the ATM charge.

Independence Bank of Kentucky is a brick-and-mortar bank, with 26 total bank locations in Kentucky. It also offers access to mobile and web apps for simple access and banking on the go. Independence Bank of Kentucky's online and mobile banking platforms get fair scores from users. The Independence Bank of Kentucky mobile app scored a 3.9 out of 5 (out of 53 reviews on iOS and Android) compared to the national average of 3.8. You can utilize Independence Bank of Kentucky's mobile app to control your funds by checking monthly statements, sending and receiving money and reaching support representatives. Independence Bank of Kentucky receives a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Independence Bank of Kentucky is currently a large bank with assets totaling $2 billion and $2 billion in deposits. It has an excellent Texas Ratio of 3.48%, suggesting a negligible probability of failure. Additionally, Independence Bank of Kentucky 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.

Products Offered

Independence Bank of Kentucky has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Independence Bank of Kentucky does not have the best savings rate, which means you should think about 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. Independence Bank of Kentucky's CD rates are fair in comparison to the national average.

Find a Independence Bank of Kentucky Near Me

Independence Bank of Kentucky has 26 branches across the U.S.