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Independence Bank of Kentucky Review

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Independence Bank of Kentucky Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Independence Bank of Kentucky was founded in 1909 with its headquarters in Owensboro, Kentucky. Independence Bank of Kentucky owns assets of $2 billion as well as $2 billion in deposits, which makes it a large bank. Independence Bank of 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. Overall, Independence Bank of Kentucky is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from our experts. Independence Bank of Kentucky has a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. It 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 standard checking does not have a monthly fee. Institutions that offer free checking and a high savings APY are the best option for returning the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Independence Bank of Kentucky ranks poorly compared to other U.S. banks. Independence Bank of Kentucky's 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 a rate of 0.50%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Independence Bank of Kentucky's Savings Rates Compare

Independence Bank of Kentucky Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Independence Bank of Kentucky has typically low fees compared to the average U.S. bank. With no monthly fee, Independence Bank of Kentucky is ideal for people who want a basic banking experience. For those who will need cash in a pinch, Independence Bank of Kentucky is good because it has an out-of-network ATM fee of $0.75, which is solid in comparison to other U.S. banks. Independence Bank of Kentucky unfortunately does not refund out-of-network ATM fees, meaning you will need to locate an Independence Bank of Kentucky ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0.75 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Independence Bank of Kentucky is a brick-and-mortar bank, with 26 total branches in Kentucky. It also offers access to mobile and web apps for easy access and banking on the go. Independence Bank of Kentucky's online and mobile banking services get moderate feedback from customers. The Independence Bank of Kentucky mobile app scored a 3.9 out of 5 (with 53 ratings on Apple and Android) compared to the national average of 3.8. You can access Independence Bank of Kentucky's mobile app to control your funds by checking monthly statements, transferring money and accessing customer service. Independence Bank of Kentucky gets a superb consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Independence Bank of Kentucky ranks as a large bank owning $2 billion in assets and $2 billion in deposits. It has an excellent Texas Ratio of 3.48%, suggesting that the bank is in excellent financial well-being and improbable to fail. 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

3.48%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare Independence Bank of Kentucky to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 1.81% APY
  • 24 Month: 2.17% APY
  • 36 Month: 2.37% APY
  • 48 Month: 2.52% APY
  • 60 Month: 2.77% APY
$1000 for all terms
Money Market Account 0.4% APY $10000

Independence Bank of Kentucky offers several deposit products including 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 looking elsewhere 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 as compared against the national average.

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Find a Independence Bank of Kentucky Near Me

Independence Bank of Kentucky has 26 locations in the U.S.

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