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Kentucky Bank Review

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Kentucky Bank Savings
0.04% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Kentucky Bank first started operating in 1915 and has its headquarters in Paris, Kentucky. It manages $1 billion in assets and deposits totaling $819 million, which makes it a medium-size bank. Kentucky Bank 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 in-person service, in addition to its online and mobile offerings. With an average 3.9 out of 5 stars, Kentucky Bank is a good bank that deserves your consideration. Kentucky Bank has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Kentucky Bank has a fair savings rate compared to the average savings account. The bank's standard checking product features a $4.00 monthly fee, making it a rather pricey bank for checking. Locating an institution with no-fee checking, in addition to a high interest rate savings account is your best bet for returning the highest income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

Kentucky Bank has a savings rate of 0.04%, which is fair as compared against the national average. Its one-year CD has a rate of 0.85% and the five-year CD earns at a rate of 1.60%, while its highest-yielding money market account has a rate of 0.07%. Given Kentucky Bank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Kentucky Bank's Savings Rates Compare

Kentucky Bank Savings 0.04 National Average 0.26 Compare Offers
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Fees

3.4
SmartAsset Average: 4.4

Kentucky Bank charges customers high fees in comparison to the average U.S. bank. Kentucky Bank's checking account has a monthly fee of $4.00, ranking it fair for anyone looking for a hassle-free account. Kentucky Bank unfortunately does not refund out-of-network ATM fees, which means you'll be required to find a Kentucky Bank ATM or accept the ATM charge.

Monthly Fee $4.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Kentucky Bank is a brick-and-mortar bank, with 17 total bank locations in Kentucky. With mobile and web apps, Kentucky Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:00 a.m. to 5:00 p.m. ET; Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. Kentucky Bank receives moderate marks from customers for its mobile app. The Kentucky Bank mobile app scored a 3.8 out of 5 (with 120 customer reviews on iOS and Android) compared to the national average of 3.8. Kentucky Bank's mobile app allows you to manage your bank accounts by reviewing current statements, transferring money and reaching support representatives. Kentucky Bank receives an excellent consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
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

Kentucky Bank is a medium-size bank owning assets totaling $1 billion and $819 million in deposits. Kentucky Bank's Texas Ratio is 3.39%, denoting that Kentucky Bank is in excellent financial well-being and improbable to fail. Additionally, 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

3.39%
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 Kentucky Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.04% APY $50
Checking Account 0.03% APY $5000
Certificates of Deposit
  • 12 Month: 0.85% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.34% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.60% APY
$2500 for all terms
Money Market Accounts 0.07% APY 0.07% APY $10000 $15000

Kentucky Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Kentucky Bank 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. Kentucky Bank's CD rates are fair compared to other U.S. banks.

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Find a Kentucky Bank Near Me

Kentucky Bank has 17 locations across the U.S.

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