Thanks to thriving metropolises like Louisville and Lexington, Kentucky continues to grow, but the city is made up of charming small towns, too. The best banks in Kentucky offer a variety of amenities, while also putting the community first.
From college towns like Bowling Green to Bourbon Trail towns like Bardstown, you’ll find plenty of banks, making it easy to find the bank that’s right for you.
14 Best Banks in Kentucky
Kentucky has a wide range of banks, from large national banks to small community banks. This list of the best banks in Kentucky takes a look at the various types to help you find the best option for your banking needs.
With a substantial presence in Kentucky, U.S. Bank brings banking convenience right to your doorstep through its numerous branches spread across the state.
SoFi operates as an online bank, providing an easy and flexible solution for people who prefer to manage their money digitally. Its unified Checking & Savings account merges the best of both worlds by offering the accessibility of a checking account with the high return rates of a savings account.
Kentuckians interested in digital banking will find GO2bank, supported by Green Dot, a compelling choice. This online bank offers easy-to-open checking accounts and innovative “vaults” for savings, all without a minimum balance. Savers can also benefit from a notable 4.50% APY on amounts up to $5,000.
As a prominent national bank, Chase offers a smooth banking experience that blends the accessibility of physical branches with a high-quality mobile banking platform, simplifying daily banking activities.
How to Choose the Best Bank in Kentucky
Choosing the best bank in Kentucky can be a daunting task given the myriad of options available. Whether you prioritize customer service, technology, or account offerings, here are some factors to help you choose the best bank for your needs:
- Type of bank: Understand the difference between big national banks, regional banks, community banks, online banks, and credit unions. Each has its own advantages. National banks may offer more extensive services and technology, while local banks and credit unions often excel in personalized customer service.
- Account offerings: Examine the range of accounts offered. Are there savings, checking, or investment options that align with your financial goals? Look out for any free or low-fee checking accounts.
- Fees: Pay attention to any monthly charges or minimum balance requirements. It’s essential to know about potential fees to keep your bank account cost-effective.
- Online banking features: In the modern age, a solid online banking platform and mobile app are crucial. Make sure the bank’s digital offerings meet your expectations. Look for features like online and mobile banking, free bill pay, and mobile check deposit.
- Customer service: Consider the bank’s track record for customer service. A responsive and friendly team can be invaluable, especially when you encounter issues or have queries.
- Loan & credit options: If you anticipate borrowing in the future, whether for a home, car, or business, explore the bank’s loan offerings, rates, and terms.
- Location & accessibility: For those who prefer in-person banking, proximity to a local branch is key. But even if you’re a digital native, having a nearby branch can be helpful for more complex banking tasks.
- Community engagement: Some people prioritize banks that are active in local community initiatives and charitable activities. Research the bank’s involvement in Kentucky to see if their values align with yours.
- Recommendations & reviews: Word of mouth remains a potent tool. Ask friends, family, or colleagues about their banking experiences in Kentucky. Online reviews can also offer insights into a bank’s reputation.
- Additional services: Consider other options like wealth management, financial planning, or business banking if they are relevant to your situation.
Remember, the best bank for one person might not be the best for another. It’s all about finding the right fit for your unique financial situation and personal preferences.
Best Credit Unions in Kentucky
The Bluegrass State boasts a rich tradition of family and financial solidarity, and its credit unions reflect this ethos in their commitment to serving members. Whether you’re seeking competitive loan rates, reliable customer service, or a sense of belonging, Kentucky’s credit unions stand out in all respects. Here’s a look at some of the best credit unions in Kentucky:
- Commonwealth Credit Union: Originating in Frankfort, Commonwealth has expanded significantly, carving out a reputation for its community-driven approach and diverse financial services.
- Abound Credit Union: Formerly known as Fort Knox Federal Credit Union, Abound is one of Kentucky’s largest credit unions. It’s renowned for its member engagement, wide-ranging products, and dedication to member service.
- Park Community Credit Union: With roots in Louisville, Park Community has grown steadily, offering Kentuckians a robust suite of banking services underscored by its commitment to local development.
- University of Kentucky Federal Credit Union (UKFCU): Catering primarily to University of Kentucky students and faculty, UKFCU has a tailored suite of products. Yet, its reach extends beyond the university, serving broader communities with its attractive rates and services.
- Service One Credit Union: Hailing from Bowling Green, Service One is celebrated for its personalized service touch, ensuring that members’ expectations are not only met but exceeded.
- Class Act Federal Credit Union: Exclusively catering to Louisville’s educational sector, Class Act offers an array of products, underpinned by a strong emphasis on educational resources and public engagement.
- Navy Federal Credit Union (NFCU): While not exclusive to Kentucky, NFCU’s nationwide reputation precedes it. Primarily serving military personnel, veterans, and their families, it stands out for its unparalleled products and exemplary member service.