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7 Best Personal Banks in Kentucky Ranked & Rated for 2024

7 Best Personal Banks in Kentucky Ranked & Rated for 2024

Countless banking options are available in Kentucky, but how do you know which ones are reliable and worth it? That’s the task this article will tackle for you. I’ve compiled a list of Kentucky’s best personal banks with great reputations and reviews. Read the article to learn which one is best for you.

>> Apply for an Axos Account Today! >>

Best Personal Banks in Kentucky

  • Axos – Best Personal Kentucky Banks Overall
  • Chime – Best User-Friendly Interface
  • SoFi – Best for Saving Accounts
  • Bank of America – Best for Opening a Checking Account
  • Upgrade – Best for Personal Loans
  • U.S. Bank – Best Customer Service
  • Discover – Best CD Rates

Axos – Best Personal Kentucky Banks Overall

Axos is one of Kentucky’s most popular banking choices for individuals and small businesses. It’s a pioneer digital bank that offers a wide range of products and services with the highest security. Axos offers its users high-yielding savings accounts, free checking accounts, and innovative financial products. 

 

Moreover, Axos has a very reliable and effective mobile banking service that enables you to manage your account, deposit checks, transfer funds, and wire transfers. You also get budgeting tools to stay on top of your finances.

Pros

  • Unlimited transaction
  • No minimum requirement
  • 24/7 customer service
  • Welcome bonus for new customers

Cons

  • No physical banks
  • No-third party integration

>> Axos – Top Personal Bank Kentucky >>

Chime – Best User-Friendly Interface

Kentucky residents who prefer to handle their finances digitally will be very happy with Chime because of its user-friendly and easy-to-use interface. Chime provides a seamless mobile banking experience to its customers. 

 

With Chime’s free mobile banking app, you get real-time alerts and tools for automatic savings, making it one of the most user-friendly options. Thanks to the simplified mobile app, even those with minimum technical skills can manage automatic savings, transfer money, and check their balance. For residents of Kentucky who want a hassle-free, digital-first bank, Chime provides an excellent experience.

Pros

  • Easy-to-use mobile app
  • No overdraft fee
  • No minimum requirement
  • Can easily direct deposit
  • Instant transaction alerts

Cons

  • Technology dependent
  • Cash deposits are only possible through third-party retailers
  • Limited services

>> Apply for a Chime Bank Account Today! >>

SoFi – Best for Saving Accounts

Kentucky residents seeking a high-yield savings account will find SoFi to be an exceptional choice. With its standout APYs that often exceed traditional banks and no account fees, SoFi makes saving money easier and more rewarding. 

 

Not only that, but SoFi also offers tools like automatic savings, financial planning support, and goal tracking. Kentucky customers can also benefit from SoFi’s member benefits, such as free career coaching and financial advising, further enhancing their financial growth and savings.

Pros

  • High-yielding savings account
  • No minimum requirement
  • Free financial planning services
  • Offers personal loans

Cons

  • Completely online bank
  • Cash deposits not supported

>> Apply for a SoFi Bank Account Today! >>

Bank of America – Best for Opening a Checking Account

Bank of America has branches all over the country. Its wide branch network offers comprehensive products and services for Kentucky residents. Bank of America is a top choice for opening a checking account in Kentucky, providing multiple accounts to suit different needs. Bank of America also has no-fee options for low-income individuals and students.

It offers flexibility to its users with physical branches in Kentucky, a mobile banking app, and various ATMs. Their relationship-based banking rewards program is another advantage for those with multiple Bank of America accounts.

Pros

  • Various checking account options to choose from
  • Reliable mobile app
  • Offers extensive overdraft protection options
  • Extensive ATM network

Cons

  • Customer service isn’t satisfactory
  • Interest rates on savings accounts are lower compared to online-only banks

>> Apply for a Bank of America Account Today! >>

Upgrade – Best for Personal Loans

Upgrade shines as a top choice for personal loans, especially for those in Kentucky looking for fast approvals and competitive interest rates. This online lender offers loans ideal for consolidating debt, home improvement, or major purchases. 

 

With a user-friendly platform and flexible repayment terms, Upgrade caters to Kentuckians who need quick access to funds. The bank’s approach to assessing creditworthiness, which includes factors beyond just credit score, also makes loans accessible to a wider range of individuals.

Pros

  • Flexible loan amounts and terms
  • Offers budgeting tools
  • Loans are usually approved easily
  • Competitive interest rates compared to other loan providers

Cons

  • Personal Loans only
  • Origination fees may apply depending on the loan type and amount

>> Apply for an Upgrade Bank Account Today! >>

U.S. Bank – Best Customer Service

U.S. Bank is one of the largest financial institutions, ranking 5th overall. It has about 114 branches in Kentucky. U.S. Bank offers robust support through both physical branches and digital channels. It offers MMAs (Money Market Accounts), CDs, credit cards, personal loans and lines, home and vehicle loans, and investment and retirement options. It also caters to business and corporate banking needs.

 

This bank also offers policies like fee waivers for students and senior citizens. With its customer-centric approach and strong physical local presence, U.S. Bank successfully creates a supportive environment of personalized banking help for an audience of all ages.

Pros

  • A large number of ATMs
  • Personalized customer service
  • Various banking products and services
  • Digital banking tools

Cons

  • Low interest rates on savings accounts compared to others
  • The fee structure can be complex for new customers to navigate

>> Apply for a U.S. Bank Account Today! >>

Discover – Best CD Rates

Discover is Kentucky’s is an excellent pick for individuals looking to maximize their savings with Certificates of Deposit (CDs). Known for offering some of the highest CD rates in the industry, Discover provides an excellent opportunity for those looking to grow their savings in a low-risk environment. 

 

Discover’s no-fee CDs and flexible terms ranging from three months to ten years allow Kentucky residents to tailor their investments according to their financial goals. With its strong reputation and ease of access, Discover makes an excellent choice for those focusing on long-term financial growth through CDs.

Pros

  • Highest CD rates
  • No maintenance fee
  • Wide range of CD terms

Cons

  • Not for those who prefer in-person banking
  • Limited banking products

>> Apply for a Discover Bank Account Today! >>

Best Personal Banks in Kentucky – Buyer’s Guide

How to Choose the Best Bank in Kentucky

At BankBonus.com, we’re committed to providing consumers with the resources to select a bank or credit union. Here’s an overview of the steps we recommend our readers take to choose a bank:

  • Understand different banks: You have access to traditional banks, online banks, credit unions, and neo banks. Understanding their differences is essential to determining which type of institution best aligns with your preferences.
  • Choose the right account: Checking, savings, money market, and Certificate of Deposit accounts are the most common types of bank accounts. Understand what each offers and choose a bank with the type of account(s) you need.
  • Look for low-fee banks: Account fees can add up quickly. As you compare bank accounts, look for an account that doesn’t charge unavoidable monthly maintenance, overdraft, and ATM fees.
  • Consider branch and ATM access: If having access to branches matters to you, choose a bank with physical locations. Regardless, prioritize banks with a vast ATM network or reimburse ATM fees.
  • Compare account features: Determine which features you’re looking for. A few common bank account features to consider are interest, cashback, mobile features, cash deposits, and minimum account balance requirements.
  • Check out reviews and ratings: Picking a reputable bank is crucial. To understand a bank’s customer experience, read expert reviews and consult sources like TrustPilot, the Better Business Bureau, and J.D. Power.
  • Read the fine print: Don’t sign up for an account without understanding the terms and conditions. Ensure the account is FDIC or NCUA insured and understand the requirements, fees, and expiration dates for bank bonuses.
  • Look at the bank’s additional products: If you want to manage your finances under one roof, consider each bank’s additional products. Many banks offer credit cards, wealth management, investment accounts, and loans.

>> Start Banking With Axos >>

Frequently asked questions

To open a bank account in Kentucky, you typically need to provide a government-issued photo ID (e.g., driver’s license or passport), proof of address, and a Social Security number or Taxpayer Identification Number. Some banks may also require an initial deposit, and if you’re opening a business account, you’ll need business formation documents and an EIN. Requirements can vary slightly by bank.

Many banks in Kentucky offer free checking accounts, especially for students, seniors, or customers who meet certain criteria, such as maintaining a minimum balance or setting up direct deposit. Banks like U.S. Bank, Bank of America, and regional banks may offer these options. Online-only banks also commonly provide free checking accounts with fewer fees.

Yes, you can open a bank account in Kentucky even if you’re not a resident. Most banks, including national and online banks, allow non-residents to open accounts if they provide identification and meet the bank’s account requirements. However, local credit unions may have more restrictive membership criteria.

>> Axos – Top Personal Bank Kentucky >>

Bottom Line

Choosing a bank is the first step in managing your finances, but choosing the right bank is equally essential. To start your search, figure out what type of bank presence you need. Do you need a traditional national bank or prefer a more personalized service? 

If you live in Kentucky, compare the fees, APYs, and minimum deposit requirements. Then, consider your goals with the products and see how they fit your financial needs.

>> Open an Axos Account Now! >>

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Written by

Aeron Rupar

Aeron Rupar

Reviewd By

Judith

Judith

Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.