Best Savings Accounts in Kentucky of May 2021

Victoria Daniel

Whether you are saving for an emergency fund, college fund, vacation fund, or for your long-term goals, you need the right high-yield savings account. 

Kentucky is home to some of the best banks in the country. These banks provide residents with a wide variety of high-yield savings accounts to choose from.

Unlike the standard savings accounts, a high-yield savings account will help you grow your funds quicker. They offer a high annual percentage yield (APY), typically many times more than the average savings account interest rate of 0.05%.

While the APY is usually the first consideration, there are other factors to consider to find the most suitable match for you. For example, when you are shopping around, you may find an account that meets your personal preferences better than the others, even if it offers a lower APY. It is crucial to pay attention to the account fees, minimums, digital experience, customer service, and security.

Finding an account that is better suited to you can be very challenging. To help you with this process, we reviewed some of the best savings accounts in Kentucky. We considered multiple factors from customer experience to ease of use to choose our top picks.

Compare these options to find an account that is better suited for your needs today.

Axos Bank High Yield Savings Account

axos bank logo

$0

Monthly Fee

$250

Min. To Open

0.60%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus
  • No rate tier, APY same regardless of balance

APY ranges

Range APY
$0.01+ 0.60%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$250
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed

CIT Bank Savings Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.45%

Est. APY

Overview

This savings builder account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account.

If you don't do either, you won't receive the higher end APY. It's best to go by depositing $100 a month because you will have accumulated a significant balance in a few years without realizing it.

What we like

  • No monthly fees
  • Deposit $100 a month to receive higher APY
  • One of the top APYs around

What we don't

  • No sign up bonuses
  • No physical branch locations
  • No ATM card

APY ranges

Range APY
$1 - $24,999.99 0.30%
$25,000+ 0.45%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed