Best Banks and Credit Unions in Kentucky

First on our list of the best banks in Kentucky is Abound Credit Union, formerly known as Fort Knox Federal Credit Union. This institution has provided valuable banking solutions to help hardworking Kentucky families thrive for more than 70 years. Today, we’ve grown to become Kentucky’s largest credit union with 18 locations serving over 115,000 military and civilian members.

The Credit Union has been recognized for its leadership in financial education at the state and national level, winning the Kentucky Governor’s Service Award and the Credit Union National Association Award for Youth Financial Literacy.

Membership in Abound Credit Union is open all individuals who join either the USA Cares Association or the ECTC Military Education Association ($10 membership fee for either). Individuals who live, work, or worship in the Kentucky counties of Boyle, Breckenridge, Grayson, Hart, Larue, Meade, Nelson, or Taylor also qualify for membership, as do immediate family members of current Abound Credit Union members and/or employees.

The credit union’s doors opened on April 2, 1951, with 122 shareholders, $2,700 in assets and a single volunteer. By 1976, six people were employed and membership had grown to almost 6,000. Since 1976, Commonwealth Credit Union’s assets have grown from $2.8 million to more than $1 billion.

Commonwealth Credit Union is a state chartered credit union headquartered in Frankfort, Kentucky. Commonwealth is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Commonwealth is the second-largest credit union in Kentucky and had $1.27 billion in assets, 103,513 members, and 15 branches as of 2019, making it clear that this is one of the best banks in Kentucky.

Commonwealth’s field of membership extends to anyone residing or working in their 24-county service region. Member deposits are insured up to $250,000 through the National Credit Union Share Insurance Fund, credit unions’ equivalent to the Federal Deposit Insurance Corporation (FDIC).

L&N Federal Credit Union is a cooperative, not-for-profit financial institution owned and operated by its members exclusively to meet their financial needs.

L&N Federal Credit Union is open to everyone in the Louisville Metropolitan Area, as well as to people in portions of Southeastern and Northern Kentucky.

Established in 1954, the credit union was founded to serve the L&N Railroad workers in Louisville, Kentucky. In 1982, the credit union converted to a multi-group charter and went on to serve various businesses throughout Kentucky, Southern Indiana, and Tennessee. In 2004, the credit union changed to a Community Charter.

With assets over $1.9 billion dollars and an array of products and services, L&N can offer everything necessary for someone’s personal or business finances. Over 109,000 people have taken advantage of flexible mortgage and consumer loans, free internet/mobile banking, free checking, business accounts and more.

Another one of the best banks in Kentucky, University of Kentucky Federal Credit Union is a member owned financial cooperative, chartered in 1937 to effectively provide member based quality financial services.

In January of 1937, a group of Agriculture College Employees from the University of Kentucky developed this idea. Together, they formed the University of Kentucky Federal Credit Union to provide themselves and their co-workers with a better place to save and borrow money.

Park Community was established in 1965 to serve the employees of General Electric’s Appliance Park in Louisville, Kentucky is easily a contender for one of the best banks in Kentucky. Park continued to grow over the years, serving GE employees in other states and eventually expanding services to over 500 Select Employment Groups (SEGs).  In 2003, Park became a Community Chartered Credit Union, which opened the doors to anyone who lived, worked, worshiped, attended school, or volunteered in the nine-county Louisville Metro Area.

With a new focus on serving the community, the word “Community” was added to their name, making us Park Community Federal Credit Union. In addition to the Louisville Metro Area, Park also offered membership to select counties and areas in Berea, Lexington, and Richmond in Kentucky.*

In 2014, after a vote in favor by the membership, Park Community Federal Credit Union converted to a state chartered credit union. The charter change also came with a subtle name change, removing the word federal. With the charter change, Park Community was able to expand its servicing area in the Bluegrass Region, which now includes: Anderson, Bourbon, Boyle, Clark, Estill, Fayette, Franklin, Garrard, Harrison, Jackson, Jessamine, Lincoln, Madison, Mercer, Nicholas, Powell, Scott, and Woodford Counties in Kentucky.

Last up on our list of the best banks in Kentucky is Fortera. Fortera Credit Union membership is available to anyone who lives, works, worships, or attends school in one of their service regions; by joining an affiliated partner; or if one of your immediate family members is a Fortera member.

The service regions include Montgomery, Stewart, Chester, Decatur, Lewis, McNairy, and Perry counties in Tennessee or Christian, Trigg, Todd, McLean, and Webster counties in Kentucky. Residents of other counties in Tennessee, Kentucky, Alabama and Arkansas may also be eligible. As a not-for-profit financial cooperative, Fortera’s focus will be on serving people, not shareholder profit.