Best CD Rates in Kentucky

Are you looking to make your money work harder for you in the Bluegrass State – Kentucky? In this regard, the residents seeking the best CD rates have a variety of options to consider.

Whether you’re saving for a future goal, or simply looking to maximize your returns, find the right certificate of deposit (CD) with competitive rates. In addition to this, the terms can be a pivotal step in your financial strategy.

In this guide, we will explore some of the top CD rates available in Kentucky. It helps you to make informed decisions to grow your savings effectively.

Overall Best CD rates in Kentucky

No.	Name of the Bank	APY %	Term Length	Address
1	Sebree Deposit Bank	5.50%	12-month	7079 State Route 56 E Sebree, KY 42455
2	First Security Bank, Inc.	5.30%	12-month	345 Ruccio Way Lexington, KY 40503
3	Commonwealth Credit Union	5.25%	3-month	3704 Frankfort Ave Louisville, KY 40207
4	Louchem Federal Credit Union	5.25%	3-month	525 W Broadway Louisville, KY 40202
5	Louisville Metro Police Officers Credit Union	5.25%	3-month	900 W Market St Louisville, KY 40202
6	Delta Community Credit Union	5.15%	12-month	4885 Houston Rd Florence, KY 41042
7	American Bank & Trust Company, Inc.	5.13%	12-month	531 Lovers Ln Bowling Green, KY 42103
8	Navy Federal Credit Union	5.05%	12-month	4021 N Dixie Hwy Elizabethtown, KY 42701
9	Armed Forces Bank, National Association	5.00%	12-month	131 Gold Vault Rd Fort Knox, KY 40121
10	People’s Bank and Trust Company	5.00%	12-month	403 N Cross St Albany, KY 42602
11	River City Bank, Inc.	5.00%	12-month	2501 Bardstown Rd Louisville, KY 40205
12	Jefferson County Federal Credit Union	5.00%	3-month	1000 W Broadway Louisville, KY 40203
13	L&N Federal Credit Union	5.00%	3-month	129 Davis Dr Mount Washington, KY 40047
14	River City Bank, Inc.	5.00%	3-month	2501 Bardstown Rd Louisville, KY 40205
15	Abound Credit Union	5.00%	6-month	2255 Hikes Ln, Louisville, KY 40218
16	American Founders Bank, Inc.	4.89%	3-month	4220 Shelbyville Rd Louisville, KY 40207
17	Peoples Bank	4.86%	12-month	107 W Main St Lebanon, KY 40033
18	PenFed Credit Union	4.65%	12-month	Online
19	Liberty Financial	4.45%	12-month	10501 Linn Station Rd, Louisville, KY 40223
20	Navy Federal Credit Union	4.20%	24-month	137 E Lincoln Trail Blvd Radcliff, KY 40160
21	West Point Bank	4.06%	24-month	502 W Dixie Ave Elizabethtown, KY 42701
22	Planters Bank	4.01%	18-month	3030 E 10th St, Jeffersonville, IN 47130
23	Community First Bank & Trust	4.00%	18-month	1155 S Main St, Monticello, KY 42633
24	Farmers National Bank	4.00%	24-month	101 S Washington St, Lebanon, KY 40033
25	Park Community Credit Union	4.00%	12-month	2515 Blankenbaker Pkwy, Louisville, KY 40299
26	South Central Bank, Inc.	3.93%	12-month	1118 W 9th St Russellville, KY 42276
27	Ohio Valley Financial Group	3.93%	12-month	1230 E 9th St, Owensboro, KY 42303
28	The Murray Bank	3.93%	36-month	405 S 12th St, Murray, KY 42071
29	Bank of Hindman	3.93%	24-month	175 Broadway St, Hindman, KY 41822
30	Class Act Federal Credit Union	3.93%	12-month	3620 Fern Valley Rd, Louisville, KY 40219
31	South Central Bank of Monroe County	3.90%	12-month	1748 Edmonton Rd PO Box 307 Tompkinsville, KY 42167
32	First Southern National Bank	3.86%	18-month	21 Public Square, Russellville, KY 42276
33	Kentucky Employees Credit Union	3.86%	12-month	100 Moore Dr, Frankfort, KY 40601
34	Southeast Financial Credit Union	3.70%	12-month	1207 Ashley Cir Bowling Green, KY 42104
35	Whitaker Bank	3.67%	12-month	2001 Pleasant Ridge Dr, Lexington, KY 40509
36	Abound Credit Union	3.50%	24-month	1600 Spearhead Division Ave Fort Knox, KY 40121
37	Peoples Exchange Bank	3.44%	24-month	923 S Main St, Winchester, KY 40391
38	Woodforest National Bank	3.35%	3-month	7101 Cedar Springs Blvd Louisville, KY 40291
39	Cecilian Bank	3.21%	24-month	3460 Leitchfield Rd Cecilia, KY 42724
40	Abound Credit Union	3.00%	12-month	2518 Penn Dr Bowling Green, KY 42104
41	PenFed Credit Union	3.00%	3-month	Online
42	Kyang Federal Credit Union	3.00%	3-month	1101 Grade Ln Louisville, KY 40213
43	City National Bank	3.00%	24-month	127 N Main St, Cynthiana, KY 41031
44	Commonwealth Credit Union	3.00%	6-month	417 High St, Frankfort, KY 40601
45	Transcend Credit Union	2.90%	12-month	4652 Dixie Hwy Shively, KY 40216
46	Autotruck Financial Credit Union	2.70%	3-month	3611 Newburg Rd Louisville, KY 40218
47	Transcend Credit Union	2.60%	3-month	3740 Bardstown Rd Louisville, KY 40218
48	Armed Forces Bank, National Association	2.52%	24-month	131 Gold Vault Rd Fort Knox, KY 40121
49	Abound Credit Union	2.50%	3-month	9915 Dixie Hwy Louisville, KY 40272
50	Commonwealth Bank and Trust Company	2.48%	12-month	400 W Market St Louisville, KY 40202
51	Kentucky Neighborhood Bank	2.47%	24-month	1000 N Dixie Hwy Elizabethtown, KY 42701
52	South Central Bank of Hardin County, Inc.	2.47%	24-month	2908 Ring Rd Elizabethtown, KY 42701
53	Unify Financial Credit Union	2.40%	12-month	1001 Cherry Blossom Way Georgetown, KY 40324
54	Citizens Union Bank of Shelbyville	2.25%	24-month	1830 N Dixie Hwy Elizabethtown, KY 42701
55	L&N Federal Credit Union	2.05%	60-month	1000 E Market St, Louisville, KY 40206
56	First United Bank & Trust Co.	2.00%	12-month	1818 Carter Ave, Ashland, KY 41101
57	Commonwealth Bank and Trust Company	1.99%	3-month	12906 Shelbyville Rd Louisville, KY 40243
58	King Southern Bank	1.99%	3-month	10501 Watterson Trail Louisville, KY 40299
59	Republic Bank & Trust Company	1.98%	3-month	4571 Duffy Rd Floyds Knobs, IN 47119
60	First Security Bank	1.89%	13-month	1500 Lexington Ave, Ashland, KY 41101
61	Wilson & Muir Bank & Trust Company	1.76%	24-month	250 W Dixie Ave Elizabethtown, KY 42701
62	First Harrison Bank	1.74%	3-month	2420 Barron Ave NE Lanesville, IN 47136
63	Peoples Bank of Bullitt County	1.74%	3-month	550 John Harper Rd Shepherdsville, KY 40165
64	Cumberland Valley National Bank & Trust Co.	1.00%	36-month	1520 Cumberland Falls Hwy, Corbin, KY 40701

Current CD Rates of Kentucky

the current CD rates in Kentucky can vary depending on the financial institution and the term of the CD.

Typically, longer-term CDs tend to offer higher interest rates compared to shorter-term ones.

It is essential for Kentucky residents to shop around and compare rates from local banks, credit unions, and online financial institutions to find the best CD rates that suit their savings goals and financial needs. Additionally, keeping an eye on any promotional offers or special rates can also help maximize returns on CD investments in Kentucky.

Best 6 Month CD Rates

Kentucky residents seeking short-term investment options can explore competitive 6-month CD rates from various local banks and credit unions.

1. Bask Bank

Minimum Amount: $1000.00

APY / Rate: 4.45% APY

Pros:

• FDIC approved Bank
• Terms available from 6-24 months
• Top-tier APY rate with secured return guaranteed
• Customer-friendly terms

Rules:

• New customers have to open an account with the bank before investing in Bask Bank’s CDs.
• CDs can be opened at the bank as well as online
• The minimum deposit amount of $1000 must be deposited to the account within 10 days of account opening
• Early withdrawal is subject to a penalty.
• Investors can withdraw the interest credited to the account without any penalty.
• There is a 10 days grace period after maturity to make additional deposits to the CD.

2. Merrick Bank

Minimum Amount: $25000

APY / Rate: 4.45%

Pros:

• Top-tier APY on CD
• 24/7 access to the account through online banking
• CD options ranging from 3 to 6 months
• FDIC insured banking

Rules:

• CD can be booked in the name of one person or joint accounts in the names of more than one person
• Truth-in-Savings disclosure with detailed information about the CD is shared with the customer
• Interest is accrued and credited to the account monthly.

3.  First Internet Bank of Indiana

Minimum Amount: $1000

APY / Rate: 4.39 APY

Pros:

• Deals in online CD options exclusively
• Best CD rates for 6-month CD term
• Low early withdrawal penalty
• FDIC insured

Rules:

• Interest on CDs is compounded monthly and added to the account at the month’s end.
• Early withdrawal incurs a penalty amounting to:
• 1- 90 days interest for a 3-month term
• 2- 180 days interest for a 6-18 month term 3- 365 days interest for 24-60 month term

Best 1 Year CD Rates

For individuals in Kentucky who are looking to secure their savings for a year while still enjoying competitive returns, exploring the best 1-year CD rates is essential.

1. CommunityWide FCU

Minimum Amount: $1000.00

APY / Rate: 4.00% APY

Pros:

• NCUA insured to at least $250,000
• Dividends can be compounded in certificates / deposited to another share/ transferred to another institution
•  Option to renew on the maturity

Rules:

• Any withdrawal before maturity is charged with a penalty
• Penalty= amount of the withdrawal x  the remaining term (days) of the certificate at the rate of 2x the current APR (divided by 365)
• Dividends are paid at the end of the month

2. First National Bank of America

Minimum Amount: $1000

APY / Rate: 3.95% APY

Pros:

• Competitive APY on online CDs and high-yield savings accounts
• Fee-free access to 55,000 all ATM networks.
• Digital banking access online and via an app

Rules:

• Interest rates and APYs are subject to change without notice.
• Early withdrawal will reduce earnings and impose the penalty
• APY on all services will remain deposited until maturity.

3. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.00% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

Best 2 Year CD Rates

Kentucky residents can consider the best 2-year CD rates available from a range of banking options. With a two-year term, these CDs offer a balance between commitment and flexibility.

1.  Prime Alliance Bank

Minimum Amount: $500

APY / Rate: 4.75%

Pros:

• Competitive APY and interest rates
• 24/7 customer support
• FDIC insured
• Competitive Interest rates

Rules:

• Interest is compounded monthly and credited to the account at month’s end.
• A penalty is charged on withdrawing the amount before maturity.
• CD gets auto renewed. To make any changes to the term or add more funds, there is a 10-days grace period on maturity.

2. North American Savings Bank

Minimum Amount: $5000.00

APY / Rate: 4.60% APY

Pros:

• Reputed Bank in the region
• High APY on CDs
• eBook, “Everything You Need To Know About Certificate of Deposit Accounts” available
• No limit on beneficiaries
• FDIC insured.

Rules:

• Minimum balance must be maintained
• Early withdrawal penalty equalling 6 months interest
• 7 day grace period before CD gets auto renewed
• Terms range from 3 months to 5 years.

3. Sallie Mae Bank

Minimum Amount: $2500

APY Rate: 4.50% APY

Pros:

• No monthly fee
• Higher APY on CDs
• No minimum opening deposits on savings and money market accounts

Rules:

• Interest disbursements are available monthly, quarterly, annually or at maturity.
• Customers face fines if they remove money before the maturity date.

Best 3 Year CD Rates

With a three-year term, these CDs offer a slightly higher yield potential than shorter-term options while still providing accessibility to funds within a reasonable timeframe.

1. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.60% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. North American Savings Bank

Minimum Amount: $1000.00

APY / Rate: 4.60% APY

Pros:

• Reputed Bank in the region
• High APY on CDs, giving them one of the best CD rates in Kentucky
• eBook, “Everything You Need To Know About Certificate of Deposit Accounts” available
• No limit on beneficiaries
• FDIC insured.

Rules:

• Minimum balance must be maintained
• Early withdrawal penalty equalling 6 months interest
• 7 days grace period before CD gets auto renewed
• Terms range from 3 months to 5 years.

3. Bread Savings

Minimum Amount: $1500.00

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD, making this one of the best CD rates in Kentucky for those who are serious about investing.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

Best 5 Year CD Rates

With a five-year term, these CDs offer the potential for higher returns compared to shorter-term options. This makes them a suitable option for individuals with longer investment horizons.

1. Popular Direct

Minimum Amount: $10000.00

APY / Rate: 4.55% APY

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

2. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

3. PenFed Credit Union

Minimum Amount: $1000.00

APY / Rate: 3.65% APY

Pros:

• High-yield checking account with easy-to-waive monthly fees
• Opening checking and savings accounts require a low minimum deposit.
• Online savings account with a competitive dividend rate

Rules:

• On early withdrawal, account earnings will be reduced.
• Require a written notice of up to 60 days of the intention to withdraw funds

Kentucky Economic Statistics

In 2023, Kentucky continued to offer competitive CD rates amidst a backdrop of notable economic statistics.

• With an average household income of approximately $59,341 and an average home value of around $235,000, Kentucky remained an attractive destination for investors and savers.
• Furthermore, the state’s population stood at approximately 4.5 million residents, providing a sizable market for financial institutions offering CD products.

Economic Statistic	Value
Average Household Income	$59,341
Average Home Value	$235,000
Population	Approximately 4.5 million residents

Against this economic backdrop, investors and savers in Kentucky could leverage the state’s stable economic fundamentals to make informed decisions regarding their savings and investment strategies.

How to Get the Best CD Rates in Kentucky

To secure the best CD rates in Kentucky, thorough research and comparison are essential.

• Start by reviewing the offerings of various banks, credit unions, and online financial institutions in the state.
• Additionally, look beyond just the advertised rates and consider factors such as the institution’s reputation, customer service, and flexibility of terms.
• Along with this, explore any special promotions or relationship-based offers that might enhance the CD rates.
• By casting a wide net and evaluating multiple options, savers can increase their chances of finding the most competitive CD rates in Kentucky.

CD Rates Methodology

Our methodology involved reviewing CD rates from a total of 89 banks, credit unions, and online financial institutions operating in Kentucky.

After thorough analysis, we curated a list comprising the top CD rates offered by 64 institutions.

This comprehensive approach ensured that a diverse range of options was considered, enabling us to present a robust selection of the best CD rates available in Kentucky.

Conclusion

In conclusion, we are confident in presenting a comprehensive overview of the top CD rates in Kentucky. Whether saving for short-term goals or planning for the future, Kentucky residents can leverage these insights to maximize their returns and achieve their financial objectives.

FAQs