Personal Savings

Basic Savings | Certificate of Deposit | Christmas Club Savings | College Savers | Individual Retirement Account | Looney Tunes Savings Club

You don't need a lot of money to open a Kentucky Bank savings account, and if you make regular deposits you'll be amazed at how quickly your money grows.

A personal savings account is the perfect way to set aside money for a special purpose like buying a car or home appliances. Or use it to accumulate funds for a higher-yield money market account or certificate of deposit. This account is also a great way to start children out on the right financial foot.

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Basic Savings
A Kentucky Bank Basic Savings Account is a good way for anyone to start a savings program. The low minimum balance requirement of $50 makes it convenient and affordable.

  • $50 minimum deposit to open account
  • $50 minimum monthly balance to avoid service fees
  • Service fee of $2 per calendar quarter and loss of interest if minimum monthly balance is below $50
  • Interest is earned on average daily balance. It is compounded daily and paid monthly. Current deposit rates
  • ATM access
  • Quarterly statement*
  • No charge for withdrawals if minimum balance is $500 or more. $1 per withdrawal if balance is below $500. You may make 3 withdrawals per calendar quarter without a withdrawal charge
  • Fee schedule
*Monthly statement when there are automatic transfers, ATM transactions or if customer receives a combined account statement.
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Certificates of Deposit
A Certificate of Deposit is a safe, flexible account. Your return will be your original deposit, plus the interest you earn. The interest paid to you depends on the interest rate and the length of time you agree to leave your money on deposit.

  • $500 minimum deposit to open account
  • Maturity terms available from 7 days to 5 years
  • Fixed interest rate on daily balance until maturity.     Current deposit rates
  • You choose how you want to receive your interest payments. Interest may accumulate in the CD, we will write a check or we can automatically deposit it to a Kentucky Bank checking, savings or money market account monthly, quarterly, semi-annually or annually.
  • Additional deposits are not allowed until maturity. Check writing is not allowed.
  • CD information appears on your Kentucky Bank combined statement. Maturity notices are mailed prior to maturity date.
  • Early withdrawal penalties apply:
    • All interest earned on terms less than 90 days*.
    • Three months interest on terms 90 days to 1 year*.
    • Six months interest on terms longer than 1 year*.
*$10 minimum early withdrawal penalty
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Christmas Club Savings
A Kentucky Bank Christmas Club Savings account is a good way to save specifically for expenses around the holiday season. It offers an affordable savings method to anyone who wants to systematically save a small to moderate amount of money. Interest paid only on automatic deposits from a Kentucky Bank account.

  • $5 minimum deposit to open account
  • $5 minimum monthly balance to avoid service fees
  • $5 minimum monthly balance to receive interest
  • Interest earned on average daily balance.     Current deposit rates
  • No separate statement. Transactions and balance appear on a combined account statement.
  • $5 penalty to close account prior to maturity
  • Interest is paid if deposits are made electronically.

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College Savers Fund
This special fund allows you to prepare for your child's future. The account pays the same rate as the US EE Bond. The rate changes in conjunction with the EE Bond rate every six months. Regular, automatic deposits are encouraged in this account in order to build assets for college. Funds may be withdrawn upon graduation from high school or at the age of 18, without penalty.

  • $100 minimum deposit to open account
  • Interest is earned each day the balance of the College Savers Fund is $100 or more.     Current deposit rates
  • Semi-annual statement
  • Closed account fee is the loss of 6 months interest ($25 minimum)
  • No withdrawals by check or pre-authorized transfers

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Individual Retirement Account
A Kentucky Bank Individual Retirement Account (IRA) is a tax-deferred savings plan with a wide range of maturities. An IRA allows individuals to contribute up to $3,000 ($6,000 for married couples with a non-working spouse), annually and possibly deduct their contribution from their current taxes. Individuals who have reached age 50 or older by the end of their taxable year may make catch-up contributions of an additional $500. (Consult your tax advisor for eligibility.) Current deposit rates.

  • $100 minimum deposit to open savings IRA account
  • $500 minimum deposit to open certificate of deposit IRA account
  • Maturity terms available from 1 year to 5 years
  • Maximum annual deposit for working individuals: 100% of earned income or $3000, whichever is less.
  • Maximum annual deposit for married couples with a non-working spouse: total of $6000, divided between the two individuals with neither annual deposit exceeding $3000.
  • Minimum age of 59½ to withdraw funds without interest penalty and a 10% tax penalty.
  • Mandatory distribution of funds at age 70½. May be taken periodically or as a lump sum.
  • All or part of the contribution may be tax-deductible*. 100% of interest is tax-deferred until withdrawal.
  • Semi-annual statements
  • Standard CD early withdrawal penalties
*Customers should consult their tax advisor concerning deductibility of deposits
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Looney Tunes Savings Club
With the help of Bugs Bunny and the Tasmanian Devil, our Savings Club is totally tuned to kids. It's a great way for children to learn the importance of saving. The Looney Tunes Savings Club works very much like a regular savings account. The account is in your child's social security number and it earns the same rate as a regular savings account.

  • $50 minimum deposit to open account
  • No minimum monthly balance required to avoid service fees as long as the account holder is age 18 or under
  • Interest earned on average daily balance.     Current deposit rates
  • Quarterly statement
  • No service fees

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