Stock Yards Bank & Trust Company Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Sunday, November 1, 2020

Stock Yards Bank & Trust’s checking account options

Secure Checking

A secure checking account with a monthly fee and unlimited check writing.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

Stock Yards Bank and Trust’s Secure Checking account comes with a range of services and discounts designed to make your financial life more secure. You’ll get identity theft reimbursement coverage, credit file monitoring, a free credit report every 90 days and monitoring of your identity. You’ll also have access to up to $10,000 in accidental death and dismemberment insurance, up to $300 in cellphone protection and purchase protection with your debit card.

All of this does come with a $7 monthly fee that cannot be waived, and we tend to prefer free accounts. That being said, if you’re interested in those services, you might find them worth it. The minimum opening deposit on this account is small, and there’s no minimum balance requirement. You’ll also get unlimited check writing. This is a non-interest-bearing account.

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Basic Checking

This checking account is free if you enroll in e-statements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3, can be waived with e-statements
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

The Basic Checking account comes with a small monthly fee that’s automatically charged to the account. However, if you enroll in e-statements, you’ll receive a credit each month reimbursing you for that fee.

After your first five checks written per month, you’ll be charged $0.50 each subsequent check. You’ll also be charged $0.50 each for mobile deposits. While getting reimbursed for the monthly fee is easy, all of the extra charges associated with this account can add up.

This is a non-interest-bearing checking account with a reasonable minimum opening deposit, although it’s a bit higher than the usual. It might meet your basic needs, but it’s not hard to find a better deal.

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Student Checking

A free checking account for students with few other perks.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3, can be waived with e-statements
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: The first 4 foreign ATM transactions each month are reimbursed.
  • Overdraft fee: $35

The Student Checking account is a non-interest-bearing account with a low monthly fee that will be credited back to your account as long as you enroll in e-statements. The minimum opening deposit isn’t the lowest we’ve seen, but it’s not outrageous. You can only write five checks per month without incurring a fee; after that, you’ll be charged $0.50 for each check you write.

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Premier Interest Checking

This interest-bearing checking account has a waivable monthly fee.
APYMinimum Balance to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10, waived if certain requirements are met
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

You’ll earn interest with the Premier Interest Checking account, although the APY is low enough that it won’t make a noticeable difference on your balance. This account comes with a sizeable monthly service fee in exchange for that interest, which can only be waived by maintaining a minimum daily balance of $1,000 in your checking account or a minimum daily balance of $5,000 across all of your Stock Yards Bank and Trust accounts.

Finally, check writing is unlimited on this account, so you don’t have to worry about fees in that arena. The minimum opening deposit is also the same as that on other checking accounts at Stock Yards Bank and Trust.

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50+ Interest Checking

A tiered interest rate, lower fee and unlimited checks for customers age 50 and over.
APYMinimum Balance to Earn APY
0.01%
$0.01 - $4,999
0.02%
$5,000 - $24,999
0.02%
$25,000 - $99,999
0.03%
$100,000 and over
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $4, waived if certain requirements are met
  • ATM fee: Free unlimited ATM transactions.
  • ATM fee refund: None
  • Overdraft fee: $35

Open to customers age 50 and older, the 50+ Interest Checking account earns tiered interest at higher rates than those offered by the Premier Checking account. The monthly service fee is also lower on this account, and it can be waived if you maintain a balance of $100 in your checking account or $5,000 across all Stock Yards Bank and Trust accounts. You also get unlimited check writing.

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Platinum Checking

This account pays more in interest but requires a sky-high opening deposit.
APYMinimum Balance to Earn APY
0.00%$0.01 - $4,999
0.01%$5,000 - $24,999
0.02%$25,000 - $99,999
0.05%$100,000 - $999,998
0.07%$999,999 and over
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: $15, waived if certain requirements are met
  • ATM fee: Free unlimited ATM transactions.
  • ATM fee refund: None
  • Overdraft fee: $35

You’ll need a large sum of money ready to deposit in order to open this account. This checking account is for customers who maintain higher balances and want to earn a higher interest rate. The APY on the Platinum Checking account is somewhat generous for a checking account, especially if your balance falls within one of the higher tiers.

However, this account comes with the highest monthly service fee and the highest minimum balance requirements to waive the fee. You’ll have to maintain a minimum daily balance of $10,000 in this account or $25,000 across all of your accounts in order to avoid paying the monthly fee. Alternatively, you can waive the monthly fee if you have at least $50,000 in loans with Stock Yards Bank and Trust.

How to get Stock Yards Bank & Trust’s checking accounts

You must apply for the Student Checking account in person, and you must show valid student identification in order to apply. The rest of Stock Yards Bank and Trust’s checking accounts can be opened online. The application form is brief and requires basic information like your Social Security number, address and a government-issued form of identification. You can always open an account in person or over the phone if you prefer.

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How Stock Yards Bank & Trust’s checking accounts compare

When stacked up against our list of the best online checking accounts, Stock Yards Bank and Trust falls behind. Not only do all Stock Yards Bank and Trust’s checking accounts charge monthly service fees, but several of them charge for other basic services such as check writing and mobile deposits. The bank’s ATM fee policy is less than generous unless you can afford Platinum Checking or qualify for 50+ Interest Checking.

While a couple of the accounts do earn interest, even the highest-earning account doesn’t outperform the competition, and it requires a very large minimum opening deposit. Overall, there’s little reason to go with this bank over the competition.

Stock Yards Bank & Trust’s savings account options

Statement Savings

A standard, interest-bearing savings account with no monthly fee.
APYMinimum Balance to Earn APY
0.01%
$0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by non-SYB ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

While this savings account doesn’t have a monthly fee, it only allows for three free withdrawals per month. After that, you’ll have to pay a fee of $2 per withdrawal, so this isn’t a great option if you think you’ll need access to your savings more than three times per month.

There are no minimum daily balance requirements on this account, and you’ll earn interest on any balance no matter how small. That being said, the interest rate on this savings account isn’t competitive. There’s also no higher rate for customers with larger balances.

How to get Stock Yards Bank & Trust’s savings account

You can open a savings account with Stock Yards Bank and Trust Company online by filling out their application form. You’ll need to submit your Social Security number, address and a government-issued ID in order to complete the application, so have those ready.

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How Stock Yards Bank & Trust’s savings accounts compare

Stock Yards Bank and Trust only offers one savings option, and it doesn’t charge monthly service fees or have account minimums, which we like. However, the rates on this account are low enough that you’re unlikely to even notice interest accumulating.

The best online savings accounts offer rates that are significantly higher and also have no monthly fees or minimum balance requirements to open or earn APY. Some of them even offer ATM cards and free checking accounts, giving you easy access to your money.

Stock Yards Bank & Trust’s CD rates

Certificates of Deposit

These CDs include some hard-to-find term lengths and an unusual early withdrawal penalty.
TermAPY
30 - 90 days0.10%
 91 days0.10%
 6 Month0.15%
 1 Year0.25%
 15 Month1.85%
 18 Month0.30%
 23 Month2.25%
 2 Years0.35%
 3 Years0.40%
 4 Years0.45%
 5 Years0.55%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: $25 plus 3% of the amount withdrawn

The certificates of deposit at Stock Yards Bank and Trust come in a wide range of terms, including some terms we rarely see, like 30 days and 23 months. Whether you’re looking to lock up your money at a higher rate for the short term or long term, you’ll find a CD here that fits your needs.

The rates on these CDs aren’t the most competitive, with the exception of their 23 Month CD, which stands out as a fairly generous offering. The minimum opening deposit required is on par with CD offerings at other banks.

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13 Month Penalty Free Certificate

This CD pays a slightly lower rate but lets you access your money without a fee.
TermAPY
13 Month0.15%
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: None

This certificate allows for additional flexibility if you’re worried you might need to access your money before the term is up, making it a great option for your emergency fund. You have to wait six days after opening the account to withdraw money, but after that, you’re able to withdraw up to the entire balance plus interest earned without incurring any penalties.

There is a significantly higher minimum opening deposit and minimum balance to earn APY on this CD as compared with their regular CDs. The interest rate is also a bit lower than what you’d earn on their regular 1 year certificate.

How to get Stock Yards Bank & Trust’s Certificates

You can apply for this bank’s 23 Month CD by filling out the online application form. This form is brief but does require that you submit a government-issued ID. The rest of their CDs must be applied for in person or over the phone.

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How Stock Yards Bank & Trust’s Certificate rates compare

Stock Yards Bank and Trust’s CDs come with a fairly low minimum opening deposit requirement, making them accessible to most customers. They also have a wide range of options, including a 30 Day CD, which can be hard to find. If you’re able to make a larger minimum opening deposit, you can even access their penalty-free 13 Month CD, which doesn’t offer rates as high as their regular CDs but does offer the flexibility of knowing you can withdraw your money at any point without paying a penalty.

Despite this variety and flexibility, the APYs offered on these CDs just can’t beat the best CD rates on the market. This is particularly true if you’re looking to make a larger minimum opening deposit. This bank’s best CD deals are certificates with shorter terms, specifically those that are less than one year.

Stock Yards Bank & Trust’s money market account options

Premier Money Market

This account has a relatively low minimum opening deposit requirement.
APYMinimum Balance to Earn APY
0.01%
$0.01 - $9,999
0.02%
$10,000 - $24,999
0.03%
$25,000 - $49,999
0.05%
$50,000 - $499,999
0.07%
$500,000 and over
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10, can be waived
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

This money market account has a fairly low minimum opening deposit with no minimum balance to earn APY requirement. It earns tiered interest based on your account balance and offers check-writing privileges.

We tend to prefer fee-free accounts, and this account does come with a monthly maintenance fee. It can be waived by meeting the balance requirement on the accounts, which is a minimum daily balance of $1,000.

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Platinum Money Market

Higher tiered interest rates for customers with a Platinum Checking account.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15, can be waived
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

The Platinum Money Market account is open to customers who also hold a Platinum Checking account. It offers tiered interest at a higher rate than the bank’s Premier Money Market account. Rates for this account are not publicly available, so you’ll have to call Stock Yards Bank and Trust to ask for current rates in your area. Note that this account isn’t available in all areas.

The monthly maintenance fee on this account is higher, and you’ll need to maintain a minimum daily balance of $10,000 to waive it. The minimum opening deposit is also steep compared with the Premier Money Market account. You’ll also get check-writing privileges with this account.

How to get Stock Yards Bank & Trust’s Money Market accounts

You can open the Premier Money Market account online by filling out a brief application form. The Platinum Money Market account cannot be opened online. You’ll want to call Stock Yards Bank and Trust to make sure that it’s available in your area, and then you can apply for the account over the phone or in person. You will need to open a Platinum Checking account first if you don’t already have one.

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How Stock Yards Bank & Trust’s money market accounts compare

We like that Stock Yards Bank and Trust offers two money market options that serve different types of customers. The Premier account comes with a minimum opening deposit that’s accessible to most people and no minimum balance to earn APY. If you’re looking to deposit more, the Platinum account will reward you with a higher rate. Both accounts come with a monthly maintenance fee, which, while waivable, isn’t ideal.

Rates for the Platinum Money Market account aren’t published, but compared with the accounts on our list of best money market rates, this bank’s Premier account doesn’t fare well. The interest rates offered by this account are significantly lower than what you could get elsewhere, and most of these alternatives don’t charge a monthly fee. That being said, a number of them aren’t as accessible as they tend to have higher minimum balance requirements.

Stock Yards Bank & Trust’s IRA account options

IRA Certificate rates

The IRA CDs have longer terms but still require a low minimum opening deposit.
TermAPY
6 Month0.15%
  1 Year0.25%
  15 Months1.85%
  18 Months0.30%
  23 Months2.25%
  2 Years0.35%
  3 Years0.40%
  4 Years0.45%
  5 Years0.55%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: $25 plus 3% of the amount withdrawn

Stock Yards Bank and Trust’s IRA CDs are similar to their standard CDs, although they don’t offer terms shorter than six months. The rate structure is the same, though, as are the minimum opening deposit and minimum balance to earn APY, both of which are low.

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How Stock Yards Bank & Trust’s IRA CD rates compare

Like this bank’s regular CDs, their IRA CDs don’t manage to stand up to the best IRA CD rates, which are a great deal higher than what’s offered here. Again, the 23 Month IRA CD offered by Stock Yards Bank and Trust does do better when compared with the competition.

IRA Money Market account

Earn a small amount of interest with a very low minimum opening deposit.
APYMinimum Balance to Earn APY
0.10%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $0
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

This IRA Money Market account comes with a very low minimum opening deposit and a low minimum balance required to earn APY, making it accessible to most customers. That being said, the interest rate currently isn’t any higher than what’s offered by this bank’s regular savings account.

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IRA Savings account

These tax-advantaged savings accounts will help you save for retirement.
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: All transactions at the bank’s ATMs are fee-free. The first 4 transactions processed by other ATMs are free, and after that, each transaction will incur a $2 fee.
  • ATM fee refund: None
  • Overdraft fee: $35

Stock Yards Bank and Trust Company offers IRAs to customers who want to contribute to their retirement in a tax-advantaged retirement account. You can choose from a traditional IRA, Roth IRA or SEP IRA. Each account has contribution limits, and withdrawing your money before age 59½ may incur penalties. You’ll need to call to find their current rates.

How to get Stock Yards Bank & Trust’s IRA accounts

You can open this bank’s IRA accounts by calling or visiting them in person. None of the IRA accounts are open to online applications.

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Overall review of Stock Yards Bank & Trust’s banking products

Few of Stock Yards Bank and Trust’s banking products stand up to the competition in terms of fees and interest rates. A few of their checking accounts earn interest, but all of them charge monthly fees. Even if these fees can be easily waived, there are plenty of checking options that don’t charge a monthly service fee at all. They do have a fairly generous ATM fee policy, although it isn’t fee-free.

Their savings and investment products offer better interest rates than larger, traditional banks, but you can still find higher APYs at other banks and credit unions. While their savings account has no fees, the money market accounts do charge sizeable monthly maintenance fees. In terms of product range, they do offer a variety of different certificates, money market and retirement accounts to meet your unique individual needs.

Stock Yards Bank and Trust has a great reputation, and their customer service representatives were pleasant and helpful when we contacted them. However, their accounts are less than ideal for customers seeking out the lowest fees and the highest returns.