Sunday, 25 October 2020

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

Stock Yards Bank & Trust Company Review: Checking, Savings, CD, Money Market and IRA Accounts
01 May
12:59
Stock Yards Bank & Trust Company’s Most Popular Accounts

APY

Account Type

Account Name

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0.25%

Savings

Stock Yards Bank & Trust Company Statement Savings (Personal)

2.20%

Barclays Online Savings Account

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on Barclays’s secure website

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Stock Yards Bank & Trust’s checking account options

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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

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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

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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

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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

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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.

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Elizabeth Aldrich

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Source: https://www.magnifymoney.com/blog/reviews/stock-yards-bank-and-trust/

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