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Online Savings Account with Rates up to 2.15% at Stock Yards Bank in Parts of OH & IN - Local Only


Stock Yards Bank & Trust Company
Stock Yards Bank & Trust is offering an eSavings Account with a rate of up to 2.15% APY. Minimum opening deposit is $500. After it's opened, there is no minimum balance or monthly service fee.

This internet account is not available nationwide. You have to enter your zip code in the online application, and it'll inform you if you are outside their target area. According to the CSR, they're targeting the eSavings account to Cincinnati and Indianapolis. This is consistent with what I've seen in the application. I tried a few zip codes, and the zip codes from these two cities are the only ones from Ohio and Indiana that were accepted. If you find zip codes from other areas accepted, please leave a comment.

Another thing I noticed when I tried the Indianapolis zip code is a lower rate of 2.00% APY.

The CSR didn't know how long these rates would last. As is typical, they're subject to change at anytime. According to the CSR, they've been offering the eSavings account for around 2 months. Below are some of the account features based on the website overview, the online application, the account terms and conditions (available in the application) and based on the conversation that I had with the CSR:
  • $500 minimum deposit required to open the account. Initial deposit must be electronic/ACH (web)
  • Three free withdrawals are allowed each month (a $2 fee will be applied for each withdrawal in excess of 3 per month) (web)
  • A checking or savings account with a U.S. bank to fund your new account (app)
  • must be a U.S. citizen or U.S. resident alien to open your account online (app)
  • No minimum balance or monthly service charge (CSR)
  • No hard credit inquiry in the application (CSR)
  • Allowed only one link to an outside checking or savings account, but link can be changed (CSR)
  • No dollar limit on the ACH transfers (CSR)
Most of Stock Yards Bank's offices are located in Louisville, Kentucky with just one in Cincinnati and one in Indianapolis. So it appears this eSavings account is intended to be a low-cost way to bring in more deposits from these areas.

Stock Yards Bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 258).

Thanks to the reader who emailed me news of this new online savings account.

Other Competitive Savings Accounts

This is the second new internet savings account that I've come across this month in which the bank is limiting customers to only certain areas. The last one was Pinnacle Bank's BankOn savings account which is offering 2.05% APY plus a $50 bonus for those in only 5 midwest states (see post). To find other top online savings accounts, please refer to:

  Tags: Indiana, Stock Yards Bank & Trust Company, Ohio, savings account

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