Kentucky’s rolling bluegrass hills are home to countless small businesses, from bourbon distilleries to tech startups—but what are the best small business banks in Kentucky? Finding the right small business bank to support your business dreams can be as challenging as picking a winning Derby horse. 

We’ve analyzed Kentucky’s banking institutions to identify who truly delivers for small business owners. Whether you’re looking for smart digital solutions or hyper-local community banking, these picks offer the right mix of services, support and Kentucky hospitality.

The 4 Best Kentucky Small Business Banks

These banks offer Kentucky business owners a range of tailored financial solutions, from flexible checking accounts to specialized lending options. Whether you’re a small startup, an established company, or a nonprofit, these institutions provide the tools and support needed to manage and grow your business. With features like digital banking, cash management services, and local expertise, these banks are designed to meet the unique needs of Kentucky’s small business community.

1. North One

North One offers fully digital business checking accounts designed for flexibility, simplicity, and affordability. Ideal for entrepreneurs, freelancers, and small business owners, North One eliminates the need for physical branches, giving you access to your finances anytime, anywhere through its online and mobile platforms.

One of North One’s key advantages is its low fees and straightforward pricing. It offers two FDIC-insured business checking plans, backed by Bancorp: North One Standard and North One Plus. Both plans include tools like QuickBooks and Xero integrations, the extensive Green Dot ATM network, and an envelope budgeting system.

The North One Standard plan is a no-fee option perfect for cost-conscious businesses. It offers 2.5% APY on checking balances, 1.5% same-day ACH payments, free digital bill payments, $1 physical checks, and free incoming domestic wire transfers. Standard account holders also enjoy two free ATM withdrawals and one free cash deposit per month.

For businesses seeking enhanced features, the North One Plus plan costs $20 per month and offers 3% APY on checking balances. It includes all the Standard plan benefits, plus free same-day ACH payments, free digital bill payments, and no fees for incoming domestic wires. Additional perks include reduced fees for outgoing wire transfers, six free ATM withdrawals, and three free cash deposits monthly. Plus plan members also receive priority customer support, a dedicated customer success manager, and an onboarding assistant.

While North One doesn’t have physical branches, its digital-first approach simplifies banking for businesses aiming to cut costs and manage finances efficiently. With transparent fees, high APYs, and access to financing through partnered lenders, North One is an excellent choice for modern businesses embracing digital solutions.

2. Bank of the Bluegrass

Founded in 1972, Bank of the Bluegrass and Trust Company is a community bank based in Lexington, Kentucky. While smaller than national banks, it has a strong local presence and positive customer reviews. Customers enjoy access to over 55,000 surcharge-free ATMs through the Allpoint Network.

The bank offers several business checking accounts. The Small Business Checking Account requires a $100 minimum opening deposit and has a $10 monthly fee, waived with a $2,500 average balance. It includes 200 free items per month, with a $0.40 fee for additional items. The Business Checking Account offers similar terms but waives the monthly fee with a $10,000 balance and allows up to 500 items monthly at no charge. The Non-Profit Checking Account provides fee-free services and 150 free items monthly.

The Bluegrass Business Rewards account is a standout feature. It offers 1% cash back on qualifying debit card purchases, up to $150 monthly, for businesses that spend at least $2,000 on debit cards and maintain a $5,000 balance to waive the $15 monthly fee. This account appeals to small businesses that rely on debit card transactions.

The bank also offers business savings products. The Money Market Account requires a $2,500 balance to avoid a $10 monthly fee, while the Premier Money Market Account requires $10,000. Additional options include General Savings Accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs), with terms based on deposit amounts.

Bank of the Bluegrass provides cash management services, including Remote Deposit for Business, ACH Payment Processing for payroll and vendor payments, Merchant Services for card processing, and Positive Pay for fraud protection.

While its small geographic reach is a drawback for businesses outside Lexington, its local focus and business rewards make it a great choice for small to medium-sized businesses in the area.

3. First Kentucky Bank

Founded in 1899 as The Exchange Bank, First Kentucky Bank is headquartered in Mayfield, Kentucky, and serves Graves, Muhlenberg, Ohio, Carlisle, Marshall, and Livingston counties.

First Kentucky Bank offers a variety of business banking solutions for small to medium-sized businesses, including checking, savings, and lending products. Business Basic Checking and Business Regular Checking provide straightforward options, while Business Interest Checking earns interest on balances over $500. For high-transaction businesses, Business Analysis Checking allows for earnings credits to offset transaction-related fees. The Nonprofit Checking Account features no service fees and unlimited transactions, making it ideal for charitable organizations.

Savings options include Business Savings Accounts, tiered-rate Money Market Accounts, and Business Certificates of Deposit (CDs). Lending products, such as real estate loans, business lines of credit, and equipment loans, are designed with quick approval processes to support local business growth.

First Kentucky Bank also provides essential tools for businesses. Cash management services, remote deposit capture, and merchant services allow businesses to accept card payments. The bank’s digital banking platform, available online and through mobile apps, enables account monitoring, payment scheduling, and activity alerts. Additional offerings include Health Savings Accounts (HSAs) and workplace banking programs for employees.

While First Kentucky Bank offers robust business banking products, certain limitations exist. For example, fees may apply for exceeding transaction limits on Business Regular and Business Analysis Checking accounts. Additionally, some industries, such as gambling, may not qualify for services. Despite these restrictions, First Kentucky Bank remains a trusted partner for businesses in its service area, offering personalized service and a range of financial solutions.

4. Commonwealth Credit Union

Commonwealth Credit Union is a member-owned, not-for-profit financial institution serving Central Kentucky and the Louisville Metro Area. Membership is open to those who live, work, worship, attend school, or volunteer in its 25-county charter. CCU operates 17 branches and offers access to over 135,000 surcharge-free ATMs nationwide through Allpoint, Alliance One, and CULIANCE Networks. Live Video Teller machines provide face-to-face service with extended hours using video technology.

The Small Business Account is designed for sole proprietors and small businesses with low activity, featuring no minimum balance or monthly fee. It includes 250 free items per month, with a $0.30 fee for additional items, and a free Passage Debit Card compatible with mobile wallets. Overdraft Privilege is available but does not earn dividends. The Commonwealth Business Account suits businesses with moderate activity, while the Community Business Account supports nonprofits and community organizations. All accounts include fraud prevention, Visa Checkout integration, and online and mobile banking access.

The Business Money Market Account helps businesses manage funds with tiered interest rates and no service fee for balances above $2,500. It allows unlimited deposits, six free withdrawals per month, and a $250 minimum per withdrawal.

CCU also offers the Summit Visa Credit Card with no annual fee, 1.5 points per dollar spent, and cash-back rewards. Additional perks include a 0% introductory rate for six months, roadside dispatch, travel accident insurance, and purchase security.

Businesses can access loans for vehicles, equipment, and commercial real estate, as well as lines of credit. Deluxe Solutions integration supports check ordering, website design, and retail packaging.

While CCU provides valuable business products, it has geographic limitations and fees for excess transactions or low balances.

Get Ready to Bank in the Bluegrass State

From North One’s digital innovation to the hometown touch of Bank of the Bluegrass, each of our top picks brings unique strengths to the small business community. As always, the best choice for your business depends on your specific needs—whether that’s extensive ATM access, competitive reward programs or comprehensive digital tools. 

What matters most is finding the best small business banks in Kentucky for you—a bank that aligns with your business goals and can support your growth throughout the Bluegrass State. By carefully considering factors like transaction volumes, physical location requirements and available services, you’ll be well-equipped to choose the institution that best fits your specific needs.