Loading
Tap on the profile icon to edit
your financial details.

Legacy Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Legacy Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Legacy Bank first started operating in 1886 and is headquartered in Colwich, Kansas. Legacy Bank manages $365 million in assets and $288 million in deposits, ranking it as a small bank. Legacy Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.5 out of 5 stars, Legacy Bank should be solidly in contention for your choice of bank. Legacy Bank offers a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Legacy Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Legacy Bank's ordinary checking account does not have a monthly fee. Locating a bank with free checking as well as a high savings APY is the best option for gaining the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.3
SmartAsset Average: 3.5

With a savings rate of 0.30%, Legacy Bank ranks poorly compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.15% and 2.75%, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Legacy Bank's Savings Rates Compare

Legacy Bank Savings 0.30 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Legacy Bank generally has extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Legacy Bank unfortunately does not reimburse out-of-network ATM charges, meaning you'll have to search for a Legacy Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.3
SmartAsset Average: 3.7

Legacy Bank is a brick-and-mortar bank, with seven total bank locations in Kansas. It also offers access to mobile and web apps for straightforward access and banking on the go. Legacy Bank gets positive ratings from users for its mobile app. With 61 ratings on both Apple and Android platforms, the Legacy Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). Legacy Bank's mobile app allows you to manage your funds by looking at account balances, transferring money as well as accessing support representatives. Legacy Bank gets a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.4
SmartAsset Average: 4.8

Legacy Bank is currently a small bank and manages assets totaling $365 million as well as $288 million in deposits. Its Texas Ratio is 13.74%, indicating that Legacy Bank is in fine financial shape and far from failure. Additionally, Legacy Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

13.74%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Back to Overview

Compare Legacy Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $100
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 2.15% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.60% APY
  • 60 Month: 2.75% APY
$1000 for all terms
Money Market Accounts 0.75% APY 0.75% APY $10000 $15000

Legacy Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Legacy Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Legacy Bank's CD rates are fair as compared against the national average.

Back to Overview

Find a Legacy Bank Near Me

Legacy Bank has seven branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure