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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.3% APY||$100|
|Checking Account||0.15% APY||$1|
|Certificates of Deposit|| ||$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