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Legacy Bank of Florida Review

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Legacy Bank of Florida Money Market
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Legacy Bank of Florida was founded in 2006 with headquarters in Boca Raton, Florida. It owns $378 million in assets and deposits totaling $276 million, which makes it a small bank. Legacy Bank of Florida lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Legacy Bank of Florida is a good bank that gets the job done, with a score of 4.0 stars out of 5 from the SmartAsset team. Legacy Bank of Florida offers a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. Legacy Bank of Florida has a fair savings rate compared to the average savings account. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for accruing the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

4.6
SmartAsset Average: 3.5

Its one-year and five-year term lengths CDs earn at a rate of 1.60% and 2.90%, respectively, while its highest-yielding money market account earns at a rate of 0.10%.

How Legacy Bank of Florida's Savings Rates Compare

Legacy Bank of Florida Money Market 0.05 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Legacy Bank of Florida's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Legacy Bank of Florida is a brick-and-mortar bank, with five total branches in Florida. With mobile and web apps, Legacy Bank of Florida makes mobile banking convenient, even on the go. You can utilize Legacy Bank of Florida's app to control your bank accounts by monitoring monthly statements, sending and receiving funds and accessing customer service. Legacy Bank of Florida gets a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Legacy Bank of Florida ranks as a small bank owning $378 million in assets and $276 million in deposits. Legacy Bank of Florida has an excellent Texas Ratio of 0.00%, indicating that the bank is in terrific financial well-being and far from failure. Additionally, Legacy Bank of Florida 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.

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Compare Legacy Bank of Florida to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 1.60% APY
  • 24 Month: 2.85% APY
  • 36 Month: 2.90% APY
  • 48 Month: 2.90% APY
  • 60 Month: 2.90% APY
$1 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

Legacy Bank of Florida has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Legacy Bank of Florida does not have the best savings rate, which means you should think about 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 of Florida's CD rates are fair as compared against the national average.

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Find a Legacy Bank of Florida Near Me

Legacy Bank of Florida has five locations across the U.S.

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