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Legacy National Bank Review

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Legacy National Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2005, Legacy National Bank has assets totaling $458 million and deposits totaling $368 million, ranking it as a medium-size bank. Legacy National Bank, whose headquarters are in Springdale, Arkansas, lacks premium access to customer service, with no live chat or all-day service options available. 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 National Bank is a solid contender in your bank search, with a score of 4.4 stars out of 5 from our experts. Legacy National Bank has a variety of banking products, including savings accounts, checking accounts, money market accounts and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking account does not have a monthly maintenance fee. Banks that offer no-fee checking and a high interest rate savings account are the best bet for returning the highest income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

With a savings rate of 0.15%, Legacy National Bank ranks poorly as compared against the national average. Legacy National Bank's CD rates are 2.05% and 2.06% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.60%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Legacy National Bank's Savings Rates Compare

Legacy National Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Legacy National Bank charges customers extremely low fees as compared against the national average. Legacy National Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Legacy National Bank reimburses any incurred out-of-network ATM charges, making ATM withdrawals a free and simple process.

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
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Service Quality

3.5
SmartAsset Average: 3.7

Legacy National Bank is a brick-and-mortar bank, with five total bank locations in Arkansas. With mobile and web apps, Legacy National Bank makes account access straightforward, even on the go. Legacy National Bank gets inferior reviews from customers for its online presence. Out of 27 ratings on both Apple and Android platforms, the Legacy National Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). Legacy National Bank's mobile app allows you to control your funds by checking account balances, sending and receiving funds as well as accessing support representatives. Legacy National Bank receives a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Legacy National Bank ranks as a medium-size bank owning assets totaling $458 million as well as $368 million in deposits. Legacy National Bank's Texas Ratio is 4.69%, indicating that Legacy National Bank is in superb financial shape and unlikely to fail. Additionally, Legacy National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.69%
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.

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Compare Legacy National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 2.05% APY
  • 24 Month: 2.47% APY
  • 36 Month: 1.56% APY
  • 48 Month: 1.81% APY
  • 60 Month: 2.06% APY
$1000 for all terms
Money Market Account 0.6% APY $25000

Legacy National Bank offers several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Legacy National 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 National Bank's CD rates are fair compared to other U.S. banks.

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Find a Legacy National Bank Near Me

Legacy National Bank has five physical locations in the U.S.

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