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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

Founded in 2005, Legacy National Bank has assets totaling $458 million as well as deposits totaling $368 million, classifying the institution as a medium-size bank. Legacy National Bank, whose headquarters are in Springdale, Arkansas, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 out of 5 stars, Legacy National Bank should be solidly in contention for your choice of bank. 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; other popular banks have higher rates. If you're looking for a checking account for everyday use, Legacy National Bank's most basic checking account does not carry a monthly charge. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is your best option for accruing the most income from your deposits alongside convenient access to your money.

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

Legacy National Bank features a savings rate of 0.15%, which is poor in comparison to the national average. Legacy National Bank's CD rates are 2.15% and 2.85% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given its noncompetitive savings rate, you should think about other options 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 typically has extremely low fees compared to other U.S. banks. Legacy National Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Legacy National Bank refunds their out-of-network ATM charges, making ATM withdrawals a free and easy 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 mobile banking straightforward, even on the go. Legacy National Bank receives inferior feedback from users for its mobile banking services. 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 finances by monitoring monthly statements, transferring money as well as accessing support representatives. Legacy National Bank receives an exceptional consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is currently a medium-size bank owning assets totaling $458 million as well as $368 million in deposits. It has an excellent Texas Ratio of 4.69%, signifying that Legacy National Bank is in superb financial health and improbable 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: 2.15% APY
  • 24 Month: 2.80% APY
  • 36 Month: 2.70% APY
  • 48 Month: 2.75% APY
  • 60 Month: 2.85% APY
$1000 for all terms
Money Market Account 0.75% APY $25000

Legacy National Bank has several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. Legacy National Bank does not have the best savings rate, which means you should think about taking a look elsewhere 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 in comparison to the average U.S. bank.

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Find a Legacy National Bank Near Me

Legacy National Bank has five locations across the U.S.

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