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LegacyTexas Bank Review

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LegacyTexas Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 2006, LegacyTexas Bank has $9 billion in assets along with $7 billion in deposits, ranking the institution as a large bank. LegacyTexas Bank, whose headquarters are in Plano, Texas, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, LegacyTexas Bank is a great bank that you should seriously consider, with a rating of 4.4 stars out of 5 from the SmartAsset team. LegacyTexas Bank offers a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, LegacyTexas Bank offers an option without a monthly fee. Finding a bank with no-fee checking as well as a high savings APY is the best bet for accruing the highest income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.05%, LegacyTexas Bank ranks poorly compared to the national average. LegacyTexas Bank's CD rates are 1.00% and 2.45% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How LegacyTexas Bank's Savings Rates Compare

LegacyTexas Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

LegacyTexas Bank generally has extremely low fees compared to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. LegacyTexas Bank unfortunately does not reimburse out-of-network ATM charges, meaning you'll have to search for a LegacyTexas Bank ATM or eat the 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
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Service Quality

SmartAsset Average: 3.7

LegacyTexas Bank is a brick-and-mortar bank, with 44 total branches in Texas. With mobile and web apps, LegacyTexas Bank makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. CT; Saturday, and 9:00 a.m. to 1:00 p.m. CT. LegacyTexas Bank also offers a live chat feature, an alternative customer service tool if you can't call in during business hours. LegacyTexas Bank receives high marks from customers for its online presence. The LegacyTexas Bank mobile app has been given a 4.5 out of 5 (with 2,400 customer reviews on iOS and Android) compared to the national average of 3.8. LegacyTexas Bank's mobile app allows you to manage your funds by looking at monthly statements, sending and receiving funds and reaching customer service. LegacyTexas Bank gets an exceptional consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

LegacyTexas Bank ranks as a large bank owning $9 billion in assets as well as deposits totaling $7 billion. LegacyTexas Bank has a strong Texas Ratio of 9.13%, signifying that the bank is in good financial well-being and unlikely to fail. Additionally, LegacyTexas Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 LegacyTexas Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.15% APY
  • 48 Month: 2.30% APY
  • 60 Month: 2.45% APY
$1000 for all terms
Money Market Account 0.1% APY $10000

LegacyTexas Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. LegacyTexas Bank 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. LegacyTexas Bank's CD rates are fair compared to the national average.

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Find a LegacyTexas Bank Near Me

LegacyTexas Bank has 44 branches across the U.S.

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