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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


Founded in 2006, LegacyTexas Bank has assets totaling $9 billion and deposits totaling $7 billion, making it a large bank. LegacyTexas Bank, whose headquarters are in Plano, Texas, has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. 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. With a score of 4.4 out of 5 stars, LegacyTexas Bank should be solidly in contention for your choice of bank. LegacyTexas Bank has a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, LegacyTexas Bank's most basic checking does not carry a monthly maintenance charge. Locating a bank with free checking as well as a high savings APY is your best bet for gaining 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 in comparison to the national average. LegacyTexas Bank's one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 2.45%, while its highest-yielding money market account has a rate of 0.15%. Given LegacyTexas Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

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 charges its customers extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. LegacyTexas Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll need to locate a LegacyTexas Bank ATM or eat the ATM charge.

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 bank locations in Texas. With mobile and web apps, LegacyTexas Bank makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its 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 gets positive scores from customers for its mobile app. With 2,400 customer reviews on both Apple and Android platforms, the LegacyTexas Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). LegacyTexas Bank's mobile app lets you control your accounts by checking current statements, sending and receiving funds and reaching customer service. LegacyTexas Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed 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 is a large bank owning assets totaling $9 billion and deposits totaling $7 billion. Its Texas Ratio is 9.13%, signifying that the bank is in fine financial shape and far from failure. 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 consider 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. LegacyTexas Bank's CD rates are fair in comparison to other U.S. banks.

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Find a LegacyTexas Bank Near Me

LegacyTexas Bank has 44 branches across the U.S.

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