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Legence Bank Review

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Legence Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Legence Bank was founded in 1906 and its headquarters are located in Eldorado, Illinois. It handles $466 million in assets and $412 million in deposits, ranking it as a medium-size bank. Legence Bank 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 in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 stars out of 5, Legence Bank should be solidly in contention for your choice of bank. Legence Bank offers a complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Legence Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Legence Bank's most basic checking does not carry a monthly maintenance fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best bet for gaining the most income on your deposits alongside easy 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

Legence Bank features a savings rate of 0.10%, which is fair compared to other U.S. banks. Its CD rates are 0.50% and 1.71% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.10%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Legence Bank's Savings Rates Compare

Legence Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Legence Bank generally has extremely low fees compared to the national average. With no monthly fee, Legence Bank is ideal for people who want a simple checking account. For those who will need cash in a pinch, Legence Bank is good because it charges an out-of-network ATM fee of $1.00, which is solid as compared against the national average. Also, Legence Bank has an overdraft fee of $29.65, which is significantly less than the average overdraft fee charged by U.S. banks. Legence Bank unfortunately doesn't refund out-of-network ATM fees, which means you will be required to locate a Legence Bank ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $29.65 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Legence Bank is a brick-and-mortar bank, with 15 total branches in Illinois and Indiana. It also offers access to mobile and web apps for easy access and banking on the go. Legence Bank receives positive ratings from users for its online presence. The Legence Bank mobile app has an overall rating of 4.5 out of 5 (with 45 customer reviews on Apple and Android) compared to the national average of 3.8. Legence Bank's mobile app lets you manage your bank accounts by checking monthly statements, sending and receiving funds and accessing customer service. Legence Bank gets a superb consumer satisfaction score based on relatively few complaints filed with 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 No
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Financial Health

SmartAsset Average: 4.8

Legence Bank is a medium-size bank with $466 million in assets and deposits totaling $412 million. Its Texas Ratio is 5.09%, suggesting that Legence Bank is in fine financial condition and far from failure. Additionally, Legence 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 Legence Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.65% APY
  • 36 Month: 1.31% APY
  • 48 Month: 1.56% APY
  • 60 Month: 1.71% APY
$1000 for all terms
Money Market Account 0.05% APY $10000

Legence Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Legence Bank does not have the best savings rate, which means you should think about looking 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. Legence Bank's CD rates are fair compared to other U.S. banks.

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Find a Legence Bank Near Me

Legence Bank has 15 locations across the U.S.

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