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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


Established in 1906, Legence Bank has assets totaling $466 million and deposits totaling $412 million, ranking it as a medium-size bank. Legence Bank, whose headquarters are in Eldorado, Illinois, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset has rated Legence Bank 4.2 out of 5 stars, suggesting it is a great choice and should warrant serious consideration. Legence Bank offers a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Legence Bank's standard checking account does not have a monthly fee. Institutions that offer free checking, in addition to a high savings APY are your best option for returning the highest income from 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 as compared against the national average. Its one-year CD has a rate of 0.60% and the five-year CD earns at a rate of 1.71%, while its highest-yielding money market account has a rate of 0.10%. Given Legence Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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 charges customers extremely low fees compared to the average U.S. bank. Legence Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is solid because it has an out-of-network ATM fee of $1.00, which is good in comparison to other U.S. banks. Additionally, Legence Bank has an overdraft fee of $29.65, which is considerably less than that of other U.S. banks. Legence Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will have 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 bank locations in Illinois and Indiana. With mobile and web apps, Legence Bank makes account access convenient, even on the go. Legence Bank receives high praise from users for its mobile platform. Out of 45 customer reviews across iOS and Android platforms, the Legence Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). Legence Bank's mobile app allows you to manage your funds by looking at account balances, transferring money and reaching customer service. Legence Bank receives a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 owning $466 million in assets and $412 million in deposits. Legence Bank has a strong Texas Ratio of 5.09%, suggesting that the bank is in good financial condition and unlikely to fail. 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: 0.60% APY
  • 24 Month: 0.75% 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 including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Legence 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. Legence Bank's CD rates are fair as compared against the national average.

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Find a Legence Bank Near Me

Legence Bank has 15 branches in the U.S.

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