Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Legend Bank Review

Your Details Done
by Updated
Legend Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Legend Bank was founded in 1890 with headquarters located in Bowie, Texas. It manages assets of $640 million along with $562 million in deposits, classifying it as a medium-size bank. Legend Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. SmartAsset has rated Legend Bank 4.3 out of 5 stars, which means it is a great bank that you should seriously consider. Legend Bank provides customers with the complete slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Legend Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's standard checking does not have a monthly fee. Locating a bank with free checking as well as a high interest rate savings account is your best bet for accruing the highest income from 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 0.15%, Legend Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 0.91% and the five-year CD has a rate of 1.86%, while its highest-yielding money market account has a rate of 0.15%. Given Legend Bank's below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Legend Bank's Savings Rates Compare

Legend Bank Savings 0.15 National Average 0.26 Compare Offers
Back to Overview


SmartAsset Average: 4.4

Legend Bank charges customers extremely low fees compared to other U.S. banks. With no monthly fee, Legend Bank's checking account is ideal for people who need an easy checking account. Legend Bank doesn't reimburse out-of-network ATM charges, which means you will need to search for a Legend Bank ATM or accept 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
Back to Overview

Service Quality

SmartAsset Average: 3.7

Legend Bank is a brick-and-mortar bank, with 10 total branches in Texas. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. Legend Bank's online and mobile banking services receive moderately high marks from users. The Legend Bank mobile app scored a 4.4 out of 5 (out of 150 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Legend Bank's mobile app to control your bank accounts by monitoring account balances, transferring money and reaching customer service. Legend Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

SmartAsset Average: 4.8

Legend Bank is a medium-size bank owning $640 million in assets and deposits totaling $562 million. It has a strong Texas Ratio of 8.46%, denoting that Legend Bank is in fine financial health and far from failure. Additionally, Legend 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.

Back to Overview

Compare Legend Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $250
Checking Account 0.05% APY $750
Certificates of Deposit
  • 12 Month: 0.91% APY
  • 24 Month: 1.25% APY
  • 36 Month: 1.36% APY
  • 48 Month: 1.46% APY
  • 60 Month: 1.86% APY
$1000 for all terms
Money Market Account 0.15% APY $25001

Legend Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Legend 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. Legend Bank's CD rates are fair in comparison to the average U.S. bank.

Back to Overview

Find a Legend Bank Near Me

Legend Bank has 10 branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure