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Legend Bank Review

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


Started in 1890, Legend Bank has assets totaling $640 million and $562 million in deposits, making the institution a medium-size bank. Legend Bank, whose headquarters are in Bowie, Texas, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.3 out of 5 stars, Legend Bank proves it is a solid pick to be your bank. Legend Bank provides customers with the full slate of product offerings, including 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, Legend Bank offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for accruing the most income from your deposits while having convenient access to your money.

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 compared to other U.S. banks. Its CD rates are 0.91% and 1.86% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Legend Bank's Savings Rates Compare

Legend Bank Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Legend Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Legend Bank's checking account is perfect for people who want an easy banking experience. Legend Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll have to find a Legend Bank ATM or accept 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

Legend Bank is a brick-and-mortar bank, with 10 total branches in Texas. With mobile and web apps, Legend 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, 8:00 a.m. to 5:00 p.m. CT; Saturday, and 8:00 a.m. to 12:00 p.m. CT. Legend Bank gets moderately high praise from customers for its mobile platform. The Legend Bank mobile app scored a 4.4 out of 5 (with 150 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Legend Bank's app to manage your accounts by checking account balances, transferring funds as well as accessing support representatives. Legend Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial 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
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Financial Health

SmartAsset Average: 4.8

Legend Bank ranks as a medium-size bank with assets totaling $640 million as well as deposits totaling $562 million. Legend Bank's Texas Ratio is 8.46%, indicating a tiny chance of 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.

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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 like 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 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. Legend Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Legend Bank Near Me

Legend Bank has 10 physical branches across the U.S.

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