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Legends Bank Review

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


Started in 1998, Legends Bank has assets totaling $460 million and deposits totaling $394 million, which makes it a medium-size bank. Legends Bank, whose headquarters are in Clarksville, Tennessee, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4 out of 5 stars, Legends Bank should be near the middle of the pack in your search for a bank. Legends Bank has a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Legends Bank has a fair savings rate compared to the average savings account. The bank's standard checking product has a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer free checking, in addition to a high savings APY are the best bet for gaining the highest income on your deposits alongside 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

Legends Bank features a savings rate of 0.15%, which is fair in comparison to the average U.S. bank. Its one-year CD has a rate of 0.75% and the five-year CD earns at a rate of 1.65%, while its highest-yielding money market account has an APY of 0.22%. Given Legends Bank's below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Legends Bank's Savings Rates Compare

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

On average, Legends Bank charges customers above-average fees compared to other U.S. banks. Legends Bank's checking account has a monthly fee of $5.00, which makes it fair for anyone looking for a hassle-free account. For those who frequent the ATM, it is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable compared to the national average. Also, Legends Bank has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Legends Bank unfortunately does not refund out-of-network ATM fees, meaning you'll need to find a Legends Bank ATM or accept the fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Legends Bank is a brick-and-mortar bank, with eight total branches in Tennessee. With mobile and web apps, Legends Bank makes mobile banking convenient, even on the go. Legends Bank receives fairly satisfactory feedback from customers for its mobile banking services. With 21 ratings on Apple and Android platforms, the Legends Bank mobile app rates a 4.2 out of 5 (compared to the national average of 3.8). Legends Bank's mobile app allows you to manage your funds by monitoring current statements, transferring money as well as accessing customer service. Legends Bank gets an excellent consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Legends Bank is currently a medium-size bank with assets totaling $460 million as well as $394 million in deposits. Legends Bank's Texas Ratio is 2.81%, indicating that Legends Bank is in excellent financial condition and unlikely to fail. Additionally, Legends Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Legends Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.40% APY
  • 60 Month: 1.65% APY
$2500 for all terms
Money Market Account 0.22% APY $10000

Legends Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Legends 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. Legends Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Legends Bank Near Me

Legends Bank has eight physical branches across the U.S.

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