Legends Bank Review

Overview

Founded in 1998, Legends Bank has $460 million in assets as well as $394 million in deposits, classifying it as a medium-size bank. Legends Bank, whose headquarters are in Clarksville, Tennessee, lacks premium access to customer service, 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 apps. We ranked the bank at a 4 out of 5 stars, suggesting Legends Bank is a respectable bank that you should consider. Legends Bank offers a complete choice 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. The bank's standard checking product has a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Banks that offer free checking, in addition to a high interest rate savings account are your best bet for returning the highest income from your deposits while maintaining convenient access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Legends Bank features a savings rate of 0.15%, which is fair in comparison to the average U.S. bank. Legends Bank's 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 earns at an APY of 0.22%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Legends Bank's Savings Rates Compare

Legends Bank has typically above-average fees in comparison to the national average. At $5.00/month, Legends Bank's checking account is not ideal for people who want a hassle-free checking account. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $1.50, which is reasonable compared to the national average. Additionally, it has an overdraft fee of $35.00, which is on par with the national average. Legends Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll need to search for a Legends Bank ATM or eat the cost of withdrawal.

Legends Bank is a brick-and-mortar bank, with eight total branches in Tennessee. With mobile and web apps, Legends Bank makes account access convenient, even on the go. Legends Bank gets reasonably decent scores from customers for its mobile app. The Legends Bank mobile app is rated at 4.2 out of 5 (out of 21 customer reviews on Apple and Android) compared to the national average of 3.8. Legends Bank's mobile app allows you to control your finances by reviewing monthly statements, sending and receiving money as well as accessing customer service. Legends Bank receives a superb consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Legends Bank is a medium-size bank with $460 million in assets and $394 million in deposits. Legends Bank has an excellent Texas Ratio of 2.81%, signifying that the bank is in outstanding financial condition and far from failure. 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.

Products Offered

Legends Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with 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 the average U.S. bank.

Find a Legends Bank Near Me

Legends Bank has eight locations in the U.S.