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2.00% Reward Checking Account at Legacy Bank of Florida - Local Only

POSTED ON BY

Legacy Bank of Florida
Update 12/15/09: The top rate has fallen to 2.00% APY. Refer to the bottom of the post for the rate history.

Legacy Bank of Florida is offering a high-yield rewards checking account that has the following rates and features if certain monthly requirements are met:
  • 2.00% APY on balances up to $50,000
  • 0.50% APY on portion of balance over $50,000
  • 0.10% base rate if requirements are not met
  • Refunds ATM fees nationwide up to $20 per month
The monthly requirements include:
  • 10 debit card purchases
  • 1 direct deposit or ACH auto debit
  • Log into online banking
  • Receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free Bill Pay
For those who want a high-yeild checking account without debit card usage requirements or a rate cap, the bank also has the investment checking account that currently pays 1.70% APY for a minimum balance of $5,000. This is advertised on the bank's front page. The interest rate for balances over $5,000 will be at least 50% of the current prime rate. You'll want to keep your balance over $5,000 on this account. Otherwise, the rate falls to 0.05% and there's a $15 monthly fee.

It appears that a branch visit is required to open an account. Branches are located in the South Florida cities of Boca Raton, Delray Beach, West Palm Beach, Fort Lauderdale and Pompano.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. On the plus side, I can't find any public enforcement actions against the bank from regulators. The bank has been a FDIC member since 2006 (FDIC Certificate # 58247).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.

Rate History:
12/15/09: 2.00% APY up to $50K; 0.50% over; 0.10% base
12/02/09: 4.00% APY up to $50K; 1.00% over; 0.25% base

  Tags: Legacy Bank of Florida, checking account, reward checking account, Florida

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
The rate on the Legacy Bank of Florida rewards checking account has now dropped from 4.00% APY to only 2.00% APY!

I was just about to go into the branch to open an account and decided to check their website for the closest branch location. What a disappointment!

I've confirmed this isn't a mistake with a CSR. The CSR said that even the people who signed up at 4% APY are now only going to get 2% APY.

I don't expect to ever be doing business with these guys.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. Sorry to see such a big rate cut.

1