Dedicated to Deposits: Deals, Data, and Discussion

2.90% 25-Month CD Special at Legacy Bank

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Legacy Bank continues to offer two competitive CD specials. The best one is a 2.90% APY 25-month CD. The other one is a 1.90% APY 13-month CD. Minimum deposit is $2,500, and the maximum is $95,000. The money market special has 1.75% APY for balances of $10,000 guaranteed for the first 90 days. These specials and rates are listed on the bank's home page as of 4/03/2010.

I first reported on these specials in early February, and it appeared to be a deal local to Milwaukee residents. However, BestCashCow has received confirmation from a bank CSR that they're accepting deposits nationwide.

Please note that it's a small one-office bank located in Milwaukee, Wisconsin. As we've seen many times, small banks can get overwhelmed quickly when they offer very competitive deposit deals nationwide. So make sure to check with the bank before you apply to confirm they still accept out-of-state deposits.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1999 (FDIC Certificate # 34818).


  Tags: Legacy Bank, CD rates, money market accounts, Wisconsin

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
on line app does not allow for the opening of the 29 month special CD

1
Comment #2 by zjts (anonymous) posted on
zjts
did the legacybancorp CSR say the CDs & Money Market accounts could be opened by non-Wisconsin residents? A rep emailed me on 4-5-10 saying: We do not open any personal accounts for non-Wisconsin residents.

1
Comment #3 by Anonymous posted on
Anonymous
I called the bank today (4/7) and was told it was a community bank and that out of state accounts would not be opened.

BESTCASHCOW lead did not give the name the CSR who said it was OK.

If anyone out of state has any luck, please post the contact name and number.

 

1
Comment #4 by ron (anonymous) posted on
ron
when i first saw the posting on this offer i went to the web-site and saw a online app to open the account last week but seeing my other cd isn't mature till tomorrow i had to wait so yesterday 4-6 i went back to look at the web-site again and that app was gone so today i called and was told by a csr that anyone could open this account but had to do so in person at the bank itself,,, so after i cash in my b of a cd tomorrow i'll call again and try to get a name and number so i can post it tomorrow ,, i'm only a 100 miles away and for today's rates that's good enough to make the trip so i'll let everyone know tomorrow what happened

 

                         ron

3
Comment #5 by ron (anonymous) posted on
ron
almost forgot one other thing the csr told me this offer was going to end on 4-9-10

 

 

                ron

3
Comment #6 by ron (anonymous) posted on
ron
this is my follow up on yesterday's comments......... i went to the bank in person today to open up the account and had no trouble what so ever opening it even though i was from out of state i got the 2.9 % 25 month cd for the advertised rate ,,, this blog was incorrect that its avalible nantionally by either online application or by phone .. you must go in person and this offer is over as of 4-9-2010,,, this information came directly from the bank owner margret who was a very nice lady ,, the bank is less then 1 mile off the interstate so it was easy in and easy out ,,, all you'll need to open your account is a current photo id and your social security card.... and can funded it with a personal check or bank check....you can call at 414-343-3035 with any other questions..................

 

 

                                                        ron

3