High-Yield Reward Checking Account at a Texas Bank (Legend Bank)


Update 1/11/11: The top rate has fallen to 3.75% APY. Refer to the bottom of the post for the rate history.

Legend Bank has a reward checking account called Ultimate Checking that pays 3.75% APY on balances up to $15,000 (0.75% for above) and refunds ATM fees if the following monthly requirements are met:

  • 12 debit card purchases
  • one direct deposit or ACH auto debit
  • receive electronic statements

If these are not met, the rate falls to 0.05%. The minimum initial deposit is $100. There are no minimum balance requirements or monthly service fees.

Update 6/30/09: The bank now has an online application via CheckingFinder.com. The application is available at their Ultimate Checking page. However, according to the first page of the application, you must reside in one of the eligible Texas communities. These include zip codes in the Texas counties of Denton, Wise, Tarrant, Collin, Grayson, Fannin, Hunt, Clay, Montague, Cooke, Wichita, Archer, Jack, Parker, Harris, Liberty, Hardin and Chambers.

Update 10/24/09: It has been reported that anyone can open an account if they visit one of the bank's branches.

Branches are located in several cities northwest of Fort Worth, Texas. The bank has been FDIC insured since 1934 (FDIC Certificate # 3108).

Thanks to the reader who emailed me about this bank.

Other High Yield Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:

  • 12/31/10: 3.75% APY up to $15K; 0.75% over; 0.05% base
  • 10/28/09: 4.09% APY up to $25K
  • 10/20/09: 4.07% APY up to $25K
  • 05/11/08: 5.13% APY up to $25K; 1.02% over; 0.51% base
Related Pages: Legend Bank, Dallas, Wichita Falls, Sherman, checking account, reward checking account

  |     |   Comment #1
I think you can start an account online now (w/o visiting a branch)
Banking Guy
  |     |   Comment #2
Thanks. I've updated the post with this info. Unfortunately, it looks like the application limits eligibility to certain areas of Texas.
Kelly in Dallas
  |     |   Comment #3
Found out today that anyone can open an account if you go into the bank. It is only signing up online that is limited to certain zip codes around Fort Worth.
  |     |   Comment #4
APY dropped to 4.07%
  |     |   Comment #5
The bank appears to have changed  and narrowed its list of eligible Texas counties for their rewards account from those in the above post, and now appear to exclude Harris County (Houston area) among others.

As of July 2010, the bank's web site says the following:

This account is only available for applicants that live in the following Texas counties: Montague County, Wise County, Grayson County, Clay County, Liberty County, Fannin County and Tarrant County.
  |     |   Comment #6
The info I posted above about this bank not accepting apps from the Houston area remains the case. I entered my Houston zip code in their online app system and it was rejected...

Likewise, their online app document still reads as follows:

This account is only available for applicants that live in the following Texas counties: Montague Count, Wise County, Grayson County, Clay County, Fannin County and Tarrant County.

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