Member FDIC
Equal Housing Lender

  
 Savings Products

We offer a wide variety of checking plans to meet everyone's needs.  Not sure which one is for you? Contact Us to learn more.

• Regular Savings – A traditional savings account that makes it easy to save each month.  Legend Bank’s Automatic Savings Plan is ideal for customers who want money automatically deposited from their checking to their savings account.

• Certificate of Deposit (CD) – An interest-bearing investment offering competitive rates for a fixed time period.  Withdrawals are allowed at maturity and during grace period. CDs may automatically renew for continuous earning power.  Jumbo CDs are available for balances over $100,000.  Bonus rates are available for Relationship Reward checking account customers.  Substantial penalty for early withdrawals applies.

• Individual Retirement Account (IRA) – An interest-bearing investment account for a fixed time period available to qualifying individuals. Substantial penalty for early withdrawals applies. 

Regular Savings

Traditional savings account with limited withdrawals. Designed for customers who have available funds to build a cash reserve or who require interim funds for purchases or investments.

Features

• Interest-bearing, compounded and paid quarterly

• Variable rates

• Unlimited deposits

• Up to 12 in-house withdrawals per statement cycle (quarterly) at no charge

• Up to six (6) non in-house withdrawals or pre-authorized transfers per month, at no charge (only three of these may be by third party check)

• Automatic savings plan

• Itemized quarterly statement

• 1^st Response – 24-hour automated information line

• Legend Online Banking

Pricing

• $250 minimum deposit to open

• Minimum average daily balance to avoid quarterly $5.00 maintenance fee. 

• Excess withdrawal fee of $2.00 for each in-house withdrawal exceeding twelve (12) per quarterly statement cycle

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CERTIFICATES OF DEPOSIT (CD)

An interest-bearing investment for customers wishing to invest money for a fixed time period at a fixed, competitive rate of interest.

 

Features

• Guaranteed, fixed rates

• Competitive rate of interest that varies with term of investment

• Variety of terms, 7 days to 5 years

• Interest payment options

• Unlimited deposits and withdrawals at maturity and during grace period of 10 days

• Automatic renewal available

• Can be used as collateral for personal or commercial loans

• 1^st Response – 24-hour automated information line

• Legend Online Banking

Pricing

• A minimum balance to open $1,000 to $2,500 based on maturity

• Jumbo CDs for deposits over $100,000 are available

• Substantial penalty for early withdrawal  

• Rate compounding based on interest payment method

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CUSTOMER INDIVIDUAL RETIREMENT ACCOUNT (IRA)
Traditional Retirement Accounts (IRA) are a convenient way to save for retirement beyond employer-sponsored plans.  Legend Bank offers a variety of IRA options and terms for customers.

•  Traditional IRA – Retirement investment program (interest is tax-deferred) for the accumulation of funds until eligible for distributions between ages 59 ˝ and 70 ˝.

•  Rollover IRA – Contributions which come from qualified retirement plan distributions of a customer’s former employer.  Not taxed if reinvested in an IRA at Legend within sixty days of receipt of final distribution from the former employer.

• Transfer IRA – Contributions which are transferred directly from a like plan in one financial institution to a like plan in another financial institution.

• Roth IRA – Contributions are not tax-deductible, but taxes do not have to be paid on the earnings.  Up to $2,000 per year may be contributed, with income caps applicable.  Funds do not have to be distributed during the account holder’s lifetime.

Features

• Contributions are accepted up to the lesser of 100% of earned income or $2,000

• $500 minimum deposit to open a variable-rate IRA, or a fixed-rate IRA  

• Catch-up contributions available for ages 50 and over

• A variety of maturity options with high interest rates are available  

• Term 6 months to 5 years

• Fixed-rate IRA interest rates are guaranteed for length of certificate  

• Make deposits, withdrawals and transfers during IRA grace periods

• Interest earnings are not taxed on Roth IRAs  

• Substantial penalty for early withdrawal  

• FDIC Insurance

• Check balances with Legend Online Banking or 1st response

Pricing

• Variable rate:  Open with $500 (18 month IRA only)

• Fixed rate:  Open with $500

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Federal regulations state that we must reserve the right to at any time require that you give seven (7) days prior written notice of any withdrawals on interest bearing accounts.