[MO, OK Only] Legacy Bank & Trust ‘Legacy Rewards Checking’ 4% APY (Up To $10,000) Review

Update 9/13/22: Now available in OK as well. Hat tip to Curmudgeon

Update 12/28/19: Account can now be opened online. Hat tip to reader Curmudgeon

Update 04/14, some changes to this account:

• Account is now called Legacy Reward checking
• Required debits increased from 10 to 16
• ATM fees no longer uncapped on reimbursement, now $20/mo with $4.99 max per transaction
• There are now two more locations, both in Clinton MO
• I don’t think there is any way to fund with a credit card, since it has to be opened in branch
•  Max of 2 accounts per household (used to be 2 per person)
• Accounts don’t have ACH transfer ability, so need to initiate from outside account
• Phone app now has mobile deposit ability.  Money orders/travelers checks are explicitly noted as not accepted.

Hat tip to reader curmudgeon

Offer at a glance

• Interest Rate: 4% APY on balances up to $10k
• Additional Benefits: ATM fee refunds
• Minimum Balance: None
• Availability: Must apply in branch, all branches are in MO.
• Direct deposit required: None
• Additional requirements: Yes, 10 debit card purchases, eStatements & online banking
• Hard/soft pull: Soft
• Credit card funding: Up to $1,000
• Monthly fees: None
• Early Account Termination Fee: Unknown
• Insured: FDIC

The Offer

Direct link to offer

• Legacy Bank And Trust offer the i-Profit checking account that earns 4% APY on balances up to $10,000 (0.05% on balances greater than $10,000) when you complete the qualifying actions (described below).
• They will also refund all ATM fees nationwide.

Qualifying Actions

• Open the account with at least $100
• Have at least one automatic payment or direct deposit post and clear each statement cycle
• Requires online banking and e-statements
• Minimum of 16 debit card transactions per monthly statement

If requirements are not met you’ll receive a 0.05% APY.

How To Join

There isn’t any way to sign up for this account online, so unfortunately you’ll need to go into a branch to qualify. They have four branches, all of which are in MO:

• Rogersville Location
• Plato Location
• Sparta Location
• Mountain Grove Location

Referral Program

They will also give you $25 for every person you refer. You can view their referral program here.

Our Verdict

What I like about this account is the fact that a direct deposit requirement isn’t necessary, it’s also a fairly high rate and maximum balance allowed to get the full 4% rate. Unfortunately it’s only available in some select areas and we don’t know if it’s a hard or soft pull to open (I doubt you can fund with a credit card since it’s in branch only) You can find more rewards checking accounts here and there are also a number of prepaid cards that offer high rates.

Hat tip to reader John