Posted by William Charles on January 28, 2016
Rewards Checking

Published on January 28th, 2016 | by William Charles


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

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:

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

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Would’ve been nice to put [MO only] in the title like usual… I’d say this disqualifies like 97% of readers.


I agree “MO only” is much more applicable to the “potential” reader than $10,000 limit in the title.


Beat me to it. Good deal for the handful of people with a branch nearby.


Can folks with out-of-state addresses apply in-branch? A flight to MO can be less than $400….


[…] In Missouri Legacy Bank & Trust i-Profit 4% APY on Up To $10,000  […]


No credit card funding available, unless you want to do regular cash advance at the bank.

Can open two accounts, but have to meet requirements on both accounts to get the 4% rate but it doubles the amount you can earn the higher rate on.

I opened two accounts in branch today.


Hello Curmudgeon. Do you live in MO, or did they allow you to open even though you were an out of state resident? I’ve sent them a message on Facebook, but no reply yet. I’ll be in MO twice next month, so if this is open to non-MOs, then I will give this a try. Actually, I think I would open 2 accounts just as you did.

Also, I see they have a $25 Refer-A-Friend bonus if you are interested. Though I took a look at the form, and it seems you would need to provide me with your name and phone number to qualify for the bonus. Most likely a deal breaker for you.

Either way, please let me know if you are in-state or not, and if there is anything special I may need to know. Also, which branch did you use?



I believe I went to the branch in Rogersville, which is the closest one to Springfield.

I’m pretty sure they’ll let anyone open an account, no matter where you live, as long as it’s opened in person. I happen to live in MO so I’m not a good datapoint for that.

I appreciate the offer for the referral bonus but I’ll respectfully decline.

I can confirm that 10 Amazon reloads @ 50 cents each do qualify for the debit requirement to get the 4% rate though. That’s all I’ve used on both my accounts so far.


Thanks for the reply!

One last question, did they question you or give you a hard time when you said you wanted to open 2 of the same account at the same time? What was your reply?

Do you recall how long for the entire process? I may only have about an hour free on any of the days I can go, so curious if they are well organized/trained/etc.



My reply was, well, can I open 4? 🙂

They had no problem with opening two accounts. I was able to add my wife to both accounts even though she wasn’t there. They talked to her on the phone and she texted me a copy of her driver’s license, and I had to bring home a signature card for her to sign and mail back.

My goal for this was to get them to open two more accounts for me – two in my name and two in hers, but I haven’t pushed my luck yet on that.

They were pretty quick. I was there for maybe 20 minutes or so.

The rep that opened my account was very professional and quick. I have her card somewhere. If I can remember it I’ll post a reply. They were great to work with.


Haha! Thanks again for the reply.

More than likely, due to my schedule, it looks like I’ll only have 1 free day to play with in late May. And based upon my driving schedule, the Plato branch seems to make the most sense. They open at 8:30am, so I’ll need to be standing there when they open as I need to be in Indianapolis later that day. I’ll call them a few days before to make sure that a bank officer will be there at that time, since maybe only the tellers come in that early,…who knows right now.

Thanks again for all of the info!!


Hello again, Curmudgeon. I opened 2 accounts while I was in MO a few weeks back. The folks there were very nice!

Due to my travel schedule the past few months, I am only now getting to meeting the 4% requirements for these accounts. I know from your above post that $.50 Amazon reloads work just fine, though I’ll probably end up making actual purchases throughout the month.

My question is in regards to this requirement,…
“Have at least one automatic payment or direct deposit post and clear each statement cycle”

Please let me know what you have done to satisfy this. Did you use their BillPay? Have you set up your accounts with actual DDs? Or did you simply do an ACH from your hub bank? If so, which bank have you used?




I just have an auto ACH transfer of $10 monthly from my checking account at Central Bank of the Midwest. That covers my Amazon debits and meets the requirements.


Just FYI, there are changes to this, starting 1/1/18…..

The iProfit Checking Account will now be known as Legacy Reward Checking

• You can earn our highest interest rate on balances up to $10,000 by having:

o At least one automatic payment or direct deposit post and clear each statement cycle

o Online banking and e-statements

o A minimum of 16 debit card point of sale transactions post and clear each monthly statement cycle

• ATM fees will be automatically refunded, up to $20 per statement cycle (up to $4.99 per transaction)

• A paper statement fee of $3.00 per statement will be implemented if not enrolled in e-statements

• Limit of two (2) Reward Checking accounts per household/physical address



Looks like the only change is 16 debit transactions instead of 10.


There was not previously a cap on ATM refunds or an option for paper statements, but I suppose for the purposes of what we are trying to accomplish, those are irrelevant. 🙂

Mike Scott
Mike Scott

Thanks! I was looking for a new bank account and I happen to be driving by one of their locations next week.


Are Amazon Gift Card debits no longer counting towards the debit card transactions? Noticing the line items on the Legacy Bank statements now read “MEMO DEBIT Utility Bill” instead of the prior “POS PMT CK”. Thoughts?


UPDATE: Seems the line items change from “MEMO DEBIT Utility Bill” when pending to “POS PMT CK” when posted. If anyone else wanted to know…

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