Heritage Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.7

Bankrate Score

bank-logo

ATM fee refunds

Rewards Checking

Heritage Bank is best for those who want a high-interest checking account and refunds on their ATM transactions.

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    3.1
  • Savings
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    3.0
  • Checking
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    4.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    3.7

    Bankrate Score

    Heritage Bank has its headquarters in Spicer, Minnesota. It offers checking accounts, savings accounts and CDs.

    What we like

    • It offers a very competitive APY on its eCentive checking account.

    • The eCentive account offers generous refunds on domestic ATM fees and on Mastercard cross border or currency conversion fees.

    • The bank offers a variety of CD terms.

    What we don't

    • Savers can find higher yields elsewhere.

    • ECentive account holders have to meet certain requirements get the competitive APY.

    • Heritage Bank doesn’t have a money market account.

    CD rates

    3.1

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Heritage Bank offers seven terms of CDs for customers who currently don’t have a CD at the bank. Option Plus CDs aren’t available for new accounts at Heritage Bank.

    Heritage Bank’s Triple Option CDs offer several features: the ability to reset the rate of your CD at any time, penalty-free withdrawals for medical expenses (minimum withdrawal of $1,000) and the ability to add money to your CD as long as each deposit is at least $1,000 and they don’t exceed the original amount deposited.

    What we like

    • Heritage Bank offers a variety of terms for a relatively low minimum deposit requirement.

    • The Anytime Unlimited Rate Bump Up feature lets you reset your CD rate. The term of the CD will also reset with this change.

    • Penalty-free withdrawals allow you to withdraw some or all of your money for medical expenses.

    What we don't

    • Your CD term resets if you use the Anytime Unlimited Rate Bump Up feature.

    • There are more competitive APYs available at other banks.

    Savings accounts

    3.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Heritage Bank offers a variety of savings accounts: the Universal Savings account, the Flex Gold savings account for business, the Heritage Direct Savings account and the Jumbo Deposit account.

    Both the Universal Savings account and the Flex Gold Savings account have a debit card available.

    The Universal Savings has a low minimum to open ($50) and requires only a $50 average balance to avoid the $5 monthly maintenance fee.

    The highest APY on a savings account at Heritage Bank is the Jumbo Deposit account, but it's available only if you have a minimum balance of $230,000.

    What we like

    • The Heritage Direct Savings Account allows those with at least $1,000 but less than $100,000 to earn an APY that’s higher than the national average.

    • The Jumbo Deposit account can help those who keep at least $230,000 in the account earn an APY that’s even higher than the Heritage Direct Savings account.

    What we don't

    • You can still find higher yields elsewhere.

    • You need at least $230,000 to earn the top APY with the Jumbo Deposit account and balances under $100,000 earn less than the national average APY.

    Checking accounts

    4.2

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Heritage Bank offers two checking accounts: the eCentive and Carefree Checking accounts. The eCentive account has a competitive APY for a checking account, but only on balances up to $25,000.

    With the eCentive account, you have to make at least 10 debit card payments or purchases, have at least one ACH or direct deposit and be enrolled for monthly e-statements to receive the high APY and refunds on ATMs and Mastercard cross border or currency conversion fees for foreign debit card transactions.

    What we like

    • The eCentive account earns one of the highest APYs available for a checking account.

    • The eCentive account doesn’t have a monthly maintenance fee or a minimum balance requirement.

    • Heritage Bank refunds you up to $25 per month on domestic ATM fees and Mastercard cross border or currency conversion fees when you use a debit card for foreign transactions.

    What we don't

    • There’s a $30 fee if you close this account within six months of the opening date.

    • ECentive account holders must meet requirements to earn the APY.

    • There is a $10 fee to replace lost or damaged cards at the bank.

    Bank experience

    Heritage Bank has a highly rated mobile app that allows customers to manage and monitor accounts and make mobile deposits. There is a live chat feature on the bank's website to help you get your questions answered.

    The bank has hybrid ATMs at some locations that let you make cash withdrawals from your checking or savings account with an on-screen teller. Live video tellers are available on weekdays and on Saturdays.

    About Heritage Bank

    Heritage Bank is a community bank headquartered in Spicer, Minnesota. The bank was established in 1964. Heritage Bank has seven locations in Iowa, Minnesota and South Dakota.

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells Twitter Created with Sketch. @EAWELLS77

    Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.