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Heritage Bank Review 2024

Updated February 9, 2024
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 4.4 stars out of 5

Savings

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

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

Highlights

  • ATM Fee Refunds
  • Reward Checking
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/22/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 5/22/2024
Rating: 4.7 stars out of 5
$0
Minimum deposit
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Promoted offer:
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 5/22/2024
Rating: 4.6 stars out of 5
$1,000
Minimum deposit
View offer Arrow Right
Promoted offer:

Overall

Heritage Bank is based in Spicer, Minnesota. It offers checking accounts, savings accounts and CDs.

Pros

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    The bank offers a variety of CD terms. These CDs have unlimited rate bumps and penalty-free withdrawals available for medical expenses. (These features have rules and restrictions.)

Cons

  • Savers can find higher yields elsewhere.

  • The bank’s eCentive checking account customers have to meet certain criteria to get the competitive APY.

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

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Heritage Bank banking products

2.4
Rating: 2.4 stars out of 5
Bankrate Score

Heritage Bank savings overview

Heritage Bank offers four savings accounts, including a health savings account.

The Heritage Direct Savings account, which requires at least $1,000 to open and earn interest, and the Universal Savings account both earn below-average APYs. Not keeping at least $1,000 in the Heritage Direct Savings account will cost you a $17 monthly service charge.

Bankrate’s review focused on the Universal Savings account, which comes with a debit card. A debit card isn’t an option for either the jumbo deposit or Heritage Direct Savings accounts.

You’ll need $2 million to earn the highest savings account yield at Heritage Bank, which is for the bank’s jumbo deposit account. And that yield isn’t close to accounts at other banks that offer higher and tiered yields.

Heritage Bank charges a $30 account closure fee if a savings account is closed during the first six months you have the account.

Overall, Heritage Bank's savings accounts have APYs that are lower than the national average. The Jumbo Deposit Account and the Health Savings Accounts are the exceptions.

Pros

  • Checkmark

    Heritage Bank offers a variety of savings accounts to suit different needs, including a health savings account.

  • Checkmark

    The APY on the Heritage Direct Savings Account is higher than the national average.

Cons

  • Higher yields can be found elsewhere, especially at online banks.

  • You need at least $2 million to earn the bank’s top savings yield through the jumbo deposit account.

  • Savings accounts at Heritage Bank have a $30 account closure fee for closing the account within six months of opening it.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Heritage Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/22/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank experience

The Heritage Bank app has a good rating on Google Play and a low rating on iOS.

Heritage Bank has a highly rated mobile app that allows customers to manage and monitor accounts and make mobile deposits. Person-to-person payments can be made with the myHeritage Digital Banking feature. The myMoney tool lets customers set and track savings and spending goals, tag purchases and monitor their net worth.

The bank’s website offers a live chat feature for customers with an account or other questions. Customer service is also available by phone. In addition, Heritage’s website allows customers to set appointments with staff for such things as opening or closing accounts, applying for loans and more.

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

About Heritage Bank

Heritage Bank is a community bank headquartered in Spicer, Minnesota. It was established in 1964 and has eight locations in Iowa, Minnesota and South Dakota. The bank offers full-service personal and business banking.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.