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Heritage Bank Review 2023

Updated January 1, 2023
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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.1 stars out of 5

Checking

Rating: 4.6 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
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
1.10
%
APY
Rating: 0 stars out of 5
$100
Min. balance for APY
View offer Arrow Right

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.

Cons

  • Savers can find higher yields elsewhere.

  • ECentive checking account customers have to meet certain criteria to get the competitive APY.

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

Heritage Bank bank 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, but for this review Bankrate focused on the Heritage Direct Savings account, which requires at least $1,000 to open and earn interest. If you don't maintain at least $1,000 in the account, you get socked with a $17 monthly service charge.

The account does not come with a debit card and there is a $30 fee if it is closed within six months of opening. You must have a linked checking account with any U.S.-chartered bank to transfer money to or from Heritage Direct Savings.

Overall, Heritage Bank's savings accounts have APYs that are better than the national average. The highest APY on a savings account at Heritage Bank is with the Jumbo Deposit account, which requires a minimum balance of $230,000.

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.

  • At least $230,000 is needed in the Jumbo Deposit account to earn the bank's top APY.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

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 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.