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Heritage Bank Review 2022

Published January 2022 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 ATM transactions.

  • CDs
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    3.1
  • Savings
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    2.4
  • Checking
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    4.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Overall

    3.7

    Bankrate Score

    Heritage Bank is based 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 checking account customers have to meet certain criteria to get the competitive APY.

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

    CD rates

    3.1

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    2.00 % APY

    16mo

    Term

    $ 0

    Min. deposit

    Heritage Bank offers seven terms of CDs, but not all are available for new customers. The minimum deposit is $2,000. APYs are not very impressive and are easily topped by some online banks.

    The Triple Option CD comes in six terms available to new CD customers. They range from six months to five years and offer unlimited rate bumps anytime to the bank's posted rate for any term equal to or longer than the original CD term. It also allows penalty-free withdrawals for medical expenses (minimum withdrawal of $1,000) and the ability to add money to the CD as long as each deposit is at least $1,000 and doesn't exceed the original amount deposited. Option Plus CDs are not available to new CD account holders.

    What we like

    • Heritage Bank offers a variety of CD terms, allowing customers the ability to build a CD ladder.

    • The Triple Option CD allows for unlimited rate bumps anytime to the bank's posted rate for any term equal to or longer than the original CD term.

    • Triple Option CD permits withdrawals of at least $1,000 for medical expenses with no penalty.

    What we don't

    • The term of your Triple Option CD resets if you use the anytime, unlimited rate bump-up feature.

    • There are more competitive APYs available at other banks.

    • Some CD products are available only to existing Heritage Bank CD account holders.

    Savings accounts

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

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

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

    What we don't

    • 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.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Heritage Bank's eCentive checking account requires only $100 to open and has a very competitive APY on balances of $25,000 or less.  You must make at least $500 in monthly debit card payments or purchases, have at least one ACH or direct deposit and be enrolled for monthly e-statements to get the high APY.

    You can get up to $25 a month in ATM fee refunds and currency conversion fee refunds when you use your MasterCard debit card transactions.

    There is no minimum balance requirement and account holders have access to digital banking, including bill pay.

    What we like

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

    • The eCentive account doesn’t have a minimum balance requirement.

    • You can qualify for up to $25 a month in ATM fee refunds and foreign currency conversion fee refunds with a Heritage Bank-issued debit card.

    • The eCentive checking account comes with access to digital banking, including bill pay.

    What we don't

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

    • There is a $10 fee to replace a lost or damaged Heritage Bank-issued debit card.

    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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.