Heritage Bank Review 2023
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At a glance
CDs
Checking
Savings
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Heritage Bank is based in Spicer, Minnesota. It offers checking accounts, savings accounts and CDs.
Pros
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It offers a very competitive APY on its eCentive checking account.
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The eCentive account offers generous refunds on domestic ATM fees and on Mastercard cross border or currency conversion fees.
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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
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Savers can find higher yields elsewhere.
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The bank’s eCentive checking account customers have to meet certain criteria to get the competitive APY.
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Heritage Bank doesn’t offer a money market account.
Heritage Bank banking products
Heritage Bank savings overview
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 lower than the national average. The Jumbo Deposit Account and the Health Savings Accounts are the exception.
The highest APY on a savings account at Heritage Bank is with the Jumbo Deposit account, which requires a minimum balance of $230,000 for that APY. And the Health Savings Account also had the highest APY for a savings account at the bank during our review on balances of at least $5,000.
Pros
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Heritage Bank offers a variety of savings accounts to suit different needs, including a health savings account.
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The APY on the Heritage Direct Savings Account is higher than the national average.
Cons
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Higher yields can be found elsewhere, especially at online banks.
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At least $230,000 is needed in the Jumbo Deposit account to earn the bank's top APY. (The bank’s HSA also has the same APY with $5,000 required.)
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 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
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.
