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Heritage Bank Review

Updated April 29, 2025
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At a glance

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
3.5
Rating: 3.5 stars out of 5
Bankrate Score
Info Icon

CDs

Rating: 4.2 stars out of 5
4.2 /5

Checking

Rating: 4.4 stars out of 5
4.4 /5

Savings

Rating: 2.4 stars out of 5
2.4 /5
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
4.30
%
APY
APY
Info Icon
As of 6/13/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Savings Account
3.60
%
APY
APY
Info Icon
As of 6/13/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 6/13/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

Overall

Heritage Bank is a small regional bank with four locations in Minnesota and one in South Dakota. The small but mighty financial institution offers checking accounts, savings accounts and CDs, plus mortgages and personal loans.

Pros

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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.

Heritage Bank banking products

Heritage Bank savings overview

2.4
/5
Rating: 2.4 stars out of 5

Pros

  • Checkmark Icon

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

  • Checkmark Icon

    The requirements to waive monthly fees are easily attainable.

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.

Heritage Bank CD overview

4.2
/5
Rating: 4.2 stars out of 5

Pros

  • Checkmark Icon

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

  • Checkmark Icon

    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.

  • Checkmark Icon

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

Cons

  • There are more competitive APYs available at other banks, especially for CDs with terms two years or longer.

  • You can find a minimum opening deposit requirement of less than $2,000 at other banks.

Rate history for Heritage Bank's CD accounts

Heritage Bank
APY
APY
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National average APY
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How do we get this data?
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Heritage Bank checking overview

4.4
/5
Rating: 4.4 stars out of 5

Pros

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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.

Cons

  • 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 or a $75 fee to expedite the delivery of this card.

Bank experience

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

Heritage Bank’s MyHeritage mobile app 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 messaging 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.

Heritage Bank Logo

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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.