Heritage Bank Review
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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 CheckingHighlights:
CDs
Checking
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 = 4.4/5
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 = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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.
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.
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.
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.
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.
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Heritage Bank banking products
Heritage Bank savings overview
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
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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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You need at least $2 million to earn the bank’s top savings yield through the jumbo deposit account.
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Savings accounts at Heritage Bank have a $30 account closure fee for closing the account within six months of opening it.
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Heritage BankAPYAPY last updated between 2/14 and 2/20.APYAPY last updated between 2/14 and 2/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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
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.
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