Heritage Bank


Overview / Commentary
320-796-0215
110 W South St
Spicer, MN 56288

Heritage Bank is headquartered in Spicer and is the 39th largest bank in the state of Minnesota. It is also the 1,655th largest bank in the nation. It was established in 1964 and as of June of 2020, it had grown to 108 employees at 7 locations. Heritage Bank's savings rates are 42% higher than the national average, and it has a C+ health rating.

Related Posts

Ouch. 1.53% - 4/1/2020

Did not think it would go that low. Really glad I opened the Evansville one. Hope they and LMCU will stay high. This explains why they kept it a state secret.

Ecentive Account Rate To Drop Soon - 3/16/2020

From Heritage Bank's website: *Due to Federal Reserve rate reductions in March, our eCentive rate will be reduced as of April 1, 2020. Our current rates remain in effect through March 31, 2020. Rates advertised here are updated daily. eCentive Account currently earns 3.03% APY on balances up to $25k.

Heritage Bank Offers 6-Month CD Special (2.31% APY) Nationwide - 12/27/2019

Heritage Bank is offering its 6-month Triple Option CD (up to 2.31% APY) on a nationwide basis. Includes additional deposits, rate bumps, penalty-free withdrawals.

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Reviews (7)

One Of My Favorite Banks

Posted by: |

I've been using this bank as my primary checking out of many bank reward checking accounts I have. Its one of the easiest banks to remotely allowing good mobile deposit amounts up to 10K if you ask them too.

I've contacted their bank a few times off and on to raise my debit limits to use Google Pay to send bigger amounts to friends/family at times. I've always had an friendly experience with the bank being a remote customer.

I agree the 1.53% was a big drop, because of current market conditions. Hopefully the rate will rise back up.

I have transferred to a few other of my banks that are still offering higher APR, but even they have moved their rates down.

I hope they can raise the rate back up once market conditions are better. It is nice they allow up to 25k versus many banks only allowing 10k or 15k cap.

Best to all in reward chasing.

Great Service

Heritage Bank NA is very accommodating. Each RCA account pays up to $25K. Best of all they allow as many accounts as you want. Requirements are any 10 POS and 1 ACH deposit per month.

Wire Transfers

Posted by: |

Recently did a wire transfer and ended up having to try it twice and incur 2 fees.

The customer care rep specifically asked me for my 'loan number' which I provided and confirmed. I get a call back saying the transfer did not go through due to incorrect information.

I provided them the wire instructions I had, and the second transfer went through. I feel that I would not be responsible for the first fee due to being asked to provide the 'incorrect' information.

I have called several times, and get answers simply telling me that I was wrong!

edit: 11.27.19 after reaching out to the specific rep I was corresponding with, this person was able to understand and help me out. I truly hope that what I was asking for was not out of reason, and that they could understand why I did not feel responsible for the fee.

A Lot Of Banks Could Take A Lesson From This Bank!

Posted by: |

Opening the account was seamless, any questions were answered promptly via landline contact by knowledgeable reps. Furthermore, the reps sounded and acted like they actually care!! Bravo!

Two Months In

Posted by: |

No problems opening account. Customer service was great when I had a password problem (my fault). I do have a small concern about security. When I was passed to a second person, she did not verify my identity. Great rate, easy requirements to get the rate. I hope that all the deposits they're getting helps with the health rating of the bank.

Working Well.

Posted by: |

Heritage bank is new to this style of account. Opening was a bit rough.
They needed a picture of my driver's license, which I sent, and they lost.
They also lost my opening deposit check so I requested a trial deposit from my ally bank account but they would not let me look at my Heritage account to check the deposit amounts until a deposit was completed! Catch 22.
Have them initiate a deposit from your existing checking account..
Customer service was friendly and it was all straightened out. So far, everything is good.

Declining Rates, Transaction Limits

Posted by: |

The rate on their rewards checking dropped to only 1.53%, even with qualifying transactions. The 10k ingoing/outgoing daily transaction limit is cumbersome. After (maybe?) fraud on my debit card, they locked the card and it seems the only way to unlock it is to call them.



Health
C+

Health Grade Components

Overall
FDIC Certificate #19254
Year Established1964
Employees108
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.07%
Return on Equity - YTD10.74%
Annual Interest Income$10.9MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$483.6MM$439.0MM
LoansQ2 2020vs Q2 2019$382.0MM$344.3MM
DepositsQ2 2020vs Q2 2019$360.1MM$381.8MM
Equity CapitalQ2 2020vs Q2 2019$43.0MM$40.8MM
Loan Loss AllowanceQ2 2020vs Q2 2019$3.9MM$4.4MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$8.5MM$7.6MM
Real Estate OwnedQ2 2020vs Q2 2019$0$485.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Heritage Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Heritage Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.74%*$230k*-Jumbo Deposit Account
OTHER TIERS: 0.03% Up to $100k | 0.32% $100k - $230k
0.74%*$230k*-Business Jumbo Deposit Account
OTHER TIERS: 0.03% Up to $100k | 0.32% $100k - $230k
0.26%$1k-HeritageDirect Savings
0.26%$1k-Business HeritageDirect Savings
0.23%*$199k*-Flex Gold Savings
OTHER TIERS: 0.03% $1k - $25k | 0.09% $25k - $50k | 0.18% $50k - $99k | 0.19% $99k - $199k
0.23%*$199k*-Business Flex Gold Savings
OTHER TIERS: 0.03% $1k - $25k | 0.09% $25k - $199k | 0.18% $50k - $99k
0.19%*$10k*-Health Savings Account
OTHER TIERS: 0.03% Up to $1k | 0.06% $1k - $2.5k | 0.09% $2.5k - $5k | 0.14% $5k - $10k
0.19%*$10k*-Business Health Savings Account
OTHER TIERS: 0.03% Up to $1k | 0.06% $1k - $2.5k | 0.09% $2.5k - $5k | 0.14% $5k - $10k
0.09%--Universal Savings
0.09%--Business Universal Savings

Heritage Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.32%*-$25keCentive Account
OTHER TIERS: 0.32% $25k+
0.04%$1k-Legacy Checking

Heritage Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.32%*$75k*-60 Month Triple Option CD
OTHER TIERS: 0.26% $2k - $10k | 0.28% $10k - $25k | 0.30% $25k - $75k
0.32%*$75k*-Business 60 Month Triple Option CD
OTHER TIERS: 0.26% $2k - $10k | 0.28% $10k - $25k | 0.30% $25k - $75k
0.30%*$75k*-36 Month Triple Option CD
OTHER TIERS: 0.24% $2k - $10k | 0.26% $10k - $25k | 0.28% $25k - $75k
0.30%*$75k*-48 Month Triple Option CD
OTHER TIERS: 0.24% $2k - $10k | 0.26% $10k - $25k | 0.28% $25k - $75k
0.30%*$75k*-Business 36 Month Triple Option CD
OTHER TIERS: 0.24% $2k - $10k | 0.26% $10k - $25k | 0.28% $25k - $75k
0.30%*$75k*-Business 48 Month Triple Option CD
OTHER TIERS: 0.24% $2k - $10k | 0.26% $10k - $25k | 0.28% $25k - $75k
0.24%$2k-24 Month Triple Option CD
0.24%*$2k*$25kBusiness 24 Month Triple Option CD
OTHER TIERS: 0.18% $25k+
0.18%$2k-12 Month Triple Option CD
0.18%$2k-Business 12 Month Triple Option CD
0.14%$2k-6 Month Triple Option CD
0.14%$2k-Business 6 Month Triple Option CD
0.08%$2k-3 Month Triple Option CD
0.08%$2k-Business 3 Month Triple Option CD
Locations


Heritage Bank Locations
Heritage Bank National Association110 W South StSpicer, MN 56288
Raymond Branch202 Cofield NorthRaymond, MN 56282
Pennock Branch242 1st StreetPennock, MN 56279
Willmar Branch310 1st Street SwWillmar, MN 56201
Sioux City Branch4530 Singing Hills BoulevardSioux City, IA 51106
6th Street Branch600 Pierce StreetSioux City, IA 51101
Sioux Falls Branch140 N Phillips AveSioux Falls, SD 57104

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