Heritage Bank

Overview / Commentary
110 W South St
Spicer, MN 56288-0658

Heritage Bank is headquartered in Spicer and is the 50th largest bank in the state of Minnesota. It is also the 1,923rd largest bank in the nation. It was established in 1964 and as of June of 2022, it had grown to 106 employees at 7 locations. Heritage Bank has a B+ health rating.

Reviews (8)

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.

Too Many Term And Interest Changes For The Worse

Posted by: |

Initially I loved this bank when I opened my account in 2020. They offered a high rate of interest on checking balances up to $25K with 10 POS and 1 ACH per month. However effective 1-1-22 they added the requirement of a minimum of $500 in POS per month. This change, on top of an interest rate that over time has become less attractive, caused me to switched my primary checking to another institution.


Health Grade Components

FDIC Certificate #19254
Year Established1964
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.3%
Return on Equity - YTD13.1%
Annual Interest Income$10.6MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$437.0MM$448.4MM
LoansQ2 2022vs Q2 2021$350.6MM$340.3MM
DepositsQ2 2022vs Q2 2021$350.4MM$369.1MM
Equity CapitalQ2 2022vs Q2 2021$43.1MM$47.4MM
Loan Loss AllowanceQ2 2022vs Q2 2021$3.7MM$3.8MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$1.3MM$3.7MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0

Rates for Heritage Bank are currently being reviewed.


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 Branch505 5th StSioux City, IA 51101
Sioux Falls Branch140 N Phillips AveSioux Falls, SD 57104

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