Heritage Bank


Triple Option CD Opening Was Outstanding

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Just opened a 12-month Triple Option CD at Heritage Bank -- what a breath of fresh air. Kudos to our representative Dani Strohl. Easy process, responsive reachable staff, and a CD structure offering unique hedging in a volatile rate environment. The 12-month rate is not the highest in the nation, but it offers the rare combination of add-on deposits, rate reset/term reset, and some limited withdrawal penalty provisions. Small bank -- but big positive experience opening a CD which fits well in our portfolio.

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!

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.

Too Many Term And Interest Changes For The Worse

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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.

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Health
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Heritage Bank has a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #19254
Year Established1964
Employees92
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-1.32%
Return on Equity - YTD-16.7%
Annual Interest Income$31.3MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$577.8MM$457.6MM
LoansQ4 2023vs Q4 2022$473.6MM$378.4MM
DepositsQ4 2023vs Q4 2022$461MM$375.2MM
Equity CapitalQ4 2023vs Q4 2022$38.1MM$44.3MM
Loan Loss AllowanceQ4 2023vs Q4 2022$8MM$4.4MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$1.3MM$2.1MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0
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
4.25%*$2m*-Jumbo Deposit Account
OTHER TIERS: 1.01% Up to $100k | 2.04% $100k - $230k | 3.02% $230k - $2m
4.25%*$2m*-Business Jumbo Deposit Account
OTHER TIERS: 1.01% Up to $100k | 2.04% $100k - $230k | 3.02% $230k - $2m
3.02%*$5k*-Health Savings Account
OTHER TIERS: 1.01% Up to $5k
3.02%*-$5kBusiness Health Savings Account
OTHER TIERS: 1.01% $5k+
0.14%$1k-HeritageDirect Savings
0.14%$1k-Business HeritageDirect Savings
0.14%--Business Universal Savings
0.05%--Universal Savings

Heritage Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.04%*-$100kPayroll Plus Checking
OTHER TIERS: 0.14% $100k+
2.02%*-$100keCentive Account
OTHER TIERS: 0.14% $100k+

Heritage Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.06%$2k-6 Month Triple Option CD
5.06%$2k-Business 6 Month Triple Option CD
4.79%$2k-12 Month Triple Option CD
4.79%$2k-Business 12 Month Triple Option CD
3.20%*$75k*-60 Month Triple Option CD
OTHER TIERS: 1.20% $2k - $25k | 2.20% $25k - $75k
3.20%*$75k*-Business 60 Month Triple Option CD
OTHER TIERS: 1.20% $2k - $25k | 2.20% $25k - $75k
3.15%*$75k*-48 Month Triple Option CD
OTHER TIERS: 1.15% $2k - $25k | 2.15% $25k - $75k
3.15%*$75k*-Business 48 Month Triple Option CD
OTHER TIERS: 1.15% $2k - $25k | 2.15% $25k - $75k
3.10%*$75k*-36 Month Triple Option CD
OTHER TIERS: 1.10% $2k - $25k | 2.10% $25k - $75k
3.10%*$75k*-Business 36 Month Triple Option CD
OTHER TIERS: 1.10% $2k - $25k | 2.10% $25k - $75k
3.05%*$75k*-24 Month Triple Option CD
OTHER TIERS: 1.05% $2k - $25k | 2.05% $25k - $75k
3.05%*$75k*-Business 24 Month Triple Option CD
OTHER TIERS: 1.05% $2k - $25k | 2.05% $25k - $75k

Heritage Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.06%$2k-6 Month Triple Option IRA
4.79%$2k-12 Month Triple Option IRA
3.20%*$75k*-60 Month Triple Option IRA
OTHER TIERS: 1.20% $2k - $25k | 2.20% $25k - $75k
3.15%*$75k*-48 Month Triple Option IRA
OTHER TIERS: 1.15% $2k - $25k | 2.15% $25k - $75k
3.10%*$75k*-36 Month Triple Option IRA
OTHER TIERS: 1.10% $2k - $25k | 2.10% $25k - $75k
3.05%*$75k*-24 Month Triple Option IRA
OTHER TIERS: 1.05% $2k - $25k | 2.05% $25k - $75k
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 Branch505 5th StSioux City, IA 51101
Sioux Falls Branch140 N Phillips AveSioux Falls, SD 57104

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