Heritage Bank is headquartered in Spicer and is the 38th largest bank in the state of Minnesota. It is also the 1,766th largest bank in the nation. It was established in 1964 and as of March of 2020, it had grown to 108 employees at 7 locations. Heritage Bank's savings rates are 58% higher than the national average, and it has a C+ health rating.
Related Posts
4/19 - Heritage Bank's Nationally Available eCentive Account Rate Soars
7/18/09 - 2.14% Reward Checking Account With No Balance Cap at Heritage Bank in MN - Nationally Available
5/22/09 - Heritage Bank's New Online Savings Account - 4.60%
9/9/06 - Heritage Direct Online Savings Account Now 5.20%
7/6/06 - Heritage Direct Savings Account Now 5.06%
4/15/06 - Heritage Direct Savings Account Now 4.72%
One Of My Favorite Banks
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
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!
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
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.
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
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.
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19254 |
| Year Established | 1964 |
| Employees | 108 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.1% |
| Return on Equity - YTD | 0.94% |
| Annual Interest Income | $5.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $402.9MM$428.1MM |
| Loans | Q1 2020vs Q1 2019 | $309.0MM$329.2MM |
| Deposits | Q1 2020vs Q1 2019 | $325.4MM$372.1MM |
| Equity Capital | Q1 2020vs Q1 2019 | $42.3MM$39.7MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $3.9MM$4.4MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $8.0MM$6.5MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $114.00K$1.3MM |