Heritage Bank


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

Heritage Bank is headquartered in Spicer and is the 34th largest bank in the state of Minnesota. It is also the 1,624th largest bank in the nation. It was established in 1964 and as of June of 2019, it had grown to 128 employees at 13 locations. Heritage Bank's savings rates are 3X the national average, and it has a B+ health rating.

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Reviews (5)

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: rinlok | Nov 27, 2019

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: weiss800 | Nov 21, 2019

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: m0nster2 | Aug 11, 2018

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: alfloiz | Jun 11, 2018

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.



Health
B+

Health Grade Components

Overall
FDIC Certificate #19254
Year Established1964
Employees128
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.67%
Return on Equity - YTD7.33%
Annual Interest Income$10.6MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$439.0MM$426.5MM
LoansQ2 2019vs Q2 2018$344.3MM$361.2MM
DepositsQ2 2019vs Q2 2018$381.8MM$366.0MM
Equity CapitalQ2 2019vs Q2 2018$40.8MM$38.5MM
Loan Loss AllowanceQ2 2019vs Q2 2018$4.4MM$4.6MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$7.6MM$10.3MM
Real Estate OwnedQ2 2019vs Q2 2018$485.00K$1.0MM
Rates
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* 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
1.76%*$230k*-Jumbo Deposit Account
OTHER TIERS: 0.10% Up to $100k | 1.66% $100k - $230k
1.76%*$230k*-Business Jumbo Deposit Account
OTHER TIERS: 0.10% Up to $100k | 1.66% $100k - $230k
0.95%$1k-HeritageDirect Savings
0.95%$1k-Business HeritageDirect Savings
0.75%*$199k*-Flex Gold Savings
OTHER TIERS: 0.20% $1k - $50k | 0.25% $50k - $99k | 0.50% $99k - $199k
0.75%*$199k*-Business Flex Gold Savings
OTHER TIERS: 0.20% $1k - $50k | 0.25% $50k - $99k | 0.50% $99k - $199k
0.50%*$10k*-Health Savings Account
OTHER TIERS: 0.15% Up to $1k | 0.25% $1k - $2.5k | 0.30% $2.5k - $5k | 0.35% $5k - $10k
0.50%*$10k*-Business Health Savings Account
OTHER TIERS: 0.15% Up to $1k | 0.25% $1k - $2.5k | 0.30% $2.5k - $5k | 0.35% $5k - $10k
0.15%--Universal Savings
0.15%--Business Universal Savings

Heritage Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.03%*-$25keCentive Account
OTHER TIERS: 0.15% $25k+
0.15%$1k-Legacy Checking

Heritage Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.47%*$25k*-60 Month Triple Option CD
OTHER TIERS: 2.27% $2k - $10k | 2.37% $10k - $25k
2.47%*$25k*-Business 60 Month Triple Option CD
OTHER TIERS: 2.27% $2k - $10k | 2.37% $10k - $25k
2.32%*$25k*-36 Month Triple Option CD
OTHER TIERS: 2.12% $2k - $10k | 2.22% $10k - $25k
2.32%*$25k*-Business 36 Month Triple Option CD
OTHER TIERS: 2.12% $2k - $10k | 2.22% $10k - $25k
2.07%*$25k*-48 Month Triple Option CD
OTHER TIERS: 1.87% $2k - $10k | 1.97% $10k - $25k
2.07%*$25k*-Business 48 Month Triple Option CD
OTHER TIERS: 1.87% $2k - $10k | 1.97% $10k - $25k
1.71%$2k-24 Month Triple Option CD
1.71%$2k-Business 24 Month Triple Option CD
1.22%$2k-12 Month Triple Option CD
1.22%$2k-Business 12 Month Triple Option CD
0.85%$2k-6 Month Triple Option CD
0.85%$2k-Business 6 Month Triple Option CD
0.28%$2k-3 Month Triple Option CD
0.28%$2k-Business 3 Month Triple Option CD
Locations

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