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's savings rates are 6X the national average, and it has a B+ health rating.
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.
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!
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.
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.
Overall | |
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FDIC Certificate # | 19254 |
Year Established | 1964 |
Employees | 106 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.3% |
Return on Equity - YTD | 13.1% |
Annual Interest Income | $10.6MM |
Assets and Liabilities | ||
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Assets | Q2 2022vs Q2 2021 | $437.0MM$448.4MM |
Loans | Q2 2022vs Q2 2021 | $350.6MM$340.3MM |
Deposits | Q2 2022vs Q2 2021 | $350.4MM$369.1MM |
Equity Capital | Q2 2022vs Q2 2021 | $43.1MM$47.4MM |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $3.7MM$3.8MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $1.3MM$3.7MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
2.02%* | - | $25k | eCentive Account | ||
OTHER TIERS: 0.14% → $25k+ | |||||
2.02%* | - | $100k | eCentive Elite Account | ||
OTHER TIERS: 0.14% → $100k+ | |||||
0.01% | $1k | - | Legacy Checking |
Heritage Bank Locations | ||
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Heritage Bank National Association | 110 W South St | Spicer, MN 56288 |
Raymond Branch | 202 Cofield North | Raymond, MN 56282 |
Pennock Branch | 242 1st Street | Pennock, MN 56279 |
Willmar Branch | 310 1st Street Sw | Willmar, MN 56201 |
Sioux City Branch | 4530 Singing Hills Boulevard | Sioux City, IA 51106 |
6th Street Branch | 505 5th St | Sioux City, IA 51101 |
Sioux Falls Branch | 140 N Phillips Ave | Sioux Falls, SD 57104 |