Heritage Bank


Overview / Commentary
320-214-3903
110 W South St
Spicer, MN 56288-0658

Heritage Bank is headquartered in SPICER and is the 36th largest bank in the state of Minnesota. It is also the 1,580th largest bank in the nation. It was established in 1964 and as of March of 2024, it had grown to 85 employees at 6 locations. Heritage Bank's savings rates are 8X the national average, and it has a B health rating.

Reviews (2)

Triple Option CD Opening Was Outstanding

Posted by: |

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.

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

Health Grade Components

Overall
FDIC Certificate #19254
Year Established1964
Employees85
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.61%
Return on Equity - YTD9.17%
Annual Interest Income$8.7MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$584.2MM$465.1MM
LoansQ1 2024vs Q1 2023$443.4MM$382.6MM
DepositsQ1 2024vs Q1 2023$469.7MM$390.4MM
Equity CapitalQ1 2024vs Q1 2023$39MM$42.6MM
Loan Loss AllowanceQ1 2024vs Q1 2023$7.2MM$7.1MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$1.7MM$6.1MM
Real Estate OwnedQ1 2024vs Q1 2023$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% $0 - $100k | 2.04% $100k - $230k | 3.02% $230k - $2m
4.25%*$2m*-Business Jumbo Deposit Account
OTHER TIERS: 1.01% $0 - $100k | 2.04% $100k - $230k | 3.02% $230k - $2m
3.02%*$5k*-Health Savings Account
OTHER TIERS: 1.01% $0 - $5k
3.02%*$0$5kBusiness Health Savings Account
OTHER TIERS: 1.01% $5k+
0.14%$1k-HeritageDirect Savings
0.14%$1k-Business HeritageDirect Savings
0.14%$0-Business Universal Savings
0.05%$0-Universal Savings

Heritage Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.04%*$0$100kPayroll Plus Checking
OTHER TIERS: 0.14% $100k+
2.02%*$0$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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