Heritage Bank Offers 6-Month CD Special (2.31% APY) Nationwide

POSTED ON BY

Deal Summary: 6-month Triple Option CD Special, 2.31% APY ($100k), 2.21% APY ($10k), additional deposits, unlimited rate bumps, penalty-free withdrawals possible.

Availability: Nationwide

Minnesota-based Heritage Bank had been offering very competitive rates on its long-term Triple Option CDs. Unfortunately, the rates have recently fallen, but there are still very competitive rates on Heritage Bank’s 6-month Triple Option CD Special. This CD currently earns 2.31% APY ($100k) or 2.21% APY ($10k).

The Triple Option features include additional deposits, unlimited rate bumps, penalty-free withdrawals, albeit with significant limitations.

Anytime Unlimited Rate Bump Up: This allows you to reset the rate of your CD at any time to Heritage Bank’s posted rate for any term equal to or greater than the original CD’s term. When the rate is reset, the term is also reset to the appropriate term. Plus, you can bump the rate as many times as you want.

Penalty-Free Withdrawals: You can withdraw part or all of your money without penalty at any time during your CD’s term for medical expenses. The minimum amount is $1,000 per withdrawal.

Anytime Additional Deposits: You may add money to your CD at any time, up to 100% of the CD’s original face amount. The minimum is $1,000 per deposit and the maximum amount allowed is the original deposit amount.

If an early withdrawal is made not for medical expenses, a penalty of 3 months interest or $40, whichever is greater, will apply.

Funding and Accessing Maturing Funds

Funding a Triple Option CD can be done by check, wire, or transfer from another existing Heritage Bank account. Unfortunately, there is no ACH transfer available. Maturing funds will be distributed in the same manner. There is a ten-day grace period before the Triple Option CD automatically renews.

Unlimited beneficiaries (equal shares) can be named and Social Security numbers are required for all name beneficiaries.

eCentive Account (Rewards Checking)

The nationally available eCentive Account currently earns 3.03% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.

The qualifying requirements include,

  • At least 10 debit card payments and/or purchases.
  • At least one Direct Deposit or ACH per month.
  • Receive monthly eStatement.

The eCentive Account has no minimum balance requirement or monthly service charge, but there is a $100 minimum opening deposit requirement. There is a $4 monthly fee if you don’t sign up for eStatements and paper statements are sent. If an eCentive Account is closed within six months of opening, a $30 fee will be assessed. Nationwide ATM fees will be reimbursed up to $25 per monthly qualification cycle.

Availability

Headquartered in Spicer, Minnesota, Heritage Bank offers its product line to all U.S. citizens, 18 years or older, who have a valid Social Security number.

While the eCentive Account can be opened online, CDs cannot. Opening a Triple Option CD can be done over the phone (800.344.7048), with all required documentation sent via email, fax, or snail-mail.

A Triple Option CD can also be opened at any of the four Minnesota branches located in Pennock, Raymond, Spicer, and Willmar, the two Sioux City, Iowa branches, or the Sioux Falls, South Dakota branch.

Bank Overview

Heritage Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 15.27% (above average) based on September 30, 2019 data. In the past year, Heritage Bank has increased its total non-brokered deposits by $21.33 million, an excellent annual growth rate of 6.58%. Please refer to our financial overview of United Bank (FDIC Certificate # 19254) for more details.

Founded in 1964 as the National Bank of Willmar, the Bank was a privately owned, community bank established and run by the Geiger family. The Bank was renamed Heritage Bank in 1984, and in 1989 acquired two Minnesota banks (The Citizens National Bank of Madelia and State Bank of Pennock). Further acquisitions occurred in 2004 (Farmers’ State Bank of Raymond) and 2011 (Heritage Bank, N.A. in Iowa). The biggest news in Heritage Bank’s story happened in November 2014:

The 150 employees of Heritage Bank will all be employee-owners. On Monday, Nov. 3, 2014, bank management announced that Heritage Bancshares Group, Inc., the parent company of Heritage Bank N.A., will become an employee-owned company through an Employee Stock Ownership Plan (ESOP).

“It is a win-win proposition for Heritage Bank, its employees and our local economy,” said Heritage Bank CEO Tom Geiger “By funding the ESOP, Heritage is investing in the employees who have helped make the company successful, and keeping that investment right here, helps support the local communities we serve.”

How the Triple Option CD Special Compares

When compared to 209 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Heritage Bank's 6-month Triple Option CD Special APYs currently rank second and third, regardless of minimum deposit requirements.

The above rates are accurate as of 12/27/2019.

To search for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.

Related Pages: Minneapolis checking accounts, Sioux City checking accounts, Sioux Falls checking accounts, reward checking accounts, 1-year CD rates, nationwide deals

Comments
Heritage Bank's Nationally Available eCentive Account Rate Soars
Deal Summary: eCentive Account (rewards checking account), 3.33% APY, up to $25k

Availability: Nationwide

Heritage Bank has more than doubled the rate on its eCentive Account to 3.33% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.15% APY, with non-qualifying balances earning 0.05% APY.

DA has been tracking the eCentive Account since November 2009, when its APY was 2.14%. The APY began a slow decline in August 2010, settling at 1.26% in April 2013 and remaining there for almost five years....

Continue Reading
Updated Review of Heritage Bank's Reward Checking Account

It has been almost 3 years since I first reported on the reward checking account at Heritage Bank, N.A.. It's now called the eCentive Account, and the account continues to be available nationwide. The rates were always a little low compared to other reward checking accounts, but its current rate is more competitive today especially when compared to other nationally available reward checking accounts from banks. Below are the rates and features if certain monthly requirements are met (as of 6/27/2012):

  • 1.71% APY on balances up to $25,000
  • 0.10% APY on portion...
Continue Reading
2.14% Reward Checking Account With No Balance Cap at Heritage Bank in MN - Nationally Available
Update 7/18/09: The top rate has fallen to 2.14% APY. Refer to the bottom of the post for the rate history.

Heritage Bank is offering a reward checking account with a rate that's low for reward checking, but it has the advantage that all balances can qualify for the top rate. If certain monthly requirements are met, the following rate and features apply:
  • 2.14% APY on all balances
  • 0.10% base rate if monthly requirements are not met
  • Refunds of ATM fees nationwide up to $25 per month
The monthly requirements include:
  • 10 check card purchases
  • one direct...




Continue Reading
Heritage Bank's New Online Savings Account - 4.60%
Update 5/22/09: The savings account rate is now 1.50% APY.

Heritage Bank is another bank getting into the high yield online savings account. The bank's new Heritage Direct Savings Account has a 4.60% APY. It requires a $1K minimum opening balance. The balance must remain above $1K to obtain the APY and to avoid a $10 monthly fee.

This savings account has the same features as the typical online savings account. It must be opened online, and it links to your existing checking account. Like EmigrantDirect or ING Direct, it doesn't offer...



Continue Reading
Heritage Direct Online Savings Account Now 5.20%
Heritage Bank Online increased the rate on its savings account from 5.06% to 5.20% APY. The last rate hike was about two months ago. Since I first reported on this online savings account in April, the rates have remained competitive.

The main problem with this online savings account is that if your balance falls below $1K, there's a $10 monthly fee and you earn no interest. Also, there's no ATM or check writing. So it really doesn't have much advantage over Emigrant Direct. It's going to have to offer much higher...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.