Heritage Bank Ups Nationally Available Triple Option CD Special Rate


Deal Summary: 6-month or 12-month Triple Option CD Special, 4.44% APY ($25k min), additional deposits, unlimited rate bumps, penalty-free withdrawals possible (with limitations).

Availability: Nationwide

Minnesota-based Heritage Bank is once again offering the 6-month and 12-month Triple Option CDs. It’s been about three years since I last wrote about the Triple Option CDs. At that time, the Triple Option CDs offered tiered rates of 2.21% APY and 2.31% APY based on balances of $10k+ and $100k+, respectively.

Heritage Bank has restructured the Triple Option CS, with both currently offering 4.44% APY on balances of $25k or more, and near-zero rates of 0.14% APY and 0.18% APY on balances up to $25k.

5.06*%$2k-Heritage Bank6 Month Triple Option CD
4.79*%$2k-Heritage Bank12 Month Triple Option CD
Rates as of May 19, 2024.

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

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

Penalty-Free Withdrawals: You can withdraw from your CD balance 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 can add money to your CD at any time. The minimum is $1,000 per deposit and additions are allowed up to 100% of the CD’s original balance each term.

The Certificates of Deposit page lists the Early Withdrawal Penalty, which reads as follows:

Standard early withdrawal penalty (excluding withdrawals for medical expenses)

  • Maturity of six months or less: Three months loss of interest
  • Maturity of greater than six months: Six months loss of interest
  • Minimum penalty: $40.00

Availability and Account Opening

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

Heritage Bank has improved its website, with checking and savings accounts available to be opened online. While the Certificates of Deposit page actually has an “Apply For Certificates of Deposit” button, it disappointingly leads to a “Contact Me” form.

Please complete the form below and our Customer Care Team will contact you to open your account!

Opening a Triple Option CD can also 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.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH ($2.50 fee), wire ($18 fee), check, or transfers from another institution initiated through Heritage Bank’s Digital Banking platform.
  • Interest – Compounded/credited monthly; dividends can be paid out or transferred to another account.
  • Maturing Funds – ACH ($2.50 fee), wire ($30 fee), cashier’s check to address on file, internal transfer or transfer to another institution initiated through the Digital Banking platform..
  • Beneficiaries – Unlimited, equal shares, Social Security number required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Soft pull.

Bank Overview

Heritage Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.75% (excellent) based on June 30, 2022 data. Heritage Bank has an above average capitalization level (10.72%), the result of holding $436.98 million in assets with $46.83 million in equity. Please refer to our financial overview of Heritage 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 more than eight years ago:

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 6-Month Triple Option CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $25k or less, two banks have a higher rate than currently offered on the Heritage 6-month Triple Option CD. The following table compares the 6-month Triple Option CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 12-Month Triple Option CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide, the Heritage Bank 12-Month Triple Option CD APY isn’t that competitive. But when compared to nationally available add-on CDs with similar length-of-terms, the 12-Month Triple Option CD fares much better.

The above information and rates are accurate as of 1/3/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

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

Previous Comments
  |     |   Comment #1
Gimmicks. Sounds like another division of TrickyBank.

As my grandmother used to say they give you free ice in the winter.

ACH fee? Always a warning flag.

Very narrow use case here if any.

"You can withdraw from your CD balance without penalty at any time during your CD’s term for medical expenses."

Does market anxiety count?
  |     |   Comment #2
Someone's "gimmicks" -- actually serve as additional "hedges" for me. A competitive rate with options to have add-on deposits, unlimited rate resets/term resets, and limited provisions for penalty withdrawals -- is a rare combination that makes sense for me in this volatile rate environment.
Heritage Bank Offers 6-Month CD Special (2.31% APY) Nationwide
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.

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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....

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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...
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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...

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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...

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