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.

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.


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

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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.

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