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. 207 bps were added in two rate increases since the beginning of 2018.
eCentive Account Qualification Requirements
- 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 if you don’t sign up for eStatements and paper statements are sent. (I realize I’m stating the obvious, but not receiving eStatements automatically makes any balance non-qualifying.) 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.
Heritage Bank’s online savings account, HeritageDirect Savings, also had a rate increase this week, but the 0.60% APY is so uncompetitive, it doesn’t merit more than this one sentence.
Headquartered in Spicer, Minnesota, Heritage Bank offers its eCentive Account to all U.S. citizens,18 years or older, with a valid Social Security number through its online application.
Opening an eCentive Account can be done online, or at any of the four Minnesota branches located in Pennock, Raymond, Spicer, and Willmar, or the eight Iowa branches located in Alta, Anthon, Aurelia, Cushing, Holstein, Lytton, and Sioux City (2).
Heritage Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.80% (above average) based on December 31, 2017 data. In the past year, Heritage Bank has increased its total non-brokered deposits by $23.18 million, an excellent annual growth rate of 7.76%. 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 eCentive Account Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available nationwide and have maximum qualifying balances of at least $25k, Heritage Bank’s eCentive Account APY currently ranks first.
The above rates are accurate as of 4/19/2018.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.