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Heritage Bank Review

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Heritage Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Heritage Bank started in 1927 and its headquarters are located in Olympia, Washington. Heritage Bank manages $4 billion in assets as well as deposits totaling $3 billion, making it a large bank. Heritage Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 3.9 out of 5 stars, Heritage Bank should be near the middle of the pack in your search for a bank. Heritage Bank has a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a $7.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Banks that offer free checking and a high interest rate savings account are the best bet for accruing the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Heritage Bank ranks poorly compared to the national average. Its one-year CD has a rate of 0.50% and the five-year CD has a rate of 0.95%, while its highest-yielding money market account has an APY of 0.15%. Given Heritage Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Heritage Bank's Savings Rates Compare

Heritage Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Heritage Bank typically has high fees compared to the average U.S. bank. At $7.00 per month, Heritage Bank's checking account is less than great for people who want an easy banking experience. For those who often frequent the ATM, it is not great because it has an out-of-network ATM fee of $2.50, which is not the best product as compared against the national average. Additionally, at $34.00, Heritage Bank's overdraft fee is markedly lower than the average overdraft fee charged by U.S. banks. Heritage Bank doesn't refund out-of-network ATM fees, meaning you will need to find a Heritage Bank ATM or accept the withdrawal fee.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee $2.50 National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Heritage Bank is a brick-and-mortar bank, with 65 total bank locations in Oregon and Washington. With mobile and web apps, Heritage Bank makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Heritage Bank receives relatively positive scores from customers for its mobile platform. The Heritage Bank mobile app has an overall rating of 4.4 out of 5 (with 1,300 reviews on iOS and Android) compared to the national average of 3.8. Heritage Bank's mobile app allows you to manage your funds by monitoring current statements, sending and receiving money and reaching support representatives. Heritage Bank receives an outstanding consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Heritage Bank is a large bank and has assets totaling $4 billion as well as deposits totaling $3 billion. Its Texas Ratio is 2.29%, suggesting that the bank is in excellent financial well-being and far from failure. Additionally, Heritage Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Heritage Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.80% APY
  • 60 Month: 0.95% APY
$2500 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Heritage Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Heritage Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Heritage Bank's CD rates are fair compared to other U.S. banks.

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Find a Heritage Bank Near Me

Heritage Bank has 65 physical branches across the U.S.

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