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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


Heritage Bank started in 1927 with its headquarters in Olympia, Washington. It has $4 billion in assets and deposits totaling $3 billion, which makes it a large bank. Heritage Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset has rated the bank 3.9 out of 5 stars, suggesting Heritage Bank is a good bank that deserves your consideration. Heritage Bank offers a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Heritage Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product maintains a $7.00 monthly fee, making it a rather costly bank for checking. Locating a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for accruing the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


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 earns at a rate of 0.15%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Heritage Bank's Savings Rates Compare

Heritage Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Heritage Bank charges its customers high fees compared to the national average. At $7.00/month, Heritage Bank's checking account is less than great for those who need an easy banking experience. For those who use cash often, it is not great because it charges an out-of-network ATM fee of $2.50, which is less than ideal in comparison to the national average. Additionally, Heritage Bank has an overdraft fee of $34.00, which is less than the national average overdraft fee. Heritage Bank unfortunately does not refund out-of-network ATM charges, which means you will be required to search for a Heritage Bank ATM or eat the ATM charge.

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

SmartAsset Average: 3.7

Heritage Bank is a brick-and-mortar bank, with 65 total branches in Oregon and Washington. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to 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's online and mobile banking platforms receive reasonably high praise from customers. The Heritage Bank mobile app has an overall rating of 4.4 out of 5 (with 1,300 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Heritage Bank's app to manage your bank accounts by looking at account balances, sending and receiving money as well as accessing support representatives. Heritage Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial 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

SmartAsset Average: 4.8

Heritage Bank is a large bank and handles $4 billion in assets as well as deposits totaling $3 billion. Its Texas Ratio is 2.29%, suggesting a minute possibility of 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 0.04% 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 Account 0.1% APY $10000

Heritage Bank has several deposit products like 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 looking elsewhere 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 in comparison to the average U.S. bank.

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Find a Heritage Bank Near Me

Heritage Bank has 65 branches in the U.S.

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