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Heritage Bank of Nevada Review

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Heritage Bank of Nevada Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1995, Heritage Bank of Nevada has assets totaling $823 million as well as $730 million in deposits, which makes it a medium-size bank. Heritage Bank of Nevada, whose headquarters are in Reno, Nevada, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.4 out of 5 stars, Heritage Bank of Nevada proves it is a solid contender in your bank search. Heritage Bank of Nevada provides customers with the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly charge. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best option for returning the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.25%, Heritage Bank of Nevada ranks poorly as compared against the national average. Its one-year CD earns at a rate of 0.40% and the five-year CD has a rate of 0.95%, while its highest-yielding money market account has a rate of 0.40%. Given its poor savings rate, you should think about looking elsewhere to open savings accounts.

How Heritage Bank of Nevada's Savings Rates Compare

Heritage Bank of Nevada Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Heritage Bank of Nevada charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Heritage Bank of Nevada is perfect for people who want a basic banking experience. Heritage Bank of Nevada unfortunately does not refund out-of-network ATM charges, meaning you will be required to locate a Heritage Bank of Nevada ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

Heritage Bank of Nevada is a brick-and-mortar bank, with eight total branches in Nevada. With mobile and web apps, Heritage Bank of Nevada makes mobile banking straightforward, even on the go. Heritage Bank of Nevada receives positive scores from users for its mobile app. The Heritage Bank of Nevada mobile app has an overall rating of 5.0 out of 5 (with 3 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Heritage Bank of Nevada's app to control your bank accounts by checking account balances, sending and receiving funds as well as reaching customer service. Heritage Bank of Nevada receives an outstanding consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 5.0/5
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 of Nevada is currently a medium-size bank with $823 million in assets and deposits totaling $730 million. Heritage Bank of Nevada's Texas Ratio is 3.26%, denoting a low chance of failure. Additionally, Heritage Bank of Nevada is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.26%
High Risk 75% 50% 20% 10% Low Risk

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 of Nevada to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.15% APY $1500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.85% APY
  • 48 Month: 0.85% APY
  • 60 Month: 0.95% APY
$10000 for all terms
Money Market Account 0.3% APY $10000

Heritage Bank of Nevada 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 of Nevada 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 of Nevada's CD rates are fair compared to the national average.

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Find a Heritage Bank of Nevada Near Me

Heritage Bank of Nevada has eight branches across the U.S.

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