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Heritage Bank Review

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Heritage Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Heritage Bank started in 1927 with headquarters in Olympia, Washington. Heritage Bank handles assets of $4 billion and deposits totaling $3 billion, which makes it a large bank. Heritage Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, 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 offers a complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a monthly fee of $7.00, although banks sometimes have requirements that allow you to waive the fee. Banks that offer free checking as well as a high interest rate savings account are your best option for gaining the highest income from your deposits alongside 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 0.03%, Heritage Bank ranks poorly in comparison to other U.S. banks. Heritage Bank's one-year CD has a rate of 0.20% and the five-year CD has a rate of 0.95%, while its highest-yielding money market account earns at an APY of 0.08%. Given Heritage Bank's below average savings rate, you should consider looking elsewhere to open savings accounts.

How Heritage Bank's Savings Rates Compare

Heritage Bank Savings 0.03 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Heritage Bank has typically high fees compared to the average U.S. bank. Its checking account has a monthly fee of $7.00, rating it fair for anyone looking for a hassle-free account. For those who visit the ATM often, Heritage Bank is less than the best option because it charges an out-of-network ATM fee of $2.50, which is less than the best option compared to the national average. Additionally, it has an overdraft fee of $34.00, which is less than the national average. Heritage Bank unfortunately does not refund out-of-network ATM charges, meaning you will need to search for a Heritage Bank ATM or pay the cost of withdrawal.

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 simple access and banking on the go. It does not have 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 services receive reasonably decent feedback from customers. The Heritage Bank mobile app rates a 4.4 out of 5 (out of 1,300 ratings on Apple and Android) compared to the national average of 3.8. Heritage Bank's mobile app allows you to control your funds by reviewing current statements, transferring money and accessing customer service. Heritage Bank gets a superb consumer satisfaction rating based on relatively 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

SmartAsset Average: 4.8

Heritage Bank is currently a large bank with assets totaling $4 billion as well as $3 billion in deposits. Its Texas Ratio is 2.29%, denoting a low probability 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 0.03% APY $1
Checking Account 0.02% APY $1
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.70% APY
  • 48 Month: 0.70% APY
  • 60 Month: 0.95% APY
$2500 for all terms
Money Market Account 0.06% APY $10000

Heritage Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Heritage Bank does not have the best savings rate, which means you should think about 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 compared to other U.S. banks.

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Find a Heritage Bank Near Me

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

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