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Heritage Bank Review

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

Overview

Started in 1955, Heritage Bank has assets totaling $476 million and $410 million in deposits, which makes it a medium-size bank. Heritage Bank, whose headquarters are in Jonesboro, Georgia, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Heritage Bank a 3.4 stars out of 5, indicating that it is a fair bank that does not stack up to some of the other banks. Heritage Bank offers a complete suite of banking products, including 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 product maintains a $10.00 monthly fee, which ranks on the higher end of monthly fees. Institutions that offer free checking and a high interest rate savings account are the best option for returning the highest income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.25%, Heritage Bank ranks poorly as compared against the national average. Heritage Bank's one-year CD earns at a rate of 1.25% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account has an APY of 0.50%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Heritage Bank's Savings Rates Compare

Heritage Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.2
SmartAsset Average: 4.4

Heritage Bank has generally high fees in comparison to the national average. At $10.00 per month, Heritage Bank's checking account is less than the best product for people who want a hassle-free checking account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable in comparison to the average U.S. bank. Heritage Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll have to find a Heritage Bank ATM or accept the fee.

Monthly Fee $10.00 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Heritage Bank is a brick-and-mortar bank, with seven total bank locations in Georgia. With mobile and web apps, Heritage Bank makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Sunday and 7:00 a.m. to 1:00 a.m. ET. You can use Heritage Bank's mobile app to control your accounts by checking current statements, transferring funds and accessing support representatives. Heritage Bank receives an outstanding consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.7
SmartAsset Average: 4.8

Heritage Bank is currently a medium-size bank and handles assets totaling $476 million as well as deposits totaling $410 million. Its Texas Ratio is 7.31%, denoting that the bank is in good financial shape 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

7.31%
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 to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $5
Checking Account 0.35% APY $1500
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.75% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.00% APY
$500 for all terms
Money Market Accounts 0.35% APY 0.5% APY $10000 $15000

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 taking a look 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 the national average.

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Find a Heritage Bank Near Me

Heritage Bank has seven physical locations across the U.S.

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