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Heritage Bank of Commerce Review

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

Overview

Heritage Bank of Commerce first started operating in 1994 and its headquarters are located in San Jose, California. It manages $3 billion in assets as well as deposits totaling $3 billion, ranking it as a large bank. Heritage Bank of Commerce has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated the bank 3.2 out of 5 stars, which means Heritage Bank of Commerce is a fair bank that does not stack up to some of the larger banks. Heritage Bank of Commerce has a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. Heritage Bank of Commerce has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a monthly fee of $8.00, which ranks on the higher end of monthly fees. Banks that offer no-fee checking, in addition to a high savings APY are your best option for getting the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.2/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.05%, Heritage Bank of Commerce ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.30%, while its highest-yielding money market account earns at a rate of 0.10%. Given Heritage Bank of Commerce's poor savings rate, you should consider looking at the competition to open savings accounts.

How Heritage Bank of Commerce's Savings Rates Compare

Heritage Bank of Commerce Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Heritage Bank of Commerce has typically high fees as compared against the national average. At $8.00/month, Heritage Bank of Commerce is not great for those who want a simple banking experience. Heritage Bank of Commerce unfortunately doesn't refund out-of-network ATM fees, which means you'll be required to search for a Heritage Bank of Commerce ATM or eat the cost of withdrawal.

Monthly Fee $8.00 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

2.8
SmartAsset Average: 3.7

Heritage Bank of Commerce is a brick-and-mortar bank, with 18 total branches in California. With a mobile app, Heritage Bank of Commerce provides convenient account access, even from home or work. Heritage Bank of Commerce also offers a live chat feature, something to consider if you work during the customer service hours. Heritage Bank of Commerce receives an exceptional consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

5.0
SmartAsset Average: 4.8

Heritage Bank of Commerce is currently a large bank and owns assets totaling $3 billion and $3 billion in deposits. Heritage Bank of Commerce has an excellent Texas Ratio of 0.81%, signifying that Heritage Bank of Commerce is in terrific financial health and unlikely to fail. Additionally, Heritage Bank of Commerce 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 of Commerce to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.02% APY $500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.55% APY
$2500 for all terms
Money Market Account 0.1% APY $25000

Heritage Bank of Commerce 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 Commerce 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 of Commerce's CD rates are fair compared to other U.S. banks.

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Find a Heritage Bank of Commerce Near Me

Heritage Bank of Commerce has 18 physical locations across the U.S.

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