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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 started in 1994 with its headquarters in San Jose, California. It handles assets of $3 billion as well as $3 billion in deposits, ranking it as a large bank. Heritage Bank of Commerce has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated Heritage Bank of Commerce 3.2 out of 5 stars, which means it is a fair bank that might not check all the boxes. Heritage Bank of Commerce has the complete slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a $8.00 monthly fee, making it a rather pricey bank for checking. Banks that offer free checking and a high savings APY are the best bet for getting the highest income from 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

Heritage Bank of Commerce features a savings rate of 0.05%, which is poor in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.35%, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should think about taking a look at other banks for 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

On average, Heritage Bank of Commerce charges customers high fees in comparison to other U.S. banks. Heritage Bank of Commerce's checking account has a monthly fee of $8.00, ranking it fair for anyone looking for a hassle-free account. Heritage Bank of Commerce unfortunately does not reimburse out-of-network ATM fees, meaning you'll need to search for a Heritage Bank of Commerce ATM or pay the fee.

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 bank locations in California. With a mobile app, Heritage Bank of Commerce provides straightforward mobile banking, even from home or work. Heritage Bank of Commerce also offers a live chat feature, a helpful way to reach a representative during the work day. Heritage Bank of Commerce receives an excellent consumer satisfaction score based on relatively few complaints reported to 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 Yes
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Financial Health

5.0
SmartAsset Average: 4.8

Heritage Bank of Commerce is a large bank with $3 billion in assets as well as $3 billion in deposits. Its Texas Ratio is 0.81%, denoting a negligible possibility of failure. 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: 0.35% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.60% APY
$2500 for all terms
Money Market Account 0.1% APY $25000

Heritage Bank of Commerce offers several deposit products like 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 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 of Commerce's CD rates are fair as compared against the national average.

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Find a Heritage Bank of Commerce Near Me

Heritage Bank of Commerce has 18 branches across the U.S.

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