Heritage Bank 1.53% APY Rewards Checking Account on up to $25,000 – Available Nationwide (Rate To Be Reduced April 1st)

Rate now 1.53%

Update 3/15/20: Due to Federal Reserve rate reductions in March, our eCentive rate will be reduced as of April 1, 2020. Our current rates remain in effect through March 31, 2020. Rates advertised here are updated daily.

Update 12/2/19: Rate decreased from 3.33% to 3.03%.

Offer at a glance

  • Interest Rate: 3.03% APY
  • Minimum Balance: None ($100 minimum to open)
  • Maximum Balance: $25,000
  • Availability: Nationwide
  • Direct deposit required: Optional
  • Additional requirements: Yes, see below 
  • Hard/soft pull: Soft
  • Credit card funding: Yes, up to $1,500 with a Visa credit card Credit card funding no longer allowed
  • Monthly fees: None 
  • Early Account Termination Fee: $30 fee if account is closed within 6 months of opening
  • Insured: FDIC

The Offer

Direct Link to offer

  • Heritage Bank offers their eCentive rewards checking account with an interest rate of 3.33% APY on balance up to $25,000 and ATM fee waiver.

Heritage Bank is a bank in the midwest with locations in Minnesota and Iowa. This account can be opened online for any US citizen nationwide.

To be eligible for the 3.33% rate, you need to do the following:

  • Enroll in e-statements
  • Have at least one direct deposit or automatic payment (ACH) each month
  • Make 10 or more debit card payments and/or purchases that will post to your account each month (excluding ATM transactions)
  • [Login once per month – this is mentioned in the video but not on the offer page]

The Fine Print

  • Any portion of the balance above $25,000 will earn .15% APY
  • If qualifications are not met, account will earn .05% APY
  • When you meet the eCentive Account qualifications we will refund up to $25.00 per statement cycle of domestic ATM fees and MasterCard cross border/currency conversion fees for foreign debit card transactions.

Avoiding Fees

There is no monthly fee. There is an early termination fee of $30 if the account is closed within 6 months.

Full fee schedule can be found here. There is a $10/month dormancy fee which will apply after 12 months. Won’t apply to anyone using the account who will be making debit and ACH transactions, but it’s worth keeping in mind if you end up not using the account.

A reader notes that you must always leave $.01 in the account, else they’ll close it automatically after a few days, and will result in a $10 fee if you want to reopen.

Our Verdict

Comparing this other high interest checking and savings accounts, this comes out as one of the best available options. There aren’t many other options which have a $25k allowance, and the 3.33% rate is better than most. Plus, the qualifications should be fairly easy to meet. It is worth noting, however, that with general interest rates climbing, these rewards checking become less enticing.

We’ll add this to our List of Best Savings Account options. 

737
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Mr Man
Mr Man

Rate is now 1.02% APY

Boris
Boris

Venmo payments and amazon reloads are not working for 10 debit card payments and/or purchases. Sad….. Is there any better way to do this? Thanks!

Penny

Amazon reload worked for me for the month of Feb. Got $19.47 in interest on Friday. Double check to make sure you have your DD and count the number of debits.. There were a few months where I missed a debit by accident

Boris
Boris

Is there any requirements of amazon reload amount here? Thanks!

Penny

Current rate as of Feb 16, 2021: 1.02% APY (Interest Rate: 1.01%)

Lemonade
Lemonade

Rate is now dropped to 1.09% according to their website, sad.

MisterBill
MisterBill

Time for a new bank. Tried to deposit a couple of checks today. They’ve apparently changed their mobile deposit, and it does a bunch of checking in the app before accepting the deposit and took several minutes before I was even able to submit. Then, It told me that one of the checks I was depositing was already deposited (which was ridiculous since it was a state tax refund check and I just got it on Saturday), so I just cancelled out of the deposit and submitted them both in the Fidelity app, where they were accepted. I just noticed that I got an email from Heritage saying that the other check was processed, even though it never let me proceed past the “submit deposit” screen.

Anyway, are there any banks that offer better rates with similar requirements and no in-person debit card use?

Don
Don

rates currently at 1.18%

Puli H
Puli H

received a letter today that their debit card was compromised and they are issuing new debit cards.

Eric
Eric

I didn’t receive a letter. Maybe only some people’s cards were compromised.

Penny

They changed their entire online banking system.. sadly it doesn’t show the current rate anymore within each account, like they did in the old system. So we can’t tell if we hit the requirements or not

Also, strangely, they paid me my interest on 10/08 right before they switched online systems. Did this happen to anyone else?

Chris
Chris

Same. It was to make a clean break from the old vendor…so you received interest from 10/1-10/8 and you’ll get it again then 10/8-10/31. I also miss seeing the interest rate to confirm I qualified.

Justin
Justin

Hit the down arrow to expand the Balance Information (right hand side) window and it will show you accrued amount and if you have achieved the higher rate

any
any
Jory
Jory