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. 

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any
any
Jory
Jory
bearonthejob
bearonthejob

Rate dropped again August 1st to 1.39% APY

https://www.heritagebankna.com/current-interest-rates/

MisterBill
MisterBill

Their website says that the rate is now 1.46%. Still higher than most (all?) other accounts.

Fred
Fred

Gotta disagree: https://www.doctorofcredit.com/high-interest-savings-to-get/#Mega_High-Interest_Nationwide Plus you may find a local or regional RCA on depositaccounts.

Thylane Blondeau
Thylane Blondeau

I’m still getting 3% at Lake Michigan Credit Union and also 2% at Elements Credit Union

Snowbird
Snowbird

On the April statement, they say that any rate changes will be retroactive to the first day of the month. Looks like they may be planning on pulling the same crap as Orion did with dropping rates towards the end of the month and not giving advance notice.

Wilson
Wilson

I guess the Federal Reserve has led the way and banks are above the law now, a little troubling since they could set a negative interest rate, and why not -100%? I’m not sure if this is far-fetched or inevitable…

Ken
Ken

I already pulled all funds save $10 in both accounts. I’mm getting unlimited 1.5% these days with no requirements so no point keeping any funds in Heritage.

Eric
Eric

What account is that?

Ken
Ken

Ughh, just checked and the statement from a few days ago closed at 1%. Northern Bank. My bank interest and dividends has been butchered.

zhaozer
zhaozer

I had moved my money out of my Heritage account 2 weeks ago. Today I log back in to verify that I don’t have any other automatic deposits or transfers going into this account. To my surprise, it seems that Heritage had automatically closed out my account. Under my online profile, there are no accounts listed. Go figure, I guess it saved me a step to contact them myself.

MisterBill
MisterBill

In the description above: “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.”

Steve
Steve

I opened my account on March 18th and transferred 25K there. What a timing:-(. I will probably keep money there if they at least drop the 10 debit card spending requirement.

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS

I recall reading that these COWARDS refused to disclose their new rate in April. I can see why now, that the rate being cut in half would result in a chunk of their deposits being moved out.

Matt
Matt

this is a silly move by them. marcus is still at 1.7%, moving there. Maybe they are still comparing themselves to the high interest checking accounts but it’s basically a savings account with their terrible 10k ACH limit. they should’ve dropped it to 1.8% the lowest.

Fred
Fred

Unlimited withdrawals are the only plus.

Paranoid
Paranoid

And you have to make at least 10 debit transactions to achieve a saving account’s rate!

Alex
Alex

Marcus at 1.55 now

Cal Ripken Jr.
Cal Ripken Jr.

Where can we move money? Looking for ideas.. anything that doesn’t require opening a new account (I already have 50+) and that offers interest higher than 1.70%. Any ideas?

Matt
Matt

CIT right now is probably best bet. lowered to 1.8%. having already lowered once, hopefully won’t be lowered again…i don’t think the economy is going to get any worse than it was when the fed rate lowered. it’s only getting better from here for the banks that have already made their cut.