Heritage Bank NA Checking Account Review

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Written by Enoch Omololu
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Heritage Bank NA is a national bank in the United States whose footprint covers Minnesota, Iowa, and South Dakota. As a fully licensed bank, it offers deposit-taking bank accounts and credit products like business loans and credit cards.

The privately owned Heritage Bank, Willmar, MN, focuses on serving personal, agricultural, and small business customers in the rural areas it serves.

With deep roots in its communities, Heritage Bank Minnesota is an ideal national bank for customers wishing to work with a bank that cares.

Unlike bigger banks that focus more on serving large corporations, Heritage Bank NA is the typical small-town bank that listens to smaller customers, even though it also serves larger customers.

In this article, we look at the finer details of Heritage Bank NA and discuss its history, leadership, and, of course, accounts.

Who is Heritage Bank?

Heritage Bank NA is the brainchild of Earl and Virginia Geiger, who founded the Geiger Corporation, Heritage Bank’s parent company, in 1969. As entrepreneurs themselves, they founded the bank to help other entrepreneurs, especially farmers and small businesses, succeed financially.

Over the years, the bank grew, and soon, their two sons, Gary and Tom Geiger joined the business.

Gary led the bank’s Minnesota branches for thirty-three years as chairperson and CEO before retiring. He currently sits on the bank’s board of directors. Tom Geiger is the current chair and CEO.

Heritage Bank’s core ideals wrap around four principles: equipped to help customers, digital-first, adaptable, and committed to giving back. Another unique aspect of Heritage Bank NA is its ownership structure.

Although the Geiger family still owns most shares, it also has an employee ownership program that periodically transfers company shares to employees.

The program, formally known as an Employee Stock Ownership Plan or ESOP, has helped the bank instill greater agency in its employees by making them owner-employees.

This incentive is reflected in how the bank operates, with employees applying themselves to their jobs, knowing that when the company succeeds, they succeed too.

Heritage Bank’s products include digital banking, business lending, credit cards, agricultural lending mortgages, and deposit accounts, like the Heritage Bank checking account.

Customers can also deposit money in interest-earning products like certificate of deposit (CD) accounts, where they can earn interest annually.

The bank also provides private banking services for its business customers, which includes access to a personal banker who oversees all their banking needs.

image showing heritage bank na logo

Heritage Bank NA Checking and Deposit Accounts

Although the bank provides a wide range of products, its two core products are the Heritage Bank eCentive Checking Account and the Heritage Bank Jumbo Account, both of which are interest-earning products.

All customers are eligible for each due to the simple eligibility requirements and can go on to earn competitive interest rates on their deposits.

Here’s a breakdown of each product.

Heritage Bank eCentive Checking Account

Heritage Bank eCentive Checking Account is a high-interest-yielding checking account rated number one on Bankrate for Best Overall Checking Account. It’s an excellent option for anyone who wants the benefits of a checking account coupled with an interest-earning.

Heritage Bank eCentive Checking Account Feature Overview

  • Interest: You’ll get a 2.02% Annual Percentage Yield (APY) (subject to change) for qualified balances of $0.01 – $100,000.
  • Qualifications: You need monthly debit card purchases of at least $500 every month posted to your account, at least one direct deposit or automatic payment (ACH) each month, and enroll to receive monthly eStatements.
  • Monthly incentives: Earn a monthly checking interest rate and get automatic ATM refunds of up to $25.
  • Minimum balance: No minimum balance, although you need a $100 minimum to open an account.
  • Monthly fees: $4 per month if not enrolled in electronic statements.
  • Closing fee: $30 fee if the account is closed within six months of opening.
  • Monthly eStatements: You must have a valid email address to enroll in the required monthly eStatement.
  • Debit card: Included
  • Transfers: You get free digital banking to transfer money electronically to or from your account, mobile deposit, ePay, online bill pay, and more. 
  • Account holders: Primary accountholders (based on social security numbers) are limited to two (2) eCentive® Checking Accounts at Heritage Bank NA
  • Overdrafts and NSF: $33 per item
  • Insurance: N/A

Heritage Bank Jumbo Account

The Heritage Bank Jumbo Account is a personal deposit account combining interest-earning with flexible features that allow you to deposit and withdraw money easily.

The account offers a raft of features and benefits, including:

  • Interest: Up to 3.02 APY1 with a $230,000 minimum balance (on balances up to $7,000,000). Interest is compounded and credited monthly.
  • Qualifications: Minimum opening deposit: $1,000.00 and a minimum balance: $0.01
  • Monthly incentives: N/A
  • Minimum balance: $0.01 plus a $1,000 minimum to open the account.
  • Monthly fees: You’ll pay a $15 per month fee if you are not enrolled in electronic statements and a $30 service charge if you make more than six (6) monthly withdrawals.
  • Closing fee: You’ll pay a $30 fee if you close the account within six months of opening it.
  • Monthly eStatements: Monthly eStatements are required, meaning you must have a valid email address to enroll. If you don’t register for the electronic statements, you’ll pay $15 per month to get paper statements sent to you through U.S. Mail.
  • Debit card: No checks or debit cards are available with this account.
  • Transfers: You are allowed six (6) withdrawals of any type per month. Any month you exceed this number, you will be charged a $30.00 service charge. The $30 wire transfer fee is waived for one outgoing domestic wire transfer per month. You can receive unlimited incoming domestic wires at no cost.  
  • Account holders: You can open as many Jumbo Deposit Accounts as you want.
  • Overdrafts and NSF: N/A
  • Insurance: All Jumbo Account deposits are insured by the FDIC to the maximum allowed by law. You’ll need to make an Insured Cash Sweep application to get up to $7 million of FDIC insurance.

How to Apply for a Heritage Bank Checking Account

Applying for a Heritage Bank checking account is quickly done via the bank’s online portal. The portal takes you through the steps to open the account and fund it, as outlined below:

  1. Start by going to the applicable link: Heritage Bank eCentive Checking Account or Heritage Bank Jumbo Account
  2. After filling in your details, verify your email to continue.
  3. In the next step, you’ll see all the different accounts Heritage Bank offers. Pick the account you wish to open, whether an eCentive Checking Account or Jumbo account.
  4. Next, name the account and pick any related features you need, like the eStatement.
  5. In the next step, fill out your personal information, including providing a picture of your driving license, which the system will automatically verify.
  6. Finally, fund the account using a separate account.
  7. The bank will send you an email providing the final steps to complete the account funding process.

Is Heritage Bank Safe and Legit?

Heritage Bank NA is a Federal Deposit Insurance Corporation (FDIC) member and accredited by the Better Business Bureau (BBB).

The bank has been in operation for a long time with no complaints from customers or regulatory bodies, so it is safe to say that Heritage Bank is a safe and legit financial institution to save and invest your money.

Pros and Cons of Heritage Bank Accounts


  • Both Heritage Bank eCentive and Jumbo accounts offer attractive returns on your deposits
  • You can open either account online
  • Opening requirements are few and straightforward
  • You can manage the accounts entirely online
  • Interest earned is paid monthly
  • You can open as many Jumbo accounts as you want


  • You are limited to opening only two eCentive Checking Accounts
  • Interest rates are variable, meaning they may change from time to time
  • Any fees charged can reduce interest earnings
  • You pay overdraft fees on the checking account
  • If the account does not appeal to you, you’ll need to wait six months to avoid paying a closing fee

Is a Heritage Bank Checking Account for You?

Heritage Bank Checking accounts provide competitive features and returns comparable to other national banks.

One thing that stands out about Heritage Bank is its ESOP ownership structure and commitment to working with small businesses to help them succeed financially.

If you are looking for a bank that cares about its customers, Heritage Bank NA is a great option, and they have all the financial products you might need now and in the future.


What is the minimum balance for Heritage Bank?

The minimum balance for eCentive Checking Accounts is $0.00, while for the Jumbo is $0.01.

What do I need to open a bank account at Heritage Bank?

All you need is your personal information (driving license, SSN, and other personal details) and the minimum deposit amount ($100 for eCentive Checking Account and $1000 for Jumbo).

Is Heritage Bank owned by Westpac?

No, Westpac does not own Heritage Bank NA.

Which bank merged with Heritage Bank?

Heritage Bank NA has not merged with any other bank.

Related: You might also want to read our detailed review of Ponce Bank and SaveBetter.


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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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