Saturday, 28 November 2020

Heritage Bank Review of Checking, Savings, CD, Money Market and IRA Rates

Heritage Bank Review of Checking, Savings, CD, Money Market and IRA Rates
01 Oct
2:02

Heritage Bank (WA)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.03%

Savings

Heritage Bank (WA) Alpine Savings

1.90%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.15%

CD Rates

Heritage Bank (WA) 12 – 17 Month Fixed Rate CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

0.60%

CD Rates

Heritage Bank (WA) 36 Month Fixed Rate CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Heritage Checking Account Options

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How Heritage Bank’s checking accounts compare

As a regional bank, Heritage Bank focuses on providing community services in the Northwest, where all its branches are found.

Only two of Heritage Bank’s checking accounts pay interest, and rates are low. Although the top rates on the bank’s high-balance checking account are above the national average, Heritage Bank’s checking accounts don’t approach the top online banks’ checking account in terms of interest rates.

All Heritage Bank accounts provide an impressive level of basic services, including extensive free ATM access within the bank’s network. However, there are no fee rebates for non-network ATMS.

A huge drawback of the Heritage Bank checking accounts is the high overdraft fee. This fee can be reduced through overdraft protection, but if customers act on that, the exorbitant overdraft fee can be assessed as many as six times a day.

On the plus side, the bank’s BaZing Benefits, offered on all checking accounts except for Base Checking, provide services that appeal to many customers, all free of charge. Benefits like cell phone protection, roadside assistance and personal identity protection are all valuable additions.

Heritage Bank Savings Account Options

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How Heritage Bank’s savings accounts compare

Unlike many of its competitors, Heritage Bank pays interest on all of its savings accounts, even for deposits as low as $0.01. Additionally, the bank’s savings accounts have low minimum deposits and carry low monthly fees that can be waived. However, interest rates across the board fall below the national average, even for the most generous account at the highest deposit tier. The disparity is even worse when Heritage Bank is compared with the highest online savings rates available.

The two specialty savings accounts give customers additional options for holiday or health care savings, which is a nice distinction from some other banks. All of the savings accounts can be used as reserve accounts for overdraft protection against the bank’s checking accounts, which can help reduce the onerous overdraft fee charged on all Heritage Bank accounts.

Heritage Bank’s CD Rates

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How Heritage Bank’s CD rates compare

Across the board, Heritage Bank’s CD rates are below the national average. The best rate that the bank offers, on its fixed-rate, 60-month CD for deposits of $50,000 or higher, are the closest the bank gets to the national average. Rates don’t approach the best CD rates available from competitors.

Heritage Bank’s CD rates are tiered, so larger contributions can often earn you any additional interest. The best way to get the highest rates at Heritage Bank is to check the bank’s special rates, or to buy the CDs with the longest maturities.

Minimum purchase amounts are reasonable, although not as low as some other banks that offer $1,000 or even lower opening balance requirements.

Heritage Bank’s money market account options

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How Heritage Bank’s money market accounts compare

Although the rates on the Cascade Money Market step up with higher deposits, they remain below the national average regardless of amount. The top rates at Heritage Bank are about half the national average. When it comes to the highest available money market rates at other banks, Heritage Bank can’t compete. The account also has a high overdraft fee. The monthly maintenance fee is also high, but it can be easily waived.

Heritage’s IRA CD rates

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How Heritage Bank’s IRA CD rates compare

Heritage Bank’s IRA CD rates are identical to its non-IRA rates, and they are similarly below the national average across the board. As with the bank’s non-IRA CDs, the best rate you can get on a IRA CD is on a deposit of $50,000 or more for a term of 60 months. However, even Heritage Bank’s highest IRA CD rates don’t approach the best IRA CD rates available in the marketplace.

Heritage Bank’s IRA CD rates are tiered, so larger deposits may earn you any a higher APY. Minimum purchase amounts are a very modest $100.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/heritage-bank/

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