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Heritage Bank - Heritage Direct SavingsRates and Account Review Last Update: May 29, 2008
Heritage Direct Savings is the online-only savings account from Heritage Bank in Minnesota. At one time, the Heritage Direct Savings account paid one of the highest yields available, but rates have since sunk to some of the lowest offered on an online account.
Yield Trend
Account Features
*A $10 monthly service charge will be assessed if account falls below $1,000.
Account Reviews
The Heritage Direct Savings account earned a yield as high as 5.20% annual percentage yield back in September 2006, but fell drastically to 5.05% apy only a month later. That rate put the Heritage Direct Savings account at a disadvantage to accounts that earned the same rate, but did not require a minimum balance or charge a service fee.
Since then, rates on the Heritage Direct Savings account went through a steep decline. The account pays one of the lowest rates of all online accounts listed on eMoneyCentral.com.
Along with the low rate, the account requires a minimum deposit of at least $1,000. The account does not earn interest if the balance falls below $1,000. Plus, there is a $10 monthly service charge if account falls below the daily ledger balance of $1,000.
The Heritage Direct Savings account does allow account holders to link their current checking account at any financial institution in the U.S. to the online savings account. This enables customers to electronically transfer funds between the two accounts.
For those who are looking for a no minimum, no fee alternative to Heritage Direct, check out Savings Square, Flagstar Bank, and FNBO Direct.
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