Heritage Bank offers the following savings accounts:

Savings Account

The Savings Account is a safe place for customers to keep cash that they do not need access to on a regular basis while allowing them to earn interest. A low balance requirement makes this an ideal savings account for those just starting a savings plan or those who do not maintain balances high enough to earn the higher rates on the Money Market Account and longer-term investment products.

Savings accounts are subject to Regulation D and are limited to six (6) withdrawal transactions payable to third parties per month, no matter the form of the withdrawal – transfer, check, debit card, computer, etc. Excessive withdrawals over the limit may result in fees, account closure, change of account type, and termination of transfer capability or other remedial actions. Withdrawals made in person, by mail, messenger, or ATM are unlimited.

Quarterly Base Fee / Balance Requirement

• $4.00 quarterly base fee can be waived with minimum daily balance of $200.00
• $2.00 per withdrawal fee if more than six (6) withdrawals per quarter

Opening Deposit

$50.00 ($5.00 for minors)

Interest

Earns Heritage Bank Savings Rate. Interest is compounded daily and paid quarterly on collected balances. (Minimum $5.00 daily balance to earn Annual Percentage Yield (APY.)

Statement

Quarterly statement (Monthly statement if there is electronic activity on the account.)

Online Banking

Free Online Banking.

BillPay

Not offered with this account.

 

Withdrawal and Deposit Slips

Pre-printed deposit and withdrawal slips offered at no charge.

Other Features

• Free Telephone Banking
• Access to other banking services including Direct Deposit and electronic transfers.

Automated Teller Machines (ATM)

$500.00 daily cash withdrawal limit

Benefits

• Easy to qualify – few conditions and requirements.
• Free to minors under the age of 18 (Adult must be on account as Custodian)
• Low opening deposit amount.

Money Market Account

The Money Market Account combines the convenience and flexibility of limited liquidity with the ability to earn a higher rate of return than a savings account or other investment instrument. The account pays interest according to set minimum balance tiers. Money Market accounts are limited to six (6) withdrawal transactions payable to third parties per month. No matter the form of the withdrawal – transfer, check, debit card, computer, etc. Excessive withdrawals over the limit may result in fees, change of account type, termination or transfer capability, or other remedial action. Withdrawals made in person, by mail, messenger, or ATM are unlimited.

Monthly Fee / Balance Requirement

• $15.00 monthly base fee unless the minimum daily balance of $1,000 is maintained.
• $10.00 fee for each transfer over six (6) during the monthly statement cycle.

Opening Deposit

$50.00

Interest

Interest paid monthly and compounded daily on collected balances of $1,000 and more.

Interest Tiers

• $0.00 – $999.99 Tier I – No interest earned
• $1,000.00 – $24,999.99 Tier II
• $25,000.00 – $49,999.99 Tier III
• $50,000.00 – $99,999.99 Tier IV
• $100,000.00 and over Tier V

Statement

Monthly statement with check images.

Online Banking

Free Online Banking.

BillPay

Not available with this account.

Checks

Free standard Money Market checks

Other Features

• Free Telephone Banking
• Six (6) monthly transfers allowed (preauthorized withdrawals, automatic or telephone transfers, checks, drafts and Heritage Bank Visa debit card or other similar transactions from the account).
• Access to other financial services including Direct Deposit and electronic transfers.

Automated Teller Machine (ATM)

• Free Heritage Bank Visa Debit card
• Free unlimited usage of Heritage Bank ATMs
• $500 daily withdrawal limit / $1,500 daily purchase limit.

Benefits

• Limited liquidity plus better rate of return than a Savings Account.
• Balance options offering tiered interest levels – customer chooses terms to fit personal budget.
• Affordable fees – customer can control or eliminate fees by maintaining required balances and limiting transfers, withdrawals and third-party checks.