Heritage Direct Savings Account Terms and Conditions

Thank you for choosing the Heritage Direct Savings Account from Heritage Bank N.A., the account that is opened and managed electronically through our online banking system and pays a premium rate of interest.

This disclosure contains information about terms, fees, and current interest rate for Heritage Direct Savings Account.

Account Opening

To open this account you must deposit at least $1,000.00 into the account.

Variable Rate Information

The interest rate for this account is 0.14% with an annual percentage yield of 0.14%. This information is accurate as of October 20th, 2021. If you would like additional rate and yield information, please call us at 800-344-7048.

Your interest rate and annual percentage yield may change. We may change the interest rate on your account daily, at our discretion.

You must maintain a daily collected (available) balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield. We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Interest will be compounded monthly and credited monthly. If you request to close your account prior to interest being credited, you will receive your accrued interest. Fees may reduce earnings.

Interest will begin to accrue no later than the business day we receive credit for non-cash items, i.e., checks you deposit to your account.

Service Charge Information

A monthly service charge of $17.00 will be assessed in any month the balance of your account falls below $1,000.00 on any given day.

You are allowed six (6) withdrawals, of any type, per month, at no charge. Any month that you exceed this number, you will be charged a $3.00 service charge for each additional withdrawal.

If you do not initiate at least one deposit or withdrawal on this account in a 24 month period, the account will go dormant. There will be a monthly service charge as long as your account is dormant. We reserve the right not to send statements on accounts we consider dormant, subject to state law. Funds in abandoned accounts will be sent to a state agency, in accordance with state law. After the funds have been sent to the state, we are not responsible for them. If you choose to reclaim the funds, you must apply to the state agency. See Additional Terms for corresponding fees.

Additional Terms

Mailed Paper Statements: $4.00 – waived if enrolled in eStatements
Dormant Account: $10.00 per month
Abandoned Account: $50.00, one-time fee
Foreign Deposited Check: $5.00 per check
Deposited Items Returned: $7.00 per returned check/Foreign items – $15.00
Stop Payments: $35.00 per item, no max
Overdrafts/NSFs: $33.00 per item
Account Closure within 6 Months of Account Opening: $30.00
On any one business day if you bring your account to a zero balance, we will assume you wish to close your account. This will cause deposits or withdrawals to reject.
Reopen Closed Account: $10.00 per time
Negative Balance Closing: $25.00
Returned Mail/Returned eStatements: $5.00

Deposits: You may make deposits to your Heritage Direct Savings Account by; 1- transferring funds from another Heritage Bank account, 2- through the Heritage Bank Mobile App using the Mobile Deposit feature, 3- requesting a transfer from an external account using Bank to Bank Transfer (may take up to three business days), 4- by mailing a check, or 5- by wire transfer. DO NOT SEND CASH.

Deposited checks must be payable to you and have your Heritage Direct Savings Account number on them. It is your responsibility to verify that your deposit reaches us and that we know where you want your deposit credited. If we do not receive your deposit or are not sure to which account it should be credited, you will be responsible for any loss that results.

Withdrawals: You may withdraw funds from your Heritage Direct Savings Account by; accessing your account via our Online Banking and 1- transferring to an existing Heritage Bank account; or 2- transferring funds to your external account using Bank to Bank Transfer, withdrawals may take up to 3 business days. We reserve the right to require written notice, 7 days in advance, before we allow you to withdraw from your account.

Bank to Bank Transfer Service using TransferNow (For Consumer accounts only): Subject to any applicable transfer limitations, Bank to Bank Transfer Service permits you to transfer funds between your deposit Accounts at Heritage Bank and your deposit accounts at other financial institutions in the United States. You are responsible for enrolling and verifying your non- Heritage Bank accounts that you wish to use for these transfers. You agree that you will enroll accounts only for which you have the authority to transfer funds.

Bank to Bank Transfers can be initiated on either a one time or recurring basis. Heritage Bank cannot guarantee the transfer or return of funds if another financial institution does not respond in a timely manner. We may make any Bank to Bank Transfers through any payment system or Automated Clearing House processor selected by us. You agree that Bank to Bank Transfers made through any Automated Clearing House processor are subject to the National Automated Clearing House rules. See Bank to Bank Transfer Service Disclosure for full details of service, including daily and monthly transfer limits and applicable fees.

Heritage Locations


  • Sioux City IA – Downtown – 505 5th Street, Suite 100 Sioux City, IA 51101
  • Sioux City IA – Morningside – 4530 Singing Hills Blvd Sioux City, IA 51106


  • Sioux Falls SD – 140 N Phillips Ave, Suite 101, Sioux Falls SD 57104


  • Pennock MN – 242 1st Street N PO Box 189 Pennock, MN 56279-0189
  • Raymond MN – 202 Cofield Street PO Box 235 Raymond, MN 56282
  • Spicer MN – 110 South Street W PO Box 658 Spicer, MN 56288-0658
  • Willmar MN – 310 1st Street SW PO Box 1124 Willmar, MN 56201-1124


Revised: 04/24/2020