Heritage Bank eCentive Checking accounts can earn 1.29 percent APY if you meet certain simple requirements. Firstly, your checking account needs to stay below $25,000 or you will not be able to claim the full 1.29 interest. Instead, you will only receive .32 percent interest.
Secondly, you will need to make at least 10 debit card transactions a month that do not include ATM transactions. Lastly, you will need to sign up for electronic statements, or eStatements, with Heritage bank.
The last requirement in particular should be easy enough to fulfill for new checking account owners, as the younger generations have started to forgo paper statements already.
If you do decide you still want paper statements, however, you will be charged $4 a month for them.
Another great advantage to a Heritage Bank Checking account is that you will receive up to a $25 reimbursement for all ATM fees in a month since Heritage Bank has very limited locations.
Some cons to the Heritage Bank Checking account is that you will need to pay $33 for overdraft fees should they occur and you will need to provide a $100 minimum deposit to open an account.
However, these drawbacks balance out with the Heritage Bank card having no monthly maintenance fees and no minimum balance fees. The most important points to take into consideration are that you will not receive the full 1.29 percent interest on your account if you do not meet the requirements mentioned above, and that interest compounds monthly on your account rather than daily like in the Axos card.