Heartland Bank Direct Online Savings Account Review

So I told you about the Heartland Bank Direct online Performance Savings Account last week when it was offering 2.30%. It is already down to 2.10% 2.01% now, which is not a good sign. Still, it’s a great rate and one of the highest you’re going to find anywhere right now.

So I decided to open up an account and share with you my experience!

I started the application process on May 13th. Went to Heartland Bank Direct and clicked on “Open Now”. It asks for all your regular information like your name, social, address, driver’s license etc. You’re able to do an electronic fund transfer (EFT) or send a check for the opening deposit. I decided to do EFT and input my ING Electric Orange account details. My trial deposits were in my ING account the very next day (May 14th) which I confirmed. On May 15th, my initial deposit was deducted from my ING account.

After that I had to do the initial sign-in setup by clicking on “First Time Login”. There you have to verify your information again (name, social, etc.), input your email, and create two validation questions (just in case you forget your password and for extra security). It then tells you to wait 1-2 business days for login.

My login and registration was approved on May 18th. I had to change my login user ID and password (from the default). Then I had to register for funds transfer (verified with a validation code sent to email), which I verified the same day.

So I logged into my account and it shows zero dollars for my account balance. Also, my ING account is not showing up on the funds transfer section. So I decide to call customer service (877-444-5148). I didn’t know it was after hours and the automated system didn’t let me know that nobody was there, either. I found out the hours online which are 7am to 7pm CST Monday through Friday and 8am to 1pm CST on Saturday.

So I emailed them (support@heartlandbankdirect.com) that night instead and got a response the next day. They state that opening deposits can take up to 3-4 business days from account opening for initial deposit to show up. Oddly enough, my initial deposit was credited the same day, which, by the way, was the 5th business day from account opening but who’s counting?

They also state that the external account needs to be added again because the initial deposit and the funds transfers are on different systems. Seems like double work to me. So I had to go in and add my account in again and verify the same account twice.

They seem to be using the same CashEdge system that HSBC and FNBO use which means it’s going to be 3 day transfers. ING Direct takes 1-2 business days for me to push or pull which is really fast. So now my account is open and fully functional.

The interface is similar to many other online savings accounts and works fine, if a little bland. I don’t have any problems with the interface. However, it does show an extra 34 cents on this screen with no indication of where it came from in the detail. That’s not a good sign.

There’s a $500 minimum to open an account, but you can get the full interest rate on anything under that (with no fees). Heartland Bank Direct is a division of Heartland Bank, which was established in 1887. And yes your money is FDIC insured up to $250,000 ($100,000 after this year unless they pass a law extending this).

There is the standard 6 outbound transfers a month with a $20 fee if you go over so don’t do it. There is no hard credit pull, just a soft pull. Also, interest is deposited quarterly.

If you’re looking for an online savings rate to stash your emergency fund or your vacation fund, Heartland Bank Direct is a choice you should consider. It currently has one of the highest rates that I’ve seen and it’s FDIC insured. The opening process was relatively quick and painless. Time will tell if the rates will hold up.

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