Heartland Bank Direct is the Internet banking division of St. Louis-based Heartland Bank, established in 1887. The Internet bank offers only a high yield savings account.
The parent bank is a full-service, FDIC member regional bank with locations in the St. Louis and Denver metropolitan areas. It has been in operation for over 120 years. The Internet division's sole offering is The Performance Savings Account. It does not offer other typical bank account options such as checking, CDs, or a money market account.
It's a high interest rate savings account. Unlike many other high interest savings accounts, there are no minimum balance requirements, no maintenance fees, and no direct deposit requirements.
The Performance Savings Account can be opened online through electronic funds transfer to Heartland Bank Direct from another bank, or by sending a check to Heartland Bank Direct. Either way, customers can link their online account with an account at another bank in order to facilitate easy funds transfer as needed. There is a limit of six transfers per month.
This bank doesn't offer extensive services. For example, there is no debit or credit card associated with the account. However, one service that Heartland Bank Direct offers is the option to name a beneficiary for the account in case of the account holder's death. This is easily done online and the balance is "payable upon death" to the beneficiary.
Deposits at Heartland Bank Direct are held by Heartland Bank, a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.