Heartland Credit Union
- Company typePrivate
- Founded1939
- HeadquartersInver Grove Heights, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
Heartland Credit Union firmographics
Firmographics- Name
- Heartland Credit Union
- Legal name
- Novation Credit Union
- Website
- https://heartlandcu.com
- Company type
- Private
- Founded year
- 1939
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Heartland Credit Union industry classification
Industry- Product category
- Retail Banking
- NAICS
- Credit Unions (52213)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industry
- Employer/Occupational Credit Unions (FSABAEAB)
Keywords
Where Heartland Credit Union is headquartered
LocationHeadquarters
- HQ city
- Inver Grove Heights
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Heartland Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Infrastructure, Technology or R&D
Revenue model
- Net Interest Income: Primary revenue source from interest rate spreads on loans (auto, home equity, personal, credit cards, recreational vehicles) versus savings and checking account deposits. Credit union returns profits to members through lower loan rates and higher savings rates.
- Fee Income: Various account service fees including overdraft fees ($30 per item for Privilege Pay), business checking fees, wire transfer fees, and check ordering. Some accounts have monthly maintenance fees (Business Checking $10/month waivable).
- Credit Card Transaction Fees: Interchange income from credit card usage and foreign transaction fees (1% of USD transaction amount) on Visa credit cards.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Monthly | Incentive Checking: 1.75% APY on balances $0-$20,000 with requirements met; 0.05% on amounts over $20,000; 0% if requirements not met |
| Subscription | Monthly | Money Market: 0.10%-0.50% APY based on balance tiers from $0.01 to $100,000+ |
| Subscription | Pay-as-you-go | 13-Month CD Special: 3.25% APY with $500 minimum to open |
| Subscription | Pay-as-you-go | Standard CDs: 1.75%-2.75% APY based on terms from 6 to 60 months; $500 minimum for standard CDs |
| Unit Pricing | Monthly | Auto Loans: 4.69%-6.19% APR based on vehicle year (2021+ or 2020 and older) and term length |
| Unit Pricing | Monthly | Home Equity Closed-End: 5.49%-8.19% APR based on LTV (80% or 90%) and term length |
| Usage-based | Pay-as-you-go | HELOC: 6.75% variable APR for 80% LTV; 7.50% for 90% LTV |
| Unit Pricing | Monthly | Personal Loans: 11.49% APR as low as for Lifestyle Loans; Share/CD Secured at share/CD rate plus 3.00% |
| Transaction based/ take rate | Monthly | Visa Platinum: 10.90%-14.90% APR; Platinum Rewards: 11.90%-15.90% APR; Signature: 13.90%-17.90% APR |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels8 records
Heartland Credit Union product offering
Product offeringCore offering
Heartland Credit Union is a member-owned, not-for-profit financial cooperative that delivers a full suite of personal and small-business banking products including checking, savings, money market, certificates of deposit, auto loans, home equity loans/HELOC, first mortgages, recreational vehicle loans, personal loans, student loans, Visa credit cards, debit cards, and business banking services. Distribution is via four Minnesota branches, online and mobile banking, the Card Manager App, mobile deposit, and shared branching through the CO-OP network.
Product overview
Heartland Credit Union (now operating as Novation Credit Union) offers a comprehensive suite of financial products organized as a platform-plus-modules architecture. Core banking products include multiple checking accounts (Incentive Checking, Free 55 Checking, Business Checking variants), savings accounts (Primary, High-Yield, Youth Accounts, Business Savings), and Certificate of Deposit products including IRA CDs and Jumbo CDs. The loan portfolio spans Consumer Lending (Auto Loans, Home Equity Loans/HELOC, Home Loans, Recreational Vehicle Loans, Personal Loans, Student Loans) and Business Lending (Commercial Real Estate, Equipment Loans, Business Vehicles, Secured Lines of Credit). Credit products include three Visa card tiers (Platinum, Platinum Rewards, Visa Signature) and MasterCard Debit Card with Extended Coverage option. Digital Banking services are delivered through Online Banking, Mobile Banking, and Card Manager App platforms providing account access, transfers, bill pay, mobile deposits, and fraud protection. Protection products include Overdraft Coverage, Extended Coverage, and TruStage Loan Insurance. A Member Benefits Program provides ancillary services including Medicare advisors, tax preparation, insurance quotes, and estate planning.
Differentiator
Problem solved
Functional benefit
Products and services
- Incentive Checking
- Free 55 Checking
- Primary Savings
- High-Yield Savings
- Money Market Account
- Certificate of Deposit
- Auto Loans
- Home Equity Loans (Closed-End and HELOC)
- Home Loans (First Mortgage and Refinance)
- Recreational Vehicle Loans
- Personal Loans
- Student Loans
- Visa Platinum Credit Card
- Visa Platinum Rewards Credit Card
- Visa Signature Credit Card
- MasterCard Debit Card
- Youth Accounts
- Free Business Checking
- Business Checking
- Business Loans
- Business Savings
- Online Banking
- Mobile Banking
- Card Manager App
- IRA and Coverdell Savings
Quantifiable outcome
- Rates on par with or better than regional and national banks on savings and loan products
- +2 more outcomes
Companies that use Heartland Credit Union
Customer profileNamed customers15 records
Segments4 records
Ideal customer profiles3 records
Heartland Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
AI capability1 record
Feature3 records
Heartland Credit Union partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core and minor.
- Land O'Lakes, Inc.coreLand O'Lakes employees and retirees are eligible for credit union membership. Arden Hills branch location restricted to Land O'Lakes employees and retirees. Long-standing partnership serving agricultural cooperative employees.
- CHS Inc.coreCHS Inc. employees and retirees eligible for credit union membership. One of the original employer groups from the credit union's founding as Farmers Union Employees Credit Union.
- 3Mcore3M employees and retirees eligible for credit union membership.
- Chart IndustriesminorChart Industries employees and retirees eligible for credit union membership.
- Scott EquipmentminorScott Equipment employees and retirees eligible for credit union membership.
- Genex CooperativeminorGenex Cooperative employees and retirees eligible for credit union membership.
- SolventumminorSolventum employees and retirees eligible for credit union membership.
- Cofina Financial, LLCminorCofina Financial employees and retirees eligible for credit union membership.
- CO-OP Credit Union (Shared Branching)coreHeartland is part of the CO-OP shared branching network providing members access to over 5,000 branches and 30,000+ surcharge-free ATMs nationwide. Members can conduct transactions at any shared service center.
- MoneyPasscorePartnership with MoneyPass ATM network providing access to over 40,000 surcharge-free ATMs. Members can use MoneyPass ATMs without fees.
- InsuranceWorks Agency, Inc.minorPartnership offering members access to affordable home and auto insurance through InsuranceWorks, an independent insurance agency with access to highly-rated carriers. Members can get free quotes.
- TurboTaxminorPartnership providing Heartland members access to TurboTax federal products at bigger discounts than available to general public.
- TruStage (TruLync Medicare Advisors)minorPartnership for Medicare education and advisory services. TruLync Medicare Advisors help members understand Medicare options. Available in Minnesota, Wisconsin, Iowa, Colorado, Missouri, South Dakota, Texas, and Florida.
- One Digital TrustminorPartnership providing members access to subscription-based digital estate planning tools to create legally valid estate documents.
Scale indicators3 records
Recent moves8 records
Expansion highlights6 records
Heartland Credit Union competitors and assessment
Company assessmentBroad incumbents
- Alliant Credit Union: Large national digital-first credit union offering similar consumer deposit, lending, and credit card products. Comparable as a member-owned credit union serving individual consumers across broader geographies with a digital-forward model.
- Connexus Credit Union: National member-owned credit union with Midwest presence offering consumer banking, mortgages, and credit cards. Comparable as a larger community credit union that has expanded beyond its regional roots through digital channels.
- Associated Bank: Regional Midwest bank headquartered in Wisconsin with significant Minnesota presence. Comparable as a broader incumbent offering consumer and business banking products to overlapping Minnesota members but structured as a for-profit bank.
Direct peers
- TopLine Federal Credit Union: Twin Cities-based member-owned credit union offering deposit, lending, and wealth services to a similar Minnesota membership base. Directly comparable as a community credit union competing for overlapping individual and small business members.
- Wings Financial Credit Union: Minnesota-based member-owned credit union affiliated with the airline industry but serving broader employer groups and individuals. Comparable in cooperative model, Twin Cities footprint, and full-service banking product offerings.
- Royal Credit Union: Wisconsin-headquartered credit union with significant Minnesota presence offering full consumer and business banking products. Closely comparable in structure, scale, and product breadth as a regional community credit union in the upper Midwest.
- Affinity Plus Federal Credit Union: Minnesota-based member-owned credit union offering consumer and business banking products across the Twin Cities. Directly comparable as a regional community credit union serving similar Minnesota members with overlapping checking, savings, lending, and credit card products.
- Hiway Credit Union: Minnesota-based credit union serving members across the Twin Cities metro with consumer and business banking. Directly comparable as a community-focused cooperative with shared employer-group membership model and similar product suite.
- Novation Credit Union: Parent entity of Heartland Credit Union following the July 2026 merger. Operates as the combined credit union with branches in Oakdale and Hutchinson plus Heartland's locations. Directly comparable as the surviving entity in which Heartland is now a division.
Others
- TruStage (CUNA Mutual Group): Insurance, investment, and technology provider to credit unions including Heartland. Adjacent ecosystem partner offering loan protection, life insurance, and Medicare advisory services referenced in Heartland's member benefits program.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Heartland Credit Union social profiles
Digital presenceHeartland Credit Union compliance and trust
Trust signalCompliance1 record
Heartland Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Heartland Credit Union leadership team
Management profileNumber of profiles
Profiles10 records
Heartland Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Heartland Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Heartland Credit Union
What does Heartland Credit Union do?
Heartland Credit Union is a member-owned, not-for-profit financial cooperative that delivers a full suite of personal and small-business banking products including checking, savings, money market, certificates of deposit, auto loans, home equity loans/HELOC, first mortgages, recreational vehicle loans, personal loans, student loans, Visa credit cards, debit cards, and business banking services. Distribution is via four Minnesota branches, online and mobile banking, the Card Manager App, mobile deposit, and shared branching through the CO-OP network.
Is Heartland Credit Union a public or private company?
Heartland Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Heartland Credit Union founded?
Heartland Credit Union was founded in 1939. It employs 11 to 50 people.
Where is Heartland Credit Union based?
Heartland Credit Union is headquartered in Inver Grove Heights, United States, in the North America region.
How does Heartland Credit Union make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are fee Income and credit Card Transaction Fees.
Who are Heartland Credit Union's main competitors?
Broad incumbents on record are Alliant Credit Union, Connexus Credit Union and Associated Bank. Direct peers are TopLine Federal Credit Union, Wings Financial Credit Union, Royal Credit Union, Affinity Plus Federal Credit Union, Hiway Credit Union and Novation Credit Union. TruStage (CUNA Mutual Group) is listed as an others.
Does Heartland Credit Union have an API?
No public API is recorded for Heartland Credit Union.
What industry is Heartland Credit Union in?
Heartland Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAEAB, Employer/Occupational Credit Unions. Its NAICS code is 52213 and its SIC code is 6141.