Rising Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.4

Bankrate Score

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24/7 Customer Service

Low Fees

Rising Bank is ideal for savers interested in earning some of the highest rates tied to deposit products.

  • Savings
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    4.9
  • CDs
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    4.4
  • Checking
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    4.4

    Bankrate Score

    Rising Bank is a newer online division of Midwest BankCentre, a St. Louis-based community bank that’s been around for more than a century.

    What we like

    • Rising Bank offers savers competitive rates.

    • The bank’s customer service is available 24/7.

    • There are no monthly fees for its bank products.

    What we don't

    • The bank only offers a few products.

    • There is no access to Zelle, a mobile banking feature that lets you pay back friends and family.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Rising Bank offers a very competitive rate on its savings account. The top-tier APY is available as long as you deposit $1,000 or more. There is no monthly fee either.

    What we like

    • The account offers a competitive APY.

    • You only need $1,000 in the account to earn the top APY.

    What we don't

    • Some banks have lower or no minimum balance requirements at comparable APYs.

    • Interest from the High Yield Savings Account doesn't compound.

    CD rates

    4.4

    Bankrate Score

    The bank offers a competitive rate on its CDs, and the minimum balance requirement is standard. Rising Bank only offers three standard CD terms: 1 year, 2 years or 3 years.

    What we like

    • Yields are competitive.

    • Accounts are accessible to savers nationwide.

    • The minimum deposit for most CDs is relatively low.

    What we don't

    • The bank offers a relatively small selection of CD maturity terms.

    Checking accounts

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Rising Bank's checking account offers you a competitive interest rate if you keep at least $5,000 parked in the account. It also offers you generous ATM access for free and you won't have to pay a monthly fee.

    Balances below $1,000 will not earn interest.

    What we like

    • The bank offers a competitive interest rate.

    • Rising Bank partners with MoneyPass, so customers will have free access to thousands of ATMs nationwide.

    What we don't

    • The account does not yet include Zelle (peer-to-peer payment) functionality.

    • It requires steeper minimum balances to earn interest than some other banks.

    Bank experience

    Rising Bank’s mobile banking app includes basics, such as mobile deposit capture. The app also includes a rarer capability: letting customers organize their transactions by adding notes and photos of receipts, so they can remember what the transactions are for.

    Rising Bank has impressive customer service hours: The bank says it offers 24/7 customer service by calling (888) 222-9484.

    You won’t, however, have access to branches if you bank here. To access your cash, you can transfer money to a linked external account or visit a MoneyPass ATM (the bank's ATM partner).

    About Rising Bank

    Rising Bank is an online-only bank that Midwest BankCentre launched in February 2019.

    Rising Bank offers certificates of deposit, a high-yield savings account and a checking account.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.