Rising Bank Review 2019

Rising Bank Logo


Rising Bank is a new online division of Midwest BankCentre, a community bank that’s been around for more than a century.

24/7 Customer Service
High APYs
Low Fees


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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

The Bankrate editorial team compiles publicly-available company data as well as information from the government organizations like the Federal Deposit Insurance Corp. for our review of each financial institution. App ratings are obtained from iTunes and Google Play. The interest rates, branch densities, fee amounts and other data was collected in fourth quarter 2018 and first quarter 2019.

When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About Rising Bank

St. Louis-based Midwest BankCentre launched its online-only bank in February 2019 with the hopes of offering a new platform that meets the needs of today’s digital customers. The bank opened shop and began offering one of the highest 12-month CD yields available.

In addition to CDs, Rising Bank offers a high-yield savings account and a number of financial calculators designed to help customers make sound financial choices whether, they’re in the market for a mortgage or planning for retirement. The website is easy to navigate, and according to the bank, accounts take less than five minutes to open.

Rising Bank is ideal for savers interested in earning some of the highest rates tied to deposit products. But you may be better off shopping around if you want your checking and savings accounts under one roof or you’re looking for a bank with more product offerings and tools.


  • Offers market-leading rates.
  • Can manage accounts online or via a mobile app.
  • Have access to basic features, like mobile check deposit and account alerts.
  • Customer service is available 24/7.
  • Fees are virtually non-existent, with the exception of fees for chargebacks and wire transfers.


  • Few products are available.
  • No access to budgeting tools or person-to-person payments.
  • Interest isn’t compounded for savers as frequently as it is at other banks.
  • Interest isn’t compounded for the savings account at all.

Rising Bank Services

Savings Rating


Rising Bank has a High-Yield Savings Account that has one of the highest APYs around. The top-tier APY is available as long as you deposit $1,000 or more. Balances under $1,000 will earn only 0.01 percent APY. If your balance won't meet that threshold, there are better accounts with no or low minimum balances available and comparable APYs. Balances under $1,000 in our Rising Bank High Yield Savings account earn just 0.01 percent APY.


  • One of the highest APYs available nationwide.
  • You only need at least $1,000 to earn the top APY.


  • Some banks have lower or no minimum balance requirements at comparable APYs.
  • Rising Bank does have a $500,000 account maximum.
  • Interest from the High Yield Savings Account doesn't compound.

Savings accounts available from other banks

CDs Rating


CDs are one of the few products offered by Rising Bank. Customers have the option of opening a regular term CD or a jumbo CD. Bump-up CDs are also available but require a high minimum deposit ($25,000). Additional deposits can be made, however. The bank’s disclosures state that early withdrawal penalties may apply for cashing out a CD before its maturity date. For 12-month CDs, the penalty is 90 days’ interest.


  • Yields are competitive.
  • Accounts are accessible to savers nationwide.
  • The minimum deposit for most CDs is relatively low.
  • Rising CDs allow multiple deposits and allow the yield during the term to be bumped up.


  • Interest is compounded every three months.
  • Interest is credited to accounts on a quarterly basis.
  • The only non-traditional CD requires a high minimum deposit.

CDs available from other banks

2.10% APY
2.05% APY
2.20% APY
Bank Experience Rating


Rising Bank’s mobile banking app includes staples, 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 via through 888-222-9484. You won’t, however, have access to branches or ATMs if you bank here. To access your cash, you can transfer money to a linked external account.

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