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Rising Bank Review 2022
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
CD
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
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Rising Bank offers savers competitive rates.
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There are no monthly fees for its bank products.
What we don't
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The bank offers limited CD terms.
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A money market account isn’t offered.
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There is an early closure fee for accounts closed within 120 days of opening.
Savings accounts
4.9
Bankrate Score
Member FDIC
Savings account
Rising Bank offers a competitive rate on its High Yield Savings account, though it only applies to balances of $1,000 or more. There is no monthly service fee.
What we like
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The account offers a competitive APY.
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There is no monthly fee.
What we don't
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Some banks have lower or no minimum balance requirements and pay comparable or higher yields.
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Interest from the High Yield Savings Account doesn't compound.
CD rates
3.8
Bankrate Score
Member FDIC
CD
Rising Bank offers less-than-competitive rates on its CDs and only three standard terms are offered: one, two and three years. The $1,000 minimum balance requirement is typical for CDs. Rising Bank also has a 15-month no-penalty CD and a two-year jumbo CD, which requires a minimum $100,000 deposit. In addition, there are two terms of bump-up CDs: 18 months and three years, which require minimum deposits of $5,000 and $25,000, respectively.
What we like
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Accounts are accessible to online savers nationwide.
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The minimum deposit for most CDs is relatively low.
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No-penalty and bump-up CDs are available.
What we don't
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Better yields can be found elsewhere.
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The bank only offers three terms for standard CDs.
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There are no tiered APYs offered on higher balances.
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The two-year jumbo CD only offers slightly more interest than the regular two-year CD.
Checking accounts
4.3
Bankrate Score
Member FDIC
Checking account
Rising Bank's checking account offers a competitive interest rate, though balances below $1,000 earn no interest.
The checking account reimburses all fees from MoneyPass ATM usage. The account charges no monthly fee and comes with a free first set of checks.
Customers can use Zelle on Rising Bank’s mobile app for person to person transfers.
What we like
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The bank offers a competitive interest rate.
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Rising Bank partners with MoneyPass, so customers will have free access to thousands of ATMs nationwide.
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There’s no monthly service fee.
What we don't
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It requires steeper minimum balances to earn interest than some other banks.
Bank experience
Rising Bank offers several resources to help customers to manage finances, including online calculators and a mobile banking app. The mobile app is highly rated on Google Play and the Apple App Store. Apps features include account alerts, branch and ATM search, and the ability to add notes and photos of receipts to transactions. Plus, it comes with Zelle for transferring money to others.
Customer service representatives are available Monday through Friday, though the website doesn't note the hours of operation. Account holders also have access to secure messaging 24 hours a day, seven days a week.
Rising Bank has no branches. To access cash, customers 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 launched in 2018 by Midwest BankCentre, a community bank that serves the St. Louis area. Rising Bank offers certificates of deposit, a high-yield savings account and a checking account.
René Bennett is a writer for Bankrate, equipping readers with the knowledge they need for best saving practices. He reports on personal finance and, as someone coming out of college, understands how difficult it can be to make choices about money, so he endeavors to make navigating those choices as straightforward as possible. With a background in writing and a bachelor’s degree in English from New York University, René is devoted to balancing clarity of style with accurate and informative content in his reporting. He has written on a number of topics, from savings accounts to roller coasters.
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