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Rising Bank Review 2022

Updated December 2, 2022
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.8 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 4.9 stars out of 5

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Overview

Rising Bank is ideal for savers who are comfortable banking online and are interested in earning some of the highest rates tied to deposit products.

Highlights

  • Low Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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.

Pros

  • Checkmark

    Rising Bank offers savers competitive rates.

  • Checkmark

    There are no monthly fees for its bank products.

Cons

  • The bank offers limited CD terms.

  • A money market account isn’t offered.

  • There is an early closure fee for accounts closed within 120 days of opening.

Rising Bank bank products

4.9
Rating: 4.9 stars out of 5
Bankrate Score

Rising Bank savings overview

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.

Pros

  • Checkmark

    The account offers a competitive APY.

  • Checkmark

    There is no monthly fee.

Cons

  • Some banks have lower or no minimum balance requirements and pay comparable or higher yields.

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.4 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.