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Rising Bank Review 2020
Published January 2020 by Amanda Dixon
Why trust us
24/7 Customer Service
High APYs
Low Fees
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.
Member FDIC
MMA
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
Checking account
Overall
3.1
Bankrate Score
Rising Bank is a new online division of Midwest BankCentre, a community bank that’s been around for more than a century.
What we like
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Offers market-leading rates.
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Can manage accounts online or via a mobile app.
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Have access to basic features, like mobile check deposit and account alerts.
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Customer service is available 24/7.
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Fees are virtually non-existent, with the exception of fees for chargebacks and wire transfers.
What we don't
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Few products are available.
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No access to budgeting tools or person-to-person payments.
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Interest isn’t compounded for savers as frequently as it is at other banks.
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Interest isn’t compounded for the savings account at all.
Savings accounts
3.5
Bankrate Score
Member FDIC
Savings account
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.
What we like
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One of the highest APYs available nationwide.
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You only need at least $1,000 to earn the top APY.
What we don't
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Some banks have lower or no minimum balance requirements at comparable APYs.
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Rising Bank does have a $500,000 account maximum.
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Interest from the High Yield Savings Account doesn't compound.
CD rates
3.2
Bankrate Score
Member FDIC
CD
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.
What we like
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Yields are competitive.
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Accounts are accessible to savers nationwide.
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The minimum deposit for most CDs is relatively low.
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Rising CDs allow multiple deposits and allow the yield during the term to be bumped up.
What we don't
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Interest is compounded every three months.
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Interest is credited to accounts on a quarterly basis.
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The only non-traditional CD requires a high minimum deposit.
Bank experience
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.
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.
Amanda Dixon is a senior reporter covering banking. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.