Rising Bank Review 2021

Published June 2021 by Mary Wisniewski

AT A GLANCE
4.4

Bankrate Score

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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
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Vio Bank

    Member FDIC

    MMA

    0.55 % APY

    $ 100

    Min. balance for APY

    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.

    • There are no monthly fees for its bank products.

    What we don't

    • The bank only offers a few products.

    • Other banks have more regular CD terms.

    • There is an early closure fee for closing your account within 120 days after you open it.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Rising Bank offers a very competitive rate on its savings account. The APY is available as long as you deposit $1,000 or more. There is no monthly fee either. But other banks will offer you the top annual percentage yield (APY) at any balance.

    What we like

    • The account offers a competitive 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.

    • Balances below $1,000 don’t earn interest.

    CD rates

    4.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Rising Bank offers a competitive rate on its CDs, and the minimum balance requirement is standard. It only offers three standard CD terms: 1 year, 2 years or 3 years. Rising Bank also has a 15-month no-penalty CD and a two-year jumbo CD.

    What we like

    • Yields are competitive.

    • Accounts are accessible to savers nationwide.

    • The minimum deposit for most CDs is relatively low.

    • Rising Bank has one of the longer terms on its no-penalty CD.

    What we don't

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

    • The two-year jumbo CD only offers slightly more interest than its regular two-year CD.

    Checking accounts

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Rising Bank's checking account offers you a competitive interest rate, though balances below $1,000 will not earn interest.

    You’ll get reimbursement at MoneyPass ATMs with the Rising Checking Account. You’ll also receive your first set of checks for free.

    Zelle is now available for this account, to send money to others.

    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

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

    Bank experience

    Rising Bank’s mobile banking app is highly rated at 4.8 stars on iOS. But it doesn’t have many reviews. The app on iOS 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.

    The app had a perfect 5.0 rating on Google Play, but only had seven reviews at the time of Bankrate’s review of Rising Bank.

    Rising Bank customer service phone hours are 8 a.m. to midnight Eastern on weekdays and 10 a.m. to 6 p.m. Eastern on weekends and holidays. Rising Bank customers have access to secure messaging 24 hours a day, seven days a week.

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

    In February 2021, Rising Bank started offering Zelle to its customers. Zelle is used to transfer money to others.

    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. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary 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. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates.