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Rising Bank Review 2024

Updated January 2, 2024
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At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.6 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

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. However, note that a maximum of $550 per business day is all you’re able to withdraw from your Rising Bank checking or savings account.

Highlights

  • Low Fees
  • High APY
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/28/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 5/28/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.10
%
APY
APY
Info
As of 5/28/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer:

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. Because it’s an online-only bank, you won’t find physical branches to visit, but you can withdraw money through Rising Bank’s network of ATMs scattered across the U.S. The bank offers competitive yields for its CDs, savings and checking accounts, but you’ll need to be comfortable doing your banking completely online.

Pros

  • Checkmark

    Rising Bank offers savers competitive rates.

  • Checkmark

    There are no monthly fees for its bank products.

  • Checkmark

    The checking account earns interest if you meet the minimum balance requirement.

Cons

  • A money market account isn’t offered.

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

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Rising Bank banking products

4.7
/5
Rating: 4.7 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
5.00%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$1,000.00
Rating: 3 stars out of 5
3/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info
FEATURES
Invest Rate
5.00% APY
Info
Loan
$1,000 minimum deposit to open

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’s no monthly service fee, but there’s a $5 fee if you have no savings account activity for 24 consecutive months.

Pros

  • Checkmark

    The account offers a competitive APY.

  • Checkmark

    There’s no monthly fee.

Cons

  • Some banks have lower or no minimum balance requirements.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Rising Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/28/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charges
Overdraft fee $25
Non-sufficient funds fee $25
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None
Dormant account fee $5 per statement cycle after 12 months of no activity

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. The bank also offers small business loans, home loans and insurance policies. 

Customer experience

Highly-rated mobile app. Rising Bank offers several resources to help customers manage finances, including online calculators and a mobile banking app. The mobile app is highly rated on Google Play and the Apple App Store (but note neither app has been reviewed by many people). 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. Customer service representatives are available by phone, though the available hours are not specified on the bank’s website. Account holders also have access to secure messaging 24 hours a day, seven days a week.

ATM access. 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).

How does Rising Bank compare with other banks?

Rising Bank vs. Bread Savings Bank

As online-only banks, both Rising and Bread Savings offer highly competitive yields on deposit accounts without the monthly fees. CD yields are similar at both banks, but Rising offers a bump-up and a jumbo CD while Bread Savings doesn’t. That noted, Bread Savings offers four- and five-year CDs, which aren’t available at Rising Bank.

While both banks offer high-yielding products, there are less stringent requirements to earn the savings APY at Bread Savings. On its savings account, you only need $100 to open and earn interest on the account, while Rising Bank’s savings account has a higher minimum of $1,000.

Moreover, Rising Bank generally offers more financial services, offering small business loans, home loans and insurance policies. Neither bank offers a money market account.

Rising Bank FAQs

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.