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Rising Bank Review 2021
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
CD
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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The bank’s customer service is available 24/7.
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There are no monthly fees for its bank products.
What we don't
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The bank only offers a few products.
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There is no access to Zelle, a mobile banking feature that lets you pay back friends and family.
Savings accounts
4.9
Bankrate Score
Member FDIC
Savings account
Rising Bank offers a very competitive rate on its savings account. The top-tier APY is available as long as you deposit $1,000 or more. There is no monthly fee either.
What we like
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The account offers a competitive APY.
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You only need $1,000 in the account 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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Interest from the High Yield Savings Account doesn't compound.
CD rates
4.4
Bankrate Score
Member FDIC
CD
The bank offers a competitive rate on its CDs, and the minimum balance requirement is standard. Rising Bank only offers three standard CD terms: 1 year, 2 years or 3 years.
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.
What we don't
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The bank offers a relatively small selection of CD maturity terms.
Checking accounts
3.9
Bankrate Score
Member FDIC
Checking account
Rising Bank's checking account offers you a competitive interest rate if you keep at least $5,000 parked in the account. It also offers you generous ATM access for free and you won't have to pay a monthly fee.
Balances below $1,000 will not earn interest.
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.
What we don't
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The account does not yet include Zelle (peer-to-peer payment) functionality.
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It requires steeper minimum balances to earn interest than some other banks.
Bank experience
Rising Bank’s mobile banking app 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.
Rising Bank has impressive customer service hours: The bank says it offers 24/7 customer service by calling (888) 222-9484.
You won’t, however, have access to branches if you bank here. To access your cash, you 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 that Midwest BankCentre launched in February 2019.
Rising Bank offers certificates of deposit, a high-yield savings account and a checking account.
Mary Wisniewski @MARYMWISNIEWSKI
About the author 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 grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates. Expertise Banking and fintech Experience 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. Education Mary received her B.A. in journalism from Pepperdine University. Media mentions American Banker ABC7 KSL Money Experience Summit
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