Rising Bank Review 2020

Published April 2020 by Mary Wisniewski

AT A GLANCE
3.6

Bankrate Score

bank-logo

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’re looking for a bank with more product offerings and tools.

  • Savings
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    4.5
  • CDs
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    2.6
  • Checking
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    3.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    3.6

    Bankrate Score

    Rising Bank is a newer online division of Midwest BankCentre, a community bank that’s been around for more than a century.

    What we like

    • Offers market-leading rates.

    • Customer service is available 24/7.

    • Fees are virtually non-existent, with the exception of fees for chargebacks and wire transfers.

    What we don't

    • Few products are available.

    • No access to Zelle yet.

    • Interest isn’t compounded for savers as frequently as it is at other banks.

    • Interest isn’t compounded for the savings account at all.

    Savings accounts

    4.5

    Bankrate Score

    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.

    What we like

    • One of the highest APYs available nationwide.

    • You only need $1,000 in the account to earn the top APY.

    What we don't

    • Some banks have lower or no minimum balance requirements at comparable APYs.

    • Rising Bank does have a $500,000 account maximum.

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

    CD rates

    2.6

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    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; however, they 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

    • Yields are competitive.

    • Accounts are accessible to savers nationwide.

    • The minimum deposit for most CDs is relatively low.

    • Rising CDs allow multiple deposits and allow the yield during the term to be bumped up.

    What we don't

    • Interest is compounded every three months.

    • Interest is credited to accounts on a quarterly basis.

    • Relatively small selection of CD maturity terms.

    Checking accounts

    3.7

    Bankrate Score

    Rising Bank's checking account not only 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. You also won't have to pay a monthly fee.

    Balances below $1,000 will not earn interest.

    What we like

    • Offers competitive interest rate.

    • It partners with MoneyPass, so customers will have free access to ATMs nationwide.

    What we don't

    • Does not yet include Zelle (peer-to-peer payment) functionality.

    • Steeper minimum deposit requirements.

    • Overdraft fees are steeper.

    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 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

    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. When the bank opened shop, it 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 checking account. The website is easy to navigate, and according to the bank, accounts take less than 5 minutes to open.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she 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. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.