- Overall Rating
- Pros and Cons
- Savings
- Checking
- CDs
- About Rising Bank
- FAQ
- How Rising Bank Compares
- Methodology
Redeem now Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Rising Bank is a smart choice if you're looking for a checking or savings account with a high APY (Annual Percentage Yield) and low fees. Rising Bank's CDs pay high rates and are comparable with some of the best CD rates out there. The bank's main downsides are that it doesn't compound interest on checking or savings, and it only compounds interest quarterly on CDs.
Rising Bank 1 Year CD Start saving On Rising Bank's site. Rising Bank, FDIC Insured.
Annual Percentage Yield (APY)5.10%
Minimum Deposit Amount$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Limited CD terms
- Terms range from 6 months to 3 years
- Early withdrawal penalties: For 6-month and 1-year terms, the early withdrawal penalty is 90 days of interest on the amount withdrawn; For terms 15 months or longer, the early withdrawal penalty is 180 days' interest
- Interest compounded and deposited every three months
- Member FDIC
Rising Bank Overall Rating
| Feature | Personal Finance Insider Rating (out of 5) |
| Savings | 4.25 |
| Checking | 3.5 |
| CD | 4 |
| Trustworthiness | 5 |
| Total | 4.25 |
Rising Bank Pros and Cons
| Pros | Cons |
|
|
Rising Bank High Yield Savings Review
Rising Bank High Yield Savings Start saving Rising Bank, FDIC Insured. Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)5.00%
Minimum Deposit Amount$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Must maintain a $1,000 balance to earn interest
- con icon Two crossed lines that form an 'X'. Does not compound interest
- Online-only bank
- Access to 40,000 free MoneyPass ATMs
- Interest does not compound; interest paid into your account monthly
- Deposits are FDIC insured
The Rising Bank High Yield Savings account offers an interest rate much higher than the national average. The account pays 5.00% APY, with a minimum balance of $1,000 to guarantee that rate. There are no monthly maintenance fees on the account.
Deposits are FDIC-insured, and you can stow up to $1 million in your account. Keep in mind, though, that FDIC insurance only covers up to $250,000 per account (or $500,000 for a joint account).
Unfortunately, interest does not compound on this account (meaning interest is calculated on the money you deposit your account — not the deposit plus the interest it subsequently earns).
Compare Today's Savings Rates
Rising Bank Checking Account Review
Rising Bank Checking Account Start banking Rising Bank, FDIC Insured. Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)0.30%
Minimum Deposit Amount$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Pays interest
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free first set of checks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Large free ATM network
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Must maintain a $1,000 balance to earn interest
- con icon Two crossed lines that form an 'X'. $25 overdraft fee
- con icon Two crossed lines that form an 'X'. No overdraft protection
- con icon Two crossed lines that form an 'X'. $3 out-of-network ATM fee
- con icon Two crossed lines that form an 'X'. Does not compound interest
- Online-only bank
- Access to 40,000 free MoneyPass ATMs
- Interest does not compound; interest paid into your account monthly
- Deposits are FDIC insured
If you're looking for an interest-earning checking account, Rising Bank may be a good option. The bank's checking account boasts a 0.30% APY — much higher than the national 0.07% rate. You are also free to use any MoneyPass ATM across the US at no charge.
The downsides are its $1,000 minimum balance required and its lack of overdraft protection. Overdrafts come with a $25 fee. As with its savings account, interest does not compound on Rising Bank's checking account.
Rising Bank CD Review
Rising Bank offers a wide variety of CD accounts. Term CDs come in six-month, one-year, 15-month, two-year, and three-year terms, each one with APYs higher than the national average. Its highest-earning CD is the Rising Bank 6 Month CD which pays 5.15% APY.
If you're hoping to save more, Rising Bank's jumbo CD is an option. It requires a minimum balance of $100,000 — but you'll earn a higher rate on most terms with Rising's regular CDs. Rising Bank also offers several step-up CDs that let you increase your APY over time.
One thing to note: Interest on Rising Bank's CDs compound every three months. Many other banks compound interest monthly or even daily, so this will impact the amount of interest you earn over time. Depending on how much you deposit, it may or may not make a significant difference.
Rising Bank CDs
About Rising Bank
Rising Bank is the online-only subsidiary of Midwest BankCentre, so there are no physical branches located anywhere in the US. The bank does, however, have a robust online FAQ section on its website, and its mobile app is rated 4.7 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store.
To contact Rising Bank's support team, call or send an email. You can call Monday through Friday from 9:00 A.m. to 5:00 p.m. CT, or send a secure message online 24/7.
Deposits in Rising Bank accounts are FDIC-insured for up to $250,000 or $500,000 for joint accounts.
Is Rising Bank Trustworthy?
Rising Bank isn't accredited by the Better Business Bureau directly, though its parent bank — Midwest BankCentre — is. Midwest currently has an A+ rating with the BBB, indicating the company responds to customer complaints effectively and is transparent about its business practices.
Rising Bank doesn't have any recent public controversies.
Rising Bank FAQs
What is Rising Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Rising Bank is an online bank that offers high-yield savings accounts, interest-earning checking accounts, certificates of deposit, loans, and insurance.
Who owns Rising Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Rising Bank is a division of Midwest BankCentre, which is based in St. Louis, Missouri.
What is the minimum to open a Rising Bank account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.The minimum opening deposit for Rising Bank's checking, savings, and most CD accounts is $1,000. Its jumbo CDs require a deposit of $100,000.
Is Rising Bank safe? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, Rising Bank is safe. Rising Bank is owned by Midwest BankCentre, which has an A+ with the Better Business Bureau. Its accounts are all FDIC-insured.
What is Rising Bank known for? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Rising Bank is known for its high-interest savings, checking, and CD accounts.
How Rising Bank Compares
We've compared Rising Bank to two popular online banks, Bread Savings and Crescent Bank.
Rising Bank vs. Bread Savings
Rising Bank and Bread Savings both offer certificates of deposit and high-yield savings accounts. Currently, Bread's savings account offers a higher APY at 5.15%. It also compounds interest and requires just a $100 minimum deposit.
For CDs, Rising Bank has more options. Bread Savings' customers are limited to one-, two-, three-, four- and five-year term CDs, and it doesn't have any specialized CDs like Rising does.
Rising Bank vs. Crescent Bank
Crescent Bank offers more products than Rising Bank. In addition to CDs and checking and savings accounts, its customers have access to retirement accounts, money market accounts, safe deposit boxes, and auto financing.
When looking at the products Rising Bank and Crescent overlap on, though, Rising Bank comes out on top for CDs and high-yield savings accounts (its rates are higher), while Crescent pays a higher rate on its checking account.
Why You Should Trust Us: How We Reviewed Rising Bank
To review Rising Bank, we rated its checking and savings accounts using Personal Finance Insider's bank account methodology and its CDs using Personal Finance Insider's certificate of deposit methodology.
In general, we look at ethics, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts and early withdrawal penalties for CDs.
Aly J. Yale Aly J. Yale is a freelance writer, specializing in real estate, mortgage, and the housing market. Her work has been published in Forbes, Money Magazine, Bankrate, The Motley Fool, The Balance, Money Under 30, and more. Prior to freelancing, she served as an editor and reporter for The Dallas Morning News. She graduated from TCU's Bob Schieffer College of Communication with a focus on radio-TV-film and news-editorial journalism. Connect with her on Twitter or LinkedIn. Read more Read less Evelyn He Compliance Associate Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber. Read more Read less Top Offers From Our Partners
Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ6KewKq6xmaZmqabYr%2Bmwsierg%3D%3D