Rising Bank Review 2024
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At a glance
CDs
Checking
Savings
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
- High APY
- Low Fees
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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Rising Bank offers savers competitive rates.
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There are no monthly fees for its bank products.
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The checking account earns interest if you meet the minimum balance requirement.
Cons
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A money market account isn’t offered.
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There’s an early closure fee for accounts closed within 120 days of opening.
We want to know what you think about Rising Bank
Do you have experience with Rising Bank? Let us know your thoughts.
Rising Bank banking products
Rising Bank savings overview
Pros
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The account offers a competitive APY.
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There’s no monthly fee.
Cons
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Some banks have lower or no minimum balance requirements.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Rising BankAPYAPY last updated between 7/3 and 7/9.APYAPY last updated between 7/3 and 7/9.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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.
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