Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
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.
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 8:00 a.m. to 12:00 a.m. ET and on Saturday and Sunday from 10:00 a.m. to 6:00 p.m. ET, 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 Pros and Cons
Pros
- Checking account earns interest
- Offers a wide variety of CDs
- Free ATMs in the MoneyPass network around the US
- 24/7 secure messaging online
- No monthly service fees
- Higher-than-average interest rates on bank accounts
Cons
- No physical branches
- $1,000 minimum opening deposit for both checking and savings accounts
- $5 fee for dormant accounts
- $3 out-of-network ATM fee
- No overdraft protection
- Interest doesn't compound on checking or savings accounts
- Interest only compounds once every three months on CDs
Rising Bank High Yield Savings
no monthly service fee
4.40%
$1,000
- High interest rate
- No monthly service fees
- $1,000 minimum opening deposit
- Must maintain a $1,000 balance to earn interest
- 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 4.40% 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).
Rising Bank Checking Account
no monthly service fee
0.30%
$1,000
- Pays interest
- No monthly service fees
- Free first set of checks
- Large free ATM network
- $1,000 minimum opening deposit
- Must maintain a $1,000 balance to earn interest
- $25 overdraft fee
- No overdraft protection
- $3 out-of-network ATM fee
- 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
2.75% to 4.35%
$1,000
- Competitive APY
- Standard early withdrawal penalties
- $1,000 minimum opening deposit
- Limited CD terms
- Terms range from 6 months to 3 years
- Early withdrawal penalties: For a 1-year term, the early withdrawal penalty is 90 days of interest; For a 2-year term and longer, the early withdrawal penalty is 180 days of interest
- Interest compounded and deposited every three months
- Member FDIC
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 4.35% 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.
Alternatives to Rising Bank
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 similar APY at 4.50%. It also compounds interest and requires just a $100 minimum deposit.
For CDs, Bread Savings 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.
FAQs About Rising Bank
Rising Bank is an online bank that offers high-yield savings accounts, interest-earning checking accounts, certificates of deposit, loans, and insurance.
Rising Bank is a division of Midwest BankCentre, which is based in St. Louis, Missouri.
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.
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.
Rising Bank is known for its high-interest savings, checking, and CD accounts.
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.
We rate bank accounts on a scale of one to five stars. 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.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Our Overall Rating for Rising Bank
| Feature | Rating (out of 5) |
| Savings | 4 |
| Checking | 3.75 |
| CD | 3.75 |
| Trustworthiness | 5 |
| Total | 4.25 |
