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.
The bottom line: 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 featured in our best CD rates guide. 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 Overall Rating
FeatureInsider Rating (out of 5)Savings4.25Checking3.5CD4Trustworthiness5Total4.25
Rising Bank Pros and Cons
ProsCons
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
No physical branches$1,000 minimum opening deposit for both checking and savings accounts$5 fee for dormant accounts$3 out-of-network ATM feeNo overdraft protectionInterest doesn’t compound on checking or savings accountsInterest only compounds once every three months on CDs
Rising Bank High Yield Savings – Product Name Only Review
The Rising Bank High Yield Savings – Product Name Only account offers an interest rate much higher than the national average. The account pays Rising Bank High Yield Savings – APY 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 – Product Name Only Review
If you’re looking for an interest-earning checking account, Rising Bank may be a good option. The bank’s checking account boasts a Rising Bank Checking Account – APY APY — much higher than the national FDIC National Deposit Checking Rates – APY 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 – Product Name Only 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 1 Year CD – Product Name Only, which pays Rising Bank 1 Year CD – APY 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. Dependong on how much you deposit, it may or may not make a significant difference.
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.
Keep in mind: A good BBB score doesn’t guarantee you’ll have a smooth relationship with a company, though it is generally a good sign of trustworthy business practices.
Rising Bank doesn’t have any recent public controversies.
Rising Bank FAQs
What is Rising Bank?
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?
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?
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?
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?
Rising Bank is known for its high-interest savings, checking, and CD accounts.
Methodology: 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.
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 Bread Savings High-Yield Savings Account – APY versus Rising Bank’s Rising Bank High Yield Savings – APY. 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.