Rising Bank Review: Low Fees and High Yields

Check out the rates on this bank's limited account lineup

Rising Bank is an online-only division of Midwest BankCentre, a St. Louis-based financial institution that traces its roots back to 1906. The Rising Bank division was launched in 2018 and offers a slim lineup of no-fee, high-yield deposit accounts, including a checking account, savings account and line of CDs. To help you determine if Rising Bank might meet your financial needs, here’s an overview of the benefits and drawbacks of the bank.

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Rising Bank
Who Is Rising Bank Best For?

The pros and cons of Rising Bank make it clear which type of customer might be attracted to it. Here’s a quick overview:

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Pros:

  • No-fee lineup of checking, savings and CD accounts
  • High annual percentage yields compared with other banks
  • Online and mobile account features
  • Easy to open accounts online

Cons:

  • High minimums required to open and earn interest on checking and savings accounts
  • Limited lineup of account options
  • No physical branches

Compare: Best Online Banks of 2020

Who Might Want To Choose Rising Bank?

Rising Bank is a good choice for customers seeking an online bank with no fees and high APYs. In a matter of a few minutes, you can sign up for an account online and know exactly how much you’ll have to pay in fees — zero — and how much you can earn on deposits.

Who Might Want To Skip Rising Bank?

Those in search of a traditional, branch-based banking experience will likely want to take a pass on Rising Bank, as it’s completely online. Similarly, customers looking for an all-in-one banking experience will probably want to skip Rising Bank because of the limited account options it offers.

Types of Accounts Available

Rising Bank offers three types of accounts: checking, savings and CDs. Here’s a look at the range of rates you can earn and fees you’ll pay on these accounts.

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Rising Bank Account Types
AccountAPYFees
Checking0.65%$0
Savings1.55%$0
CDs1.20% – 1.55%$0

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Rising Bank Checking Account

Rising Bank offers only one checking account, but it offers features that many customers will appreciate. You’ll get a high APY of 0.65% with the Rising Checking and you won’t have to pay any monthly fees for the privilege. You won’t have to pay any ATM fees, either, as long as you use a Money Pass ATM. Other features include the following:

  • 24/7 live customer support
  • Free bill pay
  • Free first set of checks
  • FDIC insurance

The main drawbacks of the Rising Checking account are the $1,000 minimum to open and the $5,000 minimum required to earn interest. Larger account holders might also be restricted by the $500,000 maximum account size.

Pros:

  • No-fee checking
  • High APY
  • Free first order of checks

Cons:

  • High $1,000 minimum
  • High $5,000 minimum required to earn interest
  • $500,000 maximum account size

See: Best Checking Accounts of 2020

Rising Bank High-Yield Savings Account

The Rising High-Yield Savings account is the only savings option available at Rising Bank. Like the checking account, it packs a lot into a single account. In addition to having no fees and the same $1,000 minimum balance as the checking account, the High-Yield Savings account also pays a high 1.55% APY. The minimum required to earn this rate is also $1,000 — high compared to some competing banks, but still much lower than the $5,000 required for the the Rising Checking account.

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Pros:

  • High 1.55% APY
  • No fees

Cons:

  • $1,000 minimum to open
  • $1,000 minimum to earn APY

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Rising Bank CDs

Rising Bank has three different types of CDs: traditional Term CDs, Jumbo CDs and flexible Rising CDs. There are no fees with any Rising Bank CDs other than early withdrawal penalties, which is standard in the industry. Interest on all Rising Bank CDs is credited every three months.

Term CDs come in one-, two- and three-year maturities. Account minimums are $1,000 and maximums are $500,000. Rates as of May 5 are as follows:

  • 1-year Term CD: 1.55% APY
  • 2-year Term CD: 1.20% APY
  • 3-year Term CD: 1.20% APY

Rising Bank’s Jumbo CDs require a deposit of at least $100,000. The maximum account balance is $500,000. Currently there is just a single maturity: the two-year Jumbo CD with a 1.20% APY.

Rising CDs are the most flexible option offered by Rising Bank. When you buy a Rising CD you’re guaranteed the rate you receive at the time of purchase. If rates rise you have a one-time option to bump up your rate to the then-current rate. Additionally, you’re allowed to add money to your Rising CD, unlike most other CDs. Terms are as follows:

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  • 18-month Rising CD: 1.40% APY
  • 36-month Rising CD: 1.20% APY

Rising CDs have a $25,000 minimum and a $500,000 maximum.

Most early withdrawal penalties for CDs are 180 days’ worth of interest. The exception is the 12-month CD, which carries a 90-day interest penalty on the amount withdrawn. All CDs are automatically renewable after the 10-day grace period has passed.

Pros:

  • Three CD types to choose from
  • High APYs across the board
  • “Bump-up” CD option

Cons:

  • $25,000 minimum on Rising CDs
  • Limited number of terms available

How To Bank with Rising Bank

Because Rising Bank is online-only, you’ll have to open your accounts online. For all checking, savings and CD accounts, the process to open an account online is fast and easy. You’ll need to provide basic info like your name, address and email address; identity information such as your state ID or driver’s license; and funding information such as your bank account and routing numbers.

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Online and Mobile Banking

Rising Bank provides complete account access online. Additionally, online banking grants you access to financial tools and an extensive list of calculators, including the following:

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  • Retirement planning calculator
  • Mortgage calculator
  • Benefit-of-spending-less calculator
  • CD calculator
  • Compound savings calculator
  • Emergency savings calculator
  • Savings goal calculator
  • Net worth calculator

With the mobile app you can perform these functions:

  • Organize transactions by adding tags, notes or photos of checks and receipts
  • Make payments
  • Transfer money between accounts
  • Set up alerts
  • Deposit checks remotely
  • Manage your debit card, including reordering and deactivating it
  • View/save monthly statements
  • Locate ATMs

The Rising Bank mobile app is available via both the App Store and Google Play.

Fees

Rising Bank is essentially a fee-free institution. You won’t have to pay a monthly service fee on any of its checking, savings or CD accounts. However, there are some service-based fees that you might encounter in certain situations, such as the following:

  • Cashier’s check: $5
  • Debit/ATM card replacement: $5
  • Printed/mailed statements: $5
  • Outgoing wire transfer: $25
  • Early account closure fee: $10 if within the first 120 days of opening the account
  • Dormant checking: $5 per month if no activity for at least 12 months
  • Dormant savings or money market: $5 per month if no activity for at least 24 months
  • Stop payment: $25
  • Insufficient funds: $25

In most cases, these are minor charges that you can avoid as long as you keep your account current and don’t overdraw it.

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Availability of Funds

Funds from cash and check deposits at Rising Bank are usually available within one business day. Electronic direct deposits are usually available on the same business day they are received.

Transfers out of the High-Yield Savings account are limited to $25,000 per day. Point-of-sale transactions carry a $2,500 daily limit.

See: Guide to Daily ATM Withdrawal Limits and Debit Purchase Limits

Rising Bank: No Fees, High APYs, Limited Accounts

Rising Bank isn’t a total banking solution for most customers because it has only one checking account, one savings account and a few CDs. However, if you’re looking for a no-nonsense, online bank with high yields and no fees, Rising Bank is worth considering. Those in need of physical branches, in-person banking relationships and an all-in-one bank will want to look at other options.

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Rates are subject to change. Information on accounts is accurate as of May 5, 2020.

This content is not provided by Rising Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Rising Bank.

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About the Author

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.