First launched in 2018, Rising Bank is an online division of Midwest BankCentre, a St. Louis-based community bank. Rising Bank offers several financial products and services, including a checking and high-yield savings account, certificates of deposit (CDs), insurance products, lending products, and more.

All rates and fees are current as of December 9, 2024, and are subject to change.

Rising Bank

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with $1000
Certificate of deposit (CD) rates:	Earn up to 4.50% annual percentage yield (APY)

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Pros and Cons

Pros

No monthly service fees for account maintenance
APY on Rising Bank’s savings account stands at over 11 times the national average rate

Cons

$1,000 minimum to open most accounts
No brick-and-mortar locations for those who prefer in-person banking

Who is Rising Bank good for?

Rising Bank could be a great choice for someone looking for multiple CD options and who isn’t worried about higher-than-average minimum amounts for opening deposits. With competitive online checking and savings accounts in addition to CDs, Rising Bank could be an all-in-one option for some customers who don’t mind doing all their banking online.

Who shouldn’t use Rising Bank?

If you don’t have at least $1,000 to keep in an account, you may want to choose a different bank. Also, Rising Bank is online only, so anyone looking to bank in person will want to look elsewhere.

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Rising Bank rates and products

Rising Bank offers a wide range of CD types and terms as well as checking and high-yield savings accounts.

Certificates of deposit

Rising Bank offers Term CDs, Jumbo CDs, and “Rising CDs,” each with their own term lengths and minimums.

Term CDs

Term CDs through Rising Bank give you the most term length options, from six months to three years. Each CD requires a $1,000 minimum deposit, but they have competitive APYs compared to the best CD rates out there at the moment.

Jumbo CDs

Jumbo CDs require a large opening deposit, often at least $100,000, and Rising Bank only offers a 2-year term length.

Rising CDs

Rising CDs are different from Rising’s other Term CDs in that they’re flexible—if the rate increases during your CD’s term length, you have the option to “bump up” your rate and also add money to the account if you want to.

Checking accounts

Rising Bank offers a free checking account with a decent APY of 0.30%, but you must keep at least $1,000 in your account at all times to receive the APY. It also comes with free ATM usage and reimbursement throughout the United States with the MoneyPass network.

Savings accounts

Rising Bank’s high-yield savings account has a great APY of 4.5% compounded monthly to the account. The catch is that you have to maintain at least $1000 in the account to receive the APY.

Rising Bank savings rates compared to current top rates*

While Rising Bank is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Other services Rising Bank offers

Rising Bank offers many other services apart from its basic financial products. Customers can also benefit from:

Auto refinancing: Customers can refinance their auto loan and potentially secure a lower rate by refinancing their auto loan with Rising Bank.
Small business loans: Rising Bank offers two types of Small Business Administration (SBA) loans for business owners looking to grow their businesses, acquire others, buy new equipment, and more.
Home loans: Mortgage loans and home equity loans are also available through Rising Bank for those on the hunt for a new home or looking to make improvements to their current home.
Insurance: Customers can get a free online quote in minutes for vehicle, property, business, life, pet, wedding, flood, umbrella insurance, and more.
Zelle: Rising Bank app users can send and receive money quickly and securely via Zelle.

The Rising Bank platform and customer support

Rising Bank has no physical branches, so all of its services are provided virtually through online banking or via mobile app. The app is rated 4.7 on Google Play and 4.8 on the Apple App Store.

For customer support, a Rising Bank representative can be reached via telephone Monday through Friday between 8:30 a.m. and 5 p.m. Central time. Customers can also send a secure message on the Rising Bank website 24/7 and request assistance via email.

Is Rising Bank secure?

Rising Bank is Federal Deposit Insurance Corp. (FDIC)-insured, meaning your money is secure in the rare case of a bank failure. It employs the most up-to-date, industry-standard technologies to keep your money and information safe.

Rising Bank user reviews

Rising Bank has a 3.5-star rating on DepositAccounts, with many customers noting the great rates and quick, seamless customer service interactions as well as a simple, easy-to-use interface with the mobile app and website. However, some reviewers mentioned difficulties with automated clearing house (ACH) transfers, and a few commented that they were unable to open an account due to technical difficulties on the site.

Compare Rising Bank alternatives

Rising Bank	Ally Bank	Quontic Bank
Top savings APY	Top savings APY	Top savings APY
4.5%	3.8%	4%
Top checking APY	Top checking APY	Top checking APY
0.30%	0.25%	1.10%
Top CD APY	Top CD APY	Top CD APY
4.50%	3.90%	4.25%
Other services	Other services	Other services
Personal loans Small business loans Insurance	Personal loans Monet market accounts (MMAs) Investment accounts Credit cards	MMAs Mortgage loans Home equity loans
Learn more	Learn more	Learn more
View offer at Rising Bank	View offer at MoneyLion	View offer at MoneyLion

Is Rising Bank right for you?

Rising Bank could be a great option for you if you’re in the market for CDs and high-yield savings accounts with high APYs (and you have at least $1,000 to sock away). However, if you’re looking for an MMA, need smaller initial deposit amounts, or prefer in-person banking, you may want to find a different option.

Frequently asked questions

Who owns Rising Bank?

Rising Bank is a division of Midwest BankCentre, a St. Louis, Missouri community bank.

Is Rising Bank FDIC-insured?

Rising Bank is a member of the Federal Deposit Insurance Corporation (FDIC).

Does Rising Bank offer Zelle?

Members of Rising Bank can send and receive money using Zelle.

Minimum opening deposit	$1,000
Available term lengths	6 months–3 years
APY	As high as 4.50%
Early withdrawal penalty	For 12-month: 90 days’ interest on the amount withdrawn For 24- and 36-month: 180 days’ interest on the amount withdrawn

Minimum opening deposit	$100,000
Available term lengths	2 year
APY	3.25%
Early withdrawal penalty	180 days' interest on the amount withdrawn

	18 months	26 months	36 months
Minimum opening deposit	$5,000	$10,000	$25,000
APY	4.00%	3.15%	2.70%
Early withdrawal penalty	180 days' interest on the amount withdrawn	180 days' interest on the amount withdrawn	180 days' interest on the amount withdrawn

Account opening bonus	N/A
Minimum opening deposit	$1,000
Monthly fees	$0
Top APY	0.30%
Minimum balance to earn APY	$1,000

Rising Bank Review January 2025: Mobile and online banking with zero monthly maintenance fees but a higher minimum opening deposit