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Rising Bank review 2023: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit

January 6, 2023, 2:39 PM UTC
Illustration of the Rising Bank logo surrounded by a blue and purple frame.
The APY on Rising Bank’s savings account stands at over 11 times the national average rate.
Illustration by Fortune; Original logo by Rising Bank

First launched in 2018, Rising Bank is an online division of Midwest BankCentre, a St. Louis-based community bank. Rising Bank offers a number of financial products and services, including a checking and high-yield savings account, CDs, insurance products, lending products, and more. All rates and fees are current as of January 4, 2023, and are subject to change. 

Rising Bank offerings 

Rising Bank offers a checking and high-yield savings account, in addition to a wide range of CD types and terms. 

Checking and savings accounts 

Rising Checking Account 

  • APY: 0.30%
  • Minimum opening deposit: $1,000
  • Monthly maintenance fee: $0
  • Minimum balance to earn APY: $1,000

High-yield savings account 

High Yield Savings Account 

  • APY: 3.50%
  • Minimum opening deposit: $1,000
  • Monthly maintenance fee: $0
  • Minimum balance to earn APY: $1,000

Certificates of deposit

Term CDs

  • APY: 
    • 6-month CD: 3.50%
    • 1-year CD: 4.25%
    • 15-month CD: 4.75%
    • 2-year CD: 3.80%
    • 3-year CD: 3.85%
  • Monthly maintenance fee: $0
  • Minimum balance to earn APY: $1,000
  • Minimum opening deposit: $1,000

Jumbo CDs

  • APY: 
    • 2-year CD: 3.85% 
  • Monthly maintenance fee: $0
  • Minimum opening deposit: $100,000
  • Minimum balance to earn APY: $100,000

Rising CDs

  • APY: 
    • 18-month CD: 4.20%
    • 26-month CD: 3.80%
    • 36-month CD: 3.55%
  • Monthly maintenance fee: $0
  • Minimum opening deposit: $5,000 to $25,000
  • Minimum balance to earn APY: $5,000 to $25,000

Other services Rising Bank offers 

Rising Bank offers a number of other services apart from their basic financial products. Customers can also benefit from: 

  • Auto refinancing: Customers can refinance their auto loan and potentially secure a lower rate by refinancing your auto loan with Rising Bank. 
  • Small business loans: Rising Bank offers two types of 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 does not have any physical branches, all of their services are provided virtually online or via mobile app (available on the Apple App Store and Google Play). For customer support, a Rising Bank representative can be reached via telephone Monday through Friday between 8:30 a.m. and 5:00 p.m. CST. Customers can also send a secure message on the Rising Bank website 24/7 and request assistance via email. 

Pros and cons of Rising Bank

Here are some of the pros and cons to be aware of if you’re considering opening an account with Rising Bank.

Pros: 

  • Fee-free products: Rising Bank doesn’t charge monthly service fees for account maintenance. 
  • Competitive APYs: The APY on Rising Bank’s savings account stands at over 11 times the national average rate. 

Cons: 

  • High minimum opening deposits: The minimum amount needed to open most accounts at Rising Bank stands at $1,000, which is higher than other banks that offer $0 minimum accounts. 
  • No physical branches: Rising Bank is an online-only branch, meaning that customers don’t have the ability to visit a brick-and-mortar location for face-to-face assistance. 

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.

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